Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'pSivida Corp. | ' |
Entity Central Index Key | '0001314102 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 26,963,136 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $14,546 | $6,899 |
Marketable securities | 1,908 | 3,374 |
Accounts and other receivables | 1,112 | 597 |
Prepaid expenses and other current assets | 1,546 | 1,594 |
Total current assets | 19,112 | 12,464 |
Property and equipment, net | 146 | 179 |
Intangible assets, net | 3,300 | 3,430 |
Other assets | 177 | 176 |
Total assets | 22,735 | 16,249 |
Current liabilities: | ' | ' |
Accounts payable | 1,082 | 671 |
Accrued expenses | 1,087 | 1,894 |
Deferred revenue | 688 | 738 |
Total current liabilities | 2,857 | 3,303 |
Deferred revenue | 5,641 | 5,246 |
Total liabilities | 8,498 | 8,549 |
Stockholders' equity: | ' | ' |
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding | ' | ' |
Common stock, $.001 par value, 60,000,000 shares authorized, 26,791,561 and 23,297,011 shares issued and outstanding at September 30, 2013 and June 30, 2013, respectively | 27 | 23 |
Additional paid-in capital | 280,570 | 270,415 |
Accumulated deficit | -267,345 | -263,658 |
Accumulated other comprehensive income | 985 | 920 |
Total stockholders' equity | 14,237 | 7,700 |
Total liabilities and stockholders' equity | $22,735 | $16,249 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 26,791,561 | 23,297,011 |
Common stock, shares outstanding | 26,791,561 | 23,297,011 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' |
Collaborative research and development | $173 | $169 |
Royalty income | 424 | 384 |
Total revenues | 597 | 553 |
Operating expenses: | ' | ' |
Research and development | 2,504 | 1,523 |
General and administrative | 1,811 | 1,620 |
Total operating expenses | 4,315 | 3,143 |
Loss from operations | -3,718 | -2,590 |
Other income (expense): | ' | ' |
Interest income | 1 | 7 |
Other expense, net | ' | -1 |
Total other income | 1 | 6 |
Loss before income taxes | -3,717 | -2,584 |
Income tax benefit | 30 | 33 |
Net loss | -3,687 | -2,551 |
Net loss per common share - basic and diluted | ($0.14) | ($0.11) |
Weighted average common shares - basic and diluted | 25,918 | 22,294 |
Net loss | -3,687 | -2,551 |
Other comprehensive income: | ' | ' |
Foreign currency translation adjustments | 65 | 59 |
Net unrealized gain on marketable securities | ' | 8 |
Other comprehensive income | 65 | 67 |
Comprehensive loss | ($3,622) | ($2,484) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands, except Share data | |||||
Balance at Jun. 30, 2013 | $7,700 | $23 | $270,415 | ($263,658) | $920 |
Balance, shares at Jun. 30, 2013 | 23,297,011 | 23,297,011 | ' | ' | ' |
Net loss | -3,687 | ' | ' | -3,687 | ' |
Other comprehensive income | 65 | ' | ' | ' | 65 |
Issuance of stock, net of issue costs | 9,942 | 4 | 9,938 | ' | ' |
Issuance of stock, shares | ' | 3,494,550 | ' | ' | ' |
Stock-based compensation | 217 | ' | 217 | ' | ' |
Balance at Sep. 30, 2013 | $14,237 | $27 | $280,570 | ($267,345) | $985 |
Balance, shares at Sep. 30, 2013 | 26,791,561 | 26,791,561 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($3,687,000) | ($2,551,000) |
Adjustments to reconcile net loss to cash flows from operating activities: | ' | ' |
Amortization of intangible assets | 192,000 | 193,000 |
Depreciation of property and equipment | 39,000 | 55,000 |
Stock-based compensation expense | 217,000 | 343,000 |
Amortization of bond premium on marketable securities | 17,000 | 44,000 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable and other current assets | -457,000 | 147,000 |
Accounts payable and accrued expenses | -438,000 | -2,000 |
Deferred revenue | 340,000 | 150,000 |
Net cash used in operating activities | -3,777,000 | -1,621,000 |
Cash flows from investing activities: | ' | ' |
Purchases of marketable securities | ' | -2,799,000 |
Maturities of marketable securities | 1,450,000 | 3,450,000 |
Purchases of property and equipment | -8,000 | -4,000 |
Net cash provided by investing activities | 1,442,000 | 647,000 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of stock, net of issuance costs | 9,981,000 | 4,735,000 |
Net cash provided by financing activities | 9,981,000 | 4,735,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | 1,000 | 2,000 |
Net increase in cash and cash equivalents | 7,647,000 | 3,763,000 |
Cash and cash equivalents at beginning of period | 6,899,000 | 4,625,000 |
Cash and cash equivalents at end of period | 14,546,000 | 8,388,000 |
Supplemental disclosure of non-cash financing activities: | ' | ' |
Stock issuance costs | $39,000 | $67,000 |
Operations_and_Basis_of_Presen
Operations and Basis of Presentation | 3 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Operations and Basis of Presentation | ' | |
1 | Operations and Basis of Presentation | |
The accompanying condensed consolidated financial statements of pSivida Corp. and subsidiaries (the “Company”) as of September 30, 2013 and for the three months ended September 30, 2013 and 2012 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended June 30, 2013. In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2013, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods indicated. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period. | ||
The Company develops tiny, sustained-release products designed to deliver drugs and biologics at a controlled and steady rate for weeks, months or years. Using its core technology platforms, Durasert™ and BioSilicon™, the Company is focused on treatment of chronic diseases of the back of the eye and is also exploring applications outside ophthalmology. The Company has developed three of the four sustained-release products for treatment of retinal diseases currently approved in the U.S. or European Union (“EU”), and its lead product candidate began a Phase III clinical trial in the quarter ended June 2013. The Company’s strategy includes developing products independently while continuing to leverage its technology platforms through collaboration and licenses agreements. | ||
