Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,003,845 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 140,260 | $ 39,187 |
Investments | 25,694 | 22,454 |
Milestone receivable | 5,000 | |
Grants receivable | 915 | 883 |
Prepaid and other current assets | 1,929 | 1,608 |
Total current assets | 173,798 | 64,132 |
Investments | 33,367 | 23,629 |
Property and equipment, net | 443 | 478 |
Intangible assets, net | 1,428 | 1,448 |
Grants receivable and other assets | 1,090 | 487 |
Total assets | 210,126 | 90,174 |
Current liabilities: | ||
Accounts payable | 7,597 | 1,191 |
Accrued and other liabilities | 6,313 | 3,451 |
Deferred revenue | 46,898 | |
Total current liabilities | 60,808 | 4,642 |
Deferred revenue, net of current portion | 51,939 | |
Total liabilities | 112,747 | 4,642 |
Stockholders' equity: | ||
Common stock, par value $.001 per share, 150,000 shares authorized; 17,994 and 16,491 shares issued; 17,979 and 16,476 shares outstanding at September 30, 2015 and June 30, 2015, respectively | 18 | 16 |
Additional paid-in capital | 195,136 | 174,168 |
Accumulated deficit | (97,775) | (88,652) |
Total stockholders' equity | 97,379 | 85,532 |
Total liabilities and stockholders' equity | $ 210,126 | $ 90,174 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2015 | Jun. 30, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 17,994,000 | 16,491,000 |
Common stock, shares outstanding | 17,979,000 | 16,476,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||
Collaboration revenue | $ 10,992 | |
Grant and other revenue | 70 | $ 705 |
Total revenue | 11,062 | 705 |
Operating expenses: | ||
Research and development | 17,037 | 4,433 |
General and administrative | 3,238 | 1,681 |
Total operating expenses | 20,275 | 6,114 |
Loss from operations | (9,213) | (5,409) |
Other income (expense): | ||
Investment income | 90 | 28 |
Total other income (expense), net | 90 | 28 |
Net loss | $ (9,123) | $ (5,381) |
Net loss per share, basic and diluted | $ (0.53) | $ (0.34) |
Weighted average shares outstanding, basic and diluted | 17,164 | 15,646 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (9,123) | $ (5,381) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Share-based compensation expense | 1,123 | 407 |
Share-settled collaboration expense | 636 | |
Depreciation and amortization | 97 | 89 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid and other assets | (5,893) | 141 |
Increase in accounts payable | 6,420 | 110 |
Increase in deferred revenues | 98,837 | |
Increase in accrued and other liabilities | 2,862 | 593 |
Net cash provided by (used in) operating activities | 94,959 | (4,041) |
Cash flows from investing activities | ||
Purchase of property and equipment | (47) | |
Purchase of and capitalized costs related to intangible assets | (55) | (30) |
Maturity of investments | 13,030 | 48,450 |
Purchase of investments | (26,072) | (38,158) |
Net cash (used in) provided by investing activities | (13,097) | 10,215 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | 19,211 | 32,039 |
Net cash provided by financing activities | 19,211 | 32,039 |
Net increase in cash and cash equivalents | 101,073 | 38,213 |
Cash and cash equivalents, beginning of period | 39,187 | 8,623 |
Cash and cash equivalents, end of period | $ 140,260 | $ 46,836 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Sep. 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 developing gene therapy products designed to transform the lives of patients with severe diseases, primarily in ophthalmology. On April 1, 2014, the Company completed its initial public offering (“IPO”) in which it sold 4,166,667 shares of common stock at a price of $12.00 per share. The shares began trading on the Nasdaq Global Select Market on March 27, 2014 under the ticker symbol AGTC. On April 3, 2014, the Company sold an additional 625,000 shares of common stock at the offering price of $12.00 per share pursuant to the exercise of the underwriters’ over-allotment option. The aggregate net proceeds received by the Company from the IPO offering, including exercise of the over-allotment option, amounted to $51.6 million, net of underwriting discounts and commissions and other issuance costs incurred by the Company. On July 30, 2014, the Company completed a follow on public offering in which it sold 2,000,000 shares of common stock at a public offering price of $15.00 per share. On August 1, 2014, the Company sold an additional 300,000 shares of common stock at a public offering price of $15.00 per share pursuant to the full exercise of an overallotment option granted to the underwriters in connection with the follow on offering. The aggregate net proceeds received by the Company from the follow on offering, including exercise of the overallotment option, amounted to $32.0 million, net of underwriting discounts and commissions and other offering expenses. The Company has devoted substantially all of its efforts to research and development, including clinical trials. The Company has not completed the development of any products. The Company has generated revenue from collaboration agreements, sponsored research payments and grants, but has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies