EyePoint Pharmaceuticals (EYPT) 10-Q 8 May 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2015	6-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	PSDV
Entity Registrant Name	pSivida Corp.
Entity Central Index Key	1314102
Current Fiscal Year End Date	-24
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		29,412,365

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$23,007	$15,334
Marketable securities	8,651	2,944
Accounts and other receivables	430	517
Prepaid expenses and other current assets	989	547
Total current assets	33,077	19,342
Property and equipment, net	280	297
Intangible assets, net	2,080	2,765
Other assets	115	117
Restricted cash	150	150
Total assets	35,702	22,671
Current liabilities:
Accounts payable	812	464
Accrued expenses	1,371	1,524
Deferred revenue	35	138
Total current liabilities	2,218	2,126
Deferred revenue	5,584	5,584
Deferred rent	53	37
Total liabilities	7,855	7,747
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock, $.001 par value, 60,000,000 shares authorized, 29,412,365 and 29,298,558 shares issued and outstanding at March 31, 2015 and June 30, 2014, respectively	29	29
Additional paid-in capital	292,439	290,864
Accumulated deficit	-265,520	-277,013
Accumulated other comprehensive income	899	1,044
Total stockholders' equity	27,847	14,924
Total liabilities and stockholders' equity	$35,702	$22,671

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Jun. 30, 2014
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	29,412,365	29,298,558
Common stock, shares outstanding	29,412,365	29,298,558

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Comprehensive (Loss) Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Collaborative research and development	$110	$1,676	$25,355	$2,149
Royalty income	218	316	801	1,032
Total revenues	328	1,992	26,156	3,181
Operating expenses:
Research and development	3,339	2,269	8,890	7,267
General and administrative	2,041	1,946	5,645	5,468
Gain on sale of property and equipment		-4		-76
Total operating expenses	5,380	4,211	14,535	12,659
(Loss) income from operations	-5,052	-2,219	11,621	-9,478
Other income:
Interest income	6	1	12	3
Other income, net	4		4
Total other income	10	1	16	3
(Loss) income before income taxes	-5,042	-2,218	11,637	-9,475
Income tax benefit (expense)	44	31	-144	87
Net (loss) income	-4,998	-2,187	11,493	-9,388
Net (loss) income per common share:
Basic	($0.17)	($0.08)	$0.39	($0.35)
Diluted	($0.17)	($0.08)	$0.38	($0.35)
Weighted average common shares:
Basic	29,412,365	27,672,327	29,366,919	26,841,623
Diluted	29,412,365	27,672,327	30,612,210	26,841,623
Net (loss) income	-4,998	-2,187	11,493	-9,388
Other comprehensive (loss) income:
Foreign currency translation adjustments	-45	5	-141	100
Net unrealized gain (loss) on marketable securities	1	-1	-4	-1
Other comprehensive (loss) income	-44	4	-145	99
Comprehensive (loss) income	($5,042)	($2,183)	$11,348	($9,289)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
In Thousands, except Share data
Balance at Jun. 30, 2014	$14,924	$29	$290,864	($277,013)	$1,044
Balance, shares at Jun. 30, 2014	29,298,558	29,298,558
Net income	11,493			11,493
Other comprehensive loss	-145				-145
Exercise of stock options	235		235
Exercise of stock options, shares		113,807
Stock-based compensation	1,340		1,340
Balance at Mar. 31, 2015	$27,847	$29	$292,439	($265,520)	$899
Balance, shares at Mar. 31, 2015	29,412,365	29,412,365

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	$11,493	($9,388)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Amortization of intangible assets	579	582
Depreciation of property and equipment	79	103
Stock-based compensation expense	1,340	963
Amortization of bond premium on marketable securities	66	26
Gain on sale of property and equipment		-76
Changes in operating assets and liabilities:
Accounts receivable and other current assets	-388	1,016
Accounts payable and accrued expenses	221	-833
Deferred revenue	-103	-290
Deferred rent	16	11
Net cash provided by (used in) operating activities	13,303	-7,886
Cash flows from investing activities:
Purchases of marketable securities	-8,677	-2,714
Maturities of marketable securities	2,900	3,350
Purchases of property and equipment	-71	-75
Proceeds from sale of property and equipment		76
Change in restricted cash		-150
Net cash (used in) provided by investing activities	-5,848	487
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs		18,149
Exercise of stock options	235	909
Net cash provided by financing activities	235	19,058
Effect of foreign exchange rate changes on cash and cash equivalents	-17	-3
Net increase in cash and cash equivalents	7,673	11,656
Cash and cash equivalents at beginning of period	15,334	6,899
Cash and cash equivalents at end of period	23,007	18,555
Supplemental disclosure of cash flow information:
Cash paid for income taxes	263
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment		141
Stock issuance costs		$86