ILUVIEN®, the Company’s most recently approved product, is an injectable, sustained-release micro-insert that provides treatment over a period of up to three years of vision impairment associated with chronic diabetic macular edema (“DME”) considered insufficiently responsive to available therapies. ILUVIEN is licensed to and sold by Alimera Sciences, Inc. (“Alimera”), and the Company is entitled to a share of the net profits less certain net losses (as defined) from Alimera’s sales of ILUVIEN for DME. Alimera commenced the commercial launch of ILUVIEN for DME in the U.K. and Germany in the second quarter of 2013 and expects to launch in France in 2014. ILUVIEN has also received marketing authorization in Austria, Portugal and Spain and has been recommended for authorization in Italy. In addition, Alimera has filed for ten additional EU country approvals. In October 2013, Alimera received its third Complete Response Letter (“CRL”) from the U.S. Food and Drug Administration (“FDA”) following resubmission of its New Drug Application (“NDA”) for ILUVIEN for DME. Identifying concerns regarding the benefit to risk and safety profiles of ILUVIEN, the FDA stated that the NDA could not be approved in its present form. To address the clinical and statistical deficiencies identified in the CRL, the FDA indicated that results from a new clinical trial would need to be submitted, together with at least 12 months of follow-up for all enrolled patients. | ||
Medidur™, the Company’s lead development product, commenced the first of two planned pivotal Phase III clinical trials for the treatment of chronic non-infectious uveitis affecting the posterior of the eye (“posterior uveitis”) in June 2013. Medidur uses the same Durasert micro-insert used in ILUVIEN and delivers a lower dose of the same drug as the Company’s FDA-approved Retisert® for posterior uveitis. The Company is developing Medidur independently. | ||
The Company is also developing a bioerodible, injectable micro-insert delivering latanoprost (the “Latanoprost Product”) to treat glaucoma and ocular hypertension. Under an amended collaboration agreement, Pfizer Inc. (“Pfizer”) has an option, under certain circumstances, to license the development and commercialization of the Latanoprost Product worldwide. | ||
The Company is engaged in pre-clinical research with respect to both its BioSilicon and Durasert technology platforms. The primary focus of the BioSilicon technology research is the use of Tethadur™ for the sustained delivery of peptides, proteins, antibodies and other large biologic molecules in both ophthalmic and non-ophthalmic applications. The Company’s research program also includes the use of Durasert technology in orthopedic applications and for systemic delivery of therapeutic agents. | ||
The Company’s FDA-approved product Retisert provides sustained release treatment of posterior uveitis for approximately two and a half years and is licensed to and sold by Bausch & Lomb. | ||
The Company has a history of operating losses and has financed its operations primarily from the proceeds of sales of its equity securities and the receipt of license fees, research and development funding, royalties and contingent cash payments from its collaboration partners. The Company believes that its cash, cash equivalents and marketable securities of $16.5 million at September 30, 2013, together with expected Retisert royalty income and other expected cash inflows under existing collaboration agreements, will enable the Company to maintain its current and planned operations through calendar year 2014. This includes expected costs through that date of Phase III clinical trials of the posterior uveitis micro-insert, but excludes any potential milestone or net profits receipts under the Alimera collaboration agreement. The Company’s financial resources could be significantly improved if Alimera were to generate significant net profits distributable to the Company from sales of ILUVIEN for DME. The Company’s ability to fund its planned operations beyond 2014, including completion of Phase III trials of the posterior uveitis micro-insert, is expected to depend on the amount and timing of cash receipts under existing collaboration agreements, as well as any future collaboration or other agreements and/or financing transactions. | ||
References to “$” are to U.S. dollars and references to “A$” are to Australian dollars. | ||
New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that the impact of recently issued pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. |
License_and_Collaboration_Agre
License and Collaboration Agreements | 3 Months Ended | |
Sep. 30, 2013 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |
License and Collaboration Agreements | ' | |
2 | License and Collaboration Agreements | |
Alimera | ||
Under a collaboration agreement with Alimera, as amended in March 2008 (the “Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN, and Alimera assumed all financial responsibility for the development of licensed products. The Company is entitled to a 20% share of any future net profits, as defined, on sales of ILUVIEN by Alimera, measured quarterly on a country-by-country basis, subject to an offset of 20% of net losses, as defined, previously incurred by Alimera on a country-by-country basis. In the event that Alimera sublicenses commercialization, the Company is entitled to 20% of royalties and 33% of non-royalty consideration received by Alimera, less certain permitted deductions. In addition, Alimera agreed to pay a $25.0 million milestone payment upon FDA approval of ILUVIEN for DME. | ||