in the biotechnology industry, including dependence on key individuals, the difficulties inherent in the development of commercially viable products, the need to obtain additional capital necessary to fund the development of its products, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, protection of proprietary technology, compliance with government regulations and ability to transition to large-scale production of products. As of September 30, 2015, the Company had an accumulated deficit of $97.8 million and expects to continue to incur 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 September 30, 2015, the Company had cash and cash equivalents and investments of $199.3 million and believes that these capital resources 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 | 3 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies: (a) Basis of Presentation The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations for interim reporting. The Condensed Balance Sheet as of June 30, 2015 was derived from audited financial statements, but does not include all disclosures required by GAAP. These Condensed Financial Statements should be read in conjunction with the audited financial statements included in the Company’s 2015 Annual Report on Form 10-K. Results of operations for the three months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year or any other interim period. (b) Use of estimates (c) Cash and cash equivalents (d) Investments . 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. (e) Fair value of financial instruments Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. (f) Intangible assets (g) Revenue recognition 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 and license agreement (the “Collaboration Agreement”) with a wholly owned subsidiary of Biogen Inc. This collaboration is discussed further in Note 6 to these 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 consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units. The Company determines the estimated selling price for deliverables within each agreement using vendor-specific objective evidence ("VSOE") of selling price, if available, third-party evidence ("TPE") of selling price if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE are available. Determining the best estimate of selling price for a deliverable requires significant judgment. The Company uses BESP to estimate the selling price related to licenses to its proprietary technology, since it often does not have VSOE or TPE of selling price for these deliverables. In those circumstances where it utilizes BESP to determine the estimated selling price of a license to its proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements as well as internally developed models that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating its best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. If the delivered element does not have stand-alone value, 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 its estimated period of performance. The Company’s anticipated periods of performance, typically the terms of its research and development obligations, are subject to estimates by management and may change over the course of the collaboration agreement. Such changes could have a material impact on the amount of revenue recorded in future periods. 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 substantive and the milestone payment is nonrefundable, the Company recognizes revenue upon the successful accomplishment of that milestone. Where 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. During the three months ended September 30, 2015, we recorded $5.0 million of milestone revenue after having achieved a patient enrollment-based milestone under our collaboration arrangement with Biogen. We received the cash payment from this milestone in October 2015. (h) Research and development (i) Share-based compensation 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. 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. (j) Comprehensive loss (k) New Accounting Pronouncements 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 periods 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. |
Share-based Compensation Plans
Share-based Compensation Plans | 3 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Compensation Plans | (3) Share-based Compensation Plans: The Company uses stock options and awards of restricted stock to provide long-term incentives for its employees, non-employee directors and certain consultants. 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. A summary of the stock option activity for the three months ended September 30, 2015 and 2014 is as follows: For the Three Months Ended September 30, 2015 2014 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at June 30, 1,484 $ 11.83 1,024 $ 6.21 Granted 372 18.41 225 16.35 Exercised — — — — Forfeited (26 ) 9.57 (19 ) 12.00 Outstanding at September 30, 1,830 $ 13.22 1,230 $ 7.98 Exercisable at September 30, 500 283 Weighted average fair value of options granted during the period $ 12.83 $ 12.05 For the three months ended September 30, 2015 and 2014, share-based expense related to stock options awarded to employees, non-employee directors and consultants amounted to approximately $1.0 million and $305 thousand, respectively. For the three months ended September 30, 2015 and 2014, share-based expense associated with restricted share awards granted to employees and non-employee consultants amounted to $98 thousand and $102 thousand, respectively. As of September 30, 2015, there was $11.5 million of unrecognized compensation expense related to non-vested stock options and $109 thousand of unrecognized compensation expense associated with non-vested restricted share awards. |
