EyePoint Pharmaceuticals (EYPT) 10-K11 Sep 142014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Jun. 30, 2014	Sep. 08, 2014	Dec. 31, 2013
Document And Entity Information [Abstract]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	30-Jun-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'FY	'	'
Entity Registrant Name	'pSivida Corp.	'	'
Entity Central Index Key	'0001314102	'	'
Current Fiscal Year End Date	'--06-30	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	29,337,595	'
Entity Public Float	'	'	$106,135,000

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Current assets:	'	'
Cash and cash equivalents	$15,334	$6,899
Marketable securities	2,944	3,374
Accounts and other receivables	517	597
Prepaid expenses and other current assets	547	1,594
Total current assets	19,342	12,464
Property and equipment, net	297	179
Intangible assets, net	2,765	3,430
Other assets	117	176
Restricted cash	150	'
Total assets	22,671	16,249
Current liabilities:	'	'
Accounts payable	464	671
Accrued expenses	1,524	1,894
Deferred revenue	138	738
Total current liabilities	2,126	3,303
Deferred revenue, less current portion	5,584	5,246
Deferred rent	37	'
Total liabilities	7,747	8,549
Commitments and contingencies (Note 13)	'	'
Stockholders' equity:	'	'
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	'	'
Common stock, $.001 par value, 60,000,000 shares authorized, 29,298,558 and 23,297,011 shares issued and outstanding at June 30, 2014 and 2013, respectively	29	23
Additional paid-in capital	290,864	270,415
Accumulated deficit	-277,013	-263,658
Accumulated other comprehensive income	1,044	920
Total stockholders' equity	14,924	7,700
Total liabilities and stockholders' equity	$22,671	$16,249

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 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	29,298,558	23,297,011
Common stock, shares outstanding	29,298,558	23,297,011

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Revenues:	'	'	'
Collaborative research and development	$2,155	$780	$2,080
Royalty income	1,318	1,363	1,446
Total revenues	3,473	2,143	3,526
Operating expenses:	'	'	'
Research and development	9,573	7,005	7,039
General and administrative	7,468	7,169	6,868
Gain on sale of property and equipment	-78	'	'
Impairment of intangible assets	'	'	14,830
Total operating expenses	16,963	14,174	28,737
Operating loss	-13,490	-12,031	-25,211
Other income (expense):	'	'	'
Change in fair value of derivatives	'	'	170
Interest income, net	6	16	38
Other expense, net	-1	-2	-1
Total other income	5	14	207
Loss before income taxes	-13,485	-12,017	-25,004
Income tax benefit	130	117	169
Net loss	-13,355	-11,900	-24,835
Net loss per share:	'	'	'
Basic and diluted	($0.49)	($0.52)	($1.19)
Weighted average common shares outstanding:	'	'	'
Basic and diluted	27,444	23,044	20,791
Net loss	-13,355	-11,900	-24,835
Other comprehensive income (loss):	'	'	'
Foreign currency translation adjustments	124	-29	-492
Net unrealized gain on marketable securities	'	7	5
Other comprehensive income (loss)	124	-22	-487
Comprehensive loss	($13,231)	($11,922)	($25,322)

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
In Thousands, except Share data	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Jun. 30, 2011	$37,433	$21	$262,906	($226,923)	$1,429
Balance, shares at Jun. 30, 2011	'	20,748,642	'	'	'
Net loss	-24,835	'	'	-24,835	'
Other comprehensive (loss) income	-487	'	'	'	-487
Exercise of stock options	114	'	114	'	'
Exercise of stock options, shares	'	53,950	'	'	'
Stock-based compensation	1,411	'	1,411	'	'
Balance at Jun. 30, 2012	13,636	21	264,431	-251,758	942
Balance, shares at Jun. 30, 2012	'	20,802,592	'	'	'
Net loss	-11,900	'	'	-11,900	'
Other comprehensive (loss) income	-22	'	'	'	-22
Issuance of stock, net of issue costs	4,669	2	4,667	'	'
Issuance of stock, shares	'	2,494,419	'	'	'
Stock-based compensation	1,317	'	1,317	'	'
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	-13,355	'	'	-13,355	'
Other comprehensive (loss) income	124	'	'	'	124
Issuance of stock, net of issue costs	18,057	6	18,051	'	'
Issuance of stock, shares	'	5,576,112	'	'	'
Exercise of stock options	987	'	987	'	'
Exercise of stock options, shares	'	425,435	'	'	'
Stock-based compensation	1,411	'	1,411	'	'
Balance at Jun. 30, 2014	$14,924	$29	$290,864	($277,013)	$1,044
Balance, shares at Jun. 30, 2014	29,298,558	29,298,558	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:	'	'	'
Net loss	($13,355)	($11,900)	($24,835)
Adjustments to reconcile net loss to cash flows from operating activities:	'	'	'
Impairment of intangible assets	'	'	14,830
Amortization of intangible assets	778	769	2,037
Depreciation of property and equipment	139	225	190
Change in fair value of derivatives	'	'	-170
Amortization of bond premium on marketable securities	45	152	264
Stock-based compensation	1,411	1,317	1,411
Gain on sale of property and equipment	-78	'	'
Deferred income tax benefit	'	'	-13
Changes in operating assets and liabilities:	'	'	'
Accounts and other receivables	103	364	-128
Prepaid expenses and other current assets	1,110	-1,272	-44
Accounts payable	-213	277	64
Accrued expenses	-381	1,288	-712
Deferred revenue	-267	35	-1,895
Deferred rent	37	'	'
Net cash used in operating activities	-10,671	-8,745	-9,001
Cash flows from investing activities:	'	'	'
Purchases of marketable securities	-2,964	-7,758	-15,392
Maturities of marketable securities	3,350	14,184	15,299
Proceeds from sales of marketable securities	'	'	1,104
Purchases of property and equipment	-248	-68	-405
Proceeds from sale of property and equipment	78	'	'
Change in restricted cash	-150	'	'
Net cash provided by investing activities	66	6,358	606
Cash flows from financing activities:	'	'	'
Proceeds from issuance of stock, net of issuance costs	18,057	4,669	'
Proceeds from exercise of stock options	987	'	114
Net cash provided by financing activities	19,044	4,669	114
Effect of foreign exchange rate changes on cash and cash equivalents	-4	-8	-6
Net increase (decrease) in cash and cash equivalents	8,435	2,274	-8,287
Cash and cash equivalents at beginning of year	6,899	4,625	12,912
Cash and cash equivalents at end of year	$15,334	$6,899	$4,625

Operations

Operations	12 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Operations	'
	1	Operations
	pSivida Corp. (together with its subsidiaries, the “Company”), incorporated in Delaware, develops tiny, sustained-release products designed to deliver drugs and biologics at a controlled and steady rate for weeks, months or years. The Company’s strategy is to use its Durasert™ and Tethadur™ drug delivery technologies to independently develop products that deliver proven drugs and biologics, while continuing to leverage these technologies through collaboration and license agreements. The Company is focused on treatment of chronic diseases of the back of the eye and is also exploring applications outside ophthalmology. The Company’s lead product candidate Medidur™ is in a pivotal Phase III clinical trial, its lead licensed product ILUVIEN^® has been approved in the European Union (“EU”) and is pending approval with the U.S. Food and Drug Administration (“FDA”), and the Company’s pipeline includes potential product candidates at earlier stages of development. Using different generations of the Durasert technology, the Company developed three of the four sustained-release products for treatment of retinal diseases approved in the U.S. or EU.
	Medidur™ is an injectable, sustained-release micro-insert designed to treat chronic, non-infectious uveitis affecting the posterior of the eye (“posterior uveitis”) over a period of up to three years. 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, which is licensed to Bausch & Lomb. Although the Company originally planned to seek FDA approval of Medidur based on two Phase III clinical trials, the Company now expects to seek approval based on safety and efficacy data from its single ongoing Phase III trial, with supplemental clinical data on the safety and usability of its proprietary inserter, if ILUVIEN is approved by the FDA later this year. The Company plans to have a confirmatory meeting with the FDA with respect to the Company’s regulatory strategy. If the FDA does not approve the Company’s regulatory strategy, the Company may be required to complete a second Phase III trial for Medidur in order to submit for FDA approval, which would increase the development time and cost of Medidur. The Company is developing Medidur independently.
	ILUVIEN^®, the Company’s lead licensed product, is an injectable, sustained-release micro-insert that provides treatment over a period of up to three years of vision impairment associated with diabetic macular edema (“DME”). ILUVIEN is licensed to and sold by 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. The Company is also entitled to a one-time $25.0 million milestone payment from Alimera if ILUVIEN is approved by the FDA.
	ILUVIEN is commercially available in the United Kingdom (“U.K.”) and Germany for the treatment of chronic DME considered insufficiently responsive to available therapies, and Alimera expects to launch in France and Portugal in late 2014. ILUVIEN has marketing authorization in six other EU countries and is pending authorization in seven more EU countries.
	Alimera is also seeking marketing approval for ILUVIEN for DME in the U.S. Alimera entered into labeling discussions with the FDA in December 2013 and refiled its New Drug Application (“NDA”) with the FDA in March 2014. The FDA set a new Prescription Drug User Fee Act goal date of September 26, 2014. The NDA resubmission responded to issues raised in the FDA’s October 2013 Complete Response Letter (“CRL”).
	The Company’s pre-clinical research is primarily focused on its Tethadur and Durasert technology platforms. The Company is seeking to develop products using Tethadur, part of its BioSilicon™ technology, to provide sustained delivery of peptides, proteins, antibodies and other large biologic molecules. The Company is also researching the use of its Durasert technology, in some instances in combination with its BioSilicon technology, to provide sustained delivery of therapeutic agents to treat wet and dry age-related macular degeneration (“AMD”), osteoarthritis and glaucoma, as well as to provide systemic delivery of biologics.

	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 and royalty income from its collaboration partners. The Company believes that its cash, cash equivalents and marketable securities of $18.3 million at June 30, 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.

Significant_Accounting_Policie

Significant Accounting Policies

12 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts of pSivida Corp. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2014, 2013 and 2012 may be referred to herein as fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Throughout these financial statements, references to “US$” and “$” are to U.S. dollars and references to “A$” are to Australian dollars.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, recoverability of intangible assets, realization of deferred tax assets and the valuation of stock option awards. Actual results could differ from these estimates.