The terms of the Alimera Agreement defined the end period of the Company’s performance obligations as December 31, 2009. Accordingly, amounts received thereafter are recognized as revenue upon receipt or at such earlier date, if applicable, on which any such amount is both fixed and determinable and reasonably assured of collectability. | ||
Revenue related to the Alimera Agreement totaled $13,000 and $19,000 for the three months ended September 30, 2013 and 2012, respectively, and consisted of patent fee reimbursements. | ||
Pfizer | ||
In June 2011, the Company and Pfizer entered into an Amended and Restated Collaborative Research and License Agreement (the “Restated Pfizer Agreement”) to focus solely on the development of a sustained-release bioerodible micro-insert designed to deliver latanoprost for human ophthalmic disease or conditions other than uveitis. The original Pfizer agreement was effectively terminated, including the cessation of Pfizer’s $500,000 quarterly funding of a research program. Upon execution of the Restated Pfizer Agreement, Pfizer made an upfront payment of $2.3 million and the Company agreed to use commercially reasonable efforts to fund development of the Latanoprost Product, with technical assistance from Pfizer, for at least one year and, thereafter, at the Company’s option, through completion of Phase II clinical trials, designated as Proof-of-Concept (“POC”). An investigator-sponsored Phase I/II dose-escalation study is ongoing to assess the safety and efficacy of this insert for patients with ocular hypertension and glaucoma. Within 90 days following receipt of a final report from the Company demonstrating POC, Pfizer may exercise an option for an exclusive, worldwide license to develop and commercialize the Latanoprost Product in return for a $20.0 million payment, double-digit sales-based royalties and additional development, regulatory and sales performance milestone payments of up to $146.5 million. If the Company elects to cease development of the Latanoprost Product prior to completion of Phase II clinical trials, Pfizer would still have the right to exercise an option for an exclusive worldwide license to develop and commercialize the Latanoprost Product upon payment of a lesser option fee and lower levels of sales-based royalties and other designated milestones. If Pfizer does not exercise its option, the Restated Pfizer Agreement would automatically terminate, provided that the Company would retain the right to develop and commercialize the Latanoprost Product on its own or with a partner. | ||
As a result of the material modification, the estimated selling price of the combined deliverables under the agreement of $6.7 million is being recognized as collaborative research and development revenue over the expected performance period using the proportional performance method. During fiscal 2013, the Company increased its estimate of the cumulative performance period from 4 to 6 years to provide for additional research under the agreement prior to commencement of potential Phase II clinical trials. The Company recorded revenue of $31,000 for the three months ended September 30, 2013 and $150,000 for the three months ended September 30, 2012. Total deferred revenue was $5.6 million at each of September 30, 2013 and June 30, 2013. Costs associated with conducting the R&D program are reflected in operating expenses in the period in which they are incurred. | ||
If any subsequent payments are received from Pfizer, including exercise option, milestone and sales-based royalty consideration, which would occur after completion of the Company’s performance period under the Restated Pfizer Agreement, such payments would be recognized as revenue when all the revenue criteria are met. | ||
Pfizer owned approximately 7.0% of the Company’s outstanding shares at September 30, 2013. | ||
Bausch & Lomb | ||
Pursuant to a licensing and development agreement, as amended, Bausch & Lomb has a worldwide exclusive license to make and sell the Company’s Retisert and Vitrasert products in return for royalties based on sales. Bausch & Lomb discontinued sales of Vitrasert in the second quarter of fiscal 2013. | ||
Royalty income totaled $425,000 for the three months ended September 30, 2013 and $384,000 for the three months ended September 30, 2012. Accounts receivable from Bausch & Lomb totaled $425,000 at September 30, 2013 and $316,000 at June 30, 2013. | ||
Enigma Therapeutics | ||
The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with Enigma Therapeutics Limited (“Enigma”) for the development of BrachySil, a BioSilicon product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to an 8% sales-based royalty, 20% of sublicense consideration and milestones based on aggregate product sales. Enigma is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, which is creditable during the ensuing twelve months against reimbursable patent maintenance costs and sales-based royalties. The Company has no consequential performance obligations under the Enigma license agreement and, accordingly, any amounts to which the Company is entitled under the agreement are recognized as revenue when the revenue recognition criteria are met. As of September 30, 2013, no deferred revenue was recorded for this agreement. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
3 | Intangible Assets | ||||||||
The reconciliation of intangible assets for the three months ended September 30, 2013 and for the year ended June 30, 2013 was as follows (in thousands): | |||||||||
Three Months Ended | Year Ended | ||||||||
September 30, 2013 | June 30, 2013 | ||||||||
Patented technologies | |||||||||
Gross carrying amount at beginning of period | $ | 38,941 | $ | 39,556 | |||||
Foreign currency translation adjustments | 1,401 | (615 | ) | ||||||
