Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 18,053,284 | ||
Entity Public Float | $ 83.4 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 28,868 | $ 39,187 |
Investments | 69,664 | 22,454 |
Grants receivable | 954 | 883 |
Prepaid and other current assets | 3,089 | 1,608 |
Total current assets | 102,575 | 64,132 |
Investments | 74,183 | 23,629 |
Property and equipment, net | 2,627 | 478 |
Intangible assets, net | 1,321 | 1,448 |
Grants receivable | 480 | |
Other assets | 91 | 7 |
Total assets | 180,797 | 90,174 |
Current liabilities: | ||
Accounts payable | 1,331 | 1,191 |
Accrued and other liabilities | 6,514 | 3,451 |
Deferred revenue | 46,898 | |
Total current liabilities | 54,743 | 4,642 |
Deferred revenue, net of current portion | 16,766 | |
Total liabilities | 71,509 | 4,642 |
Stockholders' equity: | ||
Common stock, par value $.001 per share, 150,000 shares authorized; 18,053 and 16,491 shares issued;18,048 and 16,476 shares outstanding at June 30, 2016 and June 30, 2015, respectively | 18 | 16 |
Additional paid-in capital | 199,303 | 174,168 |
Accumulated deficit | (90,033) | (88,652) |
Total stockholders' equity | 109,288 | 85,532 |
Total liabilities and stockholders' equity | $ 180,797 | $ 90,174 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 | 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 | 18,052,956 | 16,491,000 | |
Common stock, shares outstanding | 18,047,956 | 16,476,000 |
Statements of Operations
Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue: | |||
Collaboration revenue | $ 46,751 | ||
Grant revenue | 610 | $ 1,682 | $ 917 |
Sponsored research and other revenue | 672 | 212 | |
Total revenue | 47,361 | 2,354 | 1,129 |
Operating expenses: | |||
Research and development | 38,864 | 18,118 | 8,503 |
General and administrative | 10,586 | 8,768 | 5,182 |
Total operating expenses | 49,450 | 26,886 | 13,685 |
Loss from operations | (2,089) | (24,532) | (12,556) |
Other income (expense): | |||
Investment income, net | 711 | 216 | 42 |
Fair value adjustments | (441) | ||
Other expense | (3) | (2) | (49) |
Total other income (expense), net | 708 | 214 | (3,352) |
Net loss | $ (1,381) | $ (24,318) | $ (15,908) |
Net loss per share, basic and diluted | $ (0.08) | $ (1.50) | $ (4.46) |
Weighted average shares outstanding, basic and diluted | 17,810 | 16,253 | 3,568 |
Series B Purchase Rights [Member] | |||
Other income (expense): | |||
Fair value adjustments | $ (2,904) |
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, 2013 | $ (36,183) | $ 12,243 | $ (48,426) | |
Beginning balance, shares at Jun. 30, 2013 | 109,000 | |||
Issuance of common stock, net of issuance costs | 51,801 | $ 5 | 51,796 | |
Issuance of common stock, net of issuance costs, shares | 4,853,000 | |||
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 | |||
Issuance of common stock, net of issuance costs | 32,009 | $ 2 | 32,007 | |
Issuance of common stock, net of issuance costs, shares | 2,300,000 | |||
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 | 19,807 | $ 2 | 19,805 | |
Issuance of common stock, net of issuance costs, shares | 1,494,000 | |||
Share-based compensation expense | 5,007 | 5,007 | ||
Shares issued under employee plans | 283 | 283 | ||
Shares issued under employee plans, shares | 59,000 | |||
Exercise of warrants | 40 | 40 | ||
Exercise of warrants, shares | 9,000 | |||
Net loss | (1,381) | (1,381) | ||
Ending balance at Jun. 30, 2016 | $ 109,288 | $ 18 | $ 199,303 | $ (90,033) |
Ending balance, shares at Jun. 30, 2016 | 18,053,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | |||
Net loss | $ (1,381) | $ (24,318) | $ (15,908) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Share-based compensation expense | 5,007 | 2,820 | 825 |
Share-based collaboration expense | 636 | ||
Depreciation and amortization | 567 | 376 | 334 |
Fair value adjustments | 441 | ||
Changes in operating assets and liabilities: | |||
Decrease (increase) in grants receivable | 409 | (876) | (343) |
(Increase) decrease in prepaid and other assets | (1,114) | 419 | (1,351) |
Increase in accounts payable | 140 | 228 | 156 |
Increase (decrease) in deferred revenues | 63,664 | (212) | |
Increase in accrued and other liabilities | 3,063 | 1,866 | 1,226 |
Net cash provided by (used in) operating activities | 70,991 | (19,485) | (11,928) |
Cash flows from investing activities | |||
Purchase of property and equipment | (2,471) | (225) | (158) |
Purchase of and capitalized costs related to intangible assets | (121) | (98) | (218) |
Maturity of investments | 109,968 | 121,079 | 29,500 |
Purchase of investments | (208,180) | (102,864) | (79,950) |
Net cash (used in) provided by investing activities | (100,804) | 17,892 | (50,826) |
Cash flows from financing activities | |||
Proceeds from issuance of common stock, net of issuance costs | 19,211 | 32,009 | 51,607 |
Proceeds from exercise of common stock options | 283 | 148 | 194 |
Proceeds from exercise of convertible preferred stock warrants | 1 | ||
Payment of bank term notes and capital lease | (1) | ||
Net cash provided by financing activities | 19,494 | 32,157 | 62,484 |
Net (decrease) increase in cash and cash equivalents | (10,319) | 30,564 | (270) |
Cash and cash equivalents, beginning of period | 39,187 | 8,623 | 8,893 |
Cash and cash equivalents, end of period | $ 28,868 | $ 39,187 | 8,623 |
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 | ||
Cash flows from financing activities | |||
Proceeds from issuance of preferred stock and Series B purchase rights, net of issuance costs | 10,683 | ||
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 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016, the Company had an accumulated deficit of $90.0 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, 2016, the Company had cash and cash equivalents and investments of $172.7 million. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies: Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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, 2016, 2015, and 2014. Revenue recognition The Company has generated revenue primarily 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 and license agreement (the “Collaboration Agreement”) with a wholly owned subsidiary of Biogen Inc. This collaboration is discussed further in Note 7 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 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, the Company accounts for that milestone payment in accordance with the multiple element arrangements guidance and recognizes revenue consistent with the related units of accounting for the arrangement over the related performance period. During the fiscal year ended June 30, 2016 the Company recognized milestone revenue in the amount of $5.0 million. No milestone revenues were recognized during the fiscal years ended June 30, 2015 or 2014. Deferred revenue Amounts received by the Company prior to satisfying the above revenue recognition criteria are recorded as deferred revenue on the balance sheet. Amounts not expected to be recognized within 12 months of the balance sheet date are classified as non-current deferred revenue. 