Applied Genetic Technologies (AGTC) 10-K 10 Sep 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Aug. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	AGTC
Entity Registrant Name	APPLIED GENETIC TECHNOLOGIES CORP
Entity Central Index Key	1,273,636
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		17,953,531
Entity Public Float	$ 83.4

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 39,187	$ 8,623
Investments	22,454	64,450
Grants receivable	883	487
Prepaid and other current assets	1,608	1,876
Total current assets	64,132	75,436
Investments	23,629
Property and equipment, net	478	381
Intangible assets, net	1,448	1,586
Grants receivable	480
Other assets	7	4
Total assets	90,174	77,407
Current liabilities:
Accounts payable	1,191	949
Accrued and other liabilities	3,451	1,585
Total current liabilities	4,642	2,534
Total liabilities	4,642	2,534
Stockholders' equity:
Common stock, par value $.001 per share, 150,000 shares authorized; 16,491 and 14,082 shares issued;16,476 and 14,082 shares outstanding at June 30, 2015 and June 30, 2014, respectively	16	14
Additional paid-in capital	174,168	139,193
Accumulated deficit	(88,652)	(64,334)
Total stockholders' equity	85,532	74,873
Total liabilities and stockholders' equity	$ 90,174	$ 77,407

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Jun. 30, 2014	Mar. 04, 2014
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	16,491,000	14,082,000
Common stock, shares outstanding	16,476,000	14,082,000

Statements of Operations

Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Revenue:
Grant revenue	$ 1,682	$ 917	$ 439
Sponsored research and other revenue	672	212	503
Total revenue	2,354	1,129	942
Operating expenses:
Research and development	16,528	8,503	3,133
General and administrative	10,358	5,182	1,403
Total operating expenses	26,886	13,685	4,536
Loss from operations	(24,532)	(12,556)	(3,594)
Other income (expense):
Investment income, net	216	42	10
Interest expense			(191)
Fair value adjustments		(441)	(8)
Other expense	(2)	(49)
Total other income (expense), net	214	(3,352)	(1,396)
Net loss	$ (24,318)	$ (15,908)	$ (4,990)
Net loss per share, basic and diluted	$ (1.50)	$ (4.46)	$ (45.78)
Weighted average shares outstanding, basic and diluted	16,253	3,568	109
Series B Purchase Rights [Member]
Other income (expense):
Fair value adjustments		$ (2,904)	$ (1,207)

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Jun. 30, 2012	$ (31,290)		$ 12,146	$ (43,436)
Beginning balance, shares at Jun. 30, 2012		109,000
Beneficial conversion of notes payable to preferred stock	72		72
Share-based compensation expense	25		25
Net loss	(4,990)			(4,990)
Ending balance at Jun. 30, 2013	(36,183)		12,243	(48,426)
Ending balance, shares at Jun. 30, 2013		109,000
Issuance of common stock, net of issuance costs	51,801	$ 5	51,796
Reclassification of warrants to purchase stock to additional paid-in capital	551		551
Conversion of convertible preferred stock to common stock	73,787	$ 9	73,778
Conversion of convertible preferred stock to common stock, shares		9,120,000
Share-based compensation expense	825		825
Net loss	(15,908)			(15,908)
Ending balance at Jun. 30, 2014	74,873	$ 14	139,193	(64,334)
Ending balance, shares at Jun. 30, 2014		14,082,000
Net loss	(4,521)
Ending balance at Jun. 30, 2014	$ 74,873	$ 14	139,193	(64,334)
Ending balance, shares at Jun. 30, 2014		14,082,000
Issuance of common stock, net of issuance costs, shares	14,082,000	4,853,000
Issuance of common stock, net of issuance costs	$ 32,009	$ 2	32,007
Share-based compensation expense	2,820		2,820
Shares issued under employee plans	148		148
Shares issued under employee plans, shares		94,000
Exercise of warrants, shares		15,000
Net loss	(24,318)			(24,318)
Ending balance at Jun. 30, 2015	$ 85,532	$ 16	$ 174,168	$ (88,652)
Ending balance, shares at Jun. 30, 2015		16,491,000
Issuance of common stock, net of issuance costs, shares	16,491,000	2,300,000

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
Net loss	$ (24,318)	$ (15,908)	$ (4,990)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	2,820	825	25
Depreciation and amortization	376	334	285
Fair value adjustments		441	8
Changes in operating assets and liabilities:
(Increase) decrease in grants receivable	(876)	(343)	41
Decrease (increase) in prepaid and other assets	419	(1,351)	(229)
Increase in accounts payable	228	156	674
(Decrease) increase in deferred revenues		(212)	212
Increase (decrease) in accrued and other liabilities	1,866	1,226	(10)
Net cash used in operating activities	(19,485)	(11,928)	(2,777)
Cash flows from investing activities
Purchase of property and equipment	(225)	(158)	(352)
Purchase of and capitalized costs related to intangible assets	(98)	(218)	(179)
Maturity of investments	121,079	29,500	50
Purchase of investments	(102,864)	(79,950)	(14,000)
Net cash provided by (used in) investing activities	17,892	(50,826)	(14,481)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	32,009	51,607
Proceeds from exercise of common stock options	148	194
Proceeds from exercise of convertible preferred stock warrants		1
Proceeds from issuance of bank term note and warrants			507
Payment of bank term notes and capital lease		(1)	(857)
Net cash provided by financing activities	32,157	62,484	25,377
Net increase (decrease) in cash and cash equivalents	30,564	(270)	8,119
Cash and cash equivalents, beginning of period	8,623	8,893	774
Cash and cash equivalents, end of period	$ 39,187	8,623	8,893
Supplemental disclosure of cash flow information
Cash paid for interest			39
Supplemental disclosure of non-cash financing activities
Conversion of preferred stock warrants to common stock warrants		551
Series B Purchase Rights [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Fair value adjustments		2,904	1,207
Cash flows from financing activities
Proceeds from issuance of preferred stock and Series B purchase rights, net of issuance costs		10,683	25,727
Convertible Preferred Stock [Member]
Supplemental disclosure of non-cash financing activities
Conversion of convertible preferred stock to common stock		73,787
Series B-3 Convertible Preferred Stock [Member]
Supplemental disclosure of non-cash financing activities
Conversion of convertible preferred stock to common stock		$ 5,000
Series B-1 Convertible Preferred Stock [Member]
Supplemental disclosure of non-cash financing activities
Conversion of notes payable and accrued interest Series B-1 convertible preferred stock			741
Series B-2 Convertible Preferred Stock [Member]
Supplemental disclosure of non-cash financing activities
Conversion of convertible preferred stock to common stock			$ 834