Gross carrying amount at end of period | 40,342 | 38,941 | |||||||
Accumulated amortization at beginning of period | (35,511 | ) | (35,330 | ) | |||||
Amortization expense | (192 | ) | (769 | ) | |||||
Foreign currency translation adjustments | (1,339 | ) | 588 | ||||||
Accumulated amortization at end of period | (37,042 | ) | (35,511 | ) | |||||
Net book value at end of period | $ | 3,300 | $ | 3,430 | |||||
The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization of intangible assets totaled $192,000 and $193,000 for the three month periods ended September 30, 2013 and 2012, respectively. The carrying value of intangible assets at September 30, 2013 of $3.3 million (approximately $2.3 million attributable to the Durasert technology and $1.0 million attributable to the BioSilicon technology) is expected to be amortized on a straight-line basis over the remaining estimated useful life of 4.25 years, or approximately $775,000 per year. |
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||
Marketable Securities | ' | ||||||||||||
4 | Marketable Securities | ||||||||||||
The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at September 30, 2013 and June 30, 2013 were as follows (in thousands): | |||||||||||||
September 30, 2013 | |||||||||||||
Amortized | Unrealized | Fair | |||||||||||
Cost | Loss | Value | |||||||||||
Corporate bonds | $ | 1,409 | $ | (1 | ) | $ | 1,408 | ||||||
Commercial paper | 500 | — | 500 | ||||||||||
Total marketable securities | $ | 1,909 | $ | (1 | ) | $ | 1,908 | ||||||
June 30, 2013 | |||||||||||||
Amortized | Unrealized | Fair | |||||||||||
Cost | Loss | Value | |||||||||||
Corporate bonds | $ | 2,376 | $ | (1 | ) | $ | 2,375 | ||||||
Commercial paper | 999 | — | 999 | ||||||||||
Total marketable securities | $ | 3,375 | $ | (1 | ) | $ | 3,374 | ||||||
During the three months ended September 30, 2013, no marketable securities were purchased and $1.5 million of such securities matured. At September 30, 2013, the marketable securities had maturities ranging between 15 days and 4.0 months, with a weighted average maturity of 2.0 months. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
5 | Fair Value Measurements | ||||||||||||||||
The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: | |||||||||||||||||
• | Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. | ||||||||||||||||
• | Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets). | ||||||||||||||||
• | Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities. | ||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At September 30, 2013 and June 30, 2013, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits, U.S. government agencies, treasury bills and treasury repurchase agreements. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. | |||||||||||||||||
The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. Certain of the Company’s corporate debt securities were valued based on quoted prices for the specific securities in an active market and were therefore classified as Level 1. The remaining marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at September 30, 2013 and June 30, 2013 by valuation hierarchy (in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 13,809 | $ | 13,809 | $ | — | $ | — | |||||||||
Marketable securities | |||||||||||||||||
Corporate bonds | 1,408 | 1,157 | 251 | — | |||||||||||||
Commercial paper | 500 | — | 500 | — | |||||||||||||
$ | 15,717 | $ | 14,966 | $ | 751 | $ | — | ||||||||||
June 30, 2013 | |||||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 6,330 | $ | 6,330 | $ | — | $ | — | |||||||||
Marketable securities | |||||||||||||||||
Corporate bonds | 2,375 | 1,619 | 756 | — | |||||||||||||
Commercial paper | 999 | — | 999 | — | |||||||||||||
$ | 9,704 | $ | 7,949 | $ | 1,755 | $ | — | ||||||||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
6 | Stockholders’ Equity | ||||||||||||||||
In July 2013, the Company sold 3,494,550 shares of its common stock in an underwritten public offering at a price of $3.10 per share for gross proceeds of $10.8 million. Underwriter commissions and other share issue costs approximated $890,000. | |||||||||||||||||
In August 2012, the Company sold 2,494,419 shares of its common stock and warrants to purchase 623,605 shares of its common stock in a registered direct offering to institutional investors for gross proceeds of $5.4 million. The shares and warrants were sold in units, each unit consisting of one share together with 0.25 of one warrant, at a negotiated price of $2.15 per unit. Each whole warrant has an exercise price of $2.50 per share and a five-year term, and became exercisable in February 2013. Placement agent fees and other share issue costs approximated $700,000. | |||||||||||||||||
Warrants to Purchase Common Shares | |||||||||||||||||
The following table provides a reconciliation of all US$ warrants for the three months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Warrants | Average | Warrants | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Balance at beginning of period | 1,176,105 | $ | 3.67 | 2,064,710 | $ | 6.17 | |||||||||||
Issued | — | — | 623,605 | 2.5 | |||||||||||||
Expired | — | — | (1,512,210 | ) | 6.6 | ||||||||||||
Balance at end of period | 1,176,105 | $ | 3.67 | 1,176,105 | $ | 3.67 | |||||||||||
Exercisable at end of period | 1,176,105 | $ | 3.67 | 552,500 | $ | 5 | |||||||||||
At September 30, 2013, the remaining term of outstanding US$ warrants ranged from 2.3 to 3.9 years, representing a weighted average period of 3.1 years. | |||||||||||||||||
Warrants to purchase 205,479 shares denominated in A$ expired in July 2012. | |||||||||||||||||
Incentive Plans | |||||||||||||||||
