EyePoint Pharmaceuticals (EYPT) 10-Q 14 May 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2014	9-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
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	'	29,252,458

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$18,555	$6,899
Marketable securities	2,712	3,374
Accounts and other receivables	613	597
Prepaid expenses and other current assets	582	1,594
Total current assets	22,462	12,464
Property and equipment, net	292	179
Intangible assets, net	2,940	3,430
Other assets	177	176
Restricted cash	150	'
Total assets	26,021	16,249
Current liabilities:	'	'
Accounts payable	761	671
Accrued expenses	1,203	1,894
Deferred revenue	312	738
Total current liabilities	2,276	3,303
Deferred revenue	5,388	5,246
Deferred rent	11	'
Total liabilities	7,675	8,549
Commitments and contingencies	'	'
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, 29,244,608 and 23,297,011 shares issued and outstanding at March 31, 2014 and June 30, 2013, respectively	29	23
Additional paid-in capital	290,344	270,415
Accumulated deficit	-273,046	-263,658
Accumulated other comprehensive income	1,019	920
Total stockholders' equity	18,346	7,700
Total liabilities and stockholders' equity	$26,021	$16,249

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	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	29,244,608	23,297,011
Common stock, shares outstanding	29,244,608	23,297,011

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'	'	'
Collaborative research and development	$1,676	$239	$2,149	$603
Royalty income	316	274	1,032	1,048
Total revenues	1,992	513	3,181	1,651
Operating expenses:	'	'	'	'
Research and development	2,269	1,587	7,267	4,685
General and administrative	1,946	1,738	5,468	5,016
Gain on sale of property and equipment	-4	'	-76	'
Total operating expenses	4,211	3,325	12,659	9,701
Loss from operations	-2,219	-2,812	-9,478	-8,050
Other income (expense):	'	'	'	'
Interest income	1	3	3	14
Other expense, net	'	'	'	-2
Total other income	1	3	3	12
Loss before income taxes	-2,218	-2,809	-9,475	-8,038
Income tax benefit	31	15	87	85
Net loss	-2,187	-2,794	-9,388	-7,953
Net loss per common share - basic and diluted	($0.08)	($0.12)	($0.35)	($0.35)
Weighted average common shares - basic and diluted	27,672	23,297	26,842	22,960
Net loss	-2,187	-2,794	-9,388	-7,953
Other comprehensive income (loss):	'	'	'	'
Foreign currency translation adjustments	5	-87	100	-31
Net unrealized (loss) gain on marketable securities	-1	'	-1	3
Other comprehensive income (loss)	4	-87	99	-28
Comprehensive loss	($2,183)	($2,881)	($9,289)	($7,981)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement 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	-9,388	'	'	-9,388	'
Other comprehensive income	99	'	'	'	99
Issuance of stock, net of issue costs	18,063	6	18,057	'	'
Issuance of stock, shares	'	5,576,112	'	'	'
Exercise of stock options	909	'	909	'	'
Exercise of stock options, shares	'	371,485	'	'	'
Stock-based compensation	963	'	963	'	'
Balance at Mar. 31, 2014	$18,346	$29	$290,344	($273,046)	$1,019
Balance, shares at Mar. 31, 2014	29,244,608	29,244,608	'	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($9,388)	($7,953)
Adjustments to reconcile net loss to cash flows from operating activities:	'	'
Amortization of intangible assets	582	578
Depreciation of property and equipment	103	168
Stock-based compensation expense	963	918
Amortization of bond premium on marketable securities	26	123
Gain on sale of property and equipment	-76	'
Changes in operating assets and liabilities:	'	'
Accounts receivable and other current assets	1,016	-122
Accounts payable and accrued expenses	-833	785
Deferred revenue	-290	138
Deferred rent	11	'
Net cash used in operating activities	-7,886	-5,365
Cash flows from investing activities:	'	'
Purchases of marketable securities	-2,714	-7,758
Maturities of marketable securities	3,350	11,884
Purchases of property and equipment	-75	-49
Proceeds from sale of property and equipment	76	'
Change in restricted cash	-150	'
Net cash provided by investing activities	487	4,077
Cash flows from financing activities:	'	'
Proceeds from issuance of stock, net of issuance costs	18,149	4,669
Exercise of stock options	909	'
Net cash provided by financing activities	19,058	4,669
Effect of foreign exchange rate changes on cash and cash equivalents	-3	-8
Net increase in cash and cash equivalents	11,656	3,373
Cash and cash equivalents at beginning of period	6,899	4,625
Cash and cash equivalents at end of period	18,555	7,998
Supplemental disclosure of non-cash investing and financing activities:	'	'
Purchase of property and equipment	141	14
Stock issuance costs	$86	'