Operations_and_Basis_of_Presen

Operations and Basis of Presentation	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Operations and Basis of Presentation
	1	Operations and Basis of Presentation
	The accompanying condensed consolidated financial statements of pSivida Corp. and subsidiaries (the “Company”) as of March 31, 2015 and for the three and nine months ended March 31, 2015 and 2014 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended June 30, 2014. In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2014, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive (loss) income and cash flows for the periods indicated. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period.
	The Company is a leader in the development of sustained-release pharmaceutical products for treating eye diseases. Its approved products deliver drugs at a controlled and steady rate for months or years. The Company has developed three of the four approved sustained-release products for treating retinal diseases. The Company’s lead product candidate Medidur™ for posterior uveitis is in pivotal clinical trials. Marketing of its lead licensed product ILUVIEN® for diabetic macular edema (“DME”) commenced in the U.S. in the fiscal 2015 third quarter. The Company’s pre-clinical development program is focused on developing products for chronic retinal diseases utilizing our core technology platforms. The Company’s strategy includes developing products independently while continuing to leverage our technology platforms through collaborations and license agreements.
	Medidur, the Company’s lead development product, is an injectable, micro-insert designed to treat posterior uveitis, a blinding eye disease, on a sustained basis for 36 months. Medidur uses the same micro-insert used in ILUVIEN for DME (same design, same drug, same polymers, same release rate) and delivers a lower dose of the same drug as Retisert®, the Company’s approved implant for posterior uveitis. The Company is developing Medidur independently.
	In recent meetings, the Company reached agreement with the U.S. Food and Drug Administration (“FDA”) on a regulatory path for Medidur that should allow a new drug application (“NDA”) to be filed in the first half of 2017. The FDA indicated that, pending clinical trial results, it would accept an NDA based on data from the ongoing Medidur Phase III trial (which has a 12-month primary endpoint), data from a second Phase III trial with a shorter six-month primary endpoint and data referenced from the already completed Phase III ILUVIEN trials. The ongoing Phase III trial for Medidur completed enrollment with 129 patients in the fiscal 2015 third quarter. The last 12-month follow-up visit is scheduled in March 2016, and the Company expects top-line data in the second calendar quarter of 2016. The Company has already initiated a second Phase III Medidur trial, which will recruit up to 150 patients in India. Both trials will follow participants for three years.
	The Company had previously planned to file an NDA with data from only the first Phase III trial and data referenced from the ILUVIEN studies, subject to FDA confirmation. Because of the shorter six-month primary endpoint permitted for the second trial, the Company expects that the new regulatory path will allow it to file the Medidur NDA with only a several month delay from the time frame anticipated with one Phase III trial. The Company had budgeted for a second Phase III trial, pending FDA guidance, so the second trial does not affect the Company’s liquidity projections.
	The Company plans to commercialize Medidur with a newly designed, proprietary inserter that uses a standard 27 gauge needle routinely used in intraocular injections. As a result of the new design, the Company will conduct a utilization study on the new inserter, with data to be submitted as part of the Medidur NDA. Data from this study is expected to be available before data from the other trials and should not delay the NDA submission.
	ILUVIEN, the Company’s most recently approved product, is an injectable, sustained-release micro-insert that provides treatment of DME for three years from a single administration. ILUVIEN is licensed to and sold by Alimera Sciences, Inc. (“Alimera”), and the Company is entitled to a share of the net profits (as defined) from Alimera’s sales of ILUVIEN on a country-by-country basis. ILUVIEN was launched in the U.S. in late February 2015 and is now widely available to physicians in the U.S. It is indicated for the treatment of DME in patients previously treated with a course of corticosteroids without a clinically significant rise in intraocular pressure.
	ILUVIEN was also launched in Portugal in January 2015, and has been commercially available in the United Kingdom and Germany since June 2013. ILUVIEN has marketing approvals in 17 EU countries for the treatment of chronic DME considered insufficiently responsive to available therapies.
	Distribution, regulatory and reimbursement matters for ILUVIEN for DME in Australia and New Zealand have been sublicensed. The Company is entitled to 20% of any royalties and 33% of all other payments received by our licensee, including any milestone payments.
	The Company’s pre-clinical research is primarily focused on developing pharmaceutical products to provide targeted and systemic sustained delivery of drugs and large biologic molecules for treatment of various conditions, and to provide sustained delivery of therapeutic agents to treat wet and dry age-related macular degeneration, glaucoma and osteoarthritis.
	The Company has a history of operating losses and has financed its operations primarily from the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners and from proceeds of sales of its equity securities. The Company believes that its cash, cash equivalents and marketable securities of $31.7 million at March 31, 2015 will enable the Company to maintain its current and planned operations (including its two Medidur trials) into calendar year 2017. This estimate excludes any potential net profits receipts from sales of ILUVIEN.
	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 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. In April 2015, the FASB tentatively deferred the effective date of ASU 2014-09, while also tentatively permitting early adoption. If such deferral is ratified, ASU 2014-09 will become effective on July 1, 2018. 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	9 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	2	License and Collaboration Agreements
	Alimera
	Under the collaboration agreement with Alimera, as amended in March 2008 (the “Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN, and Alimera assumed all financial responsibility for the development of licensed products. In September 2014, the Company earned a $25.0 million milestone from Alimera as a result of the FDA approval of ILUVIEN, which was recorded as revenue in the quarter ended September 30, 2014 and received in October 2014. 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 is also entitled to reimbursement of certain patent maintenance costs with respect to the patents licensed to Alimera.
	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 under the Alimera Agreement totaled $70,000 and $47,000 for the three months ended March 31, 2015 and 2014, respectively, and $25.1 million and $95,000 for the nine months ended March 31, 2015 and 2014, respectively.
	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. The Company may, at its option, conduct Phase II clinical trials, which have not been initiated, 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 develop and commercialize the Latanoprost Product in return for a $20.0 million payment 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.
	As a result of the material modification of the Pfizer arrangement, the estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million is being recognized as collaborative research and development revenue over the expected performance period using the proportional performance method. The Company recorded no revenue and $9,000 for the three months ended March 31, 2015 and 2014, respectively, and no revenue and $65,000 for the nine months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, the Company continues to evaluate the Latanoprost Product and, consequently, the Company cannot currently estimate the remaining performance period. As a result, total deferred revenue of approximately $5.6 million at each of March 31, 2015 and June 30, 2014 was classified as noncurrent. Costs associated with developing the Latanoprost Product are reflected in operating expenses in the period in which they are incurred.
	Pfizer owned approximately 6.3% of the Company’s outstanding common stock at March 31, 2015.
	Bausch & Lomb
	Pursuant to a licensing and development agreement, as amended, Bausch & Lomb has a worldwide exclusive license to make and sell Retisert in return for royalties based on sales. Bausch & Lomb was also licensed to make and sell Vitrasert, an implant for sustained treatment of CMV retinitis, but discontinued sales in the second quarter of fiscal 2013 following patent expiration.
	Royalty income from Bausch & Lomb totaled $218,000 and $316,000 for the three months ended March 31, 2015 and 2014, respectively, and $801,000 and $1.0 million for the nine months ended March 31, 2015 and 2014, respectively. Accounts receivable from Bausch & Lomb totaled $223,000 at March 31, 2015 and $302,000 at June 30, 2014.
	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. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sublicensee sales-based royalties earned, but only 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. There was no revenue related to the Enigma agreement in the three month periods ended March 31, 2015 and 2014 and $100,000 and $102,000 of revenues for the nine month periods ended March 31, 2015 and 2014, respectively. As of March 31, 2015, no deferred revenue was recorded for this agreement.
	Evaluation Agreements
	The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the evaluation agreement. Revenues under evaluation agreements totaled $35,000 and $1.6 million for the three months ended March 31, 2015 and 2014, respectively, and $104,000 and $1.9 million for the nine months ended March 31, 2015 and 2014, respectively.