Investments
Investments | 3 Months Ended |
Sep. 30, 2015 | |
Investments Schedule [Abstract] | |
Investments | (4) Investments: The following is a summary of the Company’s investments by category for each of the periods presented: September 30, June 30, In thousands 2015 2015 Investments - Current: Certificates of deposit $ 15,306 $ 10,776 Debt securities - held-to-maturity 10,388 11,678 $ 25,694 $ 22,454 Investments - Noncurrent: Certificates of deposit $ 6,477 $ 5,310 Debt securities - held-to-maturity 26,890 18,319 $ 33,367 $ 23,629 As of September 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 $ 6,493 $ 4 $ — 6,497 Corporate obligations 3,895 1 (1 ) 3,895 $ 10,388 $ 5 $ (1 ) $ 10,392 Investments - Noncurrent: U.S. government and agency obligations $ 23,385 $ 5 $ (3 ) $ 23,387 Corporate obligations 3,505 2 — 3,507 $ 26,890 $ 7 $ (3 ) $ 26,894 The amortized cost and fair value of held-to-maturity debt securities as of September 30, 2015, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 10,388 $ 10,392 Due after one year through two years 26,890 26,894 $ 37,278 $ 37,286 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 September 30, 2015, the Company did not have the intent to sell any of the securities that were in an unrealized loss position at that date. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Investments | 3 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Investments | (5) Fair Value of Financial Instruments and Investments: Certain assets and liabilities are measured at fair value in the Company’s financial statements or have fair values disclosed in the notes to the financial statements. These assets and liabilities are classified into one of three levels of a hierarchy defined by GAAP. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following methods and assumptions were used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument included in the table below: Cash and Cash Equivalents. The carrying value of cash and cash equivalents approximates fair value as maturities are less than three months. Certificates of Deposit. The Company’s certificates of deposit are placed through an account registry service. The fair value measurement of the Company’s certificates of deposit is considered Level 2 of the fair value hierarchy as the inputs are based on quoted prices for identical assets in markets that are not active. The carrying amounts of the Company’s certificates of deposit reported in the balance sheets approximate fair value. Debt securities – held-to-maturity. The Company’s investments in debt securities classified as held-to-maturity 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 September 30, 2015 Cash and cash equivalents $ 140,260 $ — $ — $ 140,260 $ 140,260 Certificates of deposit — 21,783 — 21,783 21,783 Held-to-maturity investments: Corporate obligations — 7,402 — 7,402 7,400 U.S. government and agency obligations 9,407 20,477 — 29,884 29,878 Total assets $ 149,667 $ 49,662 $ — $ 199,329 $ 199,321 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 |
Collaborative Agreement with Bi
Collaborative Agreement with Biogen | 3 Months Ended |
Sep. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborative Agreement with Biogen | (6) Collaboration Agreement 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. 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 has granted to Biogen with respect to the XLRS and XLRP programs, and will grant to Biogen upon exercise of the option with respect to the applicable discovery program, an exclusive, royalty-bearing license, with the right to grant sublicenses, to use adeno-associated virus vector technology and other technology controlled by the Company for the purpose of researching, developing, manufacturing and commercializing licensed products developed under the Collaboration Agreement. The Company has granted 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. Biogen will also receive an exclusive license to use the Company’s proprietary manufacturing technology platform to make AAV vectors for up to six genes, three of which are at the Company’s discretion, in exchange for payment of milestones and royalties. Activities under the Company’s collaboration arrangement with Biogen were evaluated under ASC 605-25, Revenue Recognition—Multiple Element Arrangements Revenue Recognition The Company determined that all of the License Deliverables and Option Deliverables did not have stand-alone value and did not meet the criteria to be accounted for as separate units of accounting under ASC 605-25. The factors