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 is subject to examination of its income tax returns in the federal and state income tax jurisdictions in which it operates. On December 28, 2015, the United States Internal Revenue Service, or IRS, notified the Company of an income tax audit for the tax period ending June 30, 2014. As of June 30, 2016, the Company had no liability recorded as an uncertain tax benefit. Currently, the Company cannot reasonably estimate the ultimate outcome of the IRS audit, however, it believes that it has followed applicable U.S. tax laws and will defend its income tax positions. As of June 30, 2016 and 2015, 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 $2.0 million and $958,000 at June 30, 2016 and 2015, 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 annual periods presented. Therefore, basic and diluted net loss per share was the same for all annual 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 February 2016, the FASB issued ASU”) No. 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases under GAAP. The standard requires, in most instances, a lessee to recognize on its balance sheet a liability to make lease payments (the lease liability) and also a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, using a modified retrospective approach and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of this standard on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, 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 ASU No. 2014-09, Revenue from Contracts with Customers |
Investments
Investments | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 and 2015: June 30, June 30, In thousands 2016 2015 Investments - Current: Certificates of deposit $ 18,093 $ 10,776 Debt securities - held-to-maturity 51,571 11,678 $ 69,664 $ 22,454 Investments - Noncurrent: Certificates of deposit $ 2,544 $ 5,310 Debt securities - held-to-maturity 71,639 18,319 $ 74,183 $ 23,629 A summary of the Company’s debt securities classified as held-to-maturity is as follows: At June 30, 2016 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 40,609 $ 12 $ (2 ) $ 40,619 Corporate obligations 10,962 3 (1 ) 10,964 $ 51,571 $ 15 $ (3 ) $ 51,583 Investments - Noncurrent: U.S. government and agency obligations $ 71,639 $ 53 $ (11 ) $ 71,681 $ 71,639 $ 53 $ (11 ) $ 71,681 At June 30, 2015 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, 2016, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 51,571 $ 51,583 Due after one year through two years 71,639 71,681 $ 123,210 $ 123,264 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, 2016, 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, 2016 | |
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 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 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 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, 2016 Cash and cash equivalents $ 28,868 $ — $ — $ 28,868 $ 28,868 Certificates of deposit — 20,626 — 20,626 20,637 Held-to-maturity investments: Corporate obligations — 10,964 — 10,964 10,962 U.S. government and agency obligations 73,809 38,491 — 112,300 112,248 Total assets $ 102,677 $ 70,081 $ — $ 172,758 $ 172,715 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 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jun. 30, 2016 | |
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 2016 2015 Laboratory equipment $ 2,414 $ 1,246 Leasehold improvements 883 8 Office equipment 514 152 Property and equipment, gross 3,811 1,406 Less: Accumulated depreciation and amortization (1,184 ) (928 ) Property and equipment, net $ 2,627 $ 478 Depreciation and amortization expense of $319,000, $126,000 and $92,000 was recorded for each of the fiscal years ended June 30, 2016, 2015 and 2014, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Patents $ 1,982 $ (1,035 ) $ 947 Licenses 1,240 (907 ) 333 Other 87 (46 ) 41 Intangible assets, net $ 3,309 $ (1,988 ) $ 1,321 At June 30, 2015 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Patents $ 1,935 $ (875 ) $ 1,060 Licenses 1,180 (832 ) 348 Other 73 (33 ) 40 Intangible assets, net $ 3,188 $ (1,740 ) $ 1,448 Amortization expense related to intangible assets for the years ended June 30, 2016, 2015 and 2014 was $248,000, $250,000 and $242,000, respectively. Estimated amortization expense (in thousands) for the next five years and thereafter is as follows: Fiscal Year Ending June 30, Amount 2017 $ 246 2018 233 2019 188 2020 184 2021 159 Thereafter 311 $ 1,321 |
Collaboration with Biogen
Collaboration with Biogen | 12 Months Ended |
Jun. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration with Biogen | ( 7 ) 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. 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. In February 2016, the Company announced Biogen’s selection of adrenoleukodystrophy as the non-ophthalmic indication of the three discovery programs. 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 upon exercise of the option for the applicable discovery program, an exclusive, royalty-bearing license, with the right to grant sublicenses, to use adeno-associated virus vector technology and other technology controlled by the Company for the licensed products or discovery programs developed under the Collaboration Agreement. Biogen and the Company have also granted each other worldwide licenses, with the right to grant sublicenses, of their respective interests in other intellectual property developed under the collaboration outside the licensed products or discovery programs. Activities under the Collaboration Agreement 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 price of $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 the Company’s 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 fiscal year ended June 30, 2016, the Company recognized revenue of approximately $46.8 million from its collaboration with Biogen. Below is a summary of the components of the collaboration revenue: Fiscal year ended June 30, 2016 2015 2014 (dollars in thousands) Amortization of non-refundable upfront fees $ 41,166 $ — $ — Milestone revenue 5,000 — — Other 585 — — Total collaboration revenue $ 46,751 $ — $ — During the fiscal year ended June 30, 2016, the Company recorded and received $5.0 million of milestone revenue after having achieved a patient enrollment-based milestone under the Collaboration Agreement. Other revenue is primarily comprised of reimbursable costs for post-funding development activities that were conducted by the Company during the fiscal year. 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. Accordingly, the Company recorded total collaboration costs of approximately $12.0 million associated with such obligations, including $636,000 of expense that was settled during fiscal year 2016 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 remainder of these sub-license and milestone fees were fully paid in cash during the fiscal year ended June 30, 2016. 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 is not able to reasonably predict if and when the remaining milestones will be achieved. |