Operations_and_Basis_of_Presen

Operations and Basis of Presentation	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and for the three and nine months ended March 31, 2014 and 2013 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 and nine months ended March 31, 2014 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 that have been approved in the U.S. or European Union (“EU”), and its lead development product 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 collaborations and license agreements.
	ILUVIEN®, the Company’s most recently approved product, is an injectable, sustained-release micro-insert that releases drug over a period of up to three years. It is approved in six EU countries for the treatment of vision impairment associated with chronic diabetic macular edema (“DME”) considered insufficiently responsive to available therapies. ILUVIEN is licensed to Alimera Sciences, Inc. (“Alimera”), and the Company is entitled to 20% of the net profits (as defined) from Alimera’s sales of ILUVIEN on a country-by-country basis. Alimera commenced the commercial launch of ILUVIEN for chronic DME in the U.K. and Germany in 2013 and plans to launch in France in 2014. Initially available in the U.K. only to private pay and privately insured patients, Alimera commenced shipments of ILUVIEN for chronic DME to U.K. National Health Service (“NHS”) facilities in January 2014 following ILUVIEN’s acceptance by the U.K.’s National Institute for Health and Care Excellence (“NICE”) as a treatment option for pseudophakic eyes (those that have had cataract surgery) subject to a simple patient access scheme. In February 2014, the Scottish Medicines Consortium (“SMC”) accepted ILUVIEN for use within NHS Scotland under a similar patient access scheme for pseudophakic eyes. In addition, Alimera has filed for ten additional EU country approvals through the Mutual Recognition Procedure.
	In April 2014, Alimera entered into an exclusive agreement with Specialized Therapeutics Australia (“STA”) for the distribution of ILUVIEN in Australia and New Zealand. STA is responsible for regulatory and commercial matters, including marketing approval and reimbursement, in those countries. The agreement between Alimera and STA includes a milestone payment to Alimera upon achievement of a public reimbursement listing, and royalties based on net sales that will increase if a sales target is met. The Company is entitled to 20% of any royalties and 33% of all other payments received by Alimera, including any milestone payment.
	Alimera resubmitted a New Drug Application (“NDA”) for ILUVIEN for chronic DME to the U.S. Food and Drug Administration (“FDA”) in March 2014 and the FDA set a new Prescription Drug User Fee Act (“PDUFA”) goal date of September 26, 2014. The NDA responded to questions raised in an October 2013 third Complete Response Letter (“CRL”) from the FDA, which identified concerns regarding the benefit to risk and safety profiles of ILUVIEN for chronic DME and stated that the NDA could not be approved in its then present form. The NDA also provided data from ILUVIEN patients and from physician experience with ILUVIEN’s applicator in Germany and the U.K., and addressed deficiencies in the methods and controls used for the drug product at the facility where ILUVIEN is manufactured. FDA approval of ILUVIEN would entitle the Company to a $25.0 million milestone payment.
	Medidur™, the Company’s lead development product, is an injectable, sustained-release micro-insert being developed for the treatment of chronic non-infectious uveitis affecting the posterior of the eye (“posterior uveitis”). Medidur uses the same Durasert micro-insert and delivers the same dose of the same drug as ILUVIEN, which is a lower dose of the same drug as the Company’s FDA-approved Retisert® for posterior uveitis. In the quarter ended June 2013, the Company commenced a Phase III clinical trial of Medidur. The Company originally planned to request FDA approval of Medidur on the basis of two Phase III trials, but now plans to seek FDA approval based on data from the currently ongoing Phase III trial, combined with clinical data about the Company’s proprietary inserter, if ILUVIEN is approved by the FDA. The Company plans to have a confirmatory meeting with the FDA with respect to the Company’s regulatory strategy as more data become available. If ILUVIEN is not approved by the FDA, the Company plans to file for FDA approval as originally planned. The Company is developing Medidur independently.
	Retisert, an implant that provides sustained release treatment of posterior uveitis for approximately two and a half years, is licensed to and sold by Bausch & Lomb.
	The Company is engaged in pre-clinical research with respect to its BioSilicon and Durasert technology platforms. The primary focus of the Company’s BioSilicon research is the use of Tethadur™ for the sustained delivery of peptides, proteins and antibodies 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 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 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 $21.3 million at March 31, 2014, together with expected cash inflows under existing collaboration agreements, will enable the Company to maintain its current and planned operations through the third quarter of calendar year 2015. This estimate includes expected costs of clinical development of Medidur, but excludes any potential milestone or net profits receipts under the Alimera collaboration agreement. The Company’s ability to fund its planned operations beyond then, including completion of clinical development of Medidur, is expected to depend on the amount and timing of cash receipts under the Alimera collaboration agreement, as well as proceeds from any future collaboration or other agreements and/or financing transactions.
	References to “$” 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	9 Months Ended
	Mar. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
License and Collaboration Agreements	'
	2	License and Collaboration Agreements
	Alimera
	Under the 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 receive a $25.0 million milestone payment from Alimera within 30 days following an FDA approval of ILUVIEN. In addition, the Company is entitled to receive 20% of any net profits (as defined) on sales of each licensed product (including ILUVIEN) by Alimera, measured on a quarter-by-quarter and country-by-country basis. Alimera may recover 20% of previously incurred and unapplied net losses (as defined) for commercialization of each product in a country, but only by an offset of up to 4% of the net profits earned in that country each quarter, reducing the Company’s net profit share to 16% in each country until those net losses are recouped. In the event that Alimera sublicenses commercialization in any country, the Company is entitled to 20% of royalties and 33% of non-royalty consideration received by Alimera, less certain permitted deductions.
	Because the Company’s performance obligations ended on December 31, 2009, amounts received thereafter under the Alimera Agreement are recognized as revenue upon receipt or at such earlier date, if applicable, on which any such amounts are both fixed and determinable and reasonably assured of collectability.
	Revenue related to the Alimera Agreement totaled $47,000 and $5,000 for the three months ended March 31, 2014 and 2013, respectively, and $95,000 and $44,000 for the nine months ended March 31, 2014 and 2013, 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. If the Company delivers a final report 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 still has 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 automatically terminates, provided that the Company retains the right to develop and commercialize the Latanoprost Product on its own or with a partner.
	As a result of the material modification of the Pfizer arrangement, the estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million is being recognized as collaborative research and development revenue over the expected performance period of six years using the proportional performance method. The Company recorded revenue of $9,000 and $85,000 for the three months ended March 31, 2014 and 2013, respectively, and $65,000 and $336,000 for the nine months ended March 31, 2014 and 2013, respectively. Total deferred revenue was $5.5 million and $5.6 million at March 31, 2014 and June 30, 2013, respectively. Costs associated with developing the Latanoprost Product are reflected in operating expenses in the period in which they are incurred.
	Pfizer owned approximately 6.4% of the Company’s outstanding common stock at March 31, 2014.
	Bausch & Lomb
	Pursuant to a licensing and development agreement, as amended, Bausch & Lomb has a worldwide exclusive license to make and sell Retisert in return for royalties based on sales. Bausch & Lomb was also licensed to make and sell Vitrasert, an implant for sustained treatment of CMV retinitis, but discontinued sales in the second quarter of fiscal 2013 following patent expiration.
	Royalty income totaled $316,000 and $274,000 for the three months ended March 31, 2014 and 2013, respectively, and $1.0 million for each of the nine month periods ended March 31, 2014 and 2013. Accounts receivable from Bausch & Lomb totaled $316,000 at each of March 31, 2014 and 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, the Company’s 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 8% sales-based royalties, 20% of sublicense consideration and milestone payments 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, the first of which was received in January 2014. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sublicensee sales-based royalties earned to the extent such amounts, in the aggregate, exceed the $100,000 annual license maintenance fee. 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 on the earlier of receipt or when collectability is reasonably assured. Revenue related to the Enigma agreement totaled $0 and $100,000 for the three months ended March 31, 2014 and 2013, respectively and $102,000 and $100,000 for the nine months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, no deferred revenue was recorded for this agreement.
	Evaluation Agreements
	The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the evaluation agreement. Revenues under evaluation agreements totaled $1.6 million and $48,000 for the three months ended March 31, 2014 and 2013, respectively, and $1.9 million and $123,000 for the nine months ended March 31, 2014 and 2013, respectively.