Intangible_Assets

Intangible Assets	9 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	3	Intangible Assets
	The reconciliation of intangible assets for the nine months ended March 31, 2015 and for the year ended June 30, 2014 was as follows (in thousands):
			Nine Months Ended			Year Ended
			March 31, 2015			June 30, 2014
	Patented technologies
	Gross carrying amount at beginning of period		$	41,689		$	38,941
	Foreign currency translation adjustments			(3,313	)		2,748
	Gross carrying amount at end of period			38,376			41,689
	Accumulated amortization at beginning of period			(38,924	)		(35,511	)
	Amortization expense			(579	)		(778	)
	Foreign currency translation adjustments			3,207			(2,635	)
	Accumulated amortization at end of period			(36,296	)		(38,924	)
	Net book value at end of period		$	2,080		$	2,765
	The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization of intangible assets totaled $190,000 and $196,000 for the three months ended March 31, 2015 and 2014, respectively, and $579,000 and $582,000 for the nine months ended March 31, 2015 and 2014, respectively. The carrying value of intangible assets at March 31, 2015 of $2.1 million (approximately $1.5 million attributable to the Durasert™ technology and $0.6 million attributable to the BioSilicon technology (including Tethadur™)) is expected to be amortized on a straight-line basis over the remaining estimated useful life of 2.75 years, or approximately $756,000 per year.