Organization and Operations

Organization and Operations	12 Months Ended
	Jun. 30, 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 primarily developing gene therapy products designed to transform the lives of patients with severe inherited orphan diseases in ophthalmology. On April 1, 2014, AGTC completed its initial public offering (“IPO”) and now trades on NASDAQ under the ticker symbol AGTC. 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 June 30, 2015, the Company had an accumulated deficit of $88.7 million and expects to continue incurring losses for the foreseeable future. The Company has financed its operations to date primarily through sales of common stock, private placements of its convertible preferred stock, collaborations, bank debt, convertible debt financings, grant funding and cash receipts for sponsored research. At June 30, 2015, the Company had cash and cash equivalents and investments of $85.3 million and believes that these capital resources, combined with the net cash proceeds from its collaboration with Biogen (see Note 14 of notes to the financial statements), will be sufficient to allow it to fund its operations for at least the next two years.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	APPLIED GENETIC TECHNOLOGIES CORPORATION NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2015, 2014 AND 2013 (2) Summary of Significant Accounting Policies: Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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. Certain amounts reported previously have been reclassified to conform to the current year presentation, with no effect on stockholders’ equity or net loss as previously presented. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment. Use of estimates The preparation of financial statements in conformity with 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 Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 days or less at the time of purchase and generally include money market accounts. Investments The Company’s investments consist of certificates of deposit and debt securities classified as held-to-maturity. Management 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. Concentrations of Credit Risk The Company maintains its cash and cash equivalents and certificates of deposit with two financial institutions that are federally insured. Some of these financial instruments are in excess of federally insured limits and as a result, could potentially expose the Company to significant concentrations of credit risk. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. The Company invests its excess cash primarily in money market funds, certificates of deposit, and debt instruments of corporations and U.S. government agencies. These investments generally mature within a two year period from their purchase date, in line with the Company’s investment policy that seeks to maintain adequate liquidity and preserve capital. Inventory Purchases of clinical materials stored for master and working viral banks that remain at the sites in anticipation of their future use at that site are charged to expense when they are incurred. Since the Company can use each of the raw materials in only a single product, each raw material is deemed to have no future economic value independent of the development status of that single drug. Fair value of financial instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are those that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and are unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Property and equipment Property and equipment, consisting of laboratory equipment, furniture and fixtures, computer equipment and leasehold improvements, are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are generally three to seven years. Leasehold improvements are stated at cost and are amortized over the shorter of the estimated useful lives of the assets or the lease term, including any renewal periods that are deemed to be reasonably assured. Repair and maintenance costs that do not improve service potential or extend an asset’s economic life are recorded as an expense when incurred. Intangible assets Intangible assets primarily include licenses and patents. The Company obtains licenses from third parties and capitalizes the costs related to exclusive licenses that have alternative future use in multiple potential programs. The Company also capitalizes costs related to filing, issuance, and prosecution of patents. The Company reviews its capitalized costs periodically to determine that such costs relate to patent applications that have future value and an alternative future use, and writes off any costs associated with patents that are no longer being actively pursued or that have no future benefit. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, which are generally eight to twenty 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 immediately written off to expense. Impairment of long-lived assets The Company reviews its long-lived assets for impairment when impairment indicators are present. If impairment indicators exist, management determines whether impairment in value has occurred by comparing the estimated undiscounted cash flows from future operations with the carrying values of the assets. Management considers several indicators in assessing impairment, including trends and prospects, as well as the effects of obsolescence, demand, competition and other economic factors. No impairment charges were recorded for each of the fiscal years ended June 30, 2015, 2014, and 2013. Revenue recognition The Company has primarily generated revenue through collaboration agreements, sponsored research arrangements with nonprofit organizations for the development and commercialization of product candidates and revenues from federal research and development grant programs. The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due are reasonably assured. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities. The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied. Collaboration revenue On July 1, 2015, the Company entered into a Collaboration Agreement with Biogen. This collaboration is discussed further in Note 14 of notes to the financial statements. The terms of this agreement and other potential collaboration or commercialization agreements the Company may enter into generally contain multiple elements, or deliverables, which may include, among others, (i) licenses, or options to obtain licenses, to its technology, and (ii) research and development activities to be performed on behalf of the collaborative partner. Payments made under such arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. Multiple element arrangements are analyzed to determine whether the deliverables within the agreement can be separated or whether they must be accounted for as a single unit of accounting. Deliverables under an agreement are required to be accounted for as separate units of accounting provided that (i) a delivered item has value to the customer on a stand-alone basis; and (ii) if the agreement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. The allocation of consideration amongst the deliverables under the agreement is derived using a “best estimate of selling price” if vendor specific objective evidence and third party evidence of fair value is not available. If the delivered element does not have stand-alone value or if the fair value of any of the undelivered elements cannot be determined, the arrangement is then accounted for as a single unit of accounting, and the Company recognizes the consideration received under the arrangement as revenue on a straight-line basis over the estimated period of performance. Milestone revenue The Company applies the milestone method of accounting to recognize revenue from milestone payments when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved and the payment is non-refundable, provided that the milestone event is substantive. A milestone event is defined as an event (i) that can only be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance; (ii) for which there is substantive uncertainty at the inception of the arrangement that the event will be achieved; and (iii) that would result in additional payments being due to the Company. Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. A milestone event is substantive if all of the following conditions are met: (i) the consideration is commensurate with either the Company’s performance to achieve the milestone, or the enhancement of the value to the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) the consideration relates solely to past performance; and (iii) the consideration is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement. The Company assesses whether a milestone is substantive at the inception of the arrangement. If a milestone is deemed non-substantive, we account for that milestone payment in accordance with the multiple element arrangements guidance and recognize revenue consistent with the related units of accounting for the arrangement over the related performance period. Income taxes The Company uses the asset and liability method for accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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 amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company files income tax returns in the U.S. federal jurisdiction and the state of Florida. As of June 30, 2015 and 2014, the Company did not have any significant uncertain tax positions. Research and development expenses Research and development costs include costs incurred in identifying, developing and testing product candidates and generally comprise compensation and related benefits and non-cash share-based compensation to research related employees; laboratory costs; animal and laboratory maintenance and supplies; rent; utilities; clinical and pre-clinical expenses; and payments for sponsored research, scientific and regulatory consulting fees and testing. As part of the process of preparing financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to it at that time. The significant estimates in the Company’s accrued research and development expenses are related to expenses incurred with respect to academic research centers, contract research organizations (“CROs”), and other vendors in connection with research and development activities for which it has not yet been invoiced. There may be instances in which the Company’s service providers require advance payments at the inception of a contract or in which payments made to these vendors will exceed the level of services provided, resulting in a prepayment of the research and development expense. Such prepayments are charged to research and development expense as and when the service is provided or when a specific milestone outlined in the contract is reached. Prepayments related to research and development activities were $958 thousand and $1.4 million at June 30, 2015 and 2014, respectively, and are included within the Prepaid and other current assets line item on the balance sheets. Share-based compensation The Company accounts for share-based awards issued to employees in accordance with ASC Topic 718, Compensation—Stock Compensation Equity-Based Payments to Non-employees For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of share-based payment awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The expected volatility is primarily based on the historical volatility of peer company data while the expected life of the stock options is based on historical and other economic data trended into the future. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the Company’s stock options. The dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. If factors change and the Company employs different assumptions, stock-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining stock-based compensation expense and the actual factors which become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining stock-based compensation costs for future grants. These changes, if any, may materially impact the Company’s results of operations in the period such changes are made. Net loss per share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, preferred stock, stock options, and warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share was the same for all periods presented. 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 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 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. In July 2015, the FASB delayed the effective date of this guidance by one year. The guidance is now effective for public companies for annual periods beginning after December 15, 2017 as well as interim periods within those annual period using either the full retrospective approach or modified retrospective approach. The Company is currently evaluating the impacts of the new guidance on its financial statements.

Investments

Investments	12 Months Ended
	Jun. 30, 2015
Investments Schedule [Abstract]
Investments	( 3 ) Investments: Cash in excess of our immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. The following table summarizes the Company’s investments by category as of June 30, 2015 and 2014: June 30, June 30, In thousands 2015 2014 Investments - Current: Certificates of deposit $ 10,776 $ 64,450 Debt securities - held-to-maturity 11,678 — $ 22,454 $ 64,450 Investments - Noncurrent: Certificates of deposit $ 5,310 $ — Debt securities - held-to-maturity 18,319 — $ 23,629 $ — As of June 30, 2015, a summary of the debt securities classified as held-to-maturity is as follows: In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 5,244 $ 2 $ — 5,246 Corporate obligations 6,434 1 (3 ) 6,432 $ 11,678 $ 3 $ (3 ) $ 11,678 Investments - Noncurrent: U.S. government and agency obligations $ 16,816 $ 2 $ (8 ) $ 16,810 Corporate obligations 1,503 — — 1,503 $ 18,319 $ 2 $ (8 ) $ 18,313 The amortized cost and fair value of held-to-maturity debt securities as of June 30, 2015, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 11,678 $ 11,678 Due after one year through two years 18,319 18,313 $ 29,997 $ 29,991 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 June 30, 2015, the Company did not have any intent to sell any of the securities that were in an unrealized loss position at that date.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	( 4 ) Fair Value Measurements: Certain assets and liabilities are measured at fair value in the Company’s financial statements or have fair values disclosed in the notes to the financial statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by 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 generally 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 in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fair Value Total Carrying Value June 30, 2015 Cash and cash equivalents $ 39,187 $ — $ — $ 39,187 $ 39,187 Certificates of deposit — 16,086 — 16,086 16,086 Held-to-maturity investments: Corporate obligations — 7,935 — 7,935 7,937 U.S. government and agency obligations 3,824 18,232 — 22,056 22,060 Total assets $ 43,011 $ 42,253 $ — $ 85,264 $ 85,270 June 30, 2014 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

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Property and Equipment, Net	( 5 ) Property and Equipment, Net: Property and equipment consists of the following: At June 30, In thousands 2015 2014 Laboratory equipment $ 1,246 $ 1,085 Office equipment 152 92 Leasehold improvements 8 8 Property and equipment, gross 1,406 1,185 Less: Accumulated depreciation and amortization (928 ) (804 ) Property and equipment, net $ 478 $ 381 Depreciation and amortization expense of $126 thousand, $92 thousand and $59 thousand was recorded for each of the fiscal years ended June 30, 2015, 2014 and 2013, respectively.

Intangible Assets, Net

Intangible Assets, Net	12 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	( 6 ) Intangible Assets, Net: Intangible assets subject to amortization consist of the following: At June 30, 2015 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Licenses $ 1,180 $ 832 $ 348 Patents 1,935 875 1,060 Other 73 33 40 Intangible assets, net $ 3,188 $ 1,740 $ 1,448 At June 30, 2014 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Licenses $ 1,143 $ 751 $ 392 Patents 1,879 719 1,160 Other 54 20 34 Intangible assets, net $ 3,076 $ 1,490 $ 1,586 Amortization expense related to intangible assets for the years ended June 30, 2015, 2014 and 2013 was $250 thousand, $242 thousand and $226 thousand, respectively. Estimated amortization expense (in thousands) for the next five years and thereafter is as follows: Fiscal Year Ending June 30, Amount 2016 $ 229 2017 226 2018 217 2019 176 2020 174 Thereafter 426 $ 1,448