Foreign Currency

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which that entity operates—the U.S. dollar or the Pound Sterling.

Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the statements of comprehensive loss and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity in the consolidated balance sheets. The balance of accumulated other comprehensive income attributable to foreign currency translation was $1,045,000 at June 30, 2014 and $921,000 at June 30, 2013. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in other expense, net in the consolidated statements of comprehensive loss and were not significant for all periods presented.

Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds.

Marketable Securities

Marketable securities consist of investments with an original or remaining maturity of greater than ninety days at the date of purchase. The Company has classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. As of June 30, 2014 and 2013, there were no investments in a significant unrealized loss position. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest income, net in the consolidated statements of comprehensive loss. The cost of marketable securities sold is determined by the specific identification method.

Concentrations of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2014, all of the Company’s interest-bearing cash equivalent balances, aggregating $14.3 million, were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits and treasury repurchase agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they bear minimal risk. Marketable securities at June 30, 2014 and 2013 consist of investment-grade corporate bonds and commercial paper. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.

Pfizer revenues, which were inconsequential in fiscal 2014, accounted for $368,000, or 17%, of total revenues in fiscal 2013 and $754,000, or 21%, of total revenues in fiscal 2012. Bausch & Lomb accounted for $1.3 million, or 38% of total revenues in fiscal 2014, $1.4 million, or 64%, of total revenues in fiscal 2013 and $1.4 million, or 41%, of total revenues in fiscal 2012. A completed feasibility study agreement accounted for $1.7 million, or 49%, of total revenues in fiscal 2014.

Bausch & Lomb accounted for $302,000, or 58% of total accounts receivable at June 30, 2014 and $316,000, or 53% of total accounts receivable at June 30, 2013.

Fair Value of Financial Instruments

The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables

Receivables consist primarily of: (i) quarterly royalties earned; (ii) U.K. research and development tax credits; and (iii) accrued interest on marketable securities.

Debt and Equity Instruments

Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement. Warrants issued in connection with share issues that were denominated in a currency (A$) other than the Company’s functional currency (US$), the last of which expired in July 2012, were treated as derivative liabilities, reflecting the variable amount of functional currency to be received upon potential exercise. After initial recognition, subsequent changes in the fair value of the derivative liabilities were recorded in the consolidated statements of comprehensive loss in each reporting period. Fair value was determined using a Black-Scholes valuation model.

Property and Equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or their estimated useful lives. Repair and maintenance costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective accounts and any gain or loss is recognized.

Leases

The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses. The Company recognizes the rent holiday and scheduled rent increases on a straight-line basis over the lease term, with the excess of rent expense over cash payments recorded as a deferred rent liability.

Impairment of Intangible Assets

The Company’s finite life intangible assets include its acquired Durasert and BioSilicon (including Tethadur) patented technologies, which are being amortized on a straight-line basis over twelve years. The intangible asset lives were determined based upon the anticipated period that the Company will derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured by the amount by which the carrying value of the asset exceeds its estimated fair value. During the quarter ended December 31, 2011, the Company recorded a $14.8 million intangible asset impairment charge related to its Durasert and BioSilicon technologies (see Note 4).

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

The Company enters into collaborative arrangements with strategic partners for the development and commercialization of product candidates utilizing the Company’s technologies. The terms of these agreements have typically included multiple deliverables by the Company (for example, license rights, research and development services and manufacturing of clinical materials) in exchange for consideration to the Company of some combination of non-refundable license fees, research and development funding, payments based upon achievement of clinical development or other milestones and royalties in the form of a designated percentage of product sales or profits.

Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable, and collection is reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price method using management’s best estimate of the standalone selling price of deliverables when vendor-specific objective evidence or third-party evidence of selling price is not available. Allocated consideration is recognized as revenue upon application of the appropriate revenue recognition principles to each unit. When the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized.

The Company estimates its performance period used for revenue recognition based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Significant management judgment may be required to determine the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method.

Royalties

Royalty income is recognized upon the sale of the related products, provided that the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and the Company has no remaining performance obligations under the arrangement. Such revenues are included as royalty income.

If royalties are received when the Company has remaining performance obligations, the royalty payments would be attributed to the services being provided under the arrangement and therefore revenue would be recognized as such performance obligations are performed. Any such revenues are included as collaborative research and development revenues.

Reimbursement of Costs

The Company may provide research and development services and incur maintenance costs of licensed patents under collaboration arrangements to assist in advancing the development of licensed products. The Company acts primarily as a principal in these transactions, and, accordingly, reimbursement amounts received are classified as a component of revenue to be recognized consistent with the revenue recognition policy summarized above. The Company records the expenses incurred and reimbursed on a gross basis.

Deferred Revenue

Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue.

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates.

Stock-Based Compensation

The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. Compensation cost related to such awards is based on the fair value of the instrument on the grant date and is recognized, net of estimated forfeitures, on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model.

Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the weighted-average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.

The following potentially dilutive securities outstanding, prior to the application of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding for the years ended June 30, 2014, 2013 and 2012, as they would be anti-dilutive:

June 30,

2014

2013

2012

Options

3,791,001

3,554,549

3,165,855

Warrants

1,176,105

2,270,189

4,967,106

4,730,654

5,436,044

Comprehensive Loss

Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax benefit.

Recently Adopted and Recently Issued Accounting Pronouncements

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 and adopted 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.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP. ASU 2014-09 will become effective on July 1, 2017, and early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the impact this standard will have on its financial statements.

License_and_Collaboration_Agre

License and Collaboration Agreements	12 Months Ended
	Jun. 30, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
License and Collaboration Agreements	'
	3	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 one-time $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.
	The Company’s performance obligations ended on December 31, 2009 and, accordingly, all 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 $114,000 for fiscal 2014, $67,000 for fiscal 2013 and $111,000 for fiscal 2012, and consisted of reimbursements for licensed patent costs.
	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 “Latanoprost Product”). Pfizer made an upfront payment of $2.3 million and the Company agreed to use commercially reasonable efforts to fund the development for at least one year, including assumption of an investigator-sponsored Phase I/II dose-escalation study that enrolled and followed six patients to treat ocular hypertension and glaucoma. The Company may, at its option, conduct Phase II clinical trials, which have not commenced, for the purpose of demonstrating Proof-of-Concept (“POC”). If the Company were to issue a final report demonstrating POC, Pfizer would have a 90-day exercise option for an exclusive, worldwide license to further develop and commercialize the Latanoprost Product in return for a $20.0 million payment to the Company and potential double-digit sales-based royalties and prescribed development, regulatory and sales performance milestone payments. If the Company elects to cease development of the Latanoprost Product prior to POC, Pfizer could exercise its option for the same worldwide license upon payment of a lesser option fee, with comparable reductions in any future milestones and royalties. If Pfizer does not exercise its option when available, the Restated Pfizer Agreement will automatically terminate, with any remaining deferred revenue balance recorded as revenue at that time, provided, however, that the Company would retain the right to develop and commercialize the Latanoprost Product.
	The Company considered the Restated Pfizer Agreement a material modification and applied the guidance of ASU No. 2009-13, Revenue Recognition (Topic 605), Multiple-Deliverable Revenue Arrangements, to this arrangement. The Company concluded that Pfizer’s exercise option is not a deliverable of the arrangement because it is a substantive option and not priced at a significant and incremental discount. Conducting the research and development program for the Latanoprost Product through completion of Phase II trials (the “R&D program”) was deemed to be the Company’s sole consequential deliverable and, accordingly, the arrangement was treated as a single unit of accounting. The performance period is the expected period over which the services are to be performed.

	The arrangement consideration of the Restated Pfizer Agreement totaled $10.05 million, which consisted of $7.75 million of deferred revenue on the Company’s balance sheet at the effective date plus the $2.3 million upfront payment. The excess of the arrangement consideration over the $6.7 million estimated selling price of the Company’s deliverables, or $3.3 million, was recognized as collaborative research and development revenue in the period of the modification, with the remaining $6.7 million deferred and recognized as collaborative research and development revenue over the expected performance period using the lesser of straight-line amortization or the proportional performance method. As of June 30, 2014, the Company continues to evaluate the need for additional research prior to any commencement of Phase II clinical trials and, consequently, the Company cannot currently estimate the remaining performance period. As a result, the current portion of deferred revenue has been reduced to $0 at June 30, 2014 compared to $371,000 at June 30, 2013. Total deferred revenue was approximately $5.6 million at each of June 30, 2014 and 2013. Collaborative research and development revenue related to the Restated Pfizer Agreement was inconsequential in fiscal 2014, $368,000 in fiscal 2013 and $754,000 in fiscal 2012. Costs associated with conducting the R&D program are included in operating expenses as incurred.
	Pfizer owned approximately 6.4% of the Company’s outstanding shares at June 30, 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 release of CMV retinitis, pursuant to this agreement, but discontinued sales of Vitrasert in the second quarter of fiscal 2013 following patent expiration.
	Royalty income totaled approximately $1.3 million in fiscal 2014 and approximately $1.4 million in each of fiscal 2013 and 2012. Accounts receivable from Bausch & Lomb totaled $302,000 at June 30, 2014 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, 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 sub-licensee 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 $102,000 for fiscal 2014 and $100,000 for fiscal 2013. At June 30, 2014, no deferred revenue was recorded for this agreement.
	Intrinsiq
	In January 2008, the Company and Intrinsiq Materials Cayman Limited (“Intrinsiq”) entered into an agreement pursuant to which Intrinsiq acquired an exclusive field-of-use license to develop and commercialize nutraceutical and food science applications of BioSilicon, and certain related assets, for $1.2 million.
	In July 2011, Intrinsiq terminated the license agreement, and the Company acquired the BioSilicon-related capital equipment assets of Intrinsiq for $223,000, and employed four former Intrinsiq employees. The fair value of the tangible assets acquired approximated the total acquisition consideration. The license termination resulted in the recognition of collaborative research and development revenue of $1.1 million in the quarter ended September 30, 2011, representing the total Intrinsiq deferred revenue balance at June 30, 2011.
	Feasibility Study 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 feasibility study agreement. Revenues under feasibility study agreements totaled $1.9 million for fiscal 2014, $245,000 for fiscal 2013 and $75,000 for fiscal 2012.