considered by the Company in making this determination included, among other things, the unique and specialized nature of its proprietary technology and intellectual property, and the development stages of each of the XLRS, XLRP and the discovery programs targeting three indications. Accordingly, the License Deliverables under each of the XLRS and XLRP programs and the Option Deliverables under each of the discovery programs have been combined with the R&D Activity Deliverables associated with each related program and as a result, the Company’s separate units of accounting under its collaboration with Biogen, comprise the XLRS program, the XLRP program, and each of the three discovery programs. Under the Collaboration Agreement, the Company received a non-refundable upfront payment of $94.0 million in August 2015 which it recorded as deferred revenue. This upfront payment of $94.0 million was allocated among the separate units of accounting discussed above using the relative selling price method. 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 which the Company also received in August 2015. The shares issued to Biogen represented approximately 8.1% of our outstanding common stock on a post-issuance basis, calculated on the number of shares that were outstanding at June 30, 2015, and constitute restricted securities that may not be resold by Biogen other than in a transaction registered under, or pursuant to an exemption from the registration requirements of, the Securities Act of 1933, as amended. Accounting standards for multiple element arrangements contain a presumption that separate contracts negotiated or entered into at or near to the same time with the same entity were likely negotiated as a package and should be evaluated as a single agreement. The Company determined that the price of $20.63 paid by Biogen included a premium of $7.45 per share over the fair value of the company’s stock price, calculated based upon the stock price on the date of close of the agreement and adjusted for lack of marketability due to restrictions. Accordingly, the total premium of $10.8 million was also recorded as deferred revenue and, together with the $94.0 million, allocated to the separate units of accounting identified above using the relative selling price method as discussed in Note 2 to these financial statements. The Company will record revenue based on the revenue recognition criteria applicable to each separate unit of accounting. For amounts received up-front and initially deferred, the Company will recognize the deferred revenue on a straight-line basis over the estimated service periods in which it is required to perform the research and development activities associated with each unit of accounting, anticipated to be between 2 and 3 years. During the three months ended September 30, 2015, we recognized revenue of approximately $11.0 million from our collaboration with Biogen. Below is a summary of the components of the collaboration revenue: For the Three Months Ended September 30, 2015 2014 (dollars in thousands) Amortization of non-refundable upfront fees $ 5,992 $ — Milestone revenue 5,000 — Total collaboration revenue $ 10,992 $ — During the three months ended September 30, 2015, the Company recorded $5.0 million of milestone revenue after having achieved a patient enrollment-based milestone under its collaboration arrangement with Biogen. The cash payment from this milestone was received in October 2015. As a result of the upfront payment of $94.0 million made by Biogen and achievement of the $5.0 million milestone as discussed above, the Company became liable to various research partner institutions for sub-license and other payments under existing agreements with such institutions. These agreements obligate the Company to pay to each research partner institution, amounts that range from 5% to 10% of certain proceeds received from collaboration and other arrangements, including any milestone payments received under such arrangements. Amounts owed to the research partner institutions are due at varying dates ranging from 15 days following receipt of the upfront payment from Biogen to 75 days following the end of a fiscal quarter in which such proceeds are received. During the three months ended September 30, 2015, the Company recorded total collaboration costs of approximately $12.0 million associated with such obligations, of which approximately $8.3 million remained outstanding at September 30, 2015 and are included in our current liabilities as of that date. These collaboration costs of $12.0 million included $636 thousand of expense that was settled during the quarter by the issuance of 40,000 shares of the Company’s common stock to a research partner institution, pursuant to the terms of the existing agreement with that institution. The Company is also eligible to receive payments from Biogen of up to $467.5 million upon the successful achievement of future milestones under the two lead programs and up to $592.5 million upon the exercise by Biogen 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 are earned. The Company is not able to reasonably predict if or when the remaining milestones will be achieved. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The adjustments referred to above are of a normal and recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to U.S. Securities and Exchange Commission (“SEC”) rules and regulations for interim reporting. The Condensed Balance Sheet as of June 30, 2015 was derived from audited financial statements, but does not include all disclosures required by GAAP. These Condensed Financial Statements should be read in conjunction with the audited financial statements included in the Company’s 2015 Annual Report on Form 10-K. Results of operations for the three months ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year or any other interim period. |