Share-based Compensation Plans
Share-based Compensation Plans | 12 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Compensation Plans | ( 8 ) Share-based Compensation Plans: The Company uses stock options and awards of restricted stock to provide long-term incentives for its employees, non-employee 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, 2016, the total number of shares available for issuance under the 2013 Equity and Incentive Plan was 534,730. 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, 2016 2015 2014 (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 1,484 $ 11.83 1,024 $ 6.21 380 $ 1.45 Granted 675 17.08 615 19.58 715 8.45 Exercised (59 ) 4.77 (46 ) 3.24 (61 ) 3.24 Forfeited (57 ) 13.90 Expired (6 ) 15.50 (109 ) 6.43 (10 ) 3.50 Outstanding , end of year 2,037 $ 13.71 1,484 $ 11.83 1,024 $ 6.21 Exercisable , end of year 872 424 200 Weighted average fair value of options granted during the year $ 11.83 $ 14.39 $ 6.18 The following table summarizes information about stock options outstanding: At June 30, (Number of options in thousands; remaining lives in years) 2016 2015 Weighted Weighted Average Average Number of Contractual Number of Contractual Life Exercise Price Options Remaining Options Remaining $0.35 to $4.90 509 6.48 581 7.07 $12.00 to $15.90 412 8.35 288 8.72 $16.00 to $19.87 940 8.89 436 9.50 $20.00 to $24.62 176 8.58 179 9.58 2,037 1,484 The following table summarizes information about stock options exercisable: At June 30, 2016 2015 Number of Options Exercise Price (in thousands) $0.35 to $4.90 396 333 $12.00 to $15.90 160 91 $16.00 to $19.87 239 — $20.00 to $24.62 77 — 872 424 As of June 30, 2016, the aggregate intrinsic value of all outstanding stock options was $6.1 million and for exercisable stock options was $4.7 million. The intrinsic value per option at June 30, 2016 is calculated as the difference between the exercise price of the underlying option and the closing price of the Company’s common stock of $14.13 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, 2016, 2015, and 2014 was $4.5 million, $1.9 million, and $280,000, respectively. Unrecognized compensation expense related to non-vested employee stock options amounted to $11.5 million as of June 30, 2016. Such compensation expense is expected to be recognized over a weighted-average period of 2.71 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 compensation expense related to stock options awarded to employees, non-employee directors and consultants amounted to $4.9 million, $2.3 million and $825,000 for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Share-based compensation expense related to restricted shares of common stock awarded to employees and consultants amounted to $167,000 and $524,000 for the fiscal years ended June 30, 2016 and 2015, respectively. The Company did not record any share-based compensation expense associated with its restricted shares of common stock during the fiscal year ended June 30, 2014. 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) 2016 2015 2014 General and administrative $ 2,860 $ 1,912 $ 748 Research and development 2,147 908 77 $ 5,007 $ 2,820 $ 825 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 2016 2015 2014 Dividend yield 0.00 % 0.00 % 0.00 % Expected term 6.00 to 6.25 6.00 to 10.00 6.00 to 10.00 Risk-free interest rate 1.41% to 1.86% 1.49% to 2.58% 2.04% to 2.31% Expected volatility 78.85 % 85.68 % 85.00 % 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, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ( 9 ) Commitments and Contingencies: Operating Leases Alachua, Florida The Company’s corporate headquarters are located in Alachua, Florida. In January 2016, the Company moved into a new combined-use facility consisting of approximately 21,000 square feet of laboratory and office space. The initial lease term for this facility is 10 years and the Company has options to extend the term of the lease for three additional five-year periods. The Company’s prior leased facilities encompassed approximately 7,000 square feet of office and laboratory space. The operating leases associated with the prior facilities expired in December 2015. 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 additional facility primarily focuses on business development, pharmacology, and basic research and development. For the fiscal years ended June 30, 2016, 2015 and 2014, rent expense under these operating leases amounted to $587,000, $167,000 and $123,000, respectively. Future annual minimum lease payments (in thousands) under these non-cancelable operating leases are as follows: Fiscal Year Ending June 30, Amount 2017 $ 804 2018 582 2019 538 2020 538 2021 538 Thereafter 2,421 $ 5,421 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, 2016, 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, 2016, 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 $963,000, $122,000 and $87,000 for each of the fiscal years ended June 30, 2016, 2015 and 2014, 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 these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification agreements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. From time to time, the Company may be involved in claims and legal actions that arise in the normal course of business. Management has no reason to believe that the outcome of any such legal actions would have a significant adverse effect on the Company’s financial position, results of operations or cash flows. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | ( 10 ) Income Taxes: For the fiscal years ended June 30, 2016, 2015 and 2014, 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 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 27,103 $ 28,559 Research and development tax credit carryforwards 8,771 7,941 Accruals and other 1,599 418 Gross deferred tax assets 37,473 36,918 Deferred tax asset valuation allowance (37,412 ) (36,845 ) Total deferred tax assets, net of valuation allowance 61 73 Deferred tax liabilities: Depreciation and amortization (61 ) (73 ) Total deferred tax liabilities (61 ) (73 ) Net deferred tax asset (liability) $ — $ — As of June 30, 2016, the Company had net operating losses of approximately $70.0 million that may be applied against future taxable income and expire in various years ranging from 2022 to 2036. As of June 30, 2016, the Company also had research and development tax credits of approximately $8.8 million that may provide future tax benefits and expire from 2027 to 2045. 