Intangible_Assets

Intangible Assets	12 Months Ended
Intangible Assets	Jun. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
Intangible Assets	'
	4	Intangible Assets
	The reconciliation of intangible assets for the years ended June 30, 2014 and 2013 was as follows (in thousands):


			June 30,
			2014			2013
	Patented technologies
	Gross carrying amount at beginning of year		$	38,941		$	39,556
	Foreign currency translation adjustments			2,748			(615	)

	Gross carrying amount at end of year			41,689			38,941

	Accumulated amortization at beginning of year			(35,511	)		(35,330	)
	Amortization expense			(778	)		(769	)
	Foreign currency translation adjustments			(2,635	)		588

	Accumulated amortization at end of year			(38,924	)		(35,511	)

	Net book value at end of year		$	2,765		$	3,430

	In a second CRL issued in November 2011 with respect to an earlier NDA submission for ILUVIEN, the FDA did not grant marketing approval for ILUVIEN for DME and, as a result, the Company did not receive a one-time $25.0 million milestone payment from Alimera and Alimera was unable to commence marketing ILUVIEN for DME in the U.S. Following the public announcement of the 2011 CRL, there was a significant decline in the Company’s market capitalization from $82.0 million immediately prior to the announcement to $23.1 million at December 31, 2011. The Company determined that the combination of the 2011 CRL and the decline in the Company’s marketing capitalization were impairment indicators of the Company’s finite-lived intangible assets.
	As of December 31, 2011, the forecasted probability-weighted undiscounted cash flows for the intangible assets were not expected to be sufficient to recover the aggregate carrying value of $19.4 million, which consisted of $6.3 million for the Durasert technology and $13.1 million for the BioSilicon technology. To assess the recoverability of the combined intangible assets, management used a combination of market-based and income-based valuation methodologies. Using the market-based approach as the primary indicator of fair value, an enterprise value of $4.4 million (market capitalization less existing capital resources) was adjusted for an estimated control premium and for other working capital items to derive an implied fair value of the intangible assets of $4.6 million. Under the income-based approach, the forecasted cash flows expected for the intangible assets were discounted using after-tax cost of capital rates taking into account Company-specific risks. The resulting fair value under this approach supported the fair value determined under the market-based approach. Based on the above analyses, the fair value of the combined intangible assets was allocated to each intangible based on the values determined under the income-based approach, as follows (in thousands):


			Pre-impairment			Impairment Charge			Post-impairment
			Carrying Value at						Carrying Value at
			December 31, 2011						December 31, 2011
	Durasert		$	6,318		$	(3,141	)	$	3,177
	BioSilicon			13,108			(11,689	)		1,419

			$	19,426		$	(14,830	)	$	4,596

	The net book value of the Company’s intangible assets at June 30, 2014 and 2013 is summarized as follows (in thousands):


			June 30,						Estimated
									Remaining
									Useful Life at
									June 30, 2014
			2014			2013			(Years)
	Patented technologies
	Durasert		$	1,853		$	2,383			3.5
	BioSilicon			912			1,047			3.5

			$	2,765		$	3,430

	The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense for intangible assets totaled $778,000 in fiscal 2014, $769,000 in fiscal 2013 and $2.0 million in fiscal 2012. The carrying value of intangible assets at June 30, 2014 of $2.8 million is expected to be amortized on a straight-line basis of approximately $790,000 per year.

Marketable_Securities

Marketable Securities	12 Months Ended
Marketable Securities	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]	'
Marketable Securities	'
	5	Marketable Securities
	The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at June 30, 2014 and 2013 were as follows (in thousands):


			June 30, 2014
			Amortized		Unrealized			Fair
			Cost		Loss			Value
	Corporate bonds		$	2,446	$	(1	)	$	2,445
	Commercial paper			499		—			499

	Total marketable securities		$	2,945	$	(1	)	$	2,944



			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 fiscal 2014, $3.0 million of marketable securities were purchased and $3.4 million matured. At June 30, 2014, the marketable securities had maturities ranging between 3 and 8.5 months, with a weighted average maturity of 7.3 months.

Property_and_Equipment_Net

Property and Equipment, Net	12 Months Ended
Property and Equipment, Net	Jun. 30, 2014
Property Plant And Equipment [Abstract]	'
Property and Equipment, Net	'
	6	Property and Equipment, Net
	Property and equipment, net consisted of the following (in thousands):


			June 30,
			2014			2013
	Property and equipment		$	1,956		$	1,908
	Leasehold improvements			231			317

	Gross property and equipment			2,187			2,225
	Accumulated depreciation and amortization			(1,890	)		(2,046	)

			$	297		$	179

	Depreciation expense was $139,000 for fiscal 2014, $225,000 for fiscal 2013 and $190,000 for fiscal 2012.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	7	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.
	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 Company’s A$ warrants, which expired during fiscal 2013, were derivative liabilities, classified as Level 3 and valued using the Black-Scholes model.

	The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at June 30, 2014 and 2013 by valuation hierarchy (in thousands):


			June 30, 2014
	Description		Total Carrying		Quoted prices in		Significant other		Significant
			Value		active markets		observable inputs		unobservable inputs
					(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash equivalents		$	14,260	$	14,260	$	—	$	—
	Marketable securities:
	Corporate bonds			2,444		1,936		508		—
	Commercial paper			500		—		500		—

			$	17,204	$	16,196	$	1,008	$	—



			June 30, 2013
	Description		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	$	—

	At December 31, 2011, the Company recorded a $14.8 million intangible asset impairment charge related to its Durasert and BioSilicon technologies (see Note 4). These fair value measurements were determined using a combination of market-based and income-based valuation methodologies, which incorporate unobservable inputs, thereby classifying the fair value as a Level 3 measurement within the fair value hierarchy. The primary input used in the market-based approach was a 15% control premium that the Company estimated would be used by a market participant in valuing these assets. The primary inputs used in the income-based approach included after-tax weighted average cost of capital rates ranging from 10% to 20% that the Company estimated would be used by a market participant.
	The following table summarizes the Company’s assets carried at fair value measured on a non-recurring basis at December 31, 2011 and the losses recorded for the six month period then ended (in thousands):


			December 31, 2011
			Total Carrying		Quoted prices in		Significant other		Significant		Total
			Value		active markets		observable inputs		unobservable inputs		Losses
					(Level 1)		(Level 2)		(Level 3)
	Finite-lived intangible assets		$	4,596	$	—	$	—	$	4,596	$	14,830

	There was no fair value measurement on a non-recurring basis at June 30, 2014 or at June 30, 2013.

Accrued_Expenses

Accrued Expenses	12 Months Ended
Accrued Expenses	Jun. 30, 2014
Text Block [Abstract]	'
Accrued Expenses	'
	8	Accrued Expenses
	Accrued expenses consisted of the following (in thousands):


			June 30,
			2014		2013
	Personnel costs		$	952	$	1,252
	Professional fees			249		288
	Clinical			316		353
	Other			7		1

			$	1,524	$	1,894

Stockholders_Equity

Stockholders' Equity

12 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Sales of Common Stock and Warrants

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 totaled $191,000.

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. In connection with execution of the ATM program, the Company incurred transaction costs of $153,000. In addition, the Company pays the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. During fiscal 2014, the Company sold 381,562 common shares for net proceeds of $1.5 million, reflecting a weighted-average gross selling price of $3.98 per share. At June 30, 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. 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 years ended June 30, 2014 and 2013:

Year Ended June 30,

2014

2013

Number of

Weighted

Number of

Weighted

Warrants

Average

Warrants

Average

Exercise

Price

Balance at beginning of year

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 year

1,176,105

3.67

1,176,105

3.67

At June 30, 2014, the remaining lives of these outstanding warrants ranged from 1.6 to 3.1 years, representing a weighted-average term of 2.4 years.

The following table provides a reconciliation of all A$ warrants for the year ended June 30, 2013:

Year Ended

June 30, 2013

Number of

Weighted

Warrants

Average

Exercise

Price

Balance at beginning of year

205,479

7.68

Expired

(205,479

)

7.68

Balance and exercisable at end of year

—

These A$ warrants expired on July 19, 2012.

Because the potential exercise of the A$-denominated warrants would have resulted in a variable amount of proceeds in the Company’s functional currency, the fair value of the warrants was recorded as a derivative liability, subject to revaluation of the liability on a recurring basis through the statement of comprehensive loss.

StockBased_Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Stock-Based Compensation	'
	10	Stock-Based Compensation
	2008 Incentive Plan
	The pSivida Corp. 2008 Incentive Plan (the “2008 Plan”) provides for the issuance of stock options and other stock awards to directors, employees and consultants. Awards may include stock options, stock appreciation rights, restricted and unrestricted stock, deferred stock, performance awards, convertible securities and cash grants. At June 30, 2014, a total of 5,591,255 shares of common stock were authorized for issuance under the 2008 Plan, of which 1,144,572 shares were available for new awards. The 2008 Plan includes an “evergreen provision” that allows for an annual increase in the number of shares of common stock available for issuance under the 2008 Plan. On the first day of each fiscal year until July 1, 2017, the number of shares authorized for issuance under the 2008 Plan is increased by the least of: (i) 750,000 shares; (ii) 4% of the then outstanding shares of common stock; and (iii) any such lesser amount of shares of common stock as is determined by the Compensation Committee of the Board of Directors. The number of shares reserved for issuance increased by 750,000 shares on July 1, 2014.
	Options to purchase a total of 778,500 shares were granted during fiscal 2014 at exercise prices equal to the closing market price of the Company’s common stock on the NASDAQ Global Market (“NASDAQ”) on the respective option grant dates. Of this total, options to purchase 613,500 shares were issued to employees with ratable annual vesting over 4 years and options to purchase 165,000 shares were issued to non-executive directors with 1-year cliff vesting. A total of 490,381 options vested during fiscal 2014. All options have a 10-year life.
	The Company measures the fair value of options on their grant date using the Black-Scholes option-pricing model. Based upon limited option exercise history, the Company has generally used the “simplified” method outlined in SEC Staff Accounting Bulletin No. 107 to estimate the expected life of stock option grants. Management believes that the historical volatility of the Company’s stock price on NASDAQ best represents the expected volatility over the estimated life of the option. The risk-free interest rate is based upon published U.S. Treasury yield curve rates at the date of grant corresponding to the expected life of the stock option. An assumed dividend yield of zero reflects the fact that the Company has never paid cash dividends and has no intentions to pay dividends in the foreseeable future.