Use of estimates | (b) Use of estimates |
Cash and cash equivalents | (c) Cash and cash equivalents |
Investments | (d) Investments . 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. |
Fair value of financial instruments | (e) Fair value of financial instruments Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |
Intangible assets | (f) Intangible assets |
Revenue Recognition | (g) Revenue recognition 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 and license agreement (the “Collaboration Agreement”) with a wholly owned subsidiary of Biogen Inc. This collaboration is discussed further in Note 6 to these 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 consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units. The Company determines the estimated selling price for deliverables within each agreement using vendor-specific objective evidence ("VSOE") of selling price, if available, third-party evidence ("TPE") of selling price if VSOE is not available, or best estimate of selling price ("BESP") if neither VSOE nor TPE are available. Determining the best estimate of selling price for a deliverable requires significant judgment. The Company uses BESP to estimate the selling price related to licenses to its proprietary technology, since it often does not have VSOE or TPE of selling price for these deliverables. In those circumstances where it utilizes BESP to determine the estimated selling price of a license to its proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements as well as internally developed models that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating its best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. If the delivered element does not have stand-alone value, 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 its estimated period of performance. The Company’s anticipated periods of performance, typically the terms of its research and development obligations, are subject to estimates by management and may change over the course of the collaboration agreement. Such changes could have a material impact on the amount of revenue recorded in future periods. 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 substantive and the milestone payment is nonrefundable, the Company recognizes revenue upon the successful accomplishment of that milestone. Where 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. During the three months ended September 30, 2015, we recorded $5.0 million of milestone revenue after having achieved a patient enrollment-based milestone under our collaboration arrangement with Biogen. We received the cash payment from this milestone in October 2015. |
Research and Development | (h) Research and development |
Share-Based Compensation | (i) Share-based compensation 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. 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. |
Comprehensive Loss | (j) Comprehensive loss |
New Accounting Pronouncements | (k) New Accounting Pronouncements 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 periods 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. |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the stock option activity for the three months ended September 30, 2015 and 2014 is as follows: For the Three Months Ended September 30, 2015 2014 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at June 30, 1,484 $ 11.83 1,024 $ 6.21 Granted 372 18.41 225 16.35 Exercised — — — — Forfeited (26 ) 9.57 (19 ) 12.00 Outstanding at September 30, 1,830 $ 13.22 1,230 $ 7.98 Exercisable at September 30, 500 283 Weighted average fair value of options granted during the period $ 12.83 $ 12.05 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Investments Schedule [Abstract] | |
Summary of the Company's Investments | The following is a summary of the Company’s investments by category for each of the periods presented: September 30, June 30, In thousands 2015 2015 Investments - Current: Certificates of deposit $ 15,306 $ 10,776 Debt securities - held-to-maturity 10,388 11,678 $ 25,694 $ 22,454 Investments - Noncurrent: Certificates of deposit $ 6,477 $ 5,310 Debt securities - held-to-maturity 26,890 18,319 $ 33,367 $ 23,629 |
Summary of Debt Securities Held-to-Maturity | As of September 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 $ 6,493 $ 4 $ — 6,497 Corporate obligations 3,895 1 (1 ) 3,895 $ 10,388 $ 5 $ (1 ) $ 10,392 Investments - Noncurrent: U.S. government and agency obligations $ 23,385 $ 5 $ (3 ) $ 23,387 Corporate obligations 3,505 2 — 3,507 $ 26,890 $ 7 $ (3 ) $ 26,894 |