Marketable_Securities

Marketable Securities	9 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4	Marketable Securities
	The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at March 31, 2015 and June 30, 2014 were as follows (in thousands):
			March 31, 2015
			Amortized		Unrealized			Fair Value
			Cost		Loss
	Corporate bonds		$	8,656	$	(5	)	$	8,651
			30-Jun-14
			Amortized		Unrealized			Fair Value
			Cost		Loss
	Corporate bonds		$	2,446	$	(1	)	$	2,445
	Commercial paper			499		—			499
	Total marketable securities		$	2,945	$	(1	)	$	2,944
	During the nine months ended March 31, 2015, $8.7 million of marketable securities were purchased and $2.9 million of such securities matured. At March 31, 2015, the marketable securities had maturities ranging from 38 days to 11 months, with a weighted average maturity of 7.1 months.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	5	Fair Value Measurements
	The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:
		•		Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities.
		•		Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets).
		•		Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities.
	Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At March 31, 2015 and June 30, 2014, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits, U.S. government agencies, treasury bills and treasury repurchase agreements. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk.
	The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. Certain of the Company’s corporate debt securities were valued based on quoted prices for the specific securities in an active market and were therefore classified as Level 1. The remaining marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at March 31, 2015 and June 30, 2014 by valuation hierarchy (in thousands):
			March 31, 2015
			Total carrying		Quoted prices in		Significant other		Significant
			value		active markets		observable inputs		unobservable inputs
					(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash equivalents		$	17,205	$	17,205	$	—	$	—
	Marketable securities
	Corporate bonds			8,651		8,651		—		—
			$	25,856	$	25,856	$	—	$	—
			30-Jun-14
			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	$	—

Accrued_Expenses

Accrued Expenses	9 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses	6	Accrued Expenses
	Accrued expenses consisted of the following at March 31, 2015 and June 30, 2014 (in thousands):
			March 31, 2015		June 30, 2014
	Personnel costs		$	618	$	952
	Professional fees			286		249
	Clinical			418		316
	Other			49		7
			$	1,371	$	1,524

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Stockholders' Equity	7	Stockholders’ Equity
	In March 2014, the Company sold 1,700,000 shares of its common stock in a registered direct offering to a single institutional investor at a price of $4.11 per share for gross proceeds of $7.0 million. Placement agent fees and other share issue costs approximated $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, representing the then remaining balance of the Company’s shelf registration statement. 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 the three and nine month periods ended March 31, 2015, the Company did not sell any shares under this program. During the three and nine months ended March 31, 2014, the Company sold 57,770 and 381,562 common shares, respectively, for net proceeds of $224,000 and $1.5 million, respectively, reflecting a weighted-average gross selling price of $3.98 per share.
	In July 2013, the Company sold 3,494,550 shares of its common stock in an underwritten public offering at a price of $3.10 per share for gross proceeds of $10.8 million. Underwriting commissions and other share issue costs approximated $890,000.
	Warrants to Purchase Common Shares
	During each of the nine month periods ended March 31, 2015 and 2014, there were a total of 1,176,105 outstanding and exercisable warrants to purchase common shares at a weighted-average exercise price of $3.67. At March 31, 2015, the remaining term of these warrants ranged from 0.8 to 2.4 years, representing a weighted average period of 1.6 years.
	Incentive Plan
	The Company’s 2008 Incentive Plan (the “2008 Plan”) provides for the issuance of stock options and other stock awards to directors, employees and consultants. At March 31, 2015, a total of 6,341,255 shares of common stock were authorized for issuance under the 2008 Plan, of which 1,080,817 were available for grant of future awards. The total number of shares issuable under the 2008 Plan is subject to annual increases pursuant to the terms of the plan. The following table provides a reconciliation of stock option activity under the 2008 Plan for the nine months ended March 31, 2015:
			Number of			Weighted		Weighted		Aggregate
			Options			Average		Average		Intrinsic
						Exercise		Remaining		Value
						Price		Contractual
								Life
								(in years)		(in thousands)
	Outstanding at July 1, 2014			3,791,001		$	3.08
	Granted			831,200			4.48
	Exercised			(113,807	)		2.07
	Forfeited			(17,445	)		3.88
	Outstanding at March 31, 2015			4,490,949		$	3.36		6.43	$	3,653
	Outstanding at March 31, 2015 - vested or unvested and expected to vest			4,407,364		$	3.35		6.39	$	3,623
	Exercisable at March 31, 2015			2,931,157		$	3.04		5.28	$	3,143
	Option grants for the nine months ended March 31, 2015 consisted of 701,200 options to employees with ratable annual vesting over 4 years, 90,000 options to non-executive directors with 1-year cliff vesting and 40,000 options to a newly appointed non-executive director with ratable annual vesting over 3 years. All option grants have a 10-year contractual life. The weighted-average grant date fair value of these option grants was $3.33 per share. A total of 579,408 options vested during the nine months ended March 31, 2015. In determining the grant date fair value of options, the Company uses the Black-Scholes option pricing model. The Company calculated the Black-Scholes value of options awarded during the nine months ended March 31, 2015 based on the following key assumptions:
	Option life (in years)		5.50 - 6.25
	Stock volatility		79% - 93%
	Risk-free interest rate		1.70% - 2.00%
	Expected dividends		0%
	Stock-Based Compensation Expense
	The Company’s statements of comprehensive (loss) income included total compensation expense from stock-based payment awards for the three and nine months ended March 31, 2015 and 2014, as follows (in thousands):
			Three Months Ended					Nine Months Ended
			March 31,					March 31,
			2015			2014		2015		2014
	Compensation expense included in:
	Research and development		$	182		$	142	$	492	$	373
	General and administrative			432			299		848		590
			$	614		$	441	$	1,340	$	963
	At March 31, 2015, there was approximately $2.3 million of unrecognized compensation expense related to unvested options under the 2008 Plan, which is expected to be recognized as expense over a weighted-average period of approximately 1.8 years.