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, 2016, 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, 2016, 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 $567,000 during the fiscal year ended June 30, 2016, due primarily to the impact of temporary differences and research and development tax credits generated in the fiscal year, partially offset by the utilization of net operating loss carryforwards to offset taxable income that was 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 7 of notes to the financial statements. The Company has evaluated the income tax implications of this collaboration agreement and believes that while this transaction did not result in any current income tax liabilities, it 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, 2016 2015 2014 Federal income tax benefit at statutory rate (34 )% (34 )% (34 )% State income tax, net of federal benefit (4 )% (4 )% (4 )% Permanent differences 52 % 9 % 9 % Research and development tax credits (60 )% (18 )% (2 )% Other 85 % 1 % 1 % Change in valuation allowance (39 )% 46 % 30 % 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. Since its inception, the Company has completed several financings and sales of common stock which have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code. Subsequent ownership changes may further affect the limitation in future years. For fiscal years through June 30, 2016, 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, 2016 and 2015. 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 states of Florida, Massachusetts and Oregon. The federal and state returns are generally subject to tax examinations for the tax years ended June 30, 2012 through June 30, 2016. 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. On December 28, 2015, the United States Internal Revenue Service, or IRS, notified the Company of an income tax audit for the tax period ending June 30, 2014. As of June 30, 2016, the Company had no liability recorded as an uncertain tax benefit. Currently, the Company cannot reasonably estimate the ultimate outcome of the IRS audit, however, it believes that it has followed applicable U.S. tax laws and will defend its income tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2016 and 2015, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statements of operations for any of the fiscal years ended June 30, 2016, 2015 and 2014. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jun. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | ( 1 1 ) Accrued Expenses: Accrued expenses as of June 30, 2016 and 2015 consisted of the following: At June 30, In thousands 2016 2015 Research and development-related $ 4,923 $ 2,679 Compensation-related 1,591 772 $ 6,514 $ 3,451 |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Jun. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | (1 2 ) 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 $162,000, $90,000 and $60,000 for each of the fiscal years ended June 30, 2016, 2015 and 2014, respectively. |
Common Stock and Stockholders'
Common Stock and Stockholders' Equity | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Common Stock and Stockholders' Equity | (1 3 ) 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 $551,000 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. In connection with its entry into the Collaboration Agreement with Biogen described in note 7 of these financial statements, the Company also entered into an equity agreement with Biogen on July 1, 2015. Under the terms of this equity agreement, Biogen purchased 1,453,957 20.63 30.0 As of June 30, 2016, 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 18,052,956 shares of common stock were issued, of which 18,047,956 shares were outstanding. The following shares of common stock were reserved for future issuance as of June 30, 2016: In thousands June 30, 2016 Common stock warrants 17 Stock options issued and outstanding 2,037 Authorized for future grant under the 2013 Employee Stock Purchase Plan 129 Authorized for future grant under the 2013 Equity and Incentive Plan 535 2,718 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 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, 2016, 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, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | (1 4 ) Quarterly Financial Information (Unaudited): Summarized quarterly information for the two fiscal years ended June 30, 2016 and 2015, respectively, is as follows: Fiscal Year 2016 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 11,062 $ 12,189 $ 11,997 $ 12,113 Income (loss) from operations $ (9,213 ) $ 2,870 $ 1,767 $ 2,487 Net income (loss) $ (9,123 ) $ 3,045 $ 1,969 $ 2,728 Net earnings (loss) per common share, basic and diluted $ (0.53 ) $ 0.17 $ 0.11 $ 0.15 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 ) |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2016 | |
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 2016 $ 36,845 $ 567 $ — $ — $ 37,412 Year 2015 $ 24,086 $ 12,759 $ — $ — $ 36,845 Year 2014 $ 18,956 $ 5,130 $ — $ — $ 24,086 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
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 | 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, 2016, 2015, and 2014. |
Revenue Recognition | Revenue recognition The Company has generated revenue primarily 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 and license agreement (the “Collaboration Agreement”) with a wholly owned subsidiary of Biogen Inc. This collaboration is discussed further in Note 7 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 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, the Company accounts for that milestone payment in accordance with the multiple element arrangements guidance and recognizes revenue consistent with the related units of accounting for the arrangement over the related performance period. During the fiscal year ended June 30, 2016 the Company recognized milestone revenue in the amount of $5.0 million. No milestone revenues were recognized during the fiscal years ended June 30, 2015 or 2014. Deferred revenue Amounts received by the Company prior to satisfying the above revenue recognition criteria are recorded as deferred revenue on the balance sheet. Amounts not expected to be recognized within 12 months of the balance sheet date are classified as non-current deferred revenue. |
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 is subject to examination of its income tax returns in the federal and state income tax jurisdictions in which it operates. On December 28, 2015, the United States Internal Revenue Service, or IRS, notified the Company of an income tax audit for the tax period ending June 30, 2014. As of June 30, 2016, the Company had no liability recorded as an uncertain tax benefit. Currently, the Company cannot reasonably estimate the ultimate outcome of the IRS audit, however, it believes that it has followed applicable U.S. tax laws and will defend its income tax positions. As of June 30, 2016 and 2015, 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 $2.0 million and $958,000 at June 30, 2016 and 2015, 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 annual periods presented. Therefore, basic and diluted net loss per share was the same for all annual 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 February 2016, the FASB issued ASU”) No. 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases under GAAP. The standard requires, in most instances, a lessee to recognize on its balance sheet a liability to make lease payments (the lease liability) and also a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, using a modified retrospective approach and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of this standard on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, 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 ASU No. 2014-09, Revenue from Contracts with Customers |