Intangible_Assets

Intangible Assets	9 Months Ended
	Mar. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
Intangible Assets	'
	3	Intangible Assets
	The reconciliation of intangible assets for the nine months ended March 31, 2014 and for the year ended June 30, 2013 was as follows (in thousands):
			Nine Months Ended			Year Ended
			March 31, 2014			June 30, 2013
	Patented technologies
	Gross carrying amount at beginning of period		$	38,941		$	39,556
	Foreign currency translation adjustments			2,158			(615	)
	Gross carrying amount at end of period			41,099			38,941
	Accumulated amortization at beginning of period			(35,511	)		(35,330	)
	Amortization expense			(582	)		(769	)
	Foreign currency translation adjustments			(2,066	)		588
	Accumulated amortization at end of period			(38,159	)		(35,511	)
	Net book value at end of period		$	2,940		$	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 $196,000 and $192,000 for the three months ended March 31, 2014 and 2013, respectively, as well as $582,000 and $578,000 for the nine months ended March 31, 2014 and 2013, respectively. The carrying value of intangible assets at March 31, 2014 of $2.9 million (approximately $2.0 million attributable to the Durasert technology and $0.9 million attributable to the BioSilicon technology) is expected to be amortized on a straight-line basis over the remaining estimated useful life of 3.75 years, or approximately $784,000 per year.