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 September 30, 2015, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 10,388 $ 10,392 Due after one year through two years 26,890 26,894 $ 37,278 $ 37,286 |
Fair Value of Financial Instr15
Fair Value of Financial Instruments and Investments (Tables) | 3 Months Ended |
Sep. 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 September 30, 2015 Cash and cash equivalents $ 140,260 $ — $ — $ 140,260 $ 140,260 Certificates of deposit — 21,783 — 21,783 21,783 Held-to-maturity investments: Corporate obligations — 7,402 — 7,402 7,400 U.S. government and agency obligations 9,407 20,477 — 29,884 29,878 Total assets $ 149,667 $ 49,662 $ — $ 199,329 $ 199,321 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 |
Collaborative Agreement with 16
Collaborative Agreement with Biogen (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Components of Collaboration Revenue | Below is a summary of the components of the collaboration revenue: For the Three Months Ended September 30, 2015 2014 (dollars in thousands) Amortization of non-refundable upfront fees $ 5,992 $ — Milestone revenue 5,000 — Total collaboration revenue $ 10,992 $ — |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2014 | Apr. 03, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Jul. 30, 2014 | Apr. 01, 2014 |
Summary Of Organization And Operations [Line Items] | |||||||
Common stock, shares issued | 17,994,000 | 16,491,000 | |||||
Aggregate net proceeds received | $ 19,211 | $ 32,039 | |||||
Accumulated deficit | (97,775) | $ (88,652) | |||||
Cash, cash equivalents and short-term and long term investments | $ 199,300 | ||||||
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 | ||||||
Over Allotment Option [Member] | |||||||
Summary Of Organization And Operations [Line Items] | |||||||
Common stock, shares issued | 625,000 | ||||||
Common stock, share price | $ 12 | ||||||
IPO and Over Allotment Option [Member] | |||||||
Summary Of Organization And Operations [Line Items] | |||||||
Proceeds from initial public offering | $ 51,600 | ||||||
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 Accoun18
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Research and development-related [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Advance payments | $ 1,400 | $ 958 |
BIOGEN [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Milestone revenue | $ 5,000 | |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful life of intangible assets | 8 years | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Estimated useful life of intangible assets | 20 years |
Share-based Compensation Plan19
Share-based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 1,123 | $ 407 |
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 | |
Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 1,000 | 305 |
Unrecognized compensation expenses | 11,500 | |
Restricted Shares Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation expenses | 109 | |
Restricted Shares Awards [Member] | Employees And Non Employee [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 98 | $ 102 |
Share-based Compensation Plan20
Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Beginning Balance, Shares | 1,484 | 1,024 |
Granted, Shares | 372 | 225 |
Forfeited, Shares | (26) | (19) |
Ending Balance, Shares | 1,830 | 1,230 |
Exercisable, end of period, Shares | 500 | 283 |
Weighted average fair value of options granted during the period, Shares | $ 12.83 | $ 12.05 |
Beginning Balance, Weighted Average Exercise Price | 11.83 | 6.21 |
Granted, Weighted Average Exercise Price | 18.41 | 16.35 |
Forfeited, Weighted Average Exercise Price | 9.57 | 12 |
Ending Balance, Weighted Average Exercise Price | $ 13.22 | $ 7.98 |
Investments - Summary of Compan
Investments - Summary of Company's Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Investments - Current: | ||
Certificates of deposit | $ 15,306 | $ 10,776 |
Debt securities - held-to-maturity | 10,388 | 11,678 |
Total Investments Current | 25,694 | 22,454 |
Investments - Noncurrent: | ||
Certificates of deposit | 6,477 | 5,310 |
Debt securities - held-to-maturity | 26,890 | 18,319 |
Total Investments Noncurrent | $ 33,367 | $ 23,629 |
Investment - Summary of Debt Se
Investment - Summary of Debt Securities Held-to-Maturity (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Investments - Current [Member] | |
Investment | |
Amortized Cost | $ 10,388 |
Gross Unrealized Gains | 5 |
Gross Unrealized Losses | (1) |
Fair Value | 10,392 |
Investments - Noncurrent [Member] | |
Investment | |
Amortized Cost | 26,890 |
Gross Unrealized Gains | 7 |
Gross Unrealized Losses | (3) |
Fair Value | 26,894 |
US Government and Agencies Obligations [Member] | Investments - Current [Member] | |
Investment | |
Amortized Cost | 6,493 |
Gross Unrealized Gains | 4 |
Fair Value | 6,497 |
US Government and Agencies Obligations [Member] | Investments - Noncurrent [Member] | |
Investment | |
Amortized Cost | 23,385 |
Gross Unrealized Gains | 5 |
Gross Unrealized Losses | (3) |
Fair Value | 23,387 |
Corporate Obligations [Member] | Investments - Current [Member] | |