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 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 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 and corporate obligations within Level 2 of the hierarchy. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Investments Schedule [Abstract] | |
Summary of the Company's Investments | The following table summarizes the Company’s investments by category as of June 30, 2016 and 2015: June 30, June 30, In thousands 2016 2015 Investments - Current: Certificates of deposit $ 18,093 $ 10,776 Debt securities - held-to-maturity 51,571 11,678 $ 69,664 $ 22,454 Investments - Noncurrent: Certificates of deposit $ 2,544 $ 5,310 Debt securities - held-to-maturity 71,639 18,319 $ 74,183 $ 23,629 |
Summary of Company's Debt Securities Held-to-Maturity | A summary of the Company’s debt securities classified as held-to-maturity is as follows: At June 30, 2016 In thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Investments - Current: U.S. government and agency obligations $ 40,609 $ 12 $ (2 ) $ 40,619 Corporate obligations 10,962 3 (1 ) 10,964 $ 51,571 $ 15 $ (3 ) $ 51,583 Investments - Noncurrent: U.S. government and agency obligations $ 71,639 $ 53 $ (11 ) $ 71,681 $ 71,639 $ 53 $ (11 ) $ 71,681 At June 30, 2015 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, 2016, by contractual maturity, were as follows: In thousands Amortized Cost Fair Value Due in one year or less $ 51,571 $ 51,583 Due after one year through two years 71,639 71,681 $ 123,210 $ 123,264 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 Cash and cash equivalents $ 28,868 $ — $ — $ 28,868 $ 28,868 Certificates of deposit — 20,626 — 20,626 20,637 Held-to-maturity investments: Corporate obligations — 10,964 — 10,964 10,962 U.S. government and agency obligations 73,809 38,491 — 112,300 112,248 Total assets $ 102,677 $ 70,081 $ — $ 172,758 $ 172,715 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 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consists of the following: At June 30, In thousands 2016 2015 Laboratory equipment $ 2,414 $ 1,246 Leasehold improvements 883 8 Office equipment 514 152 Property and equipment, gross 3,811 1,406 Less: Accumulated depreciation and amortization (1,184 ) (928 ) Property and equipment, net $ 2,627 $ 478 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Patents $ 1,982 $ (1,035 ) $ 947 Licenses 1,240 (907 ) 333 Other 87 (46 ) 41 Intangible assets, net $ 3,309 $ (1,988 ) $ 1,321 At June 30, 2015 Net of Accumulated Accumulated In thousands Cost Amortization Amortization Patents $ 1,935 $ (875 ) $ 1,060 Licenses 1,180 (832 ) 348 Other 73 (33 ) 40 Intangible assets, net $ 3,188 $ (1,740 ) $ 1,448 |
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 2017 $ 246 2018 233 2019 188 2020 184 2021 159 Thereafter 311 $ 1,321 |
Collaboration with Biogen (Tabl
Collaboration with Biogen (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Components of Collaboration Revenue | Below is a summary of the components of the collaboration revenue: Fiscal year ended June 30, 2016 2015 2014 (dollars in thousands) Amortization of non-refundable upfront fees $ 41,166 $ — $ — Milestone revenue 5,000 — — Other 585 — — Total collaboration revenue $ 46,751 $ — $ — |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016 2015 2014 (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 1,484 $ 11.83 1,024 $ 6.21 380 $ 1.45 Granted 675 17.08 615 19.58 715 8.45 Exercised (59 ) 4.77 (46 ) 3.24 (61 ) 3.24 Forfeited (57 ) 13.90 Expired (6 ) 15.50 (109 ) 6.43 (10 ) 3.50 Outstanding , end of year 2,037 $ 13.71 1,484 $ 11.83 1,024 $ 6.21 Exercisable , end of year 872 424 200 Weighted average fair value of options granted during the year $ 11.83 $ 14.39 $ 6.18 |
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) 2016 2015 Weighted Weighted Average Average Number of Contractual Number of Contractual Life Exercise Price Options Remaining Options Remaining $0.35 to $4.90 509 6.48 581 7.07 $12.00 to $15.90 412 8.35 288 8.72 $16.00 to $19.87 940 8.89 436 9.50 $20.00 to $24.62 176 8.58 179 9.58 2,037 1,484 The following table summarizes information about stock options exercisable: At June 30, 2016 2015 Number of Options Exercise Price (in thousands) $0.35 to $4.90 396 333 $12.00 to $15.90 160 91 $16.00 to $19.87 239 — $20.00 to $24.62 77 — 872 424 |
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) 2016 2015 2014 General and administrative $ 2,860 $ 1,912 $ 748 Research and development 2,147 908 77 $ 5,007 $ 2,820 $ 825 |
Stock Option Pricing Model Assumption | The following assumptions were made in estimating fair value: Fiscal Years Ended June 30, Assumption 2016 2015 2014 Dividend yield 0.00 % 0.00 % 0.00 % Expected term 6.00 to 6.25 6.00 to 10.00 6.00 to 10.00 Risk-free interest rate 1.41% to 1.86% 1.49% to 2.58% 2.04% to 2.31% Expected volatility 78.85 % 85.68 % 85.00 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Annual Minimum Lease Payments Under Non-Cancelable Operating Leases | Future annual minimum lease payments (in thousands) under these non-cancelable operating leases are as follows: Fiscal Year Ending June 30, Amount 2017 $ 804 2018 582 2019 538 2020 538 2021 538 Thereafter 2,421 $ 5,421 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 27,103 $ 28,559 Research and development tax credit carryforwards 8,771 7,941 Accruals and other 1,599 418 Gross deferred tax assets 37,473 36,918 Deferred tax asset valuation allowance (37,412 ) (36,845 ) Total deferred tax assets, net of valuation allowance 61 73 Deferred tax liabilities: Depreciation and amortization (61 ) (73 ) Total deferred tax liabilities (61 ) (73 ) 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, 2016 2015 2014 Federal income tax benefit at statutory rate (34 )% (34 )% (34 )% State income tax, net of federal benefit (4 )% (4 )% (4 )% Permanent differences 52 % 9 % 9 % Research and development tax credits (60 )% (18 )% (2 )% Other 85 % 1 % 1 % Change in valuation allowance (39 )% 46 % 30 % Effective income tax rate 0 % 0 % 0 % |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses as of June 30, 2016 and 2015 consisted of the following: At June 30, In thousands 2016 2015 Research and development-related $ 4,923 $ 2,679 Compensation-related 1,591 772 $ 6,514 $ 3,451 |
Common Stock and Stockholders32
Common Stock and Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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, 2016: In thousands June 30, 2016 Common stock warrants 17 Stock options issued and outstanding 2,037 Authorized for future grant under the 2013 Employee Stock Purchase Plan 129 Authorized for future grant under the 2013 Equity and Incentive Plan 535 2,718 |
Quarterly Financial Informati33