Share-based Compensation Plans

Share-based Compensation Plans	12 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation Plans	( 7 ) 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. The Company has two equity compensation plans under which awards are currently authorized for issuance, the 2013 Employee Stock Purchase Plan and the 2013 Equity and Incentive Plan. No awards have been issued to date under the 2013 Employee Stock Purchase Plan and all of the 128,571 shares previously authorized under this plan remain available for issuance. As of June 30, 2015, the total number of shares available for issuance under the 2013 Equity and Incentive Plan was 1,161,082. The Compensation Committee of the Board of Directors, as the plan administrator, has the authority to select the individuals to whom share-based awards are granted and to determine the terms of each award, including (i) the number of shares of common stock subject to a stock option or restricted share award; (ii) the date on which the stock option becomes exercisable; (iii) the option exercise price, which, in the case of incentive stock options, must be at least 100% (110% in the case of incentive stock options granted to a stockholder owning in excess of 10% of the Company’s stock) of the fair market value of the common stock as of the date of grant; (iv) the vesting term; and (v) the duration of the option (which, in the case of incentive stock options, may not exceed ten years). Employee options typically vest over a three- or four-year period. A summary of the stock option activity is as follows: For the years ended June 30, 2015 2014 2013 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding , beginning of year 1,024 $ 6.21 380 $ 1.45 133 $ 3.50 Granted 615 19.58 715 8.45 247 0.35 Exercised (46 ) 3.24 (61 ) 3.24 — — Terminated (109 ) 6.43 (10 ) 3.50 — — Outstanding , end of year 1,484 $ 11.83 1,024 $ 6.21 380 $ 1.45 Vested , end of year 474 200 153 Exercisable , end of year 424 200 153 Weighted average fair value of options granted during the year $ 14.39 $ 6.18 $ 0.21 The following table summarizes information about stock options outstanding: At June 30, (Number of options in thousands; remaining lives in years) 2015 2014 Weighted Weighted Average Average Number of Contractual Number of Contractual Life Exercise Price Options Remaining Options Remaining $0.35 to $4.90 581 7.07 712 8.57 $12.00 to $14.08 288 8.72 312 9.78 $16.00 to $19.87 436 9.50 — — $20.00 to $24.62 179 9.58 — — 1,484 1,024 The following table summarizes information about stock options exercisable: At June 30, 2015 2014 Number of Options Exercise Price (in thousands) $0.35 to $4.90 333 194 $12.00 to $14.08 91 6 $16.00 to $19.87 — — $20.00 to $24.62 — — 424 200 As of June 30, 2015, the aggregate intrinsic value of all outstanding stock options was $7.8 million and for exercisable stock options was $4.3 million. The intrinsic value per option at June 30, 2015 is calculated as the difference between the exercise price of the underlying option and the closing price of the Company’s common stock of $15.34 on that date, and applies only to those awards having an exercise price currently below this closing price. The total fair value of options that vested during the fiscal years ended June 30, 2015, 2014, and 2013 was $1.9 million, $280 thousand, and $43 thousand, respectively. Unrecognized compensation expense related to non-vested employee stock options amounted to $8.3 million as of June 30, 2015. Such compensation expense is expected to be recognized over a weighted-average period of 3.2 years. In accounting for stock options to non-employees, the fair value of services related to the options granted are generally recorded as an expense as these services are provided to the Company over the relating service periods. The Company re-measures any non-vested, non-employee options to fair value at the end of each reporting period using the Black-Scholes pricing model. Share-based expense related to stock options awarded to employees, non-employee directors and consultants amounted to $2.3 million, $825 thousand and $25 thousand for the fiscal years ended June 30, 2015, 2014 and 2013, respectively. In addition, during the fiscal year ended June 30, 2015, the Company granted a total of 48 thousand restricted shares of common stock to employees and non-employee consultants and recorded share-based expense of $524 thousand associated with these awards. The Company did not record any expense associated with restricted shares of common stock during the fiscal years ended June 30, 2014 and 2013. Total share-based expense associated with stock options and restricted shares of common stock was allocated as follows: For the fiscal years ended June 30, (In thousands) 2015 2014 2013 General and administrative $ 1,912 $ 748 $ 14 Research and development 908 77 11 $ 2,820 $ 825 $ 25 The fair value of each option granted is estimated on the grant date using the Black-Scholes stock option pricing model. The following assumptions were made in estimating fair value: Fiscal Years Ended June 30, Assumption 2015 2014 2013 Dividend yield 0.00 % 0.00 % 0.00 % Expected term 6.00 to 10.00 6.00 to 10.00 6.25 to 10.00 years Risk-free interest rate 1.49% to 2.58% 2.04% to 2.31% 1.37% to 1.40% Expected volatility 85.68 % 85.00 % 63.23 % The dividend yield is based upon the assumption that the Company will not declare a dividend over the life of the options. Since adopting ASC 718, the Company has been unable to use historical employee exercise and option expiration data to estimate the expected term assumption for the Black-Scholes grant-date valuation. The Company therefore has utilized the “simplified” method, as prescribed by the SEC’s Staff Accounting Bulletin No. 107, Share-Based Payment

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	( 8 ) Commitments and Contingencies: Operating Leases Alachua, Florida The Company’s corporate headquarters are located in Alachua, Florida. The Company’s current leased facilities encompass approximately 6,975 square feet of office and laboratory space. The leases for these office and laboratory facilities expire on December 31, 2015. For the fiscal years ended June 30, 2015, 2014 and 2013, rent expense under these operating leases amounted to $167 thousand, $123 thousand and $102 thousand, respectively. In April 2015, the Company entered into an agreement to lease approximately 18,300 square feet of laboratory and office space for a 10-year period expected to commence in December 2015. The Company has options to extend the term of the lease for three additional five-year periods and also has rights to lease up to approximately 2,700 additional square feet of space within the same facility. In conjunction with the execution of the lease agreement, the Company was provided with a tenant improvement allowance of approximately $1.0 million, which the Company expects to use to fund leasehold improvements at the new facility. Annual base rent at this new facility will amount to approximately $0.5 million with no annual escalation factor for the initial 10-year term. Cambridge, Massachusetts In August 2015, the Company entered into a two-year lease to occupy approximately 3,000 square feet of office and laboratory space in Cambridge, Massachusetts. This new facility, located at One Kendall Square, will focus primarily on business development, pharmacology, and basic research and development. Annual base rent at this facility will amount to approximately $0.3 million. Future annual minimum lease payments (in thousands) under non-cancelable operating leases, including the new facility in Cambridge, are as follows: Fiscal Year Ending June 30, Amount 2016 $ 502 2017 625 2018 456 2019 421 2020 421 Thereafter 2,281 $ 4,706 License and Other Agreements Under various agreements, the Company will be required to pay royalties and milestone payments upon the successful development and commercialization of products. The Company has entered into funding agreements with various not-for-profit organizations. The Company may become obligated to pay royalties on net product sales of any collaboration product that it successfully develops and subsequently commercializes or, if it out-licenses rights to a collaboration product, a specified percentage of certain payments it receives from its licensee. The Company is not obligated to make such payments unless and until annual sales of a collaboration product exceed a designated threshold. The Company’s obligation to make such payments would end upon its payment of a specified amount. The Company is also party to various agreements entered into in the ordinary course of its business, principally relating to licensed technology. At June 30, 2015, the Company had nine license agreements with six different entities, including five with the University of Florida Research Foundation. The Company is responsible for all costs related to preparation, filing, issuance, prosecution and maintenance of the underlying patents covered in the license agreements. The Company is required to pay minimum annual royalty and license maintenance for all licenses until such time when the license is terminated by either expiration of underlying patents or voluntary termination by either party per the agreement. These license agreements also require future payments related to milestones or royalties on future sales of specified products. Payments under these agreements generally become due and payable only upon achievement of certain developmental, regulatory or commercial milestones. Because the achievement of these milestones had not occurred as of June 30, 2015, such contingencies have not been recorded in the Company’s financial statements. Amounts related to contingent milestone payments are not considered contractual obligations as they are contingent on the successful achievement of certain development, regulatory and commercial milestones. There is uncertainty regarding the various activities and outcomes needed to reach these milestones, and they may not be achieved. The Company’s expense associated with annual royalty and milestone payments was $122 thousand, $87 thousand and $61 thousand for each of the fiscal years ended June 30, 2015, 2014 and 2013, respectively. All royalty and milestone payments are included within research and development expenses in the statement of operations. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to the agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. From time to time, the Company may be involved in claims and legal actions that arise in the normal course of business. Management has no reason to believe that the outcome of any such legal actions would have a significant adverse effect on the Company’s financial position, results of operations or cash flows.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	( 9 ) Income Taxes: For the fiscal years ended June 30, 2015, 2014 and 2013, the Company did not record a current or deferred income tax expense or benefit. Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets (liabilities) are comprised of the following: At June 30, In thousands 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 28,559 $ 22,661 Research and development tax credit carryforwards 7,941 1,262 Accruals and other 418 238 Gross deferred tax assets 36,918 24,161 Deferred tax asset valuation allowance (36,845 ) (24,086 ) Total deferred tax assets, net of valuation allowance 73 75 Deferred tax liabilities: Depreciation and amortization (73 ) (75 ) Total deferred tax liabilities (73 ) (75 ) Net deferred tax asset (liability) $ — $ — As of June 30, 2015, the Company had net operating losses of approximately $74.0 million that may be applied against future taxable income and expire in various years ranging from 2022 to 2035. As of June 30, 2015, the Company also had research and development tax credits of approximately $7.9 million that may provide future tax benefits and expire from 2027 to 2044. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on its history of operating losses, the Company has concluded that as of June 30, 2015, it is more likely than not that the benefit of its deferred tax assets will not be realized. Therefore, any tax benefits to be realized in future years as a result of the utilization of the Company’s net operating loss carry forwards as of June 30, 2015, computed based on statutory federal and state rates, are completely offset by valuation allowances established because realization of the deferred tax benefits are not considered more likely than not as of that date. The valuation allowance increased by approximately $12.8 million during the fiscal year ended June 30, 2015, due primarily to the net operating losses generated during the period. On July 1, 2015, the Company entered into a collaboration agreement with Biogen, under which it received a non-refundable upfront payment of $94.0 million. This collaboration agreement is discussed in more detail in Note 14 of notes to the financial statements. The Company is currently in the process of evaluating the income tax implications of this collaboration agreement and believes this transaction could have an impact on management’s assessment of the realizability of deferred tax assets in future periods. A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: For the years ended June 30, 2015 2014 2013 Federal income tax benefit at statutory rate (34 )% (34 )% (34 )% State income tax, net of federal benefit (4 )% (4 )% (4 )% Permanent differences 9 % 9 % 11 % Research and development tax credits (18 )% (2 )% (3 )% Other 1 % 1 % 2 % Change in valuation allowance 46 % 30 % 28 % Effective income tax rate 0 % 0 % 0 % Under the provisions of the Internal Revenue Code, the Company’s net operating loss and tax credit carry forwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carry forwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. Since its inception, the Company has completed several financings and sales of common stock which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. For fiscal years through June 30, 2015, the Company generated research credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to the Company’s research and development tax credit carry forwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position at June 30, 2015 and 2014. A full valuation allowance has been provided against the Company’s research and development tax credits and, if an adjustment were to be required, this adjustment would be offset by an adjustment to the deferred tax asset established for the tax credit carry forwards and the valuation allowance. The Company files income tax returns in the United States and in the state of Florida. The federal and state returns are generally subject to tax examinations for the tax years ended June 30, 2011 through June 30, 2015. To the extent the Company has tax attribute carry forwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, or state authorities, to the extent such attributes are utilized in a future period.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accrued Expenses	( 10 ) Accrued Expenses: Accrued expenses as of June 30, 2015 and 2014 consisted of the following: At June 30, In thousands 2015 2014 Research and development-related $ 2,679 $ 1,008 Compensation-related 772 575 Other — 2 $ 3,451 $ 1,585

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Jun. 30, 2015
Compensation And Retirement Disclosure [Abstract]
Defined Contribution Plan	( 11 ) Defined Contribution Plan: The Company sponsors an employee 401(k) salary deferral plan (“401(k) Plan”) that covers substantially all of its employees and is administered through its staff leasing company. Under the 401(k) Plan, employees may elect to defer up to 25% of their compensation per year (subject to a maximum limit prescribed by federal tax law) and the Company matches a portion of such employee contributions up to a maximum of 4% of the eligible salary. The Company’s matching contributions to the 401(k) Plan amounted to $90 thousand, $60 thousand and $40 thousand for each of the fiscal years ended June 30, 2015, 2014 and 2013, respectively.