Investment | |
Amortized Cost | 3,895 |
Gross Unrealized Gains | 1 |
Gross Unrealized Losses | (1) |
Fair Value | 3,895 |
Corporate Obligations [Member] | Investments - Noncurrent [Member] | |
Investment | |
Amortized Cost | 3,505 |
Gross Unrealized Gains | 2 |
Fair Value | $ 3,507 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Value of Held-to-Maturity Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Investments Schedule [Abstract] | ||
Amortized cost due in one year or less | $ 10,388 | |
Amortized cost due after one year through two years | 26,890 | $ 18,319 |
Total amortized cost | 37,278 | |
Fair value due in one year or less | 10,392 | |
Fair value due after one year through two years | 26,894 | |
Total fair value | $ 37,286 |
Fair Value of Financial Instr24
Fair Value of Financial Instruments and Investments - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, carrying value | $ 210,126 | $ 90,174 |
Fair Value on a Recurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, fair value | 199,329 | 85,264 |
Assets, carrying value | 199,321 | 85,270 |
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 | 140,260 | 39,187 |
Assets, carrying value | 140,260 | 39,187 |
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 | 21,783 | 16,086 |
Assets, carrying value | 21,783 | 16,086 |
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 | 7,402 | 7,935 |
Assets, carrying value | 7,400 | 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 | 29,884 | 22,056 |
Assets, carrying value | 29,878 | 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 | 149,667 | 43,011 |
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 | 140,260 | 39,187 |
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 | 9,407 | 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 | 49,662 | 42,253 |
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 | 21,783 | 16,086 |
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 | 7,402 | 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 | $ 20,477 | $ 18,232 |
Collaboration Agreement with Bi
Collaboration Agreement with Biogen - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Aug. 31, 2015USD ($) | Sep. 30, 2015USD ($)Program$ / sharesshares | Sep. 30, 2014USD ($) | Jul. 01, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)shares | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Common stock, shares issued | shares | 17,994,000 | 16,491,000 | |||
Aggregate cash purchase price | $ 18 | $ 16 | |||
Aggregate net proceeds received | 19,211 | $ 32,039 | |||
Collaboration revenue | 10,992 | ||||
Share-settled collaboration expense | $ 636 | ||||
Lead programs [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of programs | Program | 2 | ||||
Discovery programs [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of programs | Program | 3 | ||||
BIOGEN [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Number of genes | 6 | ||||
Number of genes discrete | 3 | ||||
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 | ||||
Aggregate net proceeds received | $ 30,000 | ||||
Percentage common stock post-issuance | 8.10% | ||||
Premium price per share | $ / shares | $ 7.45 | ||||
Premium recorded as deferred revenue | $ 10,800 | ||||
Deferred revenue recognition period | For amounts received up-front and initially deferred, the Company will recognize the deferred revenue on a straight-line basis over the estimated service periods in which it is required to perform the research and development activities associated with each unit of accounting, anticipated to be between 2 and 3 years. | ||||
Collaboration revenue | $ 10,992 | ||||
Milestone revenue | 5,000 | ||||
Total collaboration costs | 12,000 | ||||
Collaboration costs outstanding included in current liabilities | 8,300 | ||||
Share-settled collaboration expense | 636 | ||||
BIOGEN [Member] | Lead programs [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Potential future milestone payments receivable | 467,500 | ||||
BIOGEN [Member] | Discovery programs [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Potential future milestone payments receivable | $ 592,500 | ||||
BIOGEN [Member] | Minimum [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Percentage of proceeds from collaboration and other arrangements payable to sub-license and other payments | 5.00% | ||||
License payables term | 15 days | ||||
BIOGEN [Member] | Maximum [Member] | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Percentage of proceeds from collaboration and other arrangements payable to sub-license and other payments | 10.00% | ||||
License payables term | 75 days | ||||
BIOGEN [Member] | Research and Development Arrangement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Common stock, shares issued | shares | 40,000 |
Collaboration Agreement with 26
Collaboration Agreement with Biogen - Components of Collaboration Revenue (Detail) $ in Thousands | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Total collaboration revenue | $ 10,992 |
BIOGEN [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Amortization of non-refundable upfront fees | 5,992 |
Milestone revenue | 5,000 |
Total collaboration revenue | $ 10,992 |