Marketable_Securities

Marketable Securities	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and June 30, 2013 were as follows (in thousands):
			March 31, 2014
			Amortized		Unrealized
			Cost		Loss			Fair Value
	Corporate bonds		$	2,464	$	(2	)	$	2,462
	Commercial paper			250		—			250
	Total marketable securities		$	2,714	$	(2	)	$	2,712
			30-Jun-13
			Amortized		Unrealized
			Cost		Loss			Fair Value
	Corporate bonds		$	2,376	$	(1	)	$	2,375
	Commercial paper			999		—			999
	Total marketable securities		$	3,375	$	(1	)	$	3,374
	During the nine months ended March 31, 2014, $2.7 million of marketable securities were purchased and $3.4 million of such securities matured. At March 31, 2014, the marketable securities had maturities ranging from 6 to 11.5 months, with a weighted average maturity of 10 months.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014 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 tables summarize the Company’s assets carried at fair value measured on a recurring basis at March 31, 2014 and June 30, 2013 by valuation hierarchy (in thousands):
			March 31, 2014
					Quoted prices in		Significant other		Significant
			Total carrying		active markets		observable inputs		unobservable inputs
			value		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash equivalents		$	14,509	$	14,509	$	—	$	—
	Marketable securities
	Corporate bonds			2,462		2,462		—		—
	Commercial paper			250		—		250		—
			$	17,221	$	16,971	$	250	$	—
			June 30, 2013
					Quoted prices in		Significant other		Significant
			Total carrying		active markets		observable inputs		unobservable inputs
			value		(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	$	—

Accrued_Expenses

Accrued Expenses	9 Months Ended
	Mar. 31, 2014
Text Block [Abstract]	'
Accrued Expenses	'
	6	Accrued Expenses
	Accrued expenses consisted of the following (in thousands):
			March 31, 2014		June 30, 2013
	Personnel costs		$	497	$	1,252
	Professional fees			371		288
	Clinical			261		353
	Other			74		1
			$	1,203	$	1,894

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	7	Stockholders’ Equity
	In March 2014, the Company sold 1,700,000 shares of its common stock in a registered direct offering to a single institutional investor at a price of $4.11 per share for gross proceeds of $7.0 million. Placement agent fees and other share issue costs approximated $186,000.
	In December 2013, the Company entered into an at-the-market (“ATM”) program pursuant to which the Company may, at its option, offer and sell shares of its common stock from time to time for an aggregate offering price of up to $19.2 million. The Company pays the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. During the three and nine months ended March 31, 2014, the Company sold 57,770 and 381,562 common shares, respectively, for net proceeds of $224,000 and $1.5 million, respectively, reflecting a weighted-average gross selling price of $3.98 per share. At March 31, 2014, an aggregate registered amount of approximately $10.7 million of common stock remains available for sale under the Company’s existing shelf registration statement.
	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. Underwriting 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 $700,000.
	Warrants to Purchase Common Shares
	The following table provides a reconciliation of US$ warrants to purchase common stock for the nine months ended March 31, 2014 and 2013:
			Nine Months Ended March 31,
			2014					2013
						Weighted					Weighted
						Average					Average
			Number of			Exercise		Number of			Exercise
			Warrants			Price		Warrants			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 and exercisable at end of period			1,176,105		$	3.67		1,176,105		$	3.67
	At March 31, 2014, the remaining term of these warrants ranged from 1.8 to 3.4 years, representing a weighted average period of 2.6 years.
	In addition, warrants to purchase 205,479 shares denominated in A$ expired unexercised 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 March 31, 2014, a total of 5,591,255 shares of common stock were authorized for issuance under the 2008 Plan, of which 1,095,784 were available for issuance. The following table provides a reconciliation of stock option activity under the 2008 Plan for the nine months ended March 31, 2014:
								Weighted
						Weighted		Average
						Average		Remaining			Aggregate
			Number of			Exercise		Contractual			Intrinsic
			Options			Price		Life			Value
								(in years)			(in thousands)
	Outstanding at July 1, 2013			3,554,549		$	2.92
	Granted			778,500			3.51
	Exercised			(371,485	)		2.45
	Forfeited			(67,825	)		3.68
	Outstanding at March 31, 2014			3,893,739		$	3.07		6.67		$	4,492
	Outstanding at March 31, 2014 - vested or unvested and expected to vest			3,821,239		$	3.07		6.63		$	4,435
	Exercisable at March 31, 2014			2,555,881		$	2.88		5.64		$	3,439
	Option grants for the nine months ended March 31, 2014 consisted of 613,500 options to employees with ratable annual vesting over 4 years and 165,000 options to non-executive directors with 1-year cliff vesting. The weighted-average grant date fair value of these option grants was $2.48 per share. A total of 526,756 options vested during the nine months ended March 31, 2014. All option grants have a 10-year contractual life. 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 nine months ended March 31, 2014 based on the following key assumptions:
	Option life (in years)		5.50 - 6.25
	Stock volatility		94% - 96%
	Risk-free interest rate		1.70% - 1.99%
	Expected dividends		0%
	In addition, during the three months ended September 30, 2012, the last remaining 112,500 options outstanding under an earlier incentive plan expired unexercised.
	Stock-Based Compensation Expense
	The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards for the three and nine months ended March 31, 2014 and 2013, as follows (in thousands):
			Three Months Ended					Nine Months Ended
			March 31,					March 31,
			2014			2013		2014			2013
	Compensation expense included in:
	Research and development		$	142		$	116	$	373		$	422
	General and administrative			299			196		590			496
			$	441		$	312	$	963		$	918
	At March 31, 2014, 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 1.6 years.

