Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Feb. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PSDV | |
Entity Registrant Name | pSivida Corp. | |
Entity Central Index Key | 1,314,102 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 34,072,919 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 11,210 | $ 19,121 |
Marketable securities | 9,881 | 9,414 |
Accounts and other receivables | 573 | 622 |
Prepaid expenses and other current assets | 198 | 681 |
Total current assets | 21,862 | 29,838 |
Property and equipment, net | 311 | 338 |
Intangible assets, net | 1,512 | 1,925 |
Other assets | 115 | 116 |
Restricted cash | 150 | 150 |
Total assets | 23,950 | 32,367 |
Current liabilities: | ||
Accounts payable | 303 | 744 |
Accrued expenses | 3,552 | 2,571 |
Deferred revenue | 28 | 33 |
Total current liabilities | 3,883 | 3,348 |
Deferred revenue | 5,584 | 5,596 |
Deferred rent | 59 | 55 |
Total liabilities | $ 9,526 | $ 8,999 |
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, 29,627,919 and 29,412,365 shares issued and outstanding at December 31, 2015 and June 30, 2015, respectively | $ 29 | $ 29 |
Additional paid-in capital | 294,286 | 293,060 |
Accumulated deficit | (280,785) | (270,666) |
Accumulated other comprehensive income | 894 | 945 |
Total stockholders' equity | 14,424 | 23,368 |
Total liabilities and stockholders' equity | $ 23,950 | $ 32,367 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 29,627,919 | 29,412,365 |
Common stock, shares outstanding | 29,627,919 | 29,412,365 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | ||||
Collaborative research and development | $ 142 | $ 164 | $ 322 | $ 25,245 |
Royalty income | 384 | 357 | 670 | 583 |
Total revenues | 526 | 521 | 992 | 25,828 |
Operating expenses: | ||||
Research and development | 3,721 | 2,767 | 7,203 | 5,551 |
General and administrative | 2,043 | 1,870 | 4,011 | 3,604 |
Total operating expenses | 5,764 | 4,637 | 11,214 | 9,155 |
(Loss) income from operations | (5,238) | (4,116) | (10,222) | 16,673 |
Interest and other income | 10 | 3 | 20 | 6 |
(Loss) income before income taxes | (5,228) | (4,113) | (10,202) | 16,679 |
Income tax benefit (expense) | 42 | 38 | 83 | (188) |
Net (loss) income | $ (5,186) | $ (4,075) | $ (10,119) | $ 16,491 |
Net (loss) income per common share: | ||||
Basic | $ (0.18) | $ (0.14) | $ (0.34) | $ 0.56 |
Diluted | $ (0.18) | $ (0.14) | $ (0.34) | $ 0.54 |
Weighted average common shares: | ||||
Basic | 29,436,874 | 29,366,669 | 29,426,224 | 29,344,689 |
Diluted | 29,436,874 | 29,366,669 | 29,426,224 | 30,618,144 |
Net (loss) income | $ (5,186) | $ (4,075) | $ (10,119) | $ 16,491 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (19) | (46) | (47) | (96) |
Net unrealized loss on marketable securities | (6) | (2) | (4) | (5) |
Other comprehensive loss | (25) | (48) | (51) | (101) |
Comprehensive (loss) income | $ (5,211) | $ (4,123) | $ (10,170) | $ 16,390 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Balance at Jun. 30, 2014 | $ 14,924 | $ 29 | $ 290,864 | $ (277,013) | $ 1,044 |
Balance, shares at Jun. 30, 2014 | 29,298,558 | ||||
Net income (loss) | 16,491 | $ 0 | 0 | 16,491 | 0 |
Other comprehensive loss | (101) | 0 | 0 | 0 | (101) |
Exercise of stock options | 235 | $ 0 | 235 | 0 | 0 |
Exercise of stock options, shares | 113,807 | ||||
Stock-based compensation | 726 | $ 0 | 726 | 0 | 0 |
Balance at Dec. 31, 2014 | 32,275 | $ 29 | 291,825 | (260,522) | 943 |
Balance, shares at Dec. 31, 2014 | 29,412,365 | ||||
Balance at Jun. 30, 2015 | $ 23,368 | $ 29 | 293,060 | (270,666) | 945 |
Balance, shares at Jun. 30, 2015 | 29,412,365 | 29,412,365 | |||
Net income (loss) | $ (10,119) | $ 0 | 0 | (10,119) | 0 |
Other comprehensive loss | (51) | 0 | 0 | 0 | (51) |
Exercise of stock options | 338 | $ 0 | 338 | 0 | 0 |
Exercise of stock options, shares | 215,554 | ||||
Stock-based compensation | 888 | $ 0 | 888 | 0 | 0 |
Balance at Dec. 31, 2015 | $ 14,424 | $ 29 | $ 294,286 | $ (280,785) | $ 894 |
Balance, shares at Dec. 31, 2015 | 29,627,919 | 29,627,919 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (10,119) | $ 16,491 |
Adjustments to reconcile net (loss) income to cash flows from operating activities: | ||
Amortization of intangible assets | 382 | 389 |
Depreciation of property and equipment | 59 | 57 |
Stock-based compensation expense | 888 | 726 |
Amortization of bond premium on marketable securities | 68 | 41 |
Changes in operating assets and liabilities: | ||
Accounts receivable and other current assets | 520 | (618) |
Accounts payable and accrued expenses | 548 | 230 |
Deferred revenue | (17) | (69) |
Deferred rent | 4 | 10 |
Net cash (used in) provided by operating activities | (7,667) | 17,257 |
Cash flows from investing activities: | ||
Purchases of marketable securities | (5,843) | (3,287) |
Maturities of marketable securities | 5,305 | 250 |