Common Stock and Stockholders'

Common Stock and Stockholders' Equity	12 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Common Stock and Stockholders’ Equity	( 12 ) Common Stock and Stockholders’ Equity: Reverse Stock Split On March 4, 2014, the Company effected a 1-for-35 reverse stock split of its common stock, whereby each share of common stock, $0.001 par value, outstanding immediately prior to that date was combined, reclassified and changed into one thirty-fifth (1/35) of a fully paid and non-assessable share of common stock. The accompanying financial statements and notes to the financial statements give retroactive effect to the reverse split for all periods presented. Common Stock 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. 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 public offering in which the Company 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 public offering that was completed in July 2014. 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. As of June 30, 2015, there were 150,000,000 shares of $0.001 par value common stock that were authorized to be issued. As of that date, a total of 16,490,654 shares of common stock were issued, of which 16,475,654 shares were outstanding. The following shares of common stock were reserved for future issuance as of June 30, 2015: In thousands June 30, 2015 Common stock warrants 30 Stock options issued and outstanding 1,484 Authorized for future grant under the 2013 Employee Stock Purchase Plan 129 Authorized for future grant under the 2013 Equity and Incentive Plan 1,161 2,804 Former Series B purchase rights In November 2012, the Company entered into a Series B-1, B-2 and B-3 Preferred Stock Purchase Agreement, or Series B Purchase Agreement, which authorized the sale of up to 290,781,972 shares of convertible preferred stock in three separate tranches of Series B-1, Series B-2 and Series B-3 preferred stock, respectively. Simultaneously with the execution of the Series B Purchase Agreement, the Company issued and sold an aggregate of 66,147,709 shares of Series B-1 preferred stock at a price per share of $0.1297. The Series B Purchase Agreement provided that the holders of the Series B-1 shares, or Series B holders, were also entitled to purchase up to an aggregate of 140,542,178 shares of Series B-2 preferred stock for an aggregate purchase price equal to $18.2 million, or second tranche, and up to an aggregate of 82,670,167 shares of Series B-3 preferred stock for an aggregate purchase price equal to $10.7 million, or third tranche. The price per share and number of shares to be issued in exchange for such amount was to be determined separately for each tranche by reference to which, if any, of three milestones specified in the agreement had been satisfied by the Company. The purchase rights were legally separable and exercisable apart from the Series B-1 shares and, because representatives of the Series B holders held a majority of the seats on the board of directors, the decision to complete the second and third tranche was deemed to be outside the Company’s control. The Company therefore recorded, at the time of entry into the Series B Purchase Agreement, a Series B purchase rights liability of $1.7 million for the fair value of its obligation to sell the Series B-2 and Series B-3 preferred stock in the second and third tranche. The Series B purchase rights liability was valued separately for each series using the Black-Scholes option-pricing method to assign a value to the purchase right relating to that series under each of the possible applicable valuation scenarios, depending on which milestones were met, with each scenario being assigned an estimated probability as of the valuation date. The aggregate of these probability-weighted valuations was assigned as the value of the purchase right for each tranche. The initial fair value of the Series B purchase rights liability was estimated to be $0.6 million for the second tranche and $1.1 million for the third tranche. The total value allocated to the Series B purchase rights reduced the amount allocated to the carrying value of the Series B-1 preferred stock on the Company’s balance sheet. The most significant and judgmental inputs driving the fair value of the Company’s Series B purchase rights were the assumptions regarding the fair value of the underlying preferred shares and the volatility factor. With all other inputs constant, an increase or decrease in the assumed fair value of the preferred shares would have resulted in a higher or lower estimate of the fair value of the Series B purchase rights, respectively, although there would not have been a direct correlation. Similarly, an increase or decrease in the assumed volatility factor would have resulted in a higher or lower estimate of the fair value of the Series B purchase rights, respectively. In April 2013, following the satisfaction by the Company of the first milestone, the Series B holders exercised their rights with respect to the second tranche and purchased an aggregate of 122,749,639 shares of Series B-2 preferred stock at a price per share of $0.1485, for gross cash proceeds of $18.2 million. During fiscal year 2013, the Company recorded a change in value of the Series B purchase rights liability of $1.2 million to other expense and the $0.8 million balance of the value allocated to the Series B-2 purchase rights liability immediately prior to the closing of the second tranche was recorded as proceeds from the issuance of the Series B-2 preferred stock. In October 2013, the Series B holders exercised their rights with respect to the third tranche and on November 5, 2013, the Company sold to the Series B holders an aggregate of 58,816,897 shares of its Series B-3 preferred stock at a price per share of $0.1823 (or $6.38 on an as-converted to common stock basis), for gross cash proceeds of $10.7 million. In connection with the closing of the third tranche, the Company and the Series B holders amended the terms of the Series B purchase agreement to provide that if the two remaining milestones specified in the Series B Purchase Agreement were not satisfied by September 2014, the Series B holders who continued to hold shares of Series B-3 preferred stock would be entitled to receive an aggregate of approximately 13,387,000 additional shares of Series B-3 preferred stock. This right was extinguished upon the conversion to common stock of all the outstanding shares of preferred stock upon closing of the Company’s initial public offering. During the year ended June 30, 2014, the Company recorded a change in value of the Series B purchase right liability of $2.9 million to other expense, and $5.0 million allocated to the Series B-3 purchase right immediately prior to the closing of the third tranche was reallocated to the carrying value of the Series B-3 preferred stock. In connection with the consummation of the Company’s IPO on April 1, 2014, all Series A Preferred Stock and Series B Preferred Stock converted into 9,120,081 shares of common stock on that date. As a result, none of the convertible series of preferred stock were issued or outstanding at June 30, 2015 and 2014. Former warrant liabilities As of June 30, 2013, the Company had warrants outstanding to purchase shares of its Series A-1, Series A-1A and Series B-1 preferred stock. Because the Series A-1, Series A-1A and Series B-1 preferred stock were subject to redemption under circumstances outside of the Company’s control, the outstanding shares of these series of preferred stock were presented as temporary equity for those periods. Consequently, the warrants to purchase shares of Series A-1, Series A-1A and Series B-1 preferred stock were accounted for as liabilities and adjusted to fair value at the end of each reporting period. The fair value of the warrants classified as liabilities was estimated using the Black-Scholes option pricing model. The estimates in the Black-Scholes option pricing model were based, in part, on subjective assumptions, including stock price volatility, term of the warrants, risk free interest rate, dividend yield, and fair value of the preferred stock underlying the warrants. The gain or loss associated with the change in the fair value of the preferred stock warrant liability from the prior period was recognized as a component of other (expense) income, net. The fair value of the warrants on the date of issuance, and on each financial reporting date for those warrants classified as liabilities, was estimated using the Black-Scholes option pricing model. Upon the closing of the Company’s initial public offering, these warrants were converted into warrants exercisable for common stock.

Quarterly Financial Information

Quarterly Financial Information	12 Months Ended
	Jun. 30, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	(13) Quarterly Financial Information (Unaudited): Summarized quarterly information for the two fiscal years ended June 30, 2015 and 2014, respectively, is as follows: Fiscal Year 2015 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 705 $ 652 $ 284 $ 713 Loss from operations $ (5,409 ) $ (4,702 ) $ (6,391 ) $ (8,030 ) Net loss $ (5,381 ) $ (4,650 ) $ (6,326 ) $ (7,961 ) Net loss per common share, basic and diluted $ (0.34 ) $ (0.28 ) $ (0.38 ) $ (0.48 ) Fiscal Year 2014 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 258 $ 515 $ 232 $ 124 Loss from operations $ (1,966 ) $ (2,905 ) $ (3,260 ) $ (4,425 ) Net loss $ (7,064 ) $ (735 ) $ (3,588 ) $ (4,521 ) Net loss per common share, basic and diluted $ (64.81 ) $ (6.74 ) $ (25.45 ) $ (0.32 )