Income_Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	8	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 $31,000 and $87,000 for the three and nine months ended March 31, 2014, respectively, as well as $15,000 and $85,000 for the three and nine months ended March 31, 2013, respectively. These income tax benefits related to earned foreign research and development tax credits.
	For the three and nine months ended March 31, 2014 and 2013, the Company had no significant unrecognized tax benefits. At March 31, 2014 and June 30, 2013, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	9	Commitments and Contingencies
	On March 21, 2014, the Company commenced a lease for approximately 13,650 square feet of combined office and laboratory space in Watertown, Massachusetts to replace the Company’s previous lease that expired on April 5, 2014. The Company provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease. The initial lease term extends through April 2019, 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		$	73
	2015			378
	2016			392
	2017			405
	2018			419
	Thereafter			358
			$	2,025
	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.
	At March 31, 2014, 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	9 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Loss Per Share	'
	10	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 and nine-month periods ended March 31, 2014 and 2013 as their inclusion would be anti-dilutive.
	Potentially dilutive shares at March 31, 2014 and 2013 were as follows:
			March 31,
			2014		2013
	Options			3,893,739		3,670,115
	Warrants			1,176,105		1,176,105
				5,069,844		4,846,220

Intangible_Assets_Tables

Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
Reconciliation of Intangible Assets	'
	The reconciliation of intangible assets for the nine months ended March 31, 2014 and for the year ended June 30, 2013 was as follows (in thousands):
		Nine Months Ended			Year Ended
		March 31, 2014			June 30, 2013
	Patented technologies
	Gross carrying amount at beginning of period	$	38,941		$	39,556
	Foreign currency translation adjustments		2,158			(615	)
	Gross carrying amount at end of period		41,099			38,941
	Accumulated amortization at beginning of period		(35,511	)		(35,330	)
	Amortization expense		(582	)		(769	)
	Foreign currency translation adjustments		(2,066	)		588
	Accumulated amortization at end of period		(38,159	)		(35,511	)
	Net book value at end of period	$	2,940		$	3,430

Marketable_Securities_Tables

Marketable Securities (Tables)	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and June 30, 2013 were as follows (in thousands):
		March 31, 2014
		Amortized		Unrealized
		Cost		Loss			Fair Value
	Corporate bonds	$	2,464	$	(2	)	$	2,462
	Commercial paper		250		—			250
	Total marketable securities	$	2,714	$	(2	)	$	2,712
		30-Jun-13
		Amortized		Unrealized
		Cost		Loss			Fair 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)	9 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Assets Carried at Fair Value Measured on Recurring Basis	'
	The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at March 31, 2014 and June 30, 2013 by valuation hierarchy (in thousands):
		March 31, 2014
				Quoted prices in		Significant other		Significant
		Total carrying		active markets		observable inputs		unobservable inputs
		value		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash equivalents	$	14,509	$	14,509	$	—	$	—
	Marketable securities
	Corporate bonds		2,462		2,462		—		—
	Commercial paper		250		—		250		—
		$	17,221	$	16,971	$	250	$	—
		June 30, 2013
				Quoted prices in		Significant other		Significant
		Total carrying		active markets		observable inputs		unobservable inputs
		value		(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	$	—

Accrued_Expenses_Tables

Accrued Expenses (Tables)	9 Months Ended
	Mar. 31, 2014
Text Block [Abstract]	'
Schedule of Accrued Expenses	'
	Accrued expenses consisted of the following (in thousands):
		March 31, 2014		June 30, 2013
	Personnel costs	$	497	$	1,252
	Professional fees		371		288
	Clinical		261		353
	Other		74		1
		$	1,203	$	1,894

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Warrants to Purchase Common Shares	'
	The following table provides a reconciliation of US$ warrants to purchase common stock for the nine months ended March 31, 2014 and 2013:
		Nine Months Ended March 31,
		2014					2013
					Weighted					Weighted
					Average					Average
		Number of			Exercise		Number of			Exercise
		Warrants			Price		Warrants			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 and exercisable at end of period		1,176,105		$	3.67		1,176,105		$	3.67
Stock Option Activity under Plan	'
	The following table provides a reconciliation of stock option activity under the 2008 Plan for the nine months ended March 31, 2014:
							Weighted
					Weighted		Average
					Average		Remaining			Aggregate
		Number of			Exercise		Contractual			Intrinsic
		Options			Price		Life			Value
							(in years)			(in thousands)
	Outstanding at July 1, 2013		3,554,549		$	2.92
	Granted		778,500			3.51
	Exercised		(371,485	)		2.45
	Forfeited		(67,825	)		3.68
	Outstanding at March 31, 2014		3,893,739		$	3.07		6.67		$	4,492
	Outstanding at March 31, 2014 - vested or unvested and expected to vest		3,821,239		$	3.07		6.63		$	4,435
	Exercisable at March 31, 2014		2,555,881		$	2.88		5.64		$	3,439
Key Assumptions used to Apply Option Pricing Model for Options Awarded	'
	The Company calculated the Black-Scholes value of options awarded during the nine months ended March 31, 2014 based on the following key assumptions:
	Option life (in years)	5.50 - 6.25
	Stock volatility	94% - 96%
	Risk-free interest rate	1.70% - 1.99%
	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 and nine months ended March 31, 2014 and 2013, as follows (in thousands):
		Three Months Ended					Nine Months Ended
		March 31,					March 31,
		2014			2013		2014			2013
	Compensation expense included in:
	Research and development	$	142		$	116	$	373		$	422
	General and administrative		299			196		590			496
		$	441		$	312	$	963		$	918