	The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2014, 2013 and 2012 were as follows:


			2014		2013	2012
	Option life (in years)		5.50 - 6.25		5.50 - 6.25	3.50 - 6.25
	Stock volatility		94% - 96%		95% - 98%	88% - 97%
	Risk-free interest rate		1.70% - 1.99%		0.81% - 0.98%	0.53% - 2.02%
	Expected dividends		0.00%		0.00%	0.00%
	The Company recognizes compensation expense for only the portion of options that are expected to vest. Based on historical trends, the Company applies estimated forfeiture rates to determine the numbers of awards that are expected to vest. Additional expense is recorded if the actual forfeiture rate for each tranche of option grants is lower than estimated, and a recovery of prior expense is recorded if the actual forfeiture rate is higher than estimated. The Company assesses the forfeiture rate at the end of each reporting period. The Company begins to record stock-based compensation expense for performance-based options at the time it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based options through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. In fiscal 2012, the Company reversed $121,000 of expense for performance-based options that were forfeited in that year.
	The following table summarizes information about stock options for the years ended June 30, 2014, 2013 and 2012 (in thousands except per share amounts):


			2014			2013		2012
	Weighted-average grant date fair value, per share		$	2.48		$	1.29	$	2.41
	Total cash received from exercise of stock options			987			—		114
	Total intrinsic value of stock options exercised			841			—		119
	At June 30, 2014, there was approximately $1.1 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized as expense over a weighted average period of 1.7 years.
	The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 2014:


			Number			Weighted		Weighted		Aggregate
			of 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			778,500			3.51
	Exercised			(425,435	)		2.32
	Forfeited			(116,613	)		3.97

	Outstanding at June 30, 2014			3,791,001		$	3.08		6.49	$	5,120

	Outstanding at June 30, 2014—vested or unvested and expected to vest			3,719,977		$	3.07		6.46	$	5,050

	Exercisable at June 30, 2014			2,465,556		$	2.88		5.49	$	3,809


	Stock-Based Compensation Expense
	The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):


			Year Ended June 30,
			2014			2013		2012
	Compensation expense included in:
	Research and development		$	516		$	632	$	597
	General and administrative			895			685		814

			$	1,411		$	1,317	$	1,411

Retirement_Plans

Retirement Plans	12 Months Ended
	Jun. 30, 2014
Compensation And Retirement Disclosure [Abstract]	'
Retirement Plans	'
	11	Retirement Plans
	The Company operates a defined contribution plan intended to qualify under Section 401(k) of the U.S. Internal Revenue Code. Participating U.S. employees may contribute a portion of their pre-tax compensation, as defined, subject to statutory maximums. The Company matches employee contributions up to 5% of eligible compensation, subject to a stated calendar year Internal Revenue Service maximum.
	The Company operates a defined contribution pension plan for U.K. employees pursuant to which the Company makes contributions on behalf of employees plus a matching percentage of elective employee contributions.
	The Company contributed a total of $189,000 for fiscal 2014, $231,000 for fiscal 2013 and $181,000 for fiscal 2012 in connection with these retirement plans.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	12	Income Taxes
	The components of income tax benefit are as follows (in thousands):


			Year Ended June 30,
			2014				2013			2012
	U.S. operations:
	Current income tax provision		$	—			$	—		$	—
	Deferred income tax benefit			—				—			(13	)

				—				—			(13	)

	Non-U.S. operations:
	Current income tax benefit			(130	)			(117	)		(156	)
	Deferred income tax benefit			—				—			—

				(130	)			(117	)		(156	)

	Income tax benefit		$	(130	)		$	(117	)	$	(169	)

	The components of loss before income taxes are as follows (in thousands):


			Year Ended June 30,
			2014				2013			2012
	U.S. operations		$	(11,712	)		$	(10,101	)	$	(11,215	)
	Non-U.S. operations			(1,773	)			(1,916	)		(13,789	)

	Loss before income taxes		$	(13,485	)		$	(12,017	)	$	(25,004	)


	The difference between Company’s expected income tax benefit, as computed by applying the statutory U.S. federal tax rate of 34% to loss before income taxes, and actual tax is reconciled in the following table (in thousands):


			Year Ended June 30,
			2014				2013			2012
	Income tax benefit at statutory rate		$	(4,585	)		$	(4,086	)	$	(8,501	)
	State income taxes, net of federal benefit			(693	)			(569	)		(599	)
	Non-U.S. income tax rate differential			157				145			1,163
	Research and development tax credits			(169	)			(134	)		(156	)
	Changes in valuation allowance			4,619				2,939			7,500
	Expiration of state net operating loss carryforwards			161				706			—
	Other, net			380				882			424

	Income tax benefit		$	(130	)		$	(117	)	$	(169	)

	The components of deferred income taxes are as follows (in thousands):


			June 30,
			2014				2013
	Deferred tax assets:
	Net operating loss carryforwards		$	30,123			$	26,068
	Deferred revenue			2,194				2,196
	Stock-based compensation			3,079				2,589
	Provision for losses on note receivable			511				511
	Other			652				843

	Total deferred tax assets			36,559				32,207

	Deferred tax liabilities:
	Intangible assets			910				1,177

Deferred tax assets, net			35,649				31,030
Valuation allowance			35,649				31,030

Total deferred tax liability		$	—			$	—

The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduce the value of such attributes to the more-likely-than-not realizable amount. The valuation allowance increased $4.6 million during fiscal 2014 and $2.9 million during fiscal 2013.
The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. At June 30, 2014, the Company had U.S. federal net operating loss carry forwards of approximately $65.4 million, which expire at various dates between calendar years 2023 and 2034. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2014, the Company had state net operating loss carry forwards of approximately $24.5 million, which expire between 2031 and 2034. Additionally, at June 30, 2014 the Company had net operating loss carry forwards in the U.K. of £19.2 million (approximately $32.8 million), which are not subject to any expiration dates. During fiscal 2014, the Company recognized a current income tax benefit of $130,000 related to foreign research and development tax credits earned by its U.K. subsidiary. In addition, at June 30, 2014, the Company had U.S. federal and state research and development tax credit carry forwards of approximately $600,000, which expire at various dates between calendar years 2016 and 2033.

The Company’s U.S. federal income tax returns for calendar years 2002 through 2013 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal years 2006 through 2013 remain subject to examination. The Australian tax returns for the former parent company for fiscal years 2004 through 2008 remain subject to examination.
Through June 30, 2014, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive loss and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2014 or 2013.
As of June 30, 2014 and 2013, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	13	Commitments and Contingencies
	Operating Leases
	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 facilities 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. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In addition, the Company leases approximately 2,200 square feet of laboratory and office space in Malvern, U.K. through August 2016.
	At June 30, 2014, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands):


	Fiscal Year:
	2015		$	475
	2016			475
	2017			425
	2018			419
	2019			358

			$	2,152

	Rent expense related to the Company’s real estate and other operating leases charged to operations was approximately $485,000 for fiscal 2014, $454,000 for fiscal 2013 and $466,000 for fiscal 2012.
	Litigation
	The Company is 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.

Segment_and_Geographic_Area_In

Segment and Geographic Area Information	12 Months Ended
Segment and Geographic Area Information	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment and Geographic Area Information	'
	14	Segment and Geographic Area Information

	(a)	Business Segment
	The Company operates in only one business segment, being the biotechnology sector. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment.

	(b)	Geographic Area Information
	The following table summarizes the Company’s revenues and long-lived assets, net, by geographic area (in thousands):


			Revenues						Long-lived assets, net
			2014		2013		2012		2014		2013
	U.S.		$	3,248	$	1,873	$	2,385	$	248	$	55
	U.K.			225		270		1,141		49		124

	Consolidated		$	3,473	$	2,143	$	3,526	$	297	$	179

Quarterly_Financial_Data

Quarterly Financial Data	12 Months Ended
Quarterly Financial Data	Jun. 30, 2014
Quarterly Financial Information Disclosure [Abstract]	'
Quarterly Financial Data	'
	15	Quarterly Financial Data (unaudited)
	The following table summarizes the quarterly results of operations for the years ended June 30, 2014 and 2013 (in thousands except per share amounts):


			Fiscal Year 2014
			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year Ended
			Ended			Ended			Ended			Ended			June 30,
			September 30,			December 31,			March 31,			June 30,			2014
			2013			2013			2014			2014
									-1
	Total revenues		$	597		$	592		$	1,992		$	292		$	3,473
	Operating loss			(3,718	)		(3,541	)		(2,219	)		(4,012	)		(13,490	)
	Net loss			(3,687	)		(3,514	)		(2,187	)		(3,967	)		(13,355	)

	Net loss per share—basic and diluted		$	(0.14	)	$	(0.13	)	$	(0.08	)	$	(0.14	)	$	(0.49	)

	Weighted average common shares—basic and diluted			25,918			26,953			27,672			29,256			27,444



			Fiscal Year 2013
			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year Ended
			Ended			Ended			Ended			Ended			June 30,
			September 30,			December 31,			March 31,			June 30,			2013
			2012			2012			2013			2013
	Total revenues		$	553		$	585		$	513		$	492		$	2,143
	Operating loss			(2,590	)		(2,648	)		(2,812	)		(3,981	)		(12,031	)
	Net loss			(2,551	)		(2,608	)		(2,794	)		(3,947	)		(11,900	)

	Net loss per share—basic and diluted		$	(0.11	)	$	(0.11	)	$	(0.12	)	$	(0.17	)	$	(0.52	)

	Weighted average common shares—basic and diluted			22,294			23,297			23,297			23,297			23,044


	-1	Results for the third quarter of fiscal 2014 included $1.5 million of revenue for recognition of arrangement consideration upon resolution of a contingency associated with completion of a feasibility study agreement (see Note 3).