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events: Collaboration with Biogen On July 1, 2015, the Company entered into a Collaboration Agreement with Biogen, pursuant to which the Company and Biogen will collaborate to develop, seek regulatory approval for and commercialize gene therapy products to treat XLRS, XLRP, and discovery programs targeting three indications based on the Company’s adeno-associated virus vector technologies. The Collaboration Agreement became effective on August 14, 2015, following expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Under the Collaboration Agreement, the Company will conduct all development activities through regulatory approval in the United States for the XLRS program, and all development activities through the completion of the first in human clinical trial for the XLRP program. In addition, the Collaboration Agreement provides for discovery programs targeting three indications whereby the Company will conduct discovery, research and development activities for those additional drug candidates through the stage of clinical candidate designation, after which, Biogen may exercise an option to continue to develop, seek regulatory approval for and commercialize the designated clinical candidate. Under the terms of the Collaboration Agreement, the Company, in part through its participation in joint committees with Biogen, will participate in overseeing the development and commercialization of these specific programs. The Company will grant Biogen an exclusive, royalty-bearing license, with the right to grant sublicenses, to use adeno-associated virus vector technology and other technology controlled by the Company for the purpose of researching, developing, manufacturing and commercializing licensed products developed under the Collaboration Agreement. The Company will also grant Biogen a non-exclusive, worldwide, royalty-free, fully paid license, with the right to grant sublicenses, of its interest in other intellectual property developed pursuant to the Collaboration Agreement. Under the Collaboration Agreement, the Company received a non-refundable upfront payment of $94.0 million in August 2015. As a result of the upfront payment made by Biogen, the Company became liable to various research partner institutions for total license payments of approximately $9.4 million. These license payables are due at varying dates ranging from 15 days following receipt of the upfront payment from Biogen to 75 days following the end of our first fiscal quarter ending September 30, 2015. The Company is also eligible to receive payments of up to $467.5 million based on the successful achievement of future milestones under the two lead programs and up to $592.5 million based on the exercise of the option for and the successful achievement of future milestones under the three discovery programs. Biogen will pay revenue-based royalties for each licensed product at tiered rates ranging from high single digit to mid-teen percentages of annual net sales of the XLRS or XLRP products and at rates ranging from mid-single digit to low-teen percentages of annual net sales for the discovery products. Due to the uncertainty surrounding the achievement of the future milestones, such payments were not considered fixed or determinable at the inception of the Collaboration Agreement and accordingly, will not be recognized as revenue unless and until they become earned. The Company achieved the first milestone under the XLRS program in late August 2015, which triggers a milestone payment from Biogen of $5.0 million. The Company is not able to reasonably predict if and when the remaining milestones will be achieved. In addition to the Collaboration Agreement, on July 1, 2015, the Company also entered into an equity agreement with Biogen. Under the terms of this equity agreement, Biogen purchased 1,453,957 shares of the Company’s common stock, at a purchase price equal to $20.63 per share, for an aggregate cash purchase price of $30.0 million. The shares issued to Biogen represented approximately 8.1% of the Company’s issued common stock post-issuance (based on the shares that were issued at June 30, 2015) and constitute restricted securities that may not be resold by Biogen other than in a transaction registered under the Securities Act of 1933, as amended, or pursuant to an exemption from such registration requirement. The cash proceeds of $30.0 million were received from Biogen in August 2015.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Jun. 30, 2015
Valuation And Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Additions Charge To (from) Beginning (Benefit) to Other End of In thousands of Period Expenses Accounts Deductions Period Deferred Tax Valuation Allowance Year 2015 $ 24,086 $ 12,759 $ — $ — $ 36,845 Year 2014 $ 18,956 $ 5,130 $ — $ — $ 24,086 Year 2013 $ 17,468 $ 1,488 $ — $ — $ 18,956

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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. Certain amounts reported previously have been reclassified to conform to the current year presentation, with no effect on stockholders’ equity or net loss as previously presented.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, we have viewed our operations and managed our business as one segment.
Use of estimates	Use of estimates The preparation of financial statements in conformity with 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	APPLIED GENETIC TECHNOLOGIES CORPORATION NOTES TO FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2015, 2014 AND 2013 Cash and cash equivalents Cash consists of funds held in bank accounts. Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 days or less at the time of purchase and generally include money market accounts.
Investments	Investments The Company’s investments consist of certificates of deposit and debt securities classified as held-to-maturity. Management 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.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company maintains its cash and cash equivalents and certificates of deposit with two financial institutions that are federally insured. Some of these financial instruments are in excess of federally insured limits and as a result, could potentially expose the Company to significant concentrations of credit risk. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. The Company invests its excess cash primarily in money market funds, certificates of deposit, and debt instruments of corporations and U.S. government agencies. These investments generally mature within a two year period from their purchase date, in line with the Company’s investment policy that seeks to maintain adequate liquidity and preserve capital.
Inventory	Inventory Purchases of clinical materials stored for master and working viral banks that remain at the sites in anticipation of their future use at that site are charged to expense when they are incurred. Since the Company can use each of the raw materials in only a single product, each raw material is deemed to have no future economic value independent of the development status of that single drug.
Fair value of financial instruments	Fair value of financial instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are those that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and are unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Property and equipment	Property and equipment Property and equipment, consisting of laboratory equipment, furniture and fixtures, computer equipment and leasehold improvements, are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are generally three to seven years. Leasehold improvements are stated at cost and are amortized over the shorter of the estimated useful lives of the assets or the lease term, including any renewal periods that are deemed to be reasonably assured. Repair and maintenance costs that do not improve service potential or extend an asset’s economic life are recorded as an expense when incurred.
Intangible assets	Intangible assets Intangible assets primarily include licenses and patents. The Company obtains licenses from third parties and capitalizes the costs related to exclusive licenses that have alternative future use in multiple potential programs. The Company also capitalizes costs related to filing, issuance, and prosecution of patents. The Company reviews its capitalized costs periodically to determine that such costs relate to patent applications that have future value and an alternative future use, and writes off any costs associated with patents that are no longer being actively pursued or that have no future benefit. Amortization expense is computed using the straight-line method over the estimated useful lives of the assets, which are generally eight to twenty 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 immediately written off to expense.
Impairment of long-lived assets	Impairment of long-lived assets The Company reviews its long-lived assets for impairment when impairment indicators are present. If impairment indicators exist, management determines whether impairment in value has occurred by comparing the estimated undiscounted cash flows from future operations with the carrying values of the assets. Management considers several indicators in assessing impairment, including trends and prospects, as well as the effects of obsolescence, demand, competition and other economic factors. No impairment charges were recorded for each of the fiscal years ended June 30, 2015, 2014, and 2013.
Revenue Recognition	Revenue recognition The Company has primarily generated revenue through collaboration agreements, sponsored research arrangements with nonprofit organizations for the development and commercialization of product candidates and revenues from federal research and development grant programs. The Company recognizes revenue when amounts are realized or realizable and earned. Revenue is considered realizable and earned when the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the price is fixed or determinable; and (4) collection of the amounts due are reasonably assured. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current liabilities. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses, as the Company has the risks and rewards as the principal in the research and development activities. The Company evaluates the terms of sponsored research agreement grants and federal grants to assess the Company’s obligations and if the Company’s obligations are satisfied by the passage of time, revenue is recognized on a straight-line basis. In situations where the performance of the Company’s obligations has been satisfied when the grant is received, revenue is recognized upon receipt of the grant. Certain grants contain refund provisions. The Company reviews those refund provisions to determine the likelihood of repayment. If the likelihood of repayment of the grant is determined to be remote, the grant is recognized as revenue. If the probability of repayment is determined to be more than remote, the Company records the grant as a deferred revenue liability, until such time that the grant requirements have been satisfied. Collaboration revenue On July 1, 2015, the Company entered into a Collaboration Agreement with Biogen. This collaboration is discussed further in Note 14 of notes to the financial statements. The terms of this agreement and other potential collaboration or commercialization agreements the Company may enter into generally contain multiple elements, or deliverables, which may include, among others, (i) licenses, or options to obtain licenses, to its technology, and (ii) research and development activities to be performed on behalf of the collaborative partner. Payments made under such arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. Multiple element arrangements are analyzed to determine whether the deliverables within the agreement can be separated or whether they must be accounted for as a single unit of accounting. Deliverables under an agreement are required to be accounted for as separate units of accounting provided that (i) a delivered item has value to the customer on a stand-alone basis; and (ii) if the agreement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. The allocation of consideration amongst the deliverables under the agreement is derived using a “best estimate of selling price” if vendor specific objective evidence and third party evidence of fair value is not available. If the delivered element does not have stand-alone value or if the fair value of any of the undelivered elements cannot be determined, the arrangement is then accounted for as a single unit of accounting, and the Company recognizes the consideration received under the arrangement as revenue on a straight-line basis over the estimated period of performance. Milestone revenue The Company applies the milestone method of accounting to recognize revenue from milestone payments when earned, as evidenced by written acknowledgement from the collaborator or other persuasive evidence that the milestone has been achieved and the payment is non-refundable, provided that the milestone event is substantive. A milestone event is defined as an event (i) that can only be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance; (ii) for which there is substantive uncertainty at the inception of the arrangement that the event will be achieved; and (iii) that would result in additional payments being due to the Company. Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. A milestone event is substantive if all of the following conditions are met: (i) the consideration is commensurate with either the Company’s performance to achieve the milestone, or the enhancement of the value to the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) the consideration relates solely to past performance; and (iii) the consideration is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement. The Company assesses whether a milestone is substantive at the inception of the arrangement. If a milestone is deemed non-substantive, we account for that milestone payment in accordance with the multiple element arrangements guidance and recognize revenue consistent with the related units of accounting for the arrangement over the related performance period.
Income taxes	Income taxes The Company uses the asset and liability method for accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. 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 amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company files income tax returns in the U.S. federal jurisdiction and the state of Florida. As of June 30, 2015 and 2014, the Company did not have any significant uncertain tax positions.
Research and Development Expenses	Research and development expenses Research and development costs include costs incurred in identifying, developing and testing product candidates and generally comprise compensation and related benefits and non-cash share-based compensation to research related employees; laboratory costs; animal and laboratory maintenance and supplies; rent; utilities; clinical and pre-clinical expenses; and payments for sponsored research, scientific and regulatory consulting fees and testing. As part of the process of preparing financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing quotations and contracts, identifying services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to it at that time. The significant estimates in the Company’s accrued research and development expenses are related to expenses incurred with respect to academic research centers, contract research organizations (“CROs”), and other vendors in connection with research and development activities for which it has not yet been invoiced. There may be instances in which the Company’s service providers require advance payments at the inception of a contract or in which payments made to these vendors will exceed the level of services provided, resulting in a prepayment of the research and development expense. Such prepayments are charged to research and development expense as and when the service is provided or when a specific milestone outlined in the contract is reached. Prepayments related to research and development activities were $958 thousand and $1.4 million at June 30, 2015 and 2014, respectively, and are included within the Prepaid and other current assets line item on the balance sheets.
Share-Based Compensation	Share-based compensation The Company accounts for share-based awards issued to employees in accordance with ASC Topic 718, Compensation—Stock Compensation Equity-Based Payments to Non-employees For purposes of calculating stock-based compensation, the Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The determination of the fair value of share-based payment awards utilizing the Black-Scholes model is affected by the Company’s stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The expected volatility is primarily based on the historical volatility of peer company data while the expected life of the stock options is based on historical and other economic data trended into the future. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the Company’s stock options. The dividend yield assumption is based on the Company’s history and expectation of no dividend payouts. If factors change and the Company employs different assumptions, stock-based compensation expense may differ significantly from what has been recorded in the past. If there is a difference between the assumptions used in determining stock-based compensation expense and the actual factors which become known over time, specifically with respect to anticipated forfeitures, the Company may change the input factors used in determining stock-based compensation costs for future grants. These changes, if any, may materially impact the Company’s results of operations in the period such changes are made.
Net loss per share	Net loss per share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, preferred stock, stock options, and warrants are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share was the same for all periods presented.
Comprehensive Loss	Comprehensive loss Comprehensive loss consists of net loss and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources. The Company’s net loss equals comprehensive loss for all periods presented.
New Accounting Pronouncements	New Accounting Pronouncements 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 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. In July 2015, the FASB delayed the effective date of this guidance by one year. The guidance is now effective for public companies for annual periods beginning after December 15, 2017 as well as interim periods within those annual period using either the full retrospective approach or modified retrospective approach. The Company is currently evaluating the impacts of the new guidance on its 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 generally 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.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Jun. 30, 2015
Investments Schedule [Abstract]
Summary of the Company's Investments	The following table summarizes the Company’s investments by category as of June 30, 2015 and 2014: June 30, June 30, In thousands 2015 2014 Investments - Current: Certificates of deposit $ 10,776 $ 64,450 Debt securities - held-to-maturity 11,678 — $ 22,454 $ 64,450 Investments - Noncurrent: Certificates of deposit $ 5,310 $ — Debt securities - held-to-maturity 18,319 — $ 23,629 $ —
Summary of Debt Securities Held-to-Maturity	As of June 30, 2015, a summary of the debt securities classified as held-to-maturity is as follows: In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 5,244 $ 2 $ — 5,246 Corporate obligations 6,434 1 (3 ) 6,432 $ 11,678 $ 3 $ (3 ) $ 11,678 Investments - Noncurrent: U.S. government and agency obligations $ 16,816 $ 2 $ (8 ) $ 16,810 Corporate obligations 1,503 — — 1,503 $ 18,319 $ 2 $ (8 ) $ 18,313
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 June 30, 2015, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 11,678 $ 11,678 Due after one year through two years 18,319 18,313 $ 29,997 $ 29,991