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	9 Months Ended
	Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Schedule of Minimum Lease Payments	'
	Minimum lease payments during the initial lease term are as follows (in thousands):
	Fiscal Year:
	2014	$	73
	2015		378
	2016		392
	2017		405
	2018		419
	Thereafter		358
		$	2,025

Loss_Per_Share_Tables

Loss Per Share (Tables)	9 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares	'
	Potentially dilutive shares at March 31, 2014 and 2013 were as follows:
		March 31,
		2014		2013
	Options		3,893,739		3,670,115
	Warrants		1,176,105		1,176,105
			5,069,844		4,846,220

Operations_and_Basis_of_Presen1

Operations and Basis of Presentation - Additional Information (Detail) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Operations [Line Items]	'
Milestone payment upon FDA approval	$25
Cash equivalents and marketable securities	21.3
Alimera [Member]	'
Operations [Line Items]	'
Percentage of Company's share of net profits	20.00%
Percentage of royalties	20.00%
Percentage of all other payments received	33.00%
Milestone payment upon FDA approval	$25

License_and_Collaboration_Agre1

License and Collaboration Agreements - Additional Information (Detail) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2011

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2011

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Alimera [Member]

Alimera [Member]

Alimera [Member]

Alimera [Member]

Pfizer Collaboration Agreement [Member]

Pfizer Collaboration Agreement [Member]

Pfizer Collaboration Agreement [Member]

Pfizer Collaboration Agreement [Member]

Pfizer Collaboration Agreement [Member]

Pfizer Collaboration Agreement [Member]

Enigma Therapeutics Limited [Member]

Enigma Therapeutics Limited [Member]

Enigma Therapeutics Limited [Member]

Enigma Therapeutics Limited [Member]

Bausch and Lomb [Member]

Bausch and Lomb [Member]

Bausch and Lomb [Member]

Bausch and Lomb [Member]

Bausch and Lomb [Member]

Evaluation Agreements [Member]

Evaluation Agreements [Member]

Evaluation Agreements [Member]

Evaluation Agreements [Member]

Collaborative Agreements And Contracts [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Milestone payment upon FDA approval

'

'

$25,000,000

'

'

'

'

$25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Milestone payment due period

'

'

'

'

'

'

'

'30 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of Company's share of net profits

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pre-profitability net losses percentage

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum Percentage of offset previously incurred and unapplied pre-profitability quarterly net losses

'

'

'

'

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of net profit share after of offset previously incurred and unapplied pre-profitability net losses

'

'

'

'

'

'

'

16.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of royalties

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

Percentage of non-royalty consideration received

'

'

'

'

'

'

'

33.00%

'

'

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

'

Collaborative research and development revenue

1,676,000

239,000

2,149,000

603,000

'

47,000

5,000

95,000

44,000

9,000

85,000

'

65,000

336,000

'

0

100,000

102,000

100,000

'

'

'

'

'

1,600,000

48,000

1,900,000

123,000

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

'

'

'

'

'

'

'

'

'

'

'

'

'

Estimated selling price of the deliverables for revenue recognition

'

'

'

'

'

'

'

'

'

'

'

6,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected performance period

'

'

'

'

'

'

'

'

'

'

'

'

'6 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred revenue

5,500,000

'

5,500,000

'

5,600,000

'

'

'

'

'

'

'

'

'

'

0

'

0

'

'

'

'

'

'

'

'

'

'

Percentage of outstanding share capital owned by Pfizer

6.40%

'

6.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Royalty income

316,000

274,000

1,032,000

1,048,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

316,000

274,000

1,000,000

1,000,000

'

'

'

'

'

Accounts receivable

613,000

'

613,000

'

597,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

316,000

'

316,000

'

316,000

'

'

'

'

Annual license maintenance fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

Performance obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

$0

'

'

'

'

'

'

'

'

'

'