The Company’s 2008 Incentive Plan (the “2008 Plan”) provides for the issuance of stock options and other stock awards to directors, employees and consultants. At September 30, 2013, up to 5,591,255 shares of common stock could be issued under the 2008 Plan. During the three months ended September 30, 2012, the last remaining 112,500 options outstanding under an earlier incentive plan expired unexercised. The following table provides a reconciliation of stock option activity under the 2008 Plan for the three months ended September 30, 2013: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(in years) | (in thousands) | ||||||||||||||||
Outstanding at July 1, 2013 | 3,554,549 | $ | 2.92 | ||||||||||||||
Granted | 428,100 | 3.51 | |||||||||||||||
Forfeited | (22,950 | ) | 3.46 | ||||||||||||||
Outstanding at September 30, 2013 | 3,959,699 | $ | 2.98 | 6.65 | $ | 4,954 | |||||||||||
Outstanding at September 30, 2013 - vested or unvested and expected to vest | 3,883,324 | $ | 2.97 | 6.61 | $ | 4,896 | |||||||||||
Exercisable at September 30, 2013 | 2,811,866 | $ | 2.79 | 5.83 | $ | 4,030 | |||||||||||
During the three months ended September 30, 2013, options to purchase 428,100 shares were granted with ratable annual vesting over 4 years, a ten-year term and a grant date fair value of $2.71 per share. A total of 411,256 options vested during this period. In determining the grant date fair value of options, the Company uses the Black-Scholes option pricing model. The Company calculated the Black-Scholes value of options awarded during the three months ended September 30, 2013 based on the following key assumptions: | |||||||||||||||||
Option life (in years) | 6.25 | ||||||||||||||||
Stock volatility | 94 | % | |||||||||||||||
Risk-free interest rate | 1.7 | % | |||||||||||||||
Expected dividends | 0 | % | |||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||
The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards for the three months ended September 30, 2013 and 2012, as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Compensation expense included in: | |||||||||||||||||
Research and development | $ | 77 | $ | 179 | |||||||||||||
General and administrative | 140 | 164 | |||||||||||||||
$ | 217 | $ | 343 | ||||||||||||||
At September 30, 2013, there was approximately $1.5 million of unrecognized compensation expense related to unvested options under the 2008 Plan, which is expected to be recognized as expense over a weighted average period of approximately 2.0 years. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
7 | Income Taxes | |
The Company recognizes deferred tax assets and liabilities for estimated future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is established if, based on management’s review of both positive and negative evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Because of its historical losses from operations, the Company established a valuation allowance for the net deferred tax assets. The Company recorded an income tax benefit of $30,000 for the three months ended September 30, 2013 and $33,000 for the three months ended September 30, 2012. These income tax benefits related to earned foreign research and development tax credits. | ||
For the three months ended September 30, 2013 and 2012, the Company had no significant unrecognized tax benefits. At September 30, 2013 and June 30, 2013, the Company had no accrued penalties or interest related to uncertain tax positions. |
Contingencies
Contingencies | 3 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingencies | ' | |
8 | Contingencies | |
At September 30, 2013, the Company was subject to various routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows. |
Loss_Per_Share
Loss Per Share | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Loss Per Share | ' | ||||||||
9 | Loss Per Share | ||||||||
Basic net loss per share was computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share was computed by dividing the net loss by the sum of (i) the weighted average number of common shares outstanding and (ii) the weighted average number of common shares that would be issued on the exercise of all dilutive securities outstanding. Potentially dilutive shares were not included in the calculation of diluted net loss per share for each of the three months ended September 30, 2013 and 2012 as their inclusion would be anti-dilutive. | |||||||||
Potentially dilutive shares at September 30, 2013 and 2012 were as follows: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Options | 3,959,699 | 3,361,115 | |||||||
Warrants | 1,176,105 | 1,176,105 | |||||||
5,135,804 | 4,537,220 | ||||||||
Subsequent_Event
Subsequent Event | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Subsequent Events [Abstract] | ' | ||||
Subsequent Event | ' | ||||
10 | Subsequent Event | ||||
On November 1, 2013, the Company executed a lease for approximately 13,650 square feet of combined office and laboratory space in Watertown, Massachusetts, with an expected commencement date of March 1, 2014, to replace the Company’s existing lease that expires on April 5, 2014. The Company has provided a cash-collateralized $150,000 irrevocable standby letter of credit for benefit of the landlord as security for its obligations under the lease. The initial lease term is for five years, with a five year renewal option at market rates. | |||||
Minimum lease payments during the initial lease term are as follows (in thousands): | |||||
Fiscal Year: | |||||
2014 | $ | 94 | |||
2015 | 379 | ||||
2016 | 392 | ||||
2017 | 406 | ||||
2018 | 420 | ||||
Thereafter | 322 | ||||
$ | 2,013 | ||||
In addition, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Reconciliation of Intangible Assets | ' | ||||||||
The reconciliation of intangible assets for the three months ended September 30, 2013 and for the year ended June 30, 2013 was as follows (in thousands): | |||||||||
Three Months Ended | Year Ended | ||||||||