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Foreign Currency

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which that entity operates—the U.S. dollar or the Pound Sterling.

Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds.

Marketable Securities

Concentrations of Risk

Bausch & Lomb accounted for $302,000, or 58% of total accounts receivable at June 30, 2014 and $316,000, or 53% of total accounts receivable at June 30, 2013.

Fair Value of Financial Instruments

The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables

Receivables consist primarily of: (i) quarterly royalties earned; (ii) U.K. research and development tax credits; and (iii) accrued interest on marketable securities.

Debt and Equity Instruments

Property and Equipment

Leases

Impairment of Intangible Assets

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

Royalties

Reimbursement of Costs

Deferred Revenue

Research and Development

Stock-Based Compensation

Net Loss per Share

June 30,

2014

2013

2012

Options

3,791,001

3,554,549

3,165,855

Warrants

1,176,105

2,270,189

4,967,106

4,730,654

5,436,044

Comprehensive Loss

Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

Recently Adopted and Recently Issued Accounting Pronouncements

Significant_Accounting_Policie2

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Jun. 30, 2014
Accounting Policies [Abstract]	'
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares	'
	The following potentially dilutive securities outstanding, prior to the application of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding for the years ended June 30, 2014, 2013 and 2012, as they would be anti-dilutive:


		June 30,
		2014		2013		2012
	Options		3,791,001		3,554,549		3,165,855
	Warrants		1,176,105		1,176,105		2,270,189

			4,967,106		4,730,654		5,436,044

Intangible_Assets_Tables

Intangible Assets (Tables)	12 Months Ended
Intangible Assets (Tables)	Jun. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract]	'
Reconciliation of Intangible Assets	'
	The reconciliation of intangible assets for the years ended June 30, 2014 and 2013 was as follows (in thousands):


		June 30,
		2014			2013
	Patented technologies
	Gross carrying amount at beginning of year	$	38,941		$	39,556
	Foreign currency translation adjustments		2,748			(615	)

	Gross carrying amount at end of year		41,689			38,941

	Accumulated amortization at beginning of year		(35,511	)		(35,330	)
	Amortization expense		(778	)		(769	)
	Foreign currency translation adjustments		(2,635	)		588

	Accumulated amortization at end of year		(38,924	)		(35,511	)

	Net book value at end of year	$	2,765		$	3,430

Schedule of Fair Value of Combined Intangible Assets	'
	Based on the above analyses, the fair value of the combined intangible assets was allocated to each intangible based on the values determined under the income-based approach, as follows (in thousands):


		Pre-impairment			Impairment Charge			Post-impairment
		Carrying Value at						Carrying Value at
		December 31, 2011						December 31, 2011
	Durasert	$	6,318		$	(3,141	)	$	3,177
	BioSilicon		13,108			(11,689	)		1,419

		$	19,426		$	(14,830	)	$	4,596

Schedule of Net Book Value of Intangible Assets	'
	The net book value of the Company’s intangible assets at June 30, 2014 and 2013 is summarized as follows (in thousands):


		June 30,						Estimated Remaining
								Useful Life at
								June 30, 2014
		2014			2013			(Years)
	Patented technologies
	Durasert	$	1,853		$	2,383			3.5
	BioSilicon		912			1,047			3.5

		$	2,765		$	3,430

Marketable_Securities_Tables

Marketable Securities (Tables)	12 Months Ended
Marketable Securities (Tables)	Jun. 30, 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 June 30, 2014 and 2013 were as follows (in thousands):


		June 30, 2014
		Amortized		Unrealized			Fair Value
		Cost		Loss			Fair Value
	Corporate bonds	$	2,446	$	(1	)	$	2,445
	Commercial paper		499		—			499

	Total marketable securities	$	2,945	$	(1	)	$	2,944



		30-Jun-13
		Amortized		Unrealized			Fair Value
		Cost		Loss			Fair Value
	Corporate bonds	$	2,376	$	(1	)	$	2,375
	Commercial paper		999		—			999

	Total marketable securities	$	3,375	$	(1	)	$	3,374

Property_and_Equipment_Net_Tab

Property and Equipment, Net (Tables)	12 Months Ended
Property and Equipment, Net (Tables)	Jun. 30, 2014
Property Plant And Equipment [Abstract]	'
Schedule of Property and Equipment	'
	Property and equipment, net consisted of the following (in thousands):


		June 30,
		2014			2013
	Property and equipment	$	1,956		$	1,908
	Leasehold improvements		231			317

	Gross property and equipment		2,187			2,225
	Accumulated depreciation and amortization		(1,890	)		(2,046	)

		$	297		$	179

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2014
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 June 30, 2014 and 2013 by valuation hierarchy (in thousands):


		June 30, 2014
	Description	Total Carrying		Quoted prices in		Significant other		Significant
		Value		active markets		observable inputs		unobservable inputs
				(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash equivalents	$	14,260	$	14,260	$	—	$	—
	Marketable securities:
	Corporate bonds		2,444		1,936		508		—
	Commercial paper		500		—		500		—

		$	17,204	$	16,196	$	1,008	$	—



		June 30, 2013
	Description	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	$	—


Summary of Assets Carried at Fair Value Measured on Non-recurring Basis	'
	The following table summarizes the Company’s assets carried at fair value measured on a non-recurring basis at December 31, 2011 and the losses recorded for the six month period then ended (in thousands):


		December 31, 2011
		Total Carrying		Quoted prices in		Significant other		Significant		Total
		Value		active markets		observable inputs		unobservable inputs		Losses
				(Level 1)		(Level 2)		(Level 3)
	Finite-lived intangible assets	$	4,596	$	—	$	—	$	4,596	$	14,830

Accrued_Expenses_Tables

Accrued Expenses (Tables)	12 Months Ended
Accrued Expenses (Tables)	Jun. 30, 2014
Text Block [Abstract]	'
Schedule of Accrued Expenses	'
	Accrued expenses consisted of the following (in thousands):


		June 30,
		2014		2013
	Personnel costs	$	952	$	1,252
	Professional fees		249		288
	Clinical		316		353
	Other		7		1

		$	1,524	$	1,894

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2014
Equity [Abstract]	'
Warrants to Purchase Common Shares	'
	The following table provides a reconciliation of all US$ warrants for the years ended June 30, 2014 and 2013:


		Year Ended June 30,
		2014					2013
		Number of			Weighted		Number of			Weighted
		Warrants			Average		Warrants			Average
					Exercise					Exercise
					Price					Price
	Balance at beginning of year		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 year		1,176,105		$	3.67		1,176,105		$	3.67


	The following table provides a reconciliation of all A$ warrants for the year ended June 30, 2013:


		Year Ended
		June 30, 2013
		Number of			Weighted
		Warrants			Average
					Exercise
					Price
					A$
	Balance at beginning of year		205,479			7.68
	Expired		(205,479	)		7.68

	Balance and exercisable at end of year		—			—

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2014
Key Assumptions Used to Apply Option Pricing Model for Options Granted	'
	The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2014, 2013 and 2012 were as follows:


		2014		2013	2012
	Option life (in years)	5.50 - 6.25		5.50 - 6.25	3.50 - 6.25
	Stock volatility	94% - 96%		95% - 98%	88% - 97%
	Risk-free interest rate	1.70% - 1.99%		0.81% - 0.98%	0.53% - 2.02%
	Expected dividends	0.00%		0.00%	0.00%
Summary of Information about Stock Options	'
	The following table summarizes information about stock options for the years ended June 30, 2014, 2013 and 2012 (in thousands except per share amounts):


		2014			2013		2012
	Weighted-average grant date fair value, per share	$	2.48		$	1.29	$	2.41
	Total cash received from exercise of stock options		987			—		114
	Total intrinsic value of stock options exercised		841			—		119
Compensation Expense from Stock-Based Payment Awards	'
	The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):


		Year Ended June 30,
		2014			2013		2012
	Compensation expense included in:
	Research and development	$	516		$	632	$	597
	General and administrative		895			685		814

		$	1,411		$	1,317	$	1,411


2008 Incentive Plan [Member]	'
Stock Option Activity Under Plan	'
	The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 2014:


		Number			Weighted		Weighted		Aggregate
		of 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		778,500			3.51
	Exercised		(425,435	)		2.32
	Forfeited		(116,613	)		3.97

	Outstanding at June 30, 2014		3,791,001		$	3.08		6.49	$	5,120

	Outstanding at June 30, 2014—vested or unvested and expected to vest		3,719,977		$	3.07		6.46	$	5,050

	Exercisable at June 30, 2014		2,465,556		$	2.88		5.49	$	3,809

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Components of Income Tax Benefit	'
	The components of income tax benefit are as follows (in thousands):


		Year Ended June 30,
		2014			2013			2012
	U.S. operations:
	Current income tax provision	$	—		$	—		$	—
	Deferred income tax benefit		—			—			(13	)

			—			—			(13	)

	Non-U.S. operations:
	Current income tax benefit		(130	)		(117	)		(156	)
	Deferred income tax benefit		—			—			—

			(130	)		(117	)		(156	)

	Income tax benefit	$	(130	)	$	(117	)	$	(169	)

Components of Loss Before Income Taxes	'
	The components of loss before income taxes are as follows (in thousands):


		Year Ended June 30,
		2014			2013			2012
	U.S. operations	$	(11,712	)	$	(10,101	)	$	(11,215	)
	Non-U.S. operations		(1,773	)		(1,916	)		(13,789	)

	Loss before income taxes	$	(13,485	)	$	(12,017	)	$	(25,004	)

Difference Between Expected Income Tax (Benefit) Expense and Actual Tax	'
	The difference between Company’s expected income tax benefit, as computed by applying the statutory U.S. federal tax rate of 34% to loss before income taxes, and actual tax is reconciled in the following table (in thousands):


		Year Ended June 30,
		2014			2013			2012
	Income tax benefit at statutory rate	$	(4,585	)	$	(4,086	)	$	(8,501	)
	State income taxes, net of federal benefit		(693	)		(569	)		(599	)
	Non-U.S. income tax rate differential		157			145			1,163
	Research and development tax credits		(169	)		(134	)		(156	)
	Changes in valuation allowance		4,619			2,939			7,500
	Expiration of state net operating loss carryforwards		161			706			—
	Other, net		380			882			424