Income_Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	8	Income Taxes
	The Company recognizes deferred tax assets and liabilities for estimated future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is established if, based on management’s review of both positive and negative evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Because of its historical losses from operations, the Company established a valuation allowance for the net deferred tax assets. The Company recorded an income tax benefit of $44,000 for the three months ended March 31, 2015 and an income tax expense of $144,000 for the nine months ended March 31, 2015. The Company recorded an income tax benefit of $31,000 and $87,000 for the three and nine months ended March 31, 2014, respectively. The current year-to-date income tax expense predominantly reflects $263,000 of federal alternative minimum tax payments based upon taxable income for the tax year ended December 31, 2014, which was primarily attributable to receipt of the $25.0 million FDA approval milestone. The tax benefits in each period predominantly represented earned foreign research and development tax credits.
	For the three and nine months ended March 31, 2015 and 2014, the Company had no significant unrecognized tax benefits. At March 31, 2015 and June 30, 2014, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9	Commitments and Contingencies
	The Company’s lease for its U.S. office and laboratory space in Watertown, Massachusetts 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. The Company’s obligations under the lease are secured by a cash-collateralized $150,000 irrevocable standby letter of credit.
	At March 31, 2015, the Company was subject to various routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows.

Net_Loss_Income_per_Share

Net (Loss) Income per Share	9 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net (Loss) Income per Share	10	Net (Loss) Income per Share
	Basic net (loss) income per share is computed by dividing the net (loss) income 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 basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.
	The following table reconciles the number of shares used to compute basic and diluted net (loss) income per share:
			Three Months Ended March 31,				Nine Months Ended March 31,
			2015		2014		2015		2014
	Number of common shares - basic			29,412,365		27,672,327		29,366,919		26,841,623
	Effect of dilutive securities:
	Stock options			—		—		989,990		—
	Warrants			—		—		255,301		—
	Number of common shares - diluted			29,412,365		27,672,327		30,612,210		26,841,623
	Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:
			Three Months Ended March 31,				Nine Months Ended March 31,
			2015		2014		2015		2014
	Options outstanding			4,490,949		3,893,739		1,881,524		3,893,739
	Warrants outstanding			1,176,105		1,176,105		552,500		1,176,105
				5,667,054		5,069,844		2,434,024		5,069,844

Intangible_Assets_Tables

Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Reconciliation of Intangible Assets	The reconciliation of intangible assets for the nine months ended March 31, 2015 and for the year ended June 30, 2014 was as follows (in thousands):
		Nine Months Ended			Year Ended
		March 31, 2015			June 30, 2014
	Patented technologies
	Gross carrying amount at beginning of period	$	41,689		$	38,941
	Foreign currency translation adjustments		(3,313	)		2,748
	Gross carrying amount at end of period		38,376			41,689
	Accumulated amortization at beginning of period		(38,924	)		(35,511	)
	Amortization expense		(579	)		(778	)
	Foreign currency translation adjustments		3,207			(2,635	)
	Accumulated amortization at end of period		(36,296	)		(38,924	)
	Net book value at end of period	$	2,080		$	2,765

Marketable_Securities_Tables

Marketable Securities (Tables)	9 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities	The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at March 31, 2015 and June 30, 2014 were as follows (in thousands):
		March 31, 2015
		Amortized		Unrealized			Fair Value
		Cost		Loss
	Corporate bonds	$	8,656	$	(5	)	$	8,651
		30-Jun-14
		Amortized		Unrealized			Fair Value
		Cost		Loss
	Corporate bonds	$	2,446	$	(1	)	$	2,445
	Commercial paper		499		—			499
	Total marketable securities	$	2,945	$	(1	)	$	2,944