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 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 in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Fair Value Total Carrying Value June 30, 2015 Cash and cash equivalents $ 39,187 $ — $ — $ 39,187 $ 39,187 Certificates of deposit — 16,086 — 16,086 16,086 Held-to-maturity investments: Corporate obligations — 7,935 — 7,935 7,937 U.S. government and agency obligations 3,824 18,232 — 22,056 22,060 Total assets $ 43,011 $ 42,253 $ — $ 85,264 $ 85,270 June 30, 2014 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

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Components of Property and Equipment	Property and equipment consists of the following: At June 30, In thousands 2015 2014 Laboratory equipment $ 1,246 $ 1,085 Office equipment 152 92 Leasehold improvements 8 8 Property and equipment, gross 1,406 1,185 Less: Accumulated depreciation and amortization (928 ) (804 ) Property and equipment, net $ 478 $ 381

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	12 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets Subject to Amortization	Intangible assets subject to amortization consist of the following: At June 30, 2015 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Licenses $ 1,180 $ 832 $ 348 Patents 1,935 875 1,060 Other 73 33 40 Intangible assets, net $ 3,188 $ 1,740 $ 1,448 At June 30, 2014 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Licenses $ 1,143 $ 751 $ 392 Patents 1,879 719 1,160 Other 54 20 34 Intangible assets, net $ 3,076 $ 1,490 $ 1,586
Schedule of Estimated Amortization Expense	Estimated amortization expense (in thousands) for the next five years and thereafter is as follows: Fiscal Year Ending June 30, Amount 2016 $ 229 2017 226 2018 217 2019 176 2020 174 Thereafter 426 $ 1,448

Share-based Compensation Plans

Share-based Compensation Plans (Tables)	12 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	A summary of the stock option activity is as follows: For the years ended June 30, 2015 2014 2013 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding , beginning of year 1,024 $ 6.21 380 $ 1.45 133 $ 3.50 Granted 615 19.58 715 8.45 247 0.35 Exercised (46 ) 3.24 (61 ) 3.24 — — Terminated (109 ) 6.43 (10 ) 3.50 — — Outstanding , end of year 1,484 $ 11.83 1,024 $ 6.21 380 $ 1.45 Vested , end of year 474 200 153 Exercisable , end of year 424 200 153 Weighted average fair value of options granted during the year $ 14.39 $ 6.18 $ 0.21
Summary of Stock Options Outstanding and Exercisable	The following table summarizes information about stock options outstanding: At June 30, (Number of options in thousands; remaining lives in years) 2015 2014 Weighted Weighted Average Average Number of Contractual Number of Contractual Life Exercise Price Options Remaining Options Remaining $0.35 to $4.90 581 7.07 712 8.57 $12.00 to $14.08 288 8.72 312 9.78 $16.00 to $19.87 436 9.50 — — $20.00 to $24.62 179 9.58 — — 1,484 1,024 The following table summarizes information about stock options exercisable: At June 30, 2015 2014 Number of Options Exercise Price (in thousands) $0.35 to $4.90 333 194 $12.00 to $14.08 91 6 $16.00 to $19.87 — — $20.00 to $24.62 — — 424 200
Summary of Total Share-based Expense Associated with Stock Options and Restricted Shares	Total share-based expense associated with stock options and restricted shares of common stock was allocated as follows: For the fiscal years ended June 30, (In thousands) 2015 2014 2013 General and administrative $ 1,912 $ 748 $ 14 Research and development 908 77 11 $ 2,820 $ 825 $ 25
Stock Option Pricing Model Assumption	The following assumptions were made in estimating fair value: Fiscal Years Ended June 30, Assumption 2015 2014 2013 Dividend yield 0.00 % 0.00 % 0.00 % Expected term 6.00 to 10.00 6.00 to 10.00 6.25 to 10.00 years Risk-free interest rate 1.49% to 2.58% 2.04% to 2.31% 1.37% to 1.40% Expected volatility 85.68 % 85.00 % 63.23 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Future Annual Minimum Lease Payments Under Non-Cancelable Operating Leases	Future annual minimum lease payments (in thousands) under non-cancelable operating leases, including the new facility in Cambridge, are as follows: Fiscal Year Ending June 30, Amount 2016 $ 502 2017 625 2018 456 2019 421 2020 421 Thereafter 2,281 $ 4,706

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Significant Components of Deferred Tax Assets (Liabilities)	The significant components of the Company’s deferred tax assets (liabilities) are comprised of the following: At June 30, In thousands 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 28,559 $ 22,661 Research and development tax credit carryforwards 7,941 1,262 Accruals and other 418 238 Gross deferred tax assets 36,918 24,161 Deferred tax asset valuation allowance (36,845 ) (24,086 ) Total deferred tax assets, net of valuation allowance 73 75 Deferred tax liabilities: Depreciation and amortization (73 ) (75 ) Total deferred tax liabilities (73 ) (75 ) Net deferred tax asset (liability) $ — $ —
Reconciliation of Income Tax Expense	A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: For the years ended June 30, 2015 2014 2013 Federal income tax benefit at statutory rate (34 )% (34 )% (34 )% State income tax, net of federal benefit (4 )% (4 )% (4 )% Permanent differences 9 % 9 % 11 % Research and development tax credits (18 )% (2 )% (3 )% Other 1 % 1 % 2 % Change in valuation allowance 46 % 30 % 28 % Effective income tax rate 0 % 0 % 0 %

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses as of June 30, 2015 and 2014 consisted of the following: At June 30, In thousands 2015 2014 Research and development-related $ 2,679 $ 1,008 Compensation-related 772 575 Other — 2 $ 3,451 $ 1,585

Common Stock and Stockholders31

Common Stock and Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Shares of Common Stock Reserved for Future Issuance	The following shares of common stock were reserved for future issuance as of June 30, 2015: In thousands June 30, 2015 Common stock warrants 30 Stock options issued and outstanding 1,484 Authorized for future grant under the 2013 Employee Stock Purchase Plan 129 Authorized for future grant under the 2013 Equity and Incentive Plan 1,161 2,804

Quarterly Financial Informati32

Quarterly Financial Information (Tables)	12 Months Ended
	Jun. 30, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Information	Summarized quarterly information for the two fiscal years ended June 30, 2015 and 2014, respectively, is as follows: Fiscal Year 2015 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 705 $ 652 $ 284 $ 713 Loss from operations $ (5,409 ) $ (4,702 ) $ (6,391 ) $ (8,030 ) Net loss $ (5,381 ) $ (4,650 ) $ (6,326 ) $ (7,961 ) Net loss per common share, basic and diluted $ (0.34 ) $ (0.28 ) $ (0.38 ) $ (0.48 ) Fiscal Year 2014 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 258 $ 515 $ 232 $ 124 Loss from operations $ (1,966 ) $ (2,905 ) $ (3,260 ) $ (4,425 ) Net loss $ (7,064 ) $ (735 ) $ (3,588 ) $ (4,521 ) Net loss per common share, basic and diluted $ (64.81 ) $ (6.74 ) $ (25.45 ) $ (0.32 )

Organization and Operations - A

Organization and Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014
Summary Of Organization And Operations [Line Items]
Common stock, shares issued		16,491,000	14,082,000
Aggregate net proceeds received		$ 32,009	$ 51,607
Accumulated deficit		(88,652)	$ (64,334)
Cash, cash equivalents and short-term and long term investments		$ 85,300
IPO [Member]
Summary Of Organization And Operations [Line Items]
Initial public offering closing date		Apr. 1, 2014
Common stock, shares issued				4,166,667
Common stock, share price				$ 12
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