	Income tax benefit	$	(130	)	$	(117	)	$	(169	)

Components of Deferred Income Taxes	'
	The components of deferred income taxes are as follows (in thousands):


		June 30,
		2014			2013
	Deferred tax assets:
	Net operating loss carryforwards	$	30,123		$	26,068
	Deferred revenue		2,194			2,196
	Stock-based compensation		3,079			2,589
	Provision for losses on note receivable		511			511
	Other		652			843

	Total deferred tax assets		36,559			32,207

	Deferred tax liabilities:
	Intangible assets		910			1,177

	Deferred tax assets, net		35,649			31,030
	Valuation allowance		35,649			31,030

	Total deferred tax liability	$	—		$	—

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Future Minimum Lease Payments Under Non-Cancellable Operating Leases	'
	At June 30, 2014, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands):


	Fiscal Year:
	2015	$	475
	2016		475
	2017		425
	2018		419
	2019		358

		$	2,152

Segment_and_Geographic_Area_In1

Segment and Geographic Area Information (Tables)	12 Months Ended
Segment and Geographic Area Information (Tables)	Jun. 30, 2014
Segment Reporting [Abstract]	'
Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area	'
	The following table summarizes the Company’s revenues and long-lived assets, net, by geographic area (in thousands):


		Revenues						Long-lived assets, net
		2014		2013		2012		2014		2013
	U.S.	$	3,248	$	1,873	$	2,385	$	248	$	55
	U.K.		225		270		1,141		49		124

	Consolidated	$	3,473	$	2,143	$	3,526	$	297	$	179

Quarterly_Financial_Data_Table

Quarterly Financial Data (Tables)	12 Months Ended
Quarterly Financial Data (Tables)	Jun. 30, 2014
Quarterly Financial Information Disclosure [Abstract]	'
Summary of Quarterly Results of Operations	'
	The following table summarizes the quarterly results of operations for the years ended June 30, 2014 and 2013 (in thousands except per share amounts):


			Fiscal Year 2014
			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year Ended
			Ended			Ended			Ended			Ended			June 30,
			September 30,			December 31,			March 31,			June 30,			2014
			2013			2013			2014			2014
									-1
	Total revenues		$	597		$	592		$	1,992		$	292		$	3,473
	Operating loss			(3,718	)		(3,541	)		(2,219	)		(4,012	)		(13,490	)
	Net loss			(3,687	)		(3,514	)		(2,187	)		(3,967	)		(13,355	)

	Net loss per share—basic and diluted		$	(0.14	)	$	(0.13	)	$	(0.08	)	$	(0.14	)	$	(0.49	)

	Weighted average common shares—basic and diluted			25,918			26,953			27,672			29,256			27,444



			Fiscal Year 2013
			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year Ended
			Ended			Ended			Ended			Ended			June 30,
			September 30,			December 31,			March 31,			June 30,			2013
			2012			2012			2013			2013
	Total revenues		$	553		$	585		$	513		$	492		$	2,143
	Operating loss			(2,590	)		(2,648	)		(2,812	)		(3,981	)		(12,031	)
	Net loss			(2,551	)		(2,608	)		(2,794	)		(3,947	)		(11,900	)

	Net loss per share—basic and diluted		$	(0.11	)	$	(0.11	)	$	(0.12	)	$	(0.17	)	$	(0.52	)

	Weighted average common shares—basic and diluted			22,294			23,297			23,297			23,297			23,044


	-1	Results for the third quarter of fiscal 2014 included $1.5 million of revenue for recognition of arrangement consideration upon resolution of a contingency associated with completion of a feasibility study agreement (see Note 3).

Operations_Additional_Informat

Operations - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Operations [Line Items]	'
Cash equivalents and marketable securities	$18.30
Alimera [Member]	'
Operations [Line Items]	'
Percentage of company's share of net profits	20.00%
FDA milestone Payment Upon an FDA approval of ILUVIEN	$25

Significant_Accounting_Policie3

Significant Accounting Policies - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Schedule Of Significant Accounting Policies [Line Items]

Accumulated other comprehensive income attributable to foreign currency translation

$1,045,000

$921,000

$1,045,000

$921,000

Cash equivalents highly liquid investments maturity period

'3 months

Investments in significant unrealized loss position

Interest-bearing cash equivalent

14,300,000

Revenues

292,000

1,992,000

592,000

597,000

492,000

513,000

585,000

553,000

3,473,000

2,143,000

3,526,000

Accounts receivable

517,000

597,000

517,000

597,000

Impairment of intangible assets

14,800,000

14,830,000

Durasert and BioSilicon [Member]

Schedule Of Significant Accounting Policies [Line Items]

Finite life intangible assets amortization period

'12 years

Minimum [Member]

Schedule Of Significant Accounting Policies [Line Items]

Estimated useful lives of assets

'3 years

Maximum [Member]

Schedule Of Significant Accounting Policies [Line Items]

Estimated useful lives of assets

'5 years

Customer Concentration Risk [Member]

Schedule Of Significant Accounting Policies [Line Items]

Revenues

1,700,000

Customer Concentration Risk [Member] | Total Revenues [Member]

Schedule Of Significant Accounting Policies [Line Items]

Percentage of total accounts receivable

49.00%

Pfizer [Member] | Customer Concentration Risk [Member]

Schedule Of Significant Accounting Policies [Line Items]

Revenues

368,000

754,000

Pfizer [Member] | Customer Concentration Risk [Member] | Total Revenues [Member]

Schedule Of Significant Accounting Policies [Line Items]

Percentage of total accounts receivable

17.00%

21.00%

Bausch and Lomb [Member] | Customer Concentration Risk [Member]

Schedule Of Significant Accounting Policies [Line Items]

Revenues

1,300,000

1,400,000

Accounts receivable

$302,000

$316,000

$302,000

$316,000

Bausch and Lomb [Member] | Customer Concentration Risk [Member] | Total Revenues [Member]

Schedule Of Significant Accounting Policies [Line Items]

Percentage of total accounts receivable

38.00%

64.00%

41.00%

Bausch and Lomb [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]

Schedule Of Significant Accounting Policies [Line Items]

Percentage of total accounts receivable

58.00%

53.00%

Significant_Accounting_Policie4

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'
Potentially dilutive securities outstanding	4,967,106	4,730,654	5,436,044
Options [Member]	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'
Potentially dilutive securities outstanding	3,791,001	3,554,549	3,165,855
Warrants [Member]	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'
Potentially dilutive securities outstanding	1,176,105	1,176,105	2,270,189

License_and_Collaboration_Agre1

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

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2013

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jul. 31, 2011

Jan. 31, 2008

Sep. 30, 2011

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2012

Patient

Alimera [Member]

Pfizer Collaboration Agreement [Member]

Pfizer Collaboration Agreement Restated [Member]

Bausch and Lomb [Member]

Enigma Therapeutics Limited [Member]

Intrinsiq [Member]

Feasibility Study Agreement [Member]

Employees

Collaborative Agreements And Contracts [Line Items]

FDA milestone Payment Upon an FDA approval of ILUVIEN

$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 received from sublicensee

20.00%

8.00%

Percentage of non-royalty consideration received from sublicensees

33.00%

20.00%

Collaborative research and development revenue

2,155,000

780,000

2,080,000

114,000

67,000

111,000

368,000

754,000

3,300,000

102,000

100,000

1,100

1,900,000

245,000

75,000

Upfront payment

2,300,000

100,000

1,200,000

Number of patients enrolled in study

Final report demonstrating period

'90 days

License option upfront payment upon exercise

20,000,000

Consideration received in cash

10,050,000

Deferred revenue

5,600,000

7,750,000

Estimated selling price of the deliverables for revenue recognition

6,700,000

Current portion of deferred revenue

138,000

738,000

371,000

Percentage of outstanding share capital owned by Pfizer

6.40%

Royalty income

1,318,000

1,363,000

1,446,000

1,300,000

1,400,000

Accounts receivable

517,000

597,000

302,000

316,000

License Agreement Commencement Date

'2012-12

Annual license maintenance fee

100,000

Capital equipment assets

$248,000

$68,000

$405,000

$223,000

Number of employees employed

Intangible_Assets_Reconciliati

Intangible Assets - Reconciliation of Intangible Assets (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Amortization expense	($778)	($769)	($2,037)	'
Net book value at end of year	2,765	3,430	'	4,596
Patented Technology [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Gross carrying amount at beginning of year	38,941	39,556	'	'
Foreign currency translation adjustments	2,748	-615	'	'
Gross carrying amount at end of year	41,689	38,941	'	'
Accumulated amortization at beginning of year	-35,511	-35,330	'	'
Amortization expense	-778	-769	'	'
Foreign currency translation adjustments	-2,635	588	'	'
Accumulated amortization at end of year	-38,924	-35,511	'	'
Net book value at end of year	$2,765	$3,430	'	'

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	12 Months Ended
Intangible Assets - Additional Information (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Intangible assets, before impairment	'	'	'	$19,426,000
Enterprise value	'	'	'	4,400,000
Fair value of intangible assets	'	'	'	4,600,000
Amortization expense	778,000	769,000	2,037,000	'
Intangible assets, net	2,765,000	3,430,000	'	4,596,000
Amortization expense per year	790,000	'	'	'
Alimera [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Milestone payment from Alimera	25,000,000	'	'	'
Durasert [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Intangible assets, before impairment	'	'	'	6,318,000
Intangible assets, net	1,853,000	2,383,000	'	3,177,000
BioSilicon [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Intangible assets, before impairment	'	'	'	13,108,000
Intangible assets, net	912,000	1,047,000	'	1,419,000
Maximum [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Market capitalization	'	'	'	82,000,000
Minimum [Member]	'	'	'	'
Finite-Lived Intangible Assets [Line Items]	'	'	'	'
Market capitalization	'	'	'	$23,100,000