Quarterly Financial Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Information | Summarized quarterly information for the two fiscal years ended June 30, 2016 and 2015, respectively, is as follows: Fiscal Year 2016 by Quarter: In thousands, except per share data First Second Third Fourth Revenue $ 11,062 $ 12,189 $ 11,997 $ 12,113 Income (loss) from operations $ (9,213 ) $ 2,870 $ 1,767 $ 2,487 Net income (loss) $ (9,123 ) $ 3,045 $ 1,969 $ 2,728 Net earnings (loss) per common share, basic and diluted $ (0.53 ) $ 0.17 $ 0.11 $ 0.15 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 ) |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 01, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 30, 2014 | Apr. 01, 2014 |
Summary Of Organization And Operations [Line Items] | ||||||
Common stock, shares issued | 18,052,956 | 16,491,000 | ||||
Aggregate net proceeds received | $ 19,211 | $ 32,009 | $ 51,607 | |||
Accumulated deficit | (90,033) | $ (88,652) | ||||
Cash, cash equivalents and short-term and long term investments | $ 172,700 | |||||
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 Accoun35
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2016USD ($)Segment | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of operating segments | Segment | 1 | ||
Impairment charges | $ 0 | $ 0 | $ 0 |
Milestone revenue | 5,000,000 | 0 | $ 0 |
Uncertain tax benefit | 0 | ||
Prepaid and other current assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Advance payments | $ 2,000,000 | $ 958,000 | |
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, 2016 | Jun. 30, 2015 |
Investments - Current: | ||
Certificates of deposit | $ 18,093 | $ 10,776 |
Debt securities - held-to-maturity | 51,571 | 11,678 |
Total Investments Current | 69,664 | 22,454 |
Investments - Noncurrent: | ||
Certificates of deposit | 2,544 | 5,310 |
Debt securities - held-to-maturity | 71,639 | 18,319 |
Total Investments Noncurrent | $ 74,183 | $ 23,629 |
Investment - Summary of Company
Investment - Summary of Company's Debt Securities Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Investments - Current [Member] | ||
Investment | ||
Amortized Cost | $ 51,571 | $ 11,678 |
Gross Unrealized Gains | 15 | 3 |
Gross Unrealized Losses | (3) | (3) |
Fair Value | 51,583 | 11,678 |
Investments - Noncurrent [Member] | ||
Investment | ||
Amortized Cost | 71,639 | 18,319 |
Gross Unrealized Gains | 53 | 2 |
Gross Unrealized Losses | (11) | (8) |
Fair Value | 71,681 | 18,313 |
US Government and Agencies Obligations [Member] | Investments - Current [Member] | ||
Investment | ||
Amortized Cost | 40,609 | 5,244 |
Gross Unrealized Gains | 12 | 2 |
Gross Unrealized Losses | (2) | |
Fair Value | 40,619 | 5,246 |
US Government and Agencies Obligations [Member] | Investments - Noncurrent [Member] | ||
Investment | ||
Amortized Cost | 71,639 | 16,816 |
Gross Unrealized Gains | 53 | 2 |
Gross Unrealized Losses | (11) | (8) |
Fair Value | 71,681 | 16,810 |
Corporate Obligations [Member] | Investments - Current [Member] | ||
Investment | ||
Amortized Cost | 10,962 | 6,434 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Losses | (1) | (3) |
Fair Value | $ 10,964 | 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) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Investments Schedule [Abstract] | ||
Amortized cost due in one year or less | $ 51,571 | |
Amortized cost due after one year through two years | 71,639 | $ 18,319 |
Total amortized cost | 123,210 | |
Fair value due in one year or less | 51,583 | |
Fair value due after one year through two years | 71,681 | |
Total fair value | $ 123,264 |
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, 2016 | Jun. 30, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, carrying value | $ 180,797 | $ 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 | 172,758 | 85,264 |
Assets, carrying value | 172,715 | 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 | 28,868 | 39,187 |
Assets, carrying value | 28,868 | 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 | 20,626 | 16,086 |
Assets, carrying value | 20,637 | 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 | 10,964 | 7,935 |
Assets, carrying value | 10,962 | 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 | 112,300 | 22,056 |
Assets, carrying value | 112,248 | 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 | 102,677 | 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 | 28,868 | 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 | 73,809 | 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 | 70,081 | 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 | 20,626 | 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 | 10,964 | 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 | $ 38,491 | $ 18,232 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 3,811 | $ 1,406 |
Less: Accumulated depreciation and amortization | (1,184) | (928) |
Property and equipment, net | 2,627 | 478 |
Laboratory equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,414 | 1,246 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 883 | 8 |
Office equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 514 | $ 152 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization expense | $ 319,000 | $ 126,000 | $ 92,000 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 3,309 | $ 3,188 |
Accumulated Amortization | (1,988) | (1,740) |
Intangible assets, net | 1,321 | 1,448 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,982 | 1,935 |
Accumulated Amortization | (1,035) | (875) |
Intangible assets, net | 947 | 1,060 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,240 | 1,180 |
Accumulated Amortization | (907) | (832) |
Intangible assets, net | 333 | 348 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 87 | 73 |
Accumulated Amortization | (46) | (33) |
Intangible assets, net | $ 41 | $ 40 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Intangible assets amortization expense | $ 248,000 | $ 250,000 | $ 242,000 |
Intangible Assets, Net - Sche44
Intangible Assets, Net - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 246 | |
2,018 | 233 | |
2,019 | 188 | |
2,020 | 184 | |
2,021 | 159 | |
Thereafter | 311 | |
Intangible assets, net | $ 1,321 | $ 1,448 |
Collaboration with Biogen - Add
Collaboration with Biogen - Additional Information (Detail) | Jun. 30, 2015USD ($)shares | Aug. 31, 2015USD ($) | Jun. 30, 2016USD ($)Program$ / sharesshares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Jul. 01, 2015USD ($)$ / sharesshares |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Common stock, shares issued | shares | 16,491,000 | 18,052,956 | 16,491,000 | |||
Aggregate cash purchase price | $ 16,000 | $ 18,000 | $ 16,000 | |||
Aggregate net proceeds received | 19,211,000 | 32,009,000 | $ 51,607,000 | |||
Collaboration revenue | 46,751,000 | |||||
Milestone revenue | 5,000,000 | $ 0 | $ 0 | |||
Share-settled collaboration expense | $ 636,000 | |||||
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] | ||||||
Non-refundable upfront payments received | $ 94,000,000 | $ 94,000,000 | ||||
Common stock, shares issued | shares | 1,453,957 | |||||
Purchase price of common stock | $ / shares | $ 20.63 | |||||