September 30, 2013 | June 30, 2013 | ||||||||
Patented technologies | |||||||||
Gross carrying amount at beginning of period | $ | 38,941 | $ | 39,556 | |||||
Foreign currency translation adjustments | 1,401 | (615 | ) | ||||||
Gross carrying amount at end of period | 40,342 | 38,941 | |||||||
Accumulated amortization at beginning of period | (35,511 | ) | (35,330 | ) | |||||
Amortization expense | (192 | ) | (769 | ) | |||||
Foreign currency translation adjustments | (1,339 | ) | 588 | ||||||
Accumulated amortization at end of period | (37,042 | ) | (35,511 | ) | |||||
Net book value at end of period | $ | 3,300 | $ | 3,430 | |||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||
Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities | ' | ||||||||||||
The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at September 30, 2013 and June 30, 2013 were as follows (in thousands): | |||||||||||||
September 30, 2013 | |||||||||||||
Amortized | Unrealized | Fair | |||||||||||
Cost | Loss | Value | |||||||||||
Corporate bonds | $ | 1,409 | $ | (1 | ) | $ | 1,408 | ||||||
Commercial paper | 500 | — | 500 | ||||||||||
Total marketable securities | $ | 1,909 | $ | (1 | ) | $ | 1,908 | ||||||
June 30, 2013 | |||||||||||||
Amortized | Unrealized | Fair | |||||||||||
Cost | Loss | Value | |||||||||||
Corporate bonds | $ | 2,376 | $ | (1 | ) | $ | 2,375 | ||||||
Commercial paper | 999 | — | 999 | ||||||||||
Total marketable securities | $ | 3,375 | $ | (1 | ) | $ | 3,374 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Carried at Fair Value Measured on Recurring Basis | ' | ||||||||||||||||
The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at September 30, 2013 and June 30, 2013 by valuation hierarchy (in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 13,809 | $ | 13,809 | $ | — | $ | — | |||||||||
Marketable securities | |||||||||||||||||
Corporate bonds | 1,408 | 1,157 | 251 | — | |||||||||||||
Commercial paper | 500 | — | 500 | — | |||||||||||||
$ | 15,717 | $ | 14,966 | $ | 751 | $ | — | ||||||||||
June 30, 2013 | |||||||||||||||||
Total carrying | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 6,330 | $ | 6,330 | $ | — | $ | — | |||||||||
Marketable securities | |||||||||||||||||
Corporate bonds | 2,375 | 1,619 | 756 | — | |||||||||||||
Commercial paper | 999 | — | 999 | — | |||||||||||||
$ | 9,704 | $ | 7,949 | $ | 1,755 | $ | — | ||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Warrants to Purchase Common Shares | ' | ||||||||||||||||
The following table provides a reconciliation of all US$ warrants for the three months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Warrants | Average | Warrants | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price | Price | ||||||||||||||||
Balance at beginning of period | 1,176,105 | $ | 3.67 | 2,064,710 | $ | 6.17 | |||||||||||
Issued | — | — | 623,605 | 2.5 | |||||||||||||
Expired | — | — | (1,512,210 | ) | 6.6 | ||||||||||||
Balance at end of period | 1,176,105 | $ | 3.67 | 1,176,105 | $ | 3.67 | |||||||||||
Exercisable at end of period | 1,176,105 | $ | 3.67 | 552,500 | $ | 5 | |||||||||||
Stock Option Activity Under Plan | ' | ||||||||||||||||
The following table provides a reconciliation of stock option activity under the 2008 Plan for the three months ended September 30, 2013: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
(in years) | (in thousands) | ||||||||||||||||
Outstanding at July 1, 2013 | 3,554,549 | $ | 2.92 | ||||||||||||||
Granted | 428,100 | 3.51 | |||||||||||||||
Forfeited | (22,950 | ) | 3.46 | ||||||||||||||
Outstanding at September 30, 2013 | 3,959,699 | $ | 2.98 | 6.65 | $ | 4,954 | |||||||||||
Outstanding at September 30, 2013 - vested or unvested and expected to vest | 3,883,324 | $ | 2.97 | 6.61 | $ | 4,896 | |||||||||||
Exercisable at September 30, 2013 | 2,811,866 | $ | 2.79 | 5.83 | $ | 4,030 | |||||||||||
Key Assumptions Used to Apply Option Pricing Model for Options Awarded | ' | ||||||||||||||||
The Company calculated the Black-Scholes value of options awarded during the three months ended September 30, 2013 based on the following key assumptions: | |||||||||||||||||
Option life (in years) | 6.25 | ||||||||||||||||
Stock volatility | 94 | % | |||||||||||||||
Risk-free interest rate | 1.7 | % | |||||||||||||||
Expected dividends | 0 | % | |||||||||||||||
Compensation Expense from Stock-Based Payment Awards | ' | ||||||||||||||||
The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards for the three months ended September 30, 2013 and 2012, as follows (in thousands): | |||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Compensation expense included in: | |||||||||||||||||
Research and development | $ | 77 | $ | 179 | |||||||||||||
General and administrative | 140 | 164 | |||||||||||||||
$ | 217 | $ | 343 | ||||||||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares | ' | ||||||||
Potentially dilutive shares at September 30, 2013 and 2012 were as follows: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Options | 3,959,699 | 3,361,115 | |||||||
Warrants | 1,176,105 | 1,176,105 | |||||||
5,135,804 | 4,537,220 | ||||||||
Subsequent_Event_Tables
Subsequent Event (Tables) | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Subsequent Events [Abstract] | ' | ||||
Schedule of Minimum Lease Payments | ' | ||||
Minimum lease payments during the initial lease term are as follows (in thousands): | |||||
Fiscal Year: | |||||
2014 | $ | 94 | |||
2015 | 379 | ||||
2016 | 392 | ||||
2017 | 406 | ||||
2018 | 420 | ||||
Thereafter | 322 | ||||
$ | 2,013 | ||||
Operations_and_Basis_of_Presen1
Operations and Basis of Presentation - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Operations [Abstract] | ' |
Cash equivalents and marketable securities | $16.50 |
License_and_Collaboration_Agre1
License and Collaboration Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | |
Alimera [Member] | Alimera [Member] | Pfizer Collaboration Agreement [Member] | Pfizer Collaboration Agreement [Member] | Pfizer Collaboration Agreement [Member] | Pfizer Collaboration Agreement [Member] | Bausch And Lomb [Member] | Bausch And Lomb [Member] | Bausch And Lomb [Member] | Enigma Therapeutics Limited [Member] | Enigma Therapeutics Limited [Member] | ||||
Collaborative Agreements And Contracts [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Company's share of future profits | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-profitability net losses percentage | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of royalties | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' |
Percentage of non-royalty consideration received | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' |
Milestone payment upon FDA approval | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative research and development revenue | 173,000 | 169,000 | ' | 13,000 | 19,000 | 31,000 | 150,000 | ' | ' | ' | ' | ' | ' | ' |
Research Funding | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | ' | ' | ' | ' | ' |
Upfront payment | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | 100,000 |
License option right | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' |
Development and sales performance milestone maximum | ' | ' | ' | ' | ' | ' | ' | ' | 146,500,000 | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' |
Increased performance period | ' | ' | ' | ' | ' | '6 years | '4 years | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue | 5,600,000 | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Percentage of Outstanding Share Capital Owned by Pfizer | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty income | 424,000 | 384,000 | ' | ' | ' | ' | ' | ' | ' | 425,000 | 384,000 | ' | ' | ' |
Accounts receivable | 1,112,000 | ' | 597,000 | ' | ' | ' | ' | ' | ' | 425,000 | ' | 316,000 | ' | ' |
Annual license maintenance fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' |
Intangible_Assets_Reconciliati
Intangible Assets - Reconciliation of Intangible Assets (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 |
Patented technologies [Member] | Patented technologies [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Gross carrying amount at beginning of period | ' | ' | ' | $38,941 | $39,556 |
Foreign currency translation adjustments | ' | ' | ' | 1,401 | -615 |
Gross carrying amount at end of period | ' | ' | ' | 40,342 | 38,941 |
Accumulated amortization at beginning of period | ' | ' | ' | -35,511 | -35,330 |
Amortization expense | -192 | -193 | ' | -192 | -769 |
Foreign currency translation adjustments | ' | ' | ' | -1,339 | 588 |
Accumulated amortization at end of period | ' | ' | ' | -37,042 | -35,511 |
Net book value at end of period | $3,300 | ' | $3,430 | $3,300 | $3,430 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $192,000 | $193,000 | ' |
Intangible assets, net | 3,300,000 | ' | 3,430,000 |
Amortization expense per year | 775,000 | ' | ' |
Remaining estimated useful life | '4 years 3 months | ' | ' |
Durasert [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, net | 2,300,000 | ' | ' |
BioSilicon [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, net | $1,000,000 | ' | ' |
Marketable_Securities_Schedule
Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities, Amortized Cost | $1,909 | $3,375 |
Marketable securities, Unrealized Loss | -1 | -1 |
Marketable securities, Fair Value | 1,908 | 3,374 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities, Amortized Cost | 1,409 | 2,376 |
Marketable securities, Unrealized Loss | -1 | -1 |
Marketable securities, Fair Value | 1,408 | 2,375 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities, Amortized Cost | 500 | 999 |
Marketable securities, Unrealized Loss | ' | ' |
Marketable securities, Fair Value | $500 | $999 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities purchased | ' | $2,799 |
Marketable securities matured and sold | $1,450 | $3,450 |
Weighted average maturity | '2 months | ' |
Minimum [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities maturity period | '15 days | ' |
Maximum [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities maturity period | '4 months | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $13,809 | $6,330 |
Marketable securities: | ' | ' |
Cash equivalents and marketable securities | 15,717 | 9,704 |
Corporate Bonds [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | 1,408 | 2,375 |
Commercial Paper [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | 500 | 999 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 13,809 | 6,330 |
Marketable securities: | ' | ' |
Cash equivalents and marketable securities | 14,966 | 7,949 |
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | 1,157 | 1,619 |
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Marketable securities: | ' | ' |
Cash equivalents and marketable securities | 751 | 1,755 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | 251 | 756 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | 500 | 999 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Marketable securities: | ' | ' |
Cash equivalents and marketable securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | ' | ' |
Marketable securities: | ' | ' |
Marketable securities | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2013 | Aug. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock issued to institutional investors | 3,494,550 | 2,494,419 | ' | ' |
Common stock price per share | $3.10 | ' | ' | ' |
Proceeds from issuance of common stock | $10,800,000 | ' | ' | ' |
Share issuance costs | 890,000 | 700,000 | 39,000 | 67,000 |
Number of warrants to purchase shares of common stock issued | ' | 623,605 | ' | ' |