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Jun. 30, 2015USD ($)Segment	Jun. 30, 2014USD ($)	Jun. 30, 2013USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments | Segment	1
Impairment charges	$ 0	$ 0	$ 0
Research and development-related [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advance payments	$ 958,000	$ 1,400,000
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful lives	3 years
Estimated useful life of intangible assets	8 years
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, estimated useful lives	7 years
Estimated useful life of intangible assets	20 years

Investments - Summary of Compan

Investments - Summary of Company's Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Investments - Current:
Certificates of deposit	$ 10,776	$ 64,450
Debt securities - held-to-maturity	11,678
Total Investments Current	22,454	$ 64,450
Investments - Noncurrent:
Certificates of deposit	5,310
Debt securities - held-to-maturity	18,319
Total Investments Noncurrent	$ 23,629

Investment - Summary of Debt Se

Investment - Summary of Debt Securities Held-to-Maturity (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Investments - Current [Member]
Investment
Amortized Cost	$ 11,678
Gross Unrealized Gains	3
Gross Unrealized Losses	(3)
Fair Value	11,678
Investments - Noncurrent [Member]
Investment
Amortized Cost	18,319
Gross Unrealized Gains	2
Gross Unrealized Losses	(8)
Fair Value	18,313
US Government and Agencies Obligations [Member] | Investments - Current [Member]
Investment
Amortized Cost	5,244
Gross Unrealized Gains	2
Fair Value	5,246
US Government and Agencies Obligations [Member] | Investments - Noncurrent [Member]
Investment
Amortized Cost	16,816
Gross Unrealized Gains	2
Gross Unrealized Losses	(8)
Fair Value	16,810
Corporate Obligations [Member] | Investments - Current [Member]
Investment
Amortized Cost	6,434
Gross Unrealized Gains	1
Gross Unrealized Losses	(3)
Fair Value	6,432
Corporate Obligations [Member] | Investments - Noncurrent [Member]
Investment
Amortized Cost	1,503
Fair Value	$ 1,503

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Fair Value of Held-to-Maturity Debt Securities (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Investments Schedule [Abstract]
Amortized cost due in one year or less	$ 11,678
Amortized cost due after one year through two years	18,319
Total amortized cost	29,997
Fair value due in one year or less	11,678
Fair value due after one year through two years	18,313
Total fair value	$ 29,991

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets, carrying value	$ 90,174	$ 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	85,264	73,073
Assets, carrying value	85,270	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	39,187	8,623
Assets, carrying value	39,187	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	16,086	64,450
Assets, carrying value	16,086	64,450
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	7,935
Assets, carrying value	7,937
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	22,056
Assets, carrying value	22,060
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	43,011	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	39,187	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	3,824
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	42,253	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	16,086	$ 64,450
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	7,935
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	$ 18,232

Property and Equipment, Net - C

Property and Equipment, Net - Components of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 1,406	$ 1,185
Less: Accumulated depreciation and amortization	(928)	(804)
Property and equipment, net	478	381
Laboratory equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,246	1,085
Office equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	152	92
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 8	$ 8

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 126	$ 92	$ 59

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Cost	$ 3,188	$ 3,076
Accumulated Amortization	1,740	1,490
Intangible assets, net	1,448	1,586
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	1,180	1,143
Accumulated Amortization	832	751
Intangible assets, net	348	392
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	1,935	1,879
Accumulated Amortization	875	719
Intangible assets, net	1,060	1,160
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	73	54
Accumulated Amortization	33	20
Intangible assets, net	$ 40	$ 34

Intangible Assets, Net - Additi

Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible assets amortization expense	$ 250	$ 242	$ 226

Intangible Assets, Net - Sche43

Intangible Assets, Net - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
2,016	$ 229
2,017	226
2,018	217
2,019	176
2,020	174
Thereafter	426
Intangible assets, net	$ 1,448	$ 1,586

Share-based Compensation Plan44

Share-based Compensation Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of exercise price stock option	100.00%
Share-based compensation expense	$ 2,820,000	$ 825,000	$ 25,000
Granted, Shares	615,000	715,000	247,000
Stockholder Owning in Excess of 10% [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of exercise price stock option	110.00%
2013 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based awards issued	0
Number of shares authorized	128,571
2013 Equity and Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance	1,161,082
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of stock option outstanding	$ 7,800,000
Intrinsic value of stock option exercisable	$ 4,300,000
Common stock value, per share	$ 15.34
Fair value of stock option vested during period	$ 1,900,000	$ 280,000	$ 43,000
Unrecognized compensation expenses	$ 8,300,000
Weighted average period of expenses to be recognized	3 years 2 months 12 days
Share-based compensation expense	$ 2,820,000	825,000	25,000
Stock Options [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting period	3 years
Stock Options [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting period	4 years
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ 0
Restricted Stock | Employees And Non Employee [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense	$ 524,000
Granted, Shares	48,000

Share-based Compensation Plan45

Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Shares	1,024	380	133
Granted, Shares	615	715	247
Exercised, Shares	(46)	(61)
Terminated, Shares	(109)	(10)
Ending Balance, Shares	1,484	1,024	380
Vested, end of year, Shares	474	200	153
Exercisable, end of year, Shares	424	200	153
Weighted average fair value of options granted during the year, Shares	$ 14.39	$ 6.18	$ 0.21
Beginning Balance, Weighted Average Exercise Price	6.21	1.45	3.50
Granted, Weighted Average Exercise Price	19.58	8.45	0.35
Exercised, Weighted Average Exercise Price	3.24	3.24
Terminated, Weighted Average Exercise Price	6.43	3.50
Ending Balance, Weighted Average Exercise Price	$ 11.83	$ 6.21	$ 1.45

Share-based Compensation Plan46

Share-based Compensation Plans - Summary of Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	$ 11.83	$ 6.21	$ 1.45	$ 3.50
Stock options outstanding, Number of Options	1,484	1,024	380	133
Stock options exercisable, Number of Options	424	200	153
Exercise Price 0.35 to 4.90 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Number of Options	581	712
Stock options Outstanding, Weighted Average Contractual Life Remaining	7 years 26 days	8 years 6 months 26 days
Stock options exercisable, Number of Options	333	194
Exercise Price 0.35 to 4.90 [Member] | Minimum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	$ 0.35
Stock options exercisable, Exercise Price	0.35
Exercise Price 0.35 to 4.90 [Member] | Maximum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	4.90
Stock options exercisable, Exercise Price	$ 4.90
Exercise Price 12.00 to 14.08 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Number of Options	288	312
Stock options Outstanding, Weighted Average Contractual Life Remaining	8 years 8 months 19 days	9 years 9 months 11 days
Stock options exercisable, Number of Options	91	6
Exercise Price 12.00 to 14.08 [Member] | Minimum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	$ 12
Stock options exercisable, Exercise Price	12
Exercise Price 12.00 to 14.08 [Member] | Maximum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	14.08
Stock options exercisable, Exercise Price	$ 14.08
Exercise Price 16.00 to 19.87 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Number of Options	436
Stock options Outstanding, Weighted Average Contractual Life Remaining	9 years 6 months
Exercise Price 16.00 to 19.87 [Member] | Minimum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	$ 16
Stock options exercisable, Exercise Price	16
Exercise Price 16.00 to 19.87 [Member] | Maximum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	19.87
Stock options exercisable, Exercise Price	$ 19.87
Exercise Price 20.00 to 24.62 [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Number of Options	179
Stock options Outstanding, Weighted Average Contractual Life Remaining	9 years 6 months 29 days
Exercise Price 20.00 to 24.62 [Member] | Minimum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	$ 20
Stock options exercisable, Exercise Price	20
Exercise Price 20.00 to 24.62 [Member] | Maximum [Member]
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Stock options outstanding, Exercise Price	24.62
Stock options exercisable, Exercise Price	$ 24.62

Share-based Compensation Plan47

Share-based Compensation Plans - Summary of Total Share-based Expense Associated with Stock Options and Restricted Shares (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 2,820	$ 825	$ 25
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,820	825	25
Stock Options [Member] | General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,912	748	14
Stock Options [Member] | Research and development-related [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 908	$ 77	$ 11

Share-based Compensation Plan48

Share-based Compensation Plans - Stock Option Pricing Model Assumption (Detail)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate, minimum	1.49%	2.04%	1.37%
Risk-free interest rate, maximum	2.58%	2.31%	1.40%
Expected volatility	85.68%	85.00%	63.23%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected term	6 years	6 years	6 years 3 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected term	10 years	10 years	10 years

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	Aug. 31, 2015USD ($)ft²	Apr. 30, 2015USD ($)ft²	Jun. 30, 2015USD ($)ft²AgreementEntity	Jun. 30, 2014USD ($)	Jun. 30, 2013USD ($)
Licenses [Member]
Loss Contingencies [Line Items]
Number of license agreements | Agreement			9
Number of entities under the license agreement | Entity			6
Royalty and license maintenance paid			$ 122	$ 87	$ 61
Alachua, Florida [Member]
Loss Contingencies [Line Items]
Office and laboratory space for lease | ft²		18,300	6,975
Lease expiration date			Dec. 31, 2015
Rent expenses under operating leases		$ 500	$ 167	$ 123	$ 102
Term of operating lease agreement		10 years
Renewal term of operating lease agreement		5 years
Additional options for extending operating lease term			The Company has options to extend the term of the lease for three additional five-year periods
Tenant improvement allowance		$ 1,000
Alachua, Florida [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Additional office and laboratory space for lease | ft²		2,700
Cambridge, Massachusetts [Member] | Subsequent Event [Member]
Loss Contingencies [Line Items]
Office and laboratory space for lease | ft²	3,000
Rent expenses under operating leases	$ 300
Term of operating lease agreement	2 years

Commitments and Contingencies50

Commitments and Contingencies - Future Annual Minimum Lease Payments Under Non-Cancelable Operating Leases (Detail) - Cambridge, Massachusetts [Member] $ in Thousands	Jun. 30, 2015USD ($)
Commitments And Contingencies [Line Items]
2,016	$ 502
2,017	625
2,018	456
2,019	421
2,020	421
Thereafter	2,281
Total minimum future lease payments	$ 4,706