Intangible_Assets_Reconciliati

Intangible Assets - Reconciliation of Intangible Assets (Detail) (USD $)	3 Months Ended		9 Months Ended			9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013	Mar. 31, 2014	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	'	'	'	'	'	2,158	-615
Gross carrying amount at end of period	'	'	'	'	'	41,099	38,941
Accumulated amortization at beginning of period	'	'	'	'	'	-35,511	-35,330
Amortization expense	-196	-192	-582	-578	'	-582	-769
Foreign currency translation adjustments	'	'	'	'	'	-2,066	588
Accumulated amortization at end of period	'	'	'	'	'	-38,159	-35,511
Net book value at end of period	$2,940	'	$2,940	'	$3,430	$2,940	$3,430

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013
Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'
Amortization expense	$196	$192	$582	$578	'
Intangible assets, net	2,940	'	2,940	'	3,430
Amortization expense per year	784	'	784	'	'
Remaining estimated useful life	'	'	'3 years 9 months	'	'
Durasert [Member]	'	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'
Intangible assets, net	2,000	'	2,000	'	'
BioSilicon [Member]	'	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'
Intangible assets, net	$900	'	$900	'	'

Marketable_Securities_Schedule

Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities, Amortized Cost	$2,714	$3,375
Marketable securities, Unrealized Loss	-2	-1
Marketable securities, Fair Value	2,712	3,374
Corporate Bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities, Amortized Cost	2,464	2,376
Marketable securities, Unrealized Loss	-2	-1
Marketable securities, Fair Value	2,462	2,375
Commercial Paper [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities, Amortized Cost	250	999
Marketable securities, Unrealized Loss	'	'
Marketable securities, Fair Value	$250	$999

Marketable_Securities_Addition

Marketable Securities - Additional Information (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities purchased	$2,714	$7,758
Marketable securities matured and sold	$3,350	$11,884
Weighted average maturity	'10 months	'
Minimum [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities maturity period	'6 months	'
Maximum [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities maturity period	'11 months 15 days	'

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Cash equivalents	$14,509	$6,330
Cash equivalents and marketable securities	17,221	9,704
Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	2,462	2,375
Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	250	999
Quoted Prices in Active Markets (Level 1) [Member]	'	'
Assets:	'	'
Cash equivalents	14,509	6,330
Cash equivalents and marketable securities	16,971	7,949
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	2,462	1,619
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	'	'
Significant Other Observable Inputs (Level 2) [Member]	'	'
Assets:	'	'
Cash equivalents	'	'
Cash equivalents and marketable securities	250	1,755
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	'	756
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	250	999
Significant Unobservable Inputs (Level 3) [Member]	'	'
Assets:	'	'
Cash equivalents	'	'
Cash equivalents and marketable securities	'	'
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	'	'
Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	'	'

Accrued_Expenses_Schedule_of_A

Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Payables And Accruals [Abstract]	'	'
Personnel costs	$497	$1,252
Professional fees	371	288
Clinical	261	353
Other	74	1
Accrued expenses	$1,203	$1,894

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

Mar. 31, 2014

Jul. 31, 2013

Aug. 31, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Sep. 30, 2012

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Investor

Non-Executive Directors [Member]

Options [Member]

Minimum [Member]

Maximum [Member]

Common Stock [Member]

A$ Warrants [Member]

2008 Incentive Plan [Member]

2008 Incentive Plan [Member]

At-the-Market Offering [Member]

At-the-Market Offering [Member]

At-the-Market Offering [Member]

At-the-Market Offering [Member]

Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock issued

1,700,000

3,494,550

2,494,419

'

'

'

'

'

'

5,576,112

'

'

'

'

57,770

381,562

'

Common stock price per share

$4.11

$3.10

'

$4.11

$4.11

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock

$7,000,000

$10,800,000

'

'

'

'

'

'

'

'

'

'

'

'

$224,000

$1,500,000

'

Share issuance costs

186,000

890,000

700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of institutional investors in direct offering

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock shares maximum aggregate offering price

'

'

'

'

'

'

'

'

'

'

'

'

'

19,200,000

'

'

'

Stock issuances, sales agent commission maximum percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

Weighted-average gross selling price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3.98

'

Common stock remains available for sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,700,000

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 period

'2 years 7 months 6 days

'

'

'2 years 7 months 6 days

'2 years 7 months 6 days

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding warrants remaining contract life

'

'

'

'

'

'

'

'1 year 9 months 18 days

'3 years 4 months 24 days

'

'

'

'

'

'

'

'

Number of warrants, expired

'

'

'

'

'

'

'

'

'

'

205,479

'

'

'

'

'

'

Outstanding warrants expiration date

'

'

'

'

'

'

'

'

'

'

'2012-07

'

'

'

'

'

'

Shares of common stock authorized for issuance

'

'

'

'

'

'

'

'

'

'

'

'

5,591,255

'

'

'

'

Shares of common stock, available for issuance

'

'

'

'

'

'

'

'

'

'

'

'

1,095,784

'

'

'

'

Options granted with annual vesting

'

'

'

'

'

165,000

613,500

'

'

'

'

'

778,500

'

'

'

'

Vesting period of granted options

'

'

'

'

'

'1 year

'4 years

'

'

'