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Assets Carried at Fair Value Measured on Recurring Basis	The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at March 31, 2015 and June 30, 2014 by valuation hierarchy (in thousands):
		March 31, 2015
		Total carrying		Quoted prices in		Significant other		Significant
		value		active markets		observable inputs		unobservable inputs
				(Level 1)		(Level 2)		(Level 3)
	Assets:
	Cash equivalents	$	17,205	$	17,205	$	—	$	—
	Marketable securities
	Corporate bonds		8,651		8,651		—		—
		$	25,856	$	25,856	$	—	$	—
		30-Jun-14
		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	$	—

Accrued_Expenses_Tables

Accrued Expenses (Tables)	9 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following at March 31, 2015 and June 30, 2014 (in thousands):
		March 31, 2015		June 30, 2014
	Personnel costs	$	618	$	952
	Professional fees		286		249
	Clinical		418		316
	Other		49		7
		$	1,371	$	1,524

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Stock Option Activity under Plan	The following table provides a reconciliation of stock option activity under the 2008 Plan for the nine months ended March 31, 2015:
		Number of			Weighted		Weighted		Aggregate
		Options			Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price		Contractual
							Life
							(in years)		(in thousands)
	Outstanding at July 1, 2014		3,791,001		$	3.08
	Granted		831,200			4.48
	Exercised		(113,807	)		2.07
	Forfeited		(17,445	)		3.88
	Outstanding at March 31, 2015		4,490,949		$	3.36		6.43	$	3,653
	Outstanding at March 31, 2015 - vested or unvested and expected to vest		4,407,364		$	3.35		6.39	$	3,623
	Exercisable at March 31, 2015		2,931,157		$	3.04		5.28	$	3,143
Key Assumptions used to Apply Option Pricing Model for Options Awarded	The Company calculated the Black-Scholes value of options awarded during the nine months ended March 31, 2015 based on the following key assumptions:
	Option life (in years)	5.50 - 6.25
	Stock volatility	79% - 93%
	Risk-free interest rate	1.70% - 2.00%
	Expected dividends	0%
Compensation Expense from Stock-Based Payment Awards	The Company’s statements of comprehensive (loss) income included total compensation expense from stock-based payment awards for the three and nine months ended March 31, 2015 and 2014, as follows (in thousands):
		Three Months Ended					Nine Months Ended
		March 31,					March 31,
		2015			2014		2015		2014
	Compensation expense included in:
	Research and development	$	182		$	142	$	492	$	373
	General and administrative		432			299		848		590
		$	614		$	441	$	1,340	$	963

Net_Loss_Income_per_Share_Tabl

Net (Loss) Income per Share (Tables)	9 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule that Reconciles the Number of Shares Used to Compute Basic and Diluted Net (Loss) Income Per Share	The following table reconciles the number of shares used to compute basic and diluted net (loss) income per share:
		Three Months Ended March 31,				Nine Months Ended March 31,
		2015		2014		2015		2014
	Number of common shares - basic		29,412,365		27,672,327		29,366,919		26,841,623
	Effect of dilutive securities:
	Stock options		—		—		989,990		—
	Warrants		—		—		255,301		—
	Number of common shares - diluted		29,412,365		27,672,327		30,612,210		26,841,623
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares	Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:
		Three Months Ended March 31,				Nine Months Ended March 31,
		2015		2014		2015		2014
	Options outstanding		4,490,949		3,893,739		1,881,524		3,893,739
	Warrants outstanding		1,176,105		1,176,105		552,500		1,176,105
			5,667,054		5,069,844		2,434,024		5,069,844

Operations_and_Basis_of_Presen1

Operations and Basis of Presentation - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2015
		Country
Operations [Line Items]
Period in which Company will follow participants in both trials	3 years
Cash equivalents and marketable securities	$31.70	31.7
Medidur Phase III Trial [Member]
Operations [Line Items]
Number of Patients who completed enrollment for Medidur Phase III trial	129	129
Second Medidur Phase III Trial [Member] | Maximum [Member]
Operations [Line Items]
Maximum amount of patients that can be recruited for a second Phase III Medidur trial	150
Europe [Member] | ILUVIEN [Member]
Operations [Line Items]
Number of countries approved lead product		17
Alimera [Member]
Operations [Line Items]
Percentage of royalties received from sublicensee		20.00%
Other percentage of non-royalty consideration received from sublicensee		33.00%