Purchases of property and equipment | (36) | (28) |
Net cash used in investing activities | (574) | (3,065) |
Cash flows from financing activities: | ||
Exercise of stock options | 338 | 235 |
Net cash provided by financing activities | 338 | 235 |
Effect of foreign exchange rate changes on cash and cash equivalents | (8) | (10) |
Net (decrease) increase in cash and cash equivalents | (7,911) | 14,417 |
Cash and cash equivalents at beginning of period | 19,121 | 15,334 |
Cash and cash equivalents at end of period | $ 11,210 | $ 29,751 |
Operations and Basis of Present
Operations and Basis of Presentation | 6 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 December 31, 2015 and for the three and six months ended December 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, 2015. 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, 2015, 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 six months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period. The Company develops sustained-release drug delivery products primarily for the treatment of chronic eye diseases. Its products deliver drugs at a controlled and steady rate for months or years. The Company has developed three of only four sustained-release products approved by the U.S. Food and Drug Administration (“FDA”) for treatment of back-of-the-eye diseases. Medidur™ for posterior uveitis, the Company’s lead product candidate, is in pivotal Phase III clinical trials, and ILUVIEN ® Medidur, the Company’s most advanced development product, is a sustained-release micro-insert designed to treat chronic non-infectious uveitis affecting the posterior segment of the eye (“posterior uveitis”). Medidur, which is designed to provide sustained treatment for three years from a single injection, is in two Phase III trials. In December 2015, the Company announced positive top-line results from the first Phase III trial, which met its primary efficacy endpoint with high statistical significance and achieved positive safety results. The second Phase III trial is ongoing. Assuming favorable results from the second trial, the Company plans to file a new drug application (“NDA”) with the FDA in the first half of 2017 based on the results from both trials, data from a short-duration utilization study of its redesigned proprietary inserter and data referenced from the Phase III trials of ILUVIEN. Due to the high level of statistical significance achieved in the first trial, the Company plans to file for EU marketing approval based on the results of that single Phase III trial rather than both trials. The Company is developing Medidur independently. ILUVIEN, the Company’s most recently approved product, is a sustained-release micro-insert that provides treatment of DME. Like Medidur, it is injected into the eye in an office visit and provides three years of treatment from a single injection. 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 quarter-by-quarter, country-by-country basis. ILUVIEN was launched in the U.S. in late February 2015, where 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 has been commercially available in the United Kingdom and Germany since June 2013 and in Portugal since January 2015. ILUVIEN has marketing approvals in 17 EU countries for the treatment of chronic DME considered insufficiently responsive to available therapies. The Company’s FDA-approved Retisert ® The Company’s pre-clinical development program is focused on developing products using its Durasert™ and Tethadur™ technology platforms to deliver drugs and biologics to treat wet and dry age-related macular degeneration (“AMD”), glaucoma, osteoarthritis and other diseases. 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 $21.1 million at December 31, 2015, together with the estimated net proceeds of approximately $16.4 million from an underwritten public offering of common shares in January 2016, as well as expected cash inflows under existing collaboration agreements, will enable the Company to maintain its current and planned operations (including its two Medidur Phase III clinical trials) into the fourth quarter of calendar year 2017. This estimate excludes any potential future receipts from the commercialization of ILUVIEN. 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 ILUVIEN collaboration agreement, as well as proceeds from any future collaboration or other agreements and/or financing transactions. 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 In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern |
License and Collaboration Agree
License and Collaboration Agreements | 6 Months Ended |