Intangible_Assets_Schedule_of_

Intangible Assets - Schedule of Fair Value of Combined Intangible Assets (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2012	Jun. 30, 2014	Jun. 30, 2013
Intangible Assets [Line Items]	'	'	'	'	'
Pre-impairment Carrying Value at December 31, 2011	$19,426	$19,426	'	'	'
Impairment Charge	-14,800	-14,830	-14,830	'	'
Post-impairment Carrying Value at December 31, 2011	4,596	4,596	'	2,765	3,430
Durasert [Member]	'	'	'	'	'
Intangible Assets [Line Items]	'	'	'	'	'
Pre-impairment Carrying Value at December 31, 2011	6,318	6,318	'	'	'
Impairment Charge	'	-3,141	'	'	'
Post-impairment Carrying Value at December 31, 2011	3,177	3,177	'	1,853	2,383
BioSilicon [Member]	'	'	'	'	'
Intangible Assets [Line Items]	'	'	'	'	'
Pre-impairment Carrying Value at December 31, 2011	13,108	13,108	'	'	'
Impairment Charge	'	-11,689	'	'	'
Post-impairment Carrying Value at December 31, 2011	$1,419	$1,419	'	$912	$1,047

Intangible_Assets_Schedule_of_1

Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2011
Intangible Assets [Line Items]	'	'	'
Net book value of intangible assets	$2,765	$3,430	$4,596
Durasert [Member]	'	'	'
Intangible Assets [Line Items]	'	'	'
Net book value of intangible assets	1,853	2,383	3,177
Estimated remaining useful life	'3 years 6 months	'	'
BioSilicon [Member]	'	'	'
Intangible Assets [Line Items]	'	'	'
Net book value of intangible assets	$912	$1,047	$1,419
Estimated remaining useful life	'3 years 6 months	'	'

Marketable_Securities_Schedule

Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities, Amortized Cost	$2,945	$3,375
Marketable securities, Unrealized Loss	-1	-1
Marketable securities, Fair Value	2,944	3,374
Corporate Bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities, Amortized Cost	2,446	2,376
Marketable securities, Unrealized Loss	-1	-1
Marketable securities, Fair Value	2,445	2,375
Commercial Paper [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Marketable securities, Amortized Cost	499	999
Marketable securities, Unrealized Loss	'	'
Marketable securities, Fair Value	$499	$999

Marketable_Securities_Addition

Marketable Securities - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Marketable securities purchased	$2,964	$7,758	$15,392
Marketable securities matured and sold	$3,350	$14,184	$15,299
Weighted average maturity	'7 months 9 days	'	'
Minimum [Member]	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Marketable securities maturity period	'3 months	'	'
Maximum [Member]	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Marketable securities maturity period	'8 months 15 days	'	'

Property_and_Equipment_Net_Sch

Property and Equipment, Net - Schedule of Property and Equipment (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Property, Plant and Equipment [Line Items]	'	'
Gross property and equipment	$2,187	$2,225
Accumulated depreciation and amortization	-1,890	-2,046
Property and equipment, net	297	179
Property and Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Gross property and equipment	1,956	1,908
Leasehold Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Gross property and equipment	$231	$317

Property_and_Equipment_Net_Add

Property and Equipment, Net - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Property Plant And Equipment Useful Life And Values [Abstract]	'	'	'
Depreciation of property and equipment	$139	$225	$190

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Assets:	'	'
Cash equivalents	$14,260	$6,330
Cash equivalents and marketable securities	17,204	9,704
Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	2,444	2,375
Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	500	999
Fair Value, Inputs, Level 1 [Member]	'	'
Assets:	'	'
Cash equivalents	14,260	6,330
Cash equivalents and marketable securities	16,196	7,949
Fair Value, Inputs, Level 1 [Member] \| Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	1,936	1,619
Fair Value, Inputs, Level 1 [Member] \| Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	'	'
Fair Value, Inputs, Level 2 [Member]	'	'
Assets:	'	'
Cash equivalents	'	'
Cash equivalents and marketable securities	1,008	1,755
Fair Value, Inputs, Level 2 [Member] \| Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	508	756
Fair Value, Inputs, Level 2 [Member] \| Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	500	999
Fair Value, Inputs, Level 3 [Member]	'	'
Assets:	'	'
Cash equivalents	'	'
Cash equivalents and marketable securities	'	'
Fair Value, Inputs, Level 3 [Member] \| Corporate Bonds [Member]	'	'
Assets:	'	'
Marketable securities	'	'
Fair Value, Inputs, Level 3 [Member] \| Commercial Paper [Member]	'	'
Assets:	'	'
Marketable securities	'	'

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2012	Jun. 30, 2014	Jun. 30, 2013
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'	'	'	'	'
Intangible asset impairment charge	$14,800,000	$14,830,000	$14,830,000	'	'
Percentage of control premium for valuing assets	'	15.00%	'	'	'
Fair value measurement on non-recurring basis	'	'	'	$0	$0
Minimum [Member]	'	'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'	'	'	'	'
Percentage of weighted average cost of capital rates after tax	'	10.00%	'	'	'
Maximum [Member]	'	'	'	'	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'	'	'	'	'
Percentage of weighted average cost of capital rates after tax	'	20.00%	'	'	'

Fair_Value_Measurements_Summar

Fair Value Measurements - Summary of Assets Carried at Fair Value Measured on Non-recurring Basis (Detail) (USD $)	3 Months Ended	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2011	Jun. 30, 2012	Jun. 30, 2014	Jun. 30, 2013
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]	'	'	'	'	'
Finite-lived intangible assets	$4,596	$4,596	'	$2,765	$3,430
Finite-lived intangible assets, Total Losses	14,800	14,830	14,830	'	'
Fair Value, Inputs, Level 1 [Member]	'	'	'	'	'
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]	'	'	'	'	'
Finite-lived intangible assets	'	'	'	'	'
Fair Value, Inputs, Level 2 [Member]	'	'	'	'	'
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]	'	'	'	'	'
Finite-lived intangible assets	'	'	'	'	'
Fair Value, Inputs, Level 3 [Member]	'	'	'	'	'
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]	'	'	'	'	'
Finite-lived intangible assets	$4,596	$4,596	'	'	'

Accrued_Expenses_Schedule_of_A

Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Payables And Accruals [Abstract]	'	'
Personnel costs	$952	$1,252
Professional fees	249	288
Clinical	316	353
Other	7	1
Accrued expenses	$1,524	$1,894

Stockholders_Equity_Additional

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

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Jun. 30, 2014

Mar. 31, 2014

Jul. 31, 2013

Aug. 31, 2012

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Investor

Minimum [Member]

Maximum [Member]

A$ Warrants [Member]

Common Stock [Member]

At-the-Market Offering [Member]

Common Stock [Member]

Sale Of Stock [Line Items]

Common stock issued

1,700,000

3,494,550

2,494,419

5,576,112

2,494,419

381,562

Common stock price per share

$4.11

$3.10

Proceeds from issuance of common stock

$7,000,000

$10,800,000

$1,500,000

Share issuance costs

191,000

890,000

700,000

Number of institutional investors in direct offering

Common stock shares maximum aggregate offering price

19,200,000

Transaction costs

153,000

Stock issuances, sales agent commission maximum percentage

3.00%

Weighted-average gross selling price

$3.98

Common stock available for sale, value

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 4 months 24 days

Outstanding warrants remaining contract life

'1 year 7 months 6 days

'3 years 1 month 6 days

Outstanding warrants expiration date

19-Jul-12

Stockholders_Equity_Warrants_t

Stockholders' Equity - Warrants to Purchase Common Shares (Detail)	1 Months Ended	12 Months Ended
	Aug. 31, 2012	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
		Warrants [Member]	Warrants [Member]	Warrants [Member]
		A$ Warrants [Member]	US$ Warrants [Member]	US$ Warrants [Member]
		AUD	USD ($)	USD ($)
Class of Warrant or Right [Line Items]	'	'	'	'
Number of Warrants, Balance at beginning of year	'	205,479	1,176,105	2,064,710
Number of Warrants, Issued	623,605	'	'	623,605
Number of Warrants, Expired	'	-205,479	'	-1,512,210
Number of Warrants, Balance and exercisable at end of year	'	'	1,176,105	1,176,105
Weighted Average Exercise Price, Balance at beginning of year	'	7.68	$3.67	$6.17
Weighted Average Exercise Price, Issued	'	'	'	$2.50
Weighted Average Exercise Price, Expired	'	7.68	'	$6.60
Weighted Average Exercise Price, Balance and exercisable at end of year	'	'	$3.67	$3.67

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	12 Months Ended							0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2014	Jun. 30, 2012	Jun. 30, 2014	Jun. 30, 2014	Jul. 01, 2014
				2008 Incentive Plan [Member]	2008 Incentive Plan [Member]	2008 Incentive Plan [Member]	2008 Incentive Plan [Member]	2008 Incentive Plan [Member]
						Non-Executive Directors [Member]	Options [Member]	Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Number of common stock, authorized for issuance	'	'	'	5,591,255	'	'	'	'
Shares available for grant	'	'	'	1,144,572	'	'	'	'
Percentage increase on outstanding shares	'	'	'	4.00%	'	'	'	'
Number of shares reserved for issuance, increased	'	'	'	'	'	'	'	750,000
Options granted with annual vesting	'	'	'	778,500	'	165,000	613,500	'
Vesting period of granted options	'	'	'	'	'	'1 year	'4 years	'
Options vested during the period	'	'	'	490,381	'	'	'	'
Contractual life of option grants	'	'	'	'10 years	'	'	'	'
Assumed dividend yield	0.00%	0.00%	0.00%	0.00%	'	'	'	'
Reversal of stock-based compensation for performance conditions not achieved	'	'	'	'	$121,000	'	'	'
Unrecognized compensation expense	'	'	'	$1,100,000	'	'	'	'
Unrecognized compensation expense weighted average period	'	'	'	'1 year 8 months 12 days	'	'	'	'

StockBased_Compensation_Key_As

Stock-Based Compensation - Key Assumptions Used to Apply Option Pricing Model for Options Granted (Detail)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Stock volatility, minimum	94.00%	95.00%	88.00%
Stock volatility, maximum	96.00%	98.00%	97.00%
Risk-free interest rate, Minimum	1.70%	0.81%	0.53%
Risk-free interest rate, Maximum	1.99%	0.98%	2.02%
Expected dividends	0.00%	0.00%	0.00%
Minimum [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Option life (in years)	'5 years 6 months	'5 years 6 months	'3 years 6 months
Maximum [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Option life (in years)	'6 years 3 months	'6 years 3 months	'6 years 3 months