'

'

'

'

'

'

'

Fair value of options granted

'

'

'

'

$2.48

'

'

'

'

'

'

'

'

'

'

'

'

Options vested during the period

'

'

'

'

526,756

'

'

'

'

'

'

'

'

'

'

'

'

Contractual life of option grants

'

'

'

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

Options outstanding expired unexercised

'

'

'

'

'

'

'

'

'

'

'

112,500

'

'

'

'

'

Unrecognized compensation expense

'

'

'

'

'

'

'

'

'

'

'

'

$1,500,000

'

'

'

'

Unrecognized compensation expense weighted average period

'

'

'

'

'

'

'

'

'

'

'

'

'1 year 7 months 6 days

'

'

'

'

Stockholders_Equity_Warrants_t

Stockholders' Equity - Warrants to Purchase Common Shares (Detail) (USD $)	1 Months Ended	9 Months Ended
	Aug. 31, 2012	Mar. 31, 2014	Mar. 31, 2013
		Warrants [Member]	Warrants [Member]
		US$ 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	'	623,605
Number of Warrants, Expired	'	'	-1,512,210
Number of Warrants, Balance and exercisable at end of period	'	1,176,105	1,176,105
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 and exercisable at end of period	'	$3.67	$3.67

Stockholders_Equity_Stock_Opti

Stockholders' Equity - Stock Option Activity under Plan (Detail) (2008 Incentive Plan [Member], USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
2008 Incentive Plan [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of Options Outstanding, Beginning balance	3,554,549
Number of Options, Granted	778,500
Number of Options, Exercised	-371,485
Number of Options, Forfeited	-67,825
Number of Options Outstanding, Ending balance	3,893,739
Number of Options, Outstanding at March 31, 2014 - vested or unvested and expected to vest	3,821,239
Number of Options, Exercisable at March 31, 2014	2,555,881
Weighted Average Exercise Price Outstanding, beginning balance	$2.92
Weighted Average Exercise Price, Granted	$3.51
Weighted Average Exercise Price, Exercised	$2.45
Weighted Average Exercise Price, Forfeited	$3.68
Weighted Average Exercise Price Outstanding, ending balance	$3.07
Weighted Average Exercise Price, Outstanding at March 31, 2014 - vested or unvested and expected to vest	$3.07
Weighted Average Exercise Price, Exercisable at March 31, 2014	$2.88
Weighted Average Remaining Contractual Life Outstanding, Ending balance	'6 years 8 months 1 day
Weighted Average Remaining Contractual Life, Outstanding at March 31, 2014 - vested or unvested and expected to vest	'6 years 7 months 17 days
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2014	'5 years 7 months 21 days
Aggregate Intrinsic Value Outstanding, Ending balance	$4,492
Aggregate Intrinsic Value, Outstanding at March 31, 2014 - vested or unvested and expected to vest	4,435
Aggregate Intrinsic Value, Exercisable at March 31, 2014	$3,439

Stockholders_Equity_Key_Assump

Stockholders' Equity - Key Assumptions used to Apply Option Pricing Model for Options Awarded (Detail)	9 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock volatility, Minimum	94.00%
Stock volatility, Maximum	96.00%
Risk-free interest rate, Minimum	1.70%
Risk-free interest rate, Maximum	1.99%
Expected dividends	0.00%
Minimum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Option life (in years)	'5 years 6 months
Maximum [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Option life (in years)	'6 years 3 months

Stockholders_Equity_Compensati

Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense	$441	$312	$963	$918
Research and Development [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense	142	116	373	422
General and Administrative [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Stock-based compensation expense	$299	$196	$590	$496

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Jun. 30, 2013
Income Tax Disclosure [Abstract]	'	'	'	'	'
Income tax benefit	$31,000	$15,000	$87,000	$85,000	'
Unrecognized tax benefits	0	0	0	0	'
Accrued penalties or interest related to uncertain tax positions	$0	'	$0	'	$0

Commitments_and_Contingencies_1

Commitments and Contingencies - Additional Information (Detail) (USD $)	9 Months Ended
	Mar. 31, 2014
	sqft
Commitments And Contingencies Disclosure [Abstract]	'
Area of leased office and laboratory space	13,650
Lease expiry date	5-Apr-14
Irrevocable standby letter of credit	$150,000
Initial lease term extended period	'2019-04
Lease renewal, Period	'5 years

Commitments_and_Contingencies_2

Commitments and Contingencies - Schedule of Minimum Lease Payments (Detail) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Commitments And Contingencies Disclosure [Abstract]	'
2014	$73
2015	378
2016	392
2017	405
2018	419
Thereafter	358
Total future minimum lease payments	$2,025

Loss_Per_Share_Potentially_Dil

Loss Per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail)	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Potentially dilutive securities outstanding	5,069,844	4,846,220
Options [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Potentially dilutive securities outstanding	3,893,739	3,670,115
Warrants [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Potentially dilutive securities outstanding	1,176,105	1,176,105