Aggregate cash purchase price | $ 30,000,000 | |||||
Aggregate net proceeds received | $ 30,000,000 | |||||
Percentage common stock post-issuance | 8.10% | |||||
Premium price per share | $ / shares | $ 7.45 | |||||
Premium recorded as deferred revenue | $ 10,800,000 | |||||
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 | $ 46,751,000 | |||||
Milestone revenue | 5,000,000 | |||||
Total collaboration costs | 12,000,000 | |||||
Share-settled collaboration expense | 636,000 | |||||
BIOGEN [Member] | Lead programs [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Potential future milestone payments receivable | 467,500,000 | |||||
BIOGEN [Member] | Discovery programs [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Potential future milestone payments receivable | $ 592,500,000 | |||||
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% | |||||
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% | |||||
BIOGEN [Member] | Research and Development Arrangement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Common stock, shares issued | shares | 40,000 |
Collaboration Agreement with Bi
Collaboration Agreement with Biogen - Components of Collaboration Revenue (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Milestone revenue | $ 5,000,000 | $ 0 | $ 0 |
Total collaboration revenue | 46,751,000 | ||
BIOGEN [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Amortization of non-refundable upfront fees | 41,166,000 | ||
Milestone revenue | 5,000,000 | ||
Other | 585,000 | ||
Total collaboration revenue | $ 46,751,000 |
Share-based Compensation Plan47
Share-based Compensation Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Percentage of exercise price stock option | 100.00% | ||
Share-based compensation expense | $ 5,007,000 | $ 2,820,000 | $ 825,000 |
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 | 534,730 | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Intrinsic value of stock option outstanding | $ 6,100,000 | ||
Intrinsic value of stock option exercisable | $ 4,700,000 | ||
Common stock value, per share | $ 14.13 | ||
Fair value of stock option vested during period | $ 4,500,000 | 1,900,000 | 280,000 |
Unrecognized compensation expenses | $ 11,500,000 | ||
Weighted average period of expenses to be recognized | 2 years 8 months 16 days | ||
Share-based compensation expense | $ 4,900,000 | 2,300,000 | 825,000 |
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 Shares Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 167,000 | $ 524,000 | $ 0 |
Share-based Compensation Plan48
Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Beginning Balance, Shares | 1,484 | 1,024 | 380 |
Granted, Shares | 675 | 615 | 715 |
Exercised, Shares | (59) | (46) | (61) |
Forfeited, Shares | (57) | ||
Expired, Shares | (6) | (109) | (10) |
Ending Balance, Shares | 2,037 | 1,484 | 1,024 |
Exercisable, end of year, Shares | 872 | 424 | 200 |
Weighted average fair value of options granted during the year, Shares | $ 11.83 | $ 14.39 | $ 6.18 |
Beginning Balance, Weighted Average Exercise Price | 11.83 | 6.21 | 1.45 |
Granted, Weighted Average Exercise Price | 17.08 | 19.58 | 8.45 |
Exercised, Weighted Average Exercise Price | 4.77 | 3.24 | 3.24 |
Forfeited, Weighted Average Exercise Price | 13.90 | ||
Expired, Weighted Average Exercise Price | 15.50 | 6.43 | 3.50 |
Ending Balance, Weighted Average Exercise Price | $ 13.71 | $ 11.83 | $ 6.21 |
Share-based Compensation Plan49
Share-based Compensation Plans - Summary of Stock Options Outstanding and Exercisable (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Stock options outstanding, Exercise Price | $ 13.71 | $ 11.83 | $ 6.21 | $ 1.45 |
Stock options outstanding, Number of Options | 2,037 | 1,484 | 1,024 | 380 |
Stock options exercisable, Number of Options | 872 | 424 | 200 | |
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 | 509 | 581 | ||
Stock options Outstanding, Weighted Average Contractual Life Remaining | 6 years 5 months 23 days | 7 years 26 days | ||
Stock options exercisable, Number of Options | 396 | 333 | ||
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 15.90 [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Stock options outstanding, Number of Options | 412 | 288 | ||
Stock options Outstanding, Weighted Average Contractual Life Remaining | 8 years 4 months 6 days | 8 years 8 months 19 days | ||
Stock options exercisable, Number of Options | 160 | 91 | ||
Exercise Price 12.00 to 15.90 [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 15.90 [Member] | Maximum [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Stock options outstanding, Exercise Price | 15.90 | |||
Stock options exercisable, Exercise Price | $ 15.90 | |||
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 | 940 | 436 | ||
Stock options Outstanding, Weighted Average Contractual Life Remaining | 8 years 10 months 21 days | 9 years 6 months | ||
Stock options exercisable, Number of Options | 239 | |||
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 | 176 | 179 | ||
Stock options Outstanding, Weighted Average Contractual Life Remaining | 8 years 6 months 29 days | 9 years 6 months 29 days | ||
Stock options exercisable, Number of Options | 77 | |||
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 Plan50
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, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 5,007 | $ 2,820 | $ 825 |
General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 2,860 | 1,912 | 748 |
Research and development-related [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 2,147 | $ 908 | $ 77 |
Share-based Compensation Plan51
Share-based Compensation Plans - Stock Option Pricing Model Assumption (Detail) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate, minimum | 1.41% | 1.49% | 2.04% |
Risk-free interest rate, maximum | 1.86% | 2.58% | 2.31% |
Expected volatility | 78.85% | 85.68% | 85.00% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 6 years | 6 years | 6 years |
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term | 6 years 3 months | 10 years | 10 years |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016ft² | Aug. 31, 2015ft² | Jun. 30, 2016USD ($)AgreementEntity | Jun. 30, 2015USD ($)ft² | Jun. 30, 2014USD ($) | |
Commitments and Contingencies [Line Items] | |||||
Rent expenses under operating leases | $ | $ 587,000 | $ 167,000 | $ 123,000 | ||
Licenses [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Number of license agreements | Agreement | 9 | ||||
Number of entities under the license agreement | Entity | 6 | ||||
Royalty and license maintenance paid | $ | $ 963,000 | $ 122,000 | $ 87,000 | ||
Alachua, Florida [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Office and laboratory space for lease | ft² | 21,000 | 7,000 | |||
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. | ||||
Lease expiration date | Dec. 31, 2015 | ||||
Cambridge, Massachusetts [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Office and laboratory space for lease | ft² | 3,000 | ||||
Term of operating lease agreement | 2 years |
Commitments and Contingencies53