License_and_Collaboration_Agre1

License and Collaboration Agreements - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2011	Mar. 31, 2013	Dec. 31, 2014	Jun. 30, 2014	Sep. 30, 2014
Collaborative Agreements And Contracts [Line Items]
Milestone payment received upon an FDA approval of ILUVIEN							$25,000,000
Collaborative research and development revenue	110,000	1,676,000	25,355,000	2,149,000
Deferred revenue	5,600,000		5,600,000					5,600,000
Percentage of outstanding share capital owned by Pfizer	6.30%		6.30%
Royalty income	218,000	316,000	801,000	1,032,000
Accounts receivable	430,000		430,000					517,000
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue	0	9,000	0	65,000
Upfront payment					2,300,000
Contingent option exercise period			90 days
License option upfront payment upon exercise			20,000,000
Estimated selling price of the deliverables for revenue recognition					6,700,000
Enigma Therapeutics Limited [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of royalties received from sublicensee			8.00%
Percentage of non-royalty consideration received from sublicensee			20.00%
Collaborative research and development revenue	0	0	100,000	102,000
Upfront payment						100,000
Deferred revenue	0		0
License agreement commencement date			2012-12
Annual license maintenance fee			100,000
Alimera [Member]
Collaborative Agreements And Contracts [Line Items]
Milestone payment received upon an FDA approval of ILUVIEN									25,000,000
Percentage of company's share of net profits			20.00%
Pre-profitability net losses percentage			20.00%
Maximum Percentage offset of previously incurred and unapplied pre-profitability quarterly net losses			4.00%
Percentage of net profit share after offset of previously incurred and unapplied pre-profitability net losses			16.00%
Percentage of royalties received from sublicensee			20.00%
Percentage of non-royalty consideration received from sublicensee			33.00%
Collaborative research and development revenue	70,000	47,000	25,100,000	95,000
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty income	218,000	316,000	801,000	1,000,000
Accounts receivable	223,000		223,000					302,000
Evaluation Agreements [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue	$35,000	$1,600,000	$104,000	$1,900,000

Intangible_Assets_Reconciliati

Intangible Assets - Reconciliation of Intangible Assets (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization expense	($190)	($196)	($579)	($582)
Net book value at end of period	2,080		2,080		2,765
Patented Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount at beginning of period			41,689	38,941	38,941
Foreign currency translation adjustments			-3,313		2,748
Gross carrying amount at end of period	38,376		38,376		41,689
Accumulated amortization at beginning of period			-38,924	-35,511	-35,511
Amortization expense			-579		-778
Foreign currency translation adjustments			3,207		-2,635
Accumulated amortization at end of period	-36,296		-36,296		-38,924
Net book value at end of period	$2,080		$2,080		$2,765

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$190,000	$196,000	$579,000	$582,000
Intangible assets, net	2,080,000		2,080,000		2,765,000
Amortization expense per year	756,000		756,000
Remaining estimated useful life	2 years 9 months
Durasert [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	1,500,000		1,500,000
BioSilicon [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$600,000		$600,000

Marketable_Securities_Schedule

Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost		$2,945
Marketable securities, Unrealized Loss		-1
Marketable securities, Fair Value		2,944
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	8,656	2,446
Marketable securities, Unrealized Loss	-5	-1
Marketable securities, Fair Value	8,651	2,445
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost		499
Marketable securities, Fair Value		$499

Marketable_Securities_Addition

Marketable Securities - Additional Information (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Marketable securities purchased	$8,677	$2,714
Marketable securities matured and sold	$2,900	$3,350
Weighted average maturity	7 months 3 days
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	38 days
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	11 months

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Assets:
Cash equivalents	$17,205	$14,260
Marketable securities		2,944
Cash equivalents and marketable securities	25,856	17,204
Corporate Bonds [Member]
Assets:
Marketable securities	8,651	2,444
Commercial Paper [Member]
Assets:
Marketable securities		500
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	17,205	14,260
Cash equivalents and marketable securities	25,856	16,196
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member]
Assets:
Marketable securities	8,651	1,936
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents and marketable securities		1,008
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member]
Assets:
Marketable securities		508
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]
Assets:
Marketable securities		$500

Accrued_Expenses_Schedule_of_A

Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]
Personnel costs	$618	$952
Professional fees	286	249
Clinical	418	316
Other	49	7
Accrued expenses	$1,371	$1,524