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and (Liabilities) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Deferred tax assets:
Net operating loss carryforwards	$ 28,559	$ 22,661
Research and development tax credit carryforwards	7,941	1,262
Accruals and other	418	238
Gross deferred tax assets	36,918	24,161
Deferred tax asset valuation allowance	(36,845)	(24,086)
Total deferred tax assets, net of valuation allowance	73	75
Deferred tax liabilities:
Depreciation and amortization	(73)	(75)
Total deferred tax liabilities	$ (73)	$ (75)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	Jul. 01, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income Taxes [Line Items]
Net operating losses carryforwards		$ 74,000,000
Increase in valuation allowance		12,800,000
Accrued interest and penalties		$ 0	$ 0	$ 0
BIOGEN [Member]
Income Taxes [Line Items]
Non-refundable upfront payments received	$ 94,000,000
Minimum [Member]
Income Taxes [Line Items]
Net operating losses carryforwards expiration year		2,022
Maximum [Member]
Income Taxes [Line Items]
Net operating losses carryforwards expiration year		2,035
Research and Development Tax Credit [Member]
Income Taxes [Line Items]
Research and development tax credits carry forwards		$ 7,900,000
Research and Development Tax Credit [Member] | Minimum [Member]
Income Taxes [Line Items]
Research and development tax credits carry forwards		2,027
Research and Development Tax Credit [Member] | Maximum [Member]
Income Taxes [Line Items]
Research and development tax credits carry forwards		2,044

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Detail)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Federal income tax benefit at statutory rate	(34.00%)	(34.00%)	(34.00%)
State income tax, net of federal benefit	(4.00%)	(4.00%)	(4.00%)
Permanent differences	9.00%	9.00%	11.00%
Research and development tax credits	(18.00%)	(2.00%)	(3.00%)
Other	1.00%	1.00%	2.00%
Change in valuation allowance	46.00%	30.00%	28.00%
Effective income tax rate	0.00%	0.00%	0.00%

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	$ 3,451	$ 1,585
Research and development-related [Member]
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	2,679	1,008
Compensation-related [Member]
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses	$ 772	575
Other [Member]
Schedule Of Accrued Liabilities [Line Items]
Accrued expenses		$ 2

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Percentage of deferred compensation	25.00%
Total matching contributions to the plan	$ 90	$ 60	$ 40
Maximum [Member]
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Percentage of deferred compensation match by employer	4.00%

Common Stock and Stockholders56

Common Stock and Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands	Aug. 01, 2014USD ($)$ / sharesshares	Mar. 31, 2014USD ($)$ / sharesshares	Mar. 04, 2014$ / shares	Nov. 05, 2013USD ($)$ / sharesshares	Apr. 30, 2013USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Jun. 30, 2013USD ($)	Jul. 30, 2014$ / sharesshares	Apr. 01, 2014shares	Nov. 30, 2012USD ($)$ / sharesshares
Class Of Stock [Line Items]
Reverse stock split ratio			0.02857
Common stock, par value | $ / shares			$ 0.001			$ 0.001	$ 0.001
Reverse stock split ratio description						On March 4, 2014, the Company effected a 1-for-35 reverse stock split of its common stock, whereby each share of common stock, $0.001 par value, outstanding immediately prior to that date was combined, reclassified and changed into one thirty-fifth (1/35) of a fully paid and non-assessable share of common stock.
Common stock, shares issued						16,491,000	14,082,000
Reclassification of warrants to purchase stock to additional paid-in capital | $							$ 551
Aggregate net proceeds received | $						$ 32,009	$ 51,607
Common stock, shares authorized						150,000,000	150,000,000
Common stock, shares outstanding						16,476,000	14,082,000
Series B Purchase Rights [Member]
Class Of Stock [Line Items]
Change in fair value | $							$ 2,900	$ 1,200
Purchase rights converted to convertible preferred stock | $								$ 800
Series B convertible preferred stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized											290,781,972
Fair value of purchase rights issued | $						$ 1,700
Series B-1 Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Common stock, share price | $ / shares											$ 0.1297
Preferred stock, shares issued and sold											66,147,709
Series B-2 Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Additional shares receivable by Series B holders											140,542,178
Aggregate purchase price | $											$ 18,200
Series B-2 Convertible Preferred Stock [Member] | Series B amendment [Member]
Class Of Stock [Line Items]
Common stock, share price | $ / shares					$ 0.1485
Preferred stock, shares issued and sold					122,749,639
Proceeds for issuance of share | $					$ 18,200
Series B-2 Convertible Preferred Stock [Member] | Series B Purchase Rights [Member]
Class Of Stock [Line Items]
Fair value of purchase rights issued | $						$ 600
Series B-3 Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Common stock, share price | $ / shares				$ 0.1823
Preferred stock, shares issued and sold				58,816,897
Additional shares receivable by Series B holders											82,670,167
Aggregate purchase price | $											$ 10,700
Proceeds for issuance of share | $				$ 10,700
Purchase rights converted to convertible preferred stock | $							$ 5,000
Preferred stock, converted to common stock basis | $ / shares				$ 6.38
Series B-3 Convertible Preferred Stock [Member] | Series B amendment [Member]
Class Of Stock [Line Items]
Additional shares receivable by Series B holders						13,387,000
Series B-3 Convertible Preferred Stock [Member] | Series B Purchase Rights [Member]
Class Of Stock [Line Items]
Fair value of purchase rights issued | $						$ 1,100
Common Stock [Member]
Class Of Stock [Line Items]
Common stock, shares issued						2,300,000	4,853,000
IPO [Member]
Class Of Stock [Line Items]
Common stock, shares issued		4,166,667
Common stock, share price | $ / shares		$ 12
Reclassification of warrants to purchase stock to additional paid-in capital | $		$ 551
Preferred stock, shares issued and sold						0	0
Convertible preferred stock, shares outstanding						0	0
IPO [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion		9,120,081								9,120,081
Warrants exercisable for common stock, converted from warrants exercisable for preferred stock		49,811
Over Allotment Option [Member]
Class Of Stock [Line Items]
Common stock, shares issued		625,000
Common stock, share price | $ / shares		$ 12
IPO and Over Allotment Option [Member]
Class Of Stock [Line Items]
Proceeds from initial public offering | $		$ 51,600
Follow on Public Offerings [Member]
Class Of Stock [Line Items]
Common stock, shares issued									2,000,000
Common stock, share price | $ / shares									$ 15
Underwritten Public Offering [Member]
Class Of Stock [Line Items]
Common stock, shares issued	300,000
Common stock, share price | $ / shares	$ 15
Aggregate net proceeds received | $	$ 32,000

Common Stock and Stockholders57

Common Stock and Stockholders' Equity - Shares of Common Stock Reserved for Future Issuance (Detail) shares in Thousands	Jun. 30, 2015shares
Class Of Stock [Line Items]
Common stock reserved for future issuance	2,804
Common Stock Warrants [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	30
Stock Options Issued and Outstanding [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	1,484
Employee Stock Purchase Plan 2013 [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	129
Equity and Incentive Plan 2013 [Member]
Class Of Stock [Line Items]
Common stock reserved for future issuance	1,161

Quarterly Financial Informati58

Quarterly Financial Information - Summary of Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 713	$ 284	$ 652	$ 705	$ 124	$ 232	$ 515	$ 258	$ 2,354	$ 1,129	$ 942
Loss from operations	(8,030)	(6,391)	(4,702)	(5,409)	(4,425)	(3,260)	(2,905)	(1,966)	(24,532)	(12,556)	(3,594)
Net loss	$ (7,961)	$ (6,326)	$ (4,650)	$ (5,381)	$ (4,521)	$ (3,588)	$ (735)	$ (7,064)	$ (24,318)	$ (15,908)	$ (4,990)
Net loss per common share, basic and diluted	$ (0.48)	$ (0.38)	$ (0.28)	$ (0.34)	$ (0.32)	$ (25.45)	$ (6.74)	$ (64.81)	$ (1.50)	$ (4.46)	$ (45.78)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands	Jul. 01, 2015USD ($)$ / sharesshares	Aug. 31, 2015USD ($)Program	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares
Subsequent Event [Line Items]
Common stock, shares issued | shares				16,491,000	14,082,000
Aggregate cash purchase price				$ 16	$ 14
Aggregate net proceeds received				$ 32,009	$ 51,607
Subsequent Event [Member] | Lead programs [Member]
Subsequent Event [Line Items]
Number of programs | Program		2
Subsequent Event [Member] | Discovery programs [Member]
Subsequent Event [Line Items]
Number of programs | Program		3
BIOGEN [Member]
Subsequent Event [Line Items]
Non-refundable upfront payments received	$ 94,000
BIOGEN [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Non-refundable upfront payments received		$ 94,000
Common stock, shares issued | shares	1,453,957
Purchase price of common stock | $ / shares	$ 20.63
Aggregate cash purchase price	$ 30,000
Percentage common stock post-issuance		8.10%
Aggregate net proceeds received		$ 30,000
BIOGEN [Member] | Subsequent Event [Member] | Lead programs [Member]
Subsequent Event [Line Items]
Potential future milestone payments receivable		467,500
BIOGEN [Member] | Subsequent Event [Member] | Discovery programs [Member]
Subsequent Event [Line Items]
Potential future milestone payments receivable		$ 592,500
BIOGEN [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
License payments			$ 9,400
Milestone revenue			$ 5,000
BIOGEN [Member] | Scenario, Forecast [Member] | Minimum [Member]
Subsequent Event [Line Items]
License payables term			15 days
BIOGEN [Member] | Scenario, Forecast [Member] | Maximum [Member]
Subsequent Event [Line Items]
License payables term			75 days

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts (Detail) - Deferred Tax Valuation Allowance [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning of Period	$ 24,086	$ 18,956	$ 17,468
Additions, Charge (Benefit) to Expenses	12,759	5,130	1,488
End of Period	$ 36,845	$ 24,086	$ 18,956