Commitments and Contingencies - Future Annual Minimum Lease Payments Under Non-Cancelable Operating Leases (Detail) - Cambridge, Massachusetts [Member] $ in Thousands | Jun. 30, 2016USD ($) |
Commitments and Contingencies [Line Items] | |
2,017 | $ 804 |
2,018 | 582 |
2,019 | 538 |
2,020 | 538 |
2,021 | 538 |
Thereafter | 2,421 |
Total minimum future lease payments | $ 5,421 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and (Liabilities) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 27,103 | $ 28,559 |
Research and development tax credit carryforwards | 8,771 | 7,941 |
Accruals and other | 1,599 | 418 |
Gross deferred tax assets | 37,473 | 36,918 |
Deferred tax asset valuation allowance | (37,412) | (36,845) |
Total deferred tax assets, net of valuation allowance | 61 | 73 |
Deferred tax liabilities: | ||
Depreciation and amortization | (61) | (73) |
Total deferred tax liabilities | $ (61) | $ (73) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jun. 30, 2015 | Aug. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2014 |
Income Taxes [Line Items] | ||||
Net operating losses carryforwards | $ 70,000,000 | |||
Increase in valuation allowance | 567,000 | |||
Uncertain tax benefit | 0 | |||
Accrued interest and penalties | $ 0 | $ 0 | $ 0 | |
BIOGEN [Member] | ||||
Income Taxes [Line Items] | ||||
Non-refundable upfront payments received | $ 94,000,000 | $ 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 | 2,036 | |||
Research and Development Tax Credit [Member] | ||||
Income Taxes [Line Items] | ||||
Research and development tax credits carry forwards | $ 8,800,000 | |||
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 | 2,045 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Detail) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
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 | 52.00% | 9.00% | 9.00% |
Research and development tax credits | (60.00%) | (18.00%) | (2.00%) |
Other | 85.00% | 1.00% | 1.00% |
Change in valuation allowance | (39.00%) | 46.00% | 30.00% |
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, 2016 | Jun. 30, 2015 |
Payables And Accruals [Abstract] | ||
Research and development-related | $ 4,923 | $ 2,679 |
Compensation-related | 1,591 | 772 |
Accrued expenses, total | $ 6,514 | $ 3,451 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of deferred compensation | 25.00% | ||
Total matching contributions to the plan | $ 162,000 | $ 90,000 | $ 60,000 |
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of deferred compensation match by employer | 4.00% |
Common Stock and Stockholders59
Common Stock and Stockholders' Equity - Additional Information (Detail) | Aug. 01, 2014USD ($)$ / sharesshares | Apr. 01, 2014USD ($)$ / sharesshares | Mar. 04, 2014$ / shares | Nov. 05, 2013USD ($)$ / sharesshares | Aug. 31, 2015USD ($) | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)shares | Jul. 01, 2015USD ($)$ / sharesshares | Jul. 30, 2014$ / sharesshares | 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 | 18,052,956 | 16,491,000 | |||||||||
Reclassification of warrants to purchase stock to additional paid-in capital | $ | $ 551,000 | ||||||||||
Aggregate net proceeds received | $ | $ 19,211,000 | $ 32,009,000 | 51,607,000 | ||||||||
Aggregate cash purchase price | $ | $ 18,000 | $ 16,000 | |||||||||
Common stock, shares authorized | 150,000,000 | 150,000,000 | |||||||||
Common stock, shares outstanding | 18,047,956 | 16,476,000 | |||||||||
Series B Purchase Rights [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Change in fair value | $ | 2,900,000 | ||||||||||
Series B Convertible Preferred Stock [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock, shares authorized | 290,781,972 | ||||||||||
Fair value of purchase rights issued | $ | $ 1,700,000 | ||||||||||
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 | $ | $ 18,200,000 | ||||||||||
Series B-2 Convertible Preferred Stock [Member] | Series B Purchase Rights [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Fair value of purchase rights issued | $ | $ 600,000 | ||||||||||
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 | $ | $ 10,700,000 | ||||||||||
Preferred stock, converted to common stock basis | $ / shares | $ 6.38 | ||||||||||
Proceeds for issuance of share | $ | $ 10,700,000 | ||||||||||
Purchase rights converted to convertible preferred stock | $ | $ 5,000,000 | ||||||||||
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 | $ | $ 1,100,000 | ||||||||||
BIOGEN [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 1,453,957 | ||||||||||
Aggregate net proceeds received | $ | $ 30,000,000 | ||||||||||
Purchase price of common stock | $ / shares | $ 20.63 | ||||||||||
Aggregate cash purchase price | $ | $ 30,000,000 | ||||||||||
IPO [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Initial public offering closing date | Apr. 1, 2014 | ||||||||||
Common stock, shares issued | 4,166,667 | ||||||||||
Common stock, share price | $ / shares | $ 12 | ||||||||||
Reclassification of warrants to purchase stock to additional paid-in capital | $ | $ 551,000 | ||||||||||
Preferred stock, shares issued and sold | 0 | 0 | 0 | ||||||||
Convertible preferred stock, shares outstanding | 0 | 0 | 0 | ||||||||
IPO [Member] | Common Stock [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Convertible preferred stock, shares issued upon conversion | 9,120,081 | ||||||||||
Warrants exercisable for common stock, converted from warrants exercisable for preferred stock | 49,811 | ||||||||||
Over Allotment Option [Member] | |||||||||||
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 | $ | $ 51,600,000 | ||||||||||
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 | $ | $ 32,000,000 |
Common Stock and Stockholders60
Common Stock and Stockholders' Equity - Shares of Common Stock Reserved for Future Issuance (Detail) shares in Thousands | Jun. 30, 2016shares |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 2,718 |
Stock Options Issued and Outstanding [Member] | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 2,037 |
Common Stock Warrants [Member] | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuance | 17 |
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 | 535 |
Quarterly Financial Informati61
Quarterly Financial Information - Summary of Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 12,113 | $ 11,997 | $ 12,189 | $ 11,062 | $ 713 | $ 284 | $ 652 | $ 705 | $ 47,361 | $ 2,354 | $ 1,129 |
Income (loss) from operations | 2,487 | 1,767 | 2,870 | (9,213) | (8,030) | (6,391) | (4,702) | (5,409) | (2,089) | (24,532) | (12,556) |
Net income (loss) | $ 2,728 | $ 1,969 | $ 3,045 | $ (9,123) | $ (7,961) | $ (6,326) | $ (4,650) | $ (5,381) | $ (1,381) | $ (24,318) | $ (15,908) |
Net earnings (loss) per common share, basic and diluted | $ 0.15 | $ 0.11 | $ 0.17 | $ (0.53) | $ (0.48) | $ (0.38) | $ (0.28) | $ (0.34) | $ (0.08) | $ (1.50) | $ (4.46) |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning of Period | $ 36,845 | $ 24,086 | $ 18,956 |
Additions, Charge (Benefit) to Expenses | 567 | 12,759 | 5,130 |
End of Period | $ 37,412 | $ 36,845 | $ 24,086 |