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	1 Months Ended		9 Months Ended		1 Months Ended	3 Months Ended
	Mar. 31, 2014	Jul. 31, 2013	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2015	Mar. 31, 2014
	Investor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to investors	1,700,000	3,494,550
Common stock price per share	$4.11	$3.10		$4.11			$4.11
Net proceeds from issuance of common stock	$7,000,000	$10,800,000
Share issuance costs	191,000	890,000
Number of institutional investors in direct offering	1
Number of warrants			1,176,105	1,176,105
Weighted Average Exercise Price	$3.67		$3.67	$3.67		3.67	$3.67
Outstanding warrants remaining contract life, weighted average period			1 year 7 months 6 days
Weighted-average grant date fair value, per share			$3.33
Options vested during the period			579,408
Unrecognized compensation expense			2,300,000			2,300,000
Unrecognized compensation expense weighted average period			1 year 9 months 18 days
Non-Executive Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted with annual vesting			90,000
Vesting period of granted options			1 year
Newly Appointed Non-executive Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted with annual vesting			40,000
Vesting period of granted options			3 years
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted with annual vesting			701,200
Vesting period of granted options			4 years
Contractual life of option grants			10 years
At-the-Market Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued to investors			0	381,562		0	57,770
Net proceeds from issuance of common stock				1,500,000			224,000
Common stock shares maximum aggregate offering price					19,200,000
Agreement transaction costs					$153,000
Stock issuances, sales agent commission maximum percentage					3.00%
Weighted-average gross selling price				$3.98			$3.98
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding warrants remaining contract life			9 months 18 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding warrants remaining contract life			2 years 4 months 24 days
2008 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock, authorized for issuance			6,341,255			6,341,255
Shares available for grant			1,080,817			1,080,817
Options granted with annual vesting			831,200

Stockholders_Equity_Stock_Opti

Stockholders' Equity - Stock Option Activity Under Plan (Detail) (2008 Incentive Plan [Member], USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
2008 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	3,791,001
Number of Options, Granted	831,200
Number of Options, Exercised	-113,807
Number of Options, Forfeited	-17,445
Number of Options Outstanding, Ending balance	4,490,949
Number of Options, Outstanding at March 31, 2015 - vested or unvested and expected to vest	4,407,364
Number of Options, Exercisable at March 31, 2015	2,931,157
Weighted Average Exercise Price Outstanding, beginning balance	$3.08
Weighted Average Exercise Price, Granted	$4.48
Weighted Average Exercise Price, Exercised	$2.07
Weighted Average Exercise Price, Forfeited	$3.88
Weighted Average Exercise Price Outstanding, ending balance	$3.36
Weighted Average Exercise Price, Outstanding at March 31, 2015 - vested or unvested and expected to vest	$3.35
Weighted Average Exercise Price, Exercisable at March 31, 2015	$3.04
Weighted Average Remaining Contractual Life Outstanding, Ending balance	6 years 5 months 5 days
Weighted Average Remaining Contractual Life, Outstanding at March 31, 2015 - vested or unvested and expected to vest	6 years 4 months 21 days
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2015	5 years 3 months 11 days
Aggregate Intrinsic Value Outstanding, Ending balance	$3,653
Aggregate Intrinsic Value, Outstanding at March 31, 2015 - vested or unvested and expected to vest	3,623
Aggregate Intrinsic Value, Exercisable at March 31, 2015	$3,143

Stockholders_Equity_Key_Assump

Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model for Options Awarded (Detail)	9 Months Ended
	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	79.00%
Stock volatility, maximum	93.00%
Risk-free interest rate, Minimum	1.70%
Risk-free interest rate, Maximum	2.00%
Expected dividends	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 3 months

Stockholders_Equity_Compensati

Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$614	$441	$1,340	$963
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	182	142	492	373
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$432	$299	$848	$590

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	($44,000)	($31,000)	$144,000	($87,000)
Federal alternative minimum tax liability			263,000
Milestone payment received upon an FDA approval of ILUVIEN					25,000,000
Unrecognized tax benefits	0	0	0	0
Accrued penalties or interest related to uncertain tax positions	$0		$0			$0

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	9 Months Ended
	Mar. 31, 2015
Operating Leased Assets [Line Items]
Irrevocable standby letter of credit	150,000
Watertown [Member]
Operating Leased Assets [Line Items]
Lease renewal, Period	5 years
Initial lease term expiration date	2019-04

Net_Loss_Income_per_Share_Sche

Net (Loss) Income per Share - Schedule that Reconciles the Number of Shares Used to Compute Basic and Diluted Net (Loss) Income per Share (Detail)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Number of common shares - basic	29,412,365	27,672,327	29,366,919	26,841,623
Effect of dilutive securities:
Stock Options			989,990
Warrants			255,301
Number of common shares - diluted	29,412,365	27,672,327	30,612,210	26,841,623

Net_Loss_Income_per_Share_Pote

Net (Loss) Income per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	5,667,054	5,069,844	2,434,024	5,069,844
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	4,490,949	3,893,739	1,881,524	3,893,739
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	1,176,105	1,176,105	552,500	1,176,105