Proceeds from issuance of common stock and warrants | ' | 5,400,000 | ' | ' |
Issue price per unit | ' | $2.15 | ' | ' |
Percentage of warrants on common stock | ' | 25.00% | ' | ' |
Warrant exercise price | ' | $2.50 | ' | ' |
Term of warrants | ' | '5 years | ' | ' |
Class of warrant or right period from which warrants or rights exercisable | ' | '2013-02 | ' | ' |
Outstanding warrants remaining contract life, weighted average | ' | ' | '3 years 1 month 6 days | ' |
Number of Options, Expired | ' | ' | ' | 112,500 |
Options granted with annual vesting | ' | ' | 428,100 | ' |
Vesting period of granted options | ' | ' | '4 years | ' |
Contractual life of option grants | ' | ' | '10 years | ' |
Fair value of options granted | ' | ' | $2.71 | ' |
Options vested during the period | ' | ' | 411,256 | ' |
A$ Warrants [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of warrants, expired | ' | ' | 205,479 | ' |
Outstanding warrants expiration date | ' | ' | '2012-07 | ' |
2008 Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares of Common Stock Authorized for Stock-Based Awards | ' | ' | 5,591,255 | ' |
Options granted with annual vesting | ' | ' | 428,100 | ' |
Unrecognized compensation expense | ' | ' | $1,500,000 | ' |
Unrecognized compensation expense weighted average period | ' | ' | '2 years | ' |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding warrants remaining contract life | ' | ' | '2 years 3 months 18 days | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding warrants remaining contract life | ' | ' | '3 years 10 months 24 days | ' |
Stockholders_Equity_Warrants_t
Stockholders' Equity - Warrants to Purchase Common Shares (Detail) (Warrants [Member], US$ Warrants [Member], USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Warrants [Member] | US$ Warrants [Member] | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' |
Number of Warrants, Balance at beginning of period | 1,176,105 | 2,064,710 |
Number of Warrants, Issued | ' | 623,605 |
Number of Warrants, Expired | ' | -1,512,210 |
Number of Warrants, Balance at the end of period | 1,176,105 | 1,176,105 |
Number of Warrants, Exercisable at end of period | 1,176,105 | 552,500 |
Weighted Average Exercise Price, Balance at beginning of period | $3.67 | $6.17 |
Weighted Average Exercise Price, Issued | ' | $2.50 |
Weighted Average Exercise Price, Expired | ' | $6.60 |
Weighted Average Exercise Price, Balance at end of period | $3.67 | $3.67 |
Weighted Average Exercise Price, Exercisable at end of period | $3.67 | $5 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity - Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Options, Granted | 428,100 |
2008 Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Options, Beginning balance | 3,554,549 |
Number of Options, Granted | 428,100 |
Number of Options, Forfeited | -22,950 |
Number of Options, Ending balance | 3,959,699 |
Number of Options, Outstanding - vested or unvested and expected to vest | 3,883,324 |
Number of Options, Exercisable | 2,811,866 |
Weighted Average Exercise Price, beginning balance | 2.92 |
Weighted Average Exercise Price, Granted | 3.51 |
Weighted Average Exercise Price, Forfeited | 3.46 |
Weighted Average Exercise Price, ending balance | 2.98 |
Weighted Average Exercise Price, Outstanding - vested or unvested and expected to vest | 2.97 |
Weighted Average Exercise Price, Exercisable | 2.79 |
Weighted Average Remaining Contractual Life, Ending balance | '6 years 7 months 24 days |
Weighted Average Remaining Contractual Life, Outstanding - vested or unvested and expected to vest | '6 years 7 months 10 days |
Weighted Average Remaining Contractual Life, Exercisable | '5 years 9 months 29 days |
Aggregate Intrinsic Value, Ending balance | 4,954 |
Aggregate Intrinsic Value, Outstanding vested or unvested and expected to vest | 4,896 |
Aggregate Intrinsic Value, Exercisable | 4,030 |
Stockholders_Equity_Key_Assump
Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model for Options Granted (Detail) | 3 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Option life (in years) | '6 years 3 months |
Stock volatility | 94.00% |
Risk-free interest rate | 1.70% |
Expected dividends | 0.00% |
Stockholders_Equity_Compensati
Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation | $217 | $343 |
Research and Development [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation | 77 | 179 |
General and Administrative [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Stock-based compensation | $140 | $164 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax benefit | $30,000 | $33,000 | ' |
Unrecognized tax benefits | 0 | 0 | ' |
Accrued penalties or interest related to uncertain tax positions | $0 | ' | $0 |
Loss_Per_Share_Potentially_Dil
Loss Per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities outstanding | 5,135,804 | 4,537,220 |
Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities outstanding | 3,959,699 | 3,361,115 |
Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Potentially dilutive securities outstanding | 1,176,105 | 1,176,105 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended | 3 Months Ended |
Nov. 01, 2013 | Sep. 30, 2013 | |
sqft | ||
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Area of leased office and laboratory space | 13,650 | ' |
Lease commencement date | ' | 'March 1, 2014 |
Lease expiry date | ' | 5-Apr-14 |
Irrevocable standby letter of credit | ' | $150,000 |
Initial lease term, Period | ' | '5 years |
Lease renewal, Period | ' | '5 years |
Subsequent_Event_Schedule_of_M
Subsequent Event - Schedule of Minimum Lease Payments (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Subsequent Events [Abstract] | ' |
2014 | $94 |
2015 | 379 |
2016 | 392 |
2017 | 406 |
2018 | 420 |
Thereafter | 322 |
Operating Leases, Future Minimum Payments Due, Total | $2,013 |