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Information about Stock Options (Detail) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'	'	'
Weighted-average grant date fair value, per share	$2.48	$1.29	$2.41
Total cash received from exercise of stock options	$987	'	$114
Total intrinsic value of stock options exercised	$841	'	$119

StockBased_Compensation_Stock_

Stock-Based Compensation - Stock Option Activity Under Plan (Detail) (2008 Incentive Plan [Member], USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 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	-425,435
Number of Options, Forfeited	-116,613
Number of Options Outstanding, Ending balance	3,791,001
Number of Options, Outstanding at June 30, 2014 - vested or unvested and expected to vest	3,719,977
Number of Options, Exercisable at June 30, 2014	2,465,556
Weighted Average Exercise Price Outstanding, beginning balance	$2.92
Weighted Average Exercise Price, Granted	$3.51
Weighted Average Exercise Price, Exercised	$2.32
Weighted Average Exercise Price, Forfeited	$3.97
Weighted Average Exercise Price Outstanding, ending balance	$3.08
Weighted Average Exercise Price, Outstanding at June 30, 2014 - vested or unvested and expected to vest	$3.07
Weighted Average Exercise Price, Exercisable at June 30, 2014	$2.88
Weighted Average Remaining Contractual Life Outstanding, Ending balance	'6 years 5 months 27 days
Weighted Average Remaining Contractual Life, Outstanding at June 30, 2014 - vested or unvested and expected to vest	'6 years 5 months 16 days
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2014	'5 years 5 months 27 days
Aggregate Intrinsic Value Outstanding, Ending balance	$5,120
Aggregate Intrinsic Value, Outstanding at June 30, 2014 - vested or unvested and expected to vest	5,050
Aggregate Intrinsic Value, Exercisable at June 30, 2014	$3,809

StockBased_Compensation_Compen

Stock-Based Compensation - Compensation Expense from Stock-Based Payment Awards (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'
Stock-based compensation expense	$1,411	$1,317	$1,411
Research and Development Expense [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'
Stock-based compensation expense	516	632	597
General and Administrative Expense [Member]	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]	'	'	'
Stock-based compensation expense	$895	$685	$814

Retirement_Plans_Additional_In

Retirement Plans - Additional Information (Detail) (USD $)	12 Months Ended
Retirement Plans - Additional Information (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Compensation And Retirement Disclosure [Abstract]	'	'	'
Eligible compensation	5.00%	'	'
Company contributed to retirement plans	$189,000	$231,000	$181,000

Income_Taxes_Components_of_Inc

Income Taxes - Components of Income Tax Benefit (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
U.S. operations:	'	'	'
Current income tax provision	'	'	'
Deferred income tax benefit	'	'	-13
Income tax expense (benefit) continuing operations	'	'	-13
Non-U.S. operations:	'	'	'
Current income tax benefit	-130	-117	-156
Deferred income tax benefit	'	'	'
Income tax expense (benefit) continuing operations	-130	-117	-156
Income tax benefit	($130)	($117)	($169)

Income_Taxes_Components_of_Los

Income Taxes - Components of Loss Before Income Taxes (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]	'	'	'
U.S. operations	($11,712)	($10,101)	($11,215)
Non-U.S. operations	-1,773	-1,916	-13,789
Loss before income taxes	($13,485)	($12,017)	($25,004)

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail)	12 Months Ended								12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
	USD ($)	USD ($)	USD ($)	Internal Revenue Service (IRS) [Member]	State and Local Jurisdiction [Member]	Foreign Tax [Member]	Foreign Tax [Member]	Federal and State Tax [Member]	United Kingdom Tax Authority [Member]	Australian Tax Authority [Member]
				USD ($)	USD ($)	USD ($)	GBP (£)	USD ($)
Income Tax [Line Items]	'	'	'	'	'	'	'	'	'	'
Statutory U.S. federal tax rate	34.00%	'	'	'	'	'	'	'	'	'
Increase in valuation allowance	$4,600,000	$2,900,000	'	'	'	'	'	'	'	'
U.S. federal net operating loss carry forwards	'	'	'	65,400,000	'	'	'	'	'	'
Operating loss carry forwards, expiration dates	'	'	'	'2023	'	'	'	'	'	'
Operating loss carry forwards, expiration dates	'	'	'	'2034	'	'	'	'	'	'
State net operating loss carry forwards	'	'	'	'	24,500,000	'	'	'	'	'
Tax loss carry forwards, foreign	'	'	'	'	'	32,800,000	19,200,000	'	'	'
Foreign current income tax benefit	130,000	117,000	156,000	'	'	130,000	'	'	'	'
Research and development tax credit carry forwards	'	'	'	'	'	'	'	600,000	'	'
Research and development tax credit carry forwards expiration begin date	'	'	'	'	'2016	'	'	'	'	'
Research and development tax credit carry forwards expiration end date	'	'	'	'	'2033	'	'	'	'	'
Tax years subject to examination	'	'	'	'2002 through 2013	'	'	'	'	'2006 through 2013	'2004 through 2008
Unrecognized tax benefits	0	0	'	'	'	'	'	'	'	'
Accrued penalties or interest related to uncertain tax positions	$0	$0	'	'	'	'	'	'	'	'

Income_Taxes_Difference_Betwee

Income Taxes - Difference Between Expected Income Tax (Benefit) Expense and Actual Tax (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]	'	'	'
Income tax benefit at statutory rate	($4,585)	($4,086)	($8,501)
State income taxes, net of federal benefit	-693	-569	-599
Non-U.S. income tax rate differential	157	145	1,163
Research and development tax credits	-169	-134	-156
Changes in valuation allowance	4,619	2,939	7,500
Expiration of state net operating loss carryforwards	161	706	'
Other, net	380	882	424
Income tax benefit	($130)	($117)	($169)

Income_Taxes_Components_of_Def

Income Taxes - Components of Deferred Income Taxes (Detail) (USD $)	Jun. 30, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Deferred tax assets:	'	'
Net operating loss carryforwards	$30,123	$26,068
Deferred revenue	2,194	2,196
Stock-based compensation	3,079	2,589
Provision for losses on note receivable	511	511
Other	652	843
Total deferred tax assets	36,559	32,207
Deferred tax liabilities:	'	'
Intangible assets	910	1,177
Deferred tax assets, net	35,649	31,030
Valuation allowance	35,649	31,030
Total deferred tax liability	'	'

Commitments_and_Contingencies_1

Commitments and Contingencies - Additional Information (Detail) (USD $)	12 Months Ended			0 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012	Mar. 21, 2014	Jun. 30, 2014	Jun. 30, 2014
				Watertown [Member]	Watertown [Member]	Malvern, U.K. [Member]
				sqft		sqft
Operating Leased Assets [Line Items]	'	'	'	'	'	'
Area of leased office and laboratory space	'	'	'	13,650	'	2,200
Lease expiry date	'	'	'	'	5-Apr-14	31-Aug-16
Irrevocable standby letter of credit	$150,000	'	'	'	'	'
Initial lease term extended period	'	'	'	'2019-04	'	'
Lease renewal, Period	'	'	'	'5 years	'	'
Rent expense related to real estate and other operating leases charged to operations	$485,000	$454,000	$466,000	'	'	'

Commitments_and_Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
2015	$475
2016	475
2017	425
2018	419
2019	358
Total future minimum lease payments	$2,152

Segment_and_Geographic_Area_In2

Segment and Geographic Area Information - Additional Information (Detail)	12 Months Ended
	Jun. 30, 2014
	Segment
Segment Reporting [Abstract]	'
Number of Operating business segment	1

Segment_and_Geographic_Area_In3

Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) (USD $)	3 Months Ended								12 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Long-lived assets, net	$297,000	'	'	'	$179,000	'	'	'	$297,000	$179,000	'
Revenues	292,000	1,992,000	592,000	597,000	492,000	513,000	585,000	553,000	3,473,000	2,143,000	3,526,000
U.S.	'	'	'	'	'	'	'	'	'	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Long-lived assets, net	248,000	'	'	'	55,000	'	'	'	248,000	55,000	'
Revenues	'	'	'	'	'	'	'	'	3,248,000	1,873,000	2,385,000
U.K.	'	'	'	'	'	'	'	'	'	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Long-lived assets, net	49,000	'	'	'	124,000	'	'	'	49,000	124,000	'
Revenues	'	'	'	'	'	'	'	'	$225,000	$270,000	$1,141,000

Quarterly_Financial_Data_Summa

Quarterly Financial Data - Summary of Quarterly Results of Operations (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Quarterly Financial Information Disclosure [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Total revenues	$292	$1,992	$592	$597	$492	$513	$585	$553	$3,473	$2,143	$3,526
Operating loss	-4,012	-2,219	-3,541	-3,718	-3,981	-2,812	-2,648	-2,590	-13,490	-12,031	-25,211
Net loss	($3,967)	($2,187)	($3,514)	($3,687)	($3,947)	($2,794)	($2,608)	($2,551)	($13,355)	($11,900)	($24,835)
Net loss per share-basic and diluted	($0.14)	($0.08)	($0.13)	($0.14)	($0.17)	($0.12)	($0.11)	($0.11)	($0.49)	($0.52)	($1.19)
Weighted average common shares-basic and diluted	29,256	27,672	26,953	25,918	23,297	23,297	23,297	22,294	27,444	23,044	20,791

Quarterly_Financial_Data_Summa1

Quarterly Financial Data - Summary of Quarterly Results of Operations (Parenthetical) (Detail) (USD $)	3 Months Ended								12 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Quarterly Financial Data [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Revenues	$292,000	$1,992,000	$592,000	$597,000	$492,000	$513,000	$585,000	$553,000	$3,473,000	$2,143,000	$3,526,000
Feasibility Study Agreement [Member]	'	'	'	'	'	'	'	'	'	'	'
Quarterly Financial Data [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Revenues	'	$1,500,000	'	'	'	'	'	'	'	'	'