Dec. 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 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 $28,000 and $26,000 for the three months ended December 31, 2015 and 2014, respectively, and $191,000 and $25.1 million for the six months ended December 31, 2015 and 2014, respectively. In addition to $157,000 of non-royalty sublicense consideration earned during the three months ended September 30, 2015 and a $25.0 million milestone earned as a result of the FDA approval of ILUVIEN during the three months ended September 30, 2014, these revenues consisted principally of patent fee reimbursements. Pfizer In June 2011, the Company and Pfizer entered into an Amended and Restated Collaborative Research and License Agreement (the “Restated Pfizer Agreement”) to focus solely on the development of a sustained-release bioerodible micro-insert designed to deliver latanoprost for human ophthalmic disease or conditions other than uveitis (the “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 to date have not been undertaken, 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. As of December 31, 2015, the Company continues to evaluate whether to undertake Phase II clinical trials and, consequently, the Company cannot currently estimate the remaining performance period and has therefore not recognized any additional revenue. As a result, the current portion of deferred revenue was $0 at each of December 31, 2015 and June 30, 2015. Total deferred revenue was approximately $5.6 million at each of December 31, 2015 and June 30, 2015. The Company recorded no collaborative research and development revenue during each of the three and six-month periods ended December 31, 2015 and 2014. 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 December 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 totaled $384,000 and $357,000 for the three months ended December 31, 2015 and 2014, respectively, and $670,000 and $583,000 for the six months ended December 31, 2015 and 2014, respectively. Accounts receivable from Bausch & Lomb totaled $390,000 at December 31, 2015 and $371,000 at June 30, 2015. 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 most recent of which was received in December 2015. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any licensed patent maintenance costs, sales-based royalties and sub-licensee 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. Revenue related to the Enigma agreement totaled $100,000 for the three and six month periods ended December 2015 and 2014, respectively. As of December 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. Revenues under evaluation agreements totaled $9,000 and $35,000 for the three months ended December 31, 2015 and 2014, respectively, and $17,000 and $70,000 for the six months ended December 31, 2015 and 2014, respectively. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 3. Intangible Assets The reconciliation of intangible assets for the six months ended December 31, 2015 and for the year ended June 30, 2015 was as follows (in thousands): Six Months Ended Year Ended December 31, 2015 June 30, 2015 Patented technologies Gross carrying amount at beginning of period $ 39,710 $ 41,689 Foreign currency translation adjustments (1,382 ) (1,979 ) Gross carrying amount at end of period 38,328 39,710 Accumulated amortization at beginning of period (37,785 ) (38,924 ) Amortization expense (382 ) (770 ) Foreign currency translation adjustments 1,351 1,909 Accumulated amortization at end of period (36,816 ) (37,785 ) Net book value at end of period $ 1,512 $ 1,925 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 $193,000 for the three months ended December 31, 2015 and 2014, respectively, and $382,000 and $389,000 for the six months ended December 31, 2015 and 2014, respectively. The carrying value of intangible assets at December 31, 2015 of $1.5 million (approximately $1.1 million attributable to the Durasert technology and $453,000 attributable to the BioSilicon technology (including Tethadur)) is expected to be amortized on a straight-line basis over the remaining estimated useful life of 2.0 years, or approximately $756,000 per year. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Dec. 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 December 31, 2015 and June 30, 2015 were as follows (in thousands): December 31, 2015 Amortized Unrealized Cost Loss Fair Value Corporate bonds $ 7,592 $ (9 ) $ 7,583 Commercial paper 1,798 — 1,798 Government agency 500 — 500 Total marketable securities $ 9,890 $ (9 ) $ 9,881 June 30, 2015 Amortized Unrealized Cost Loss Fair Value Corporate bonds $ 9,419 $ (5 ) $ 9,414 During the six months ended December 31, 2015, $5.8 million of marketable securities were purchased and $5.3 million of such securities matured. At December 31, 2015, the marketable securities had maturities ranging from 8 days to 7.0 months, with a weighted average maturity of 3.3 months. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 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 December 31, 2015 and June 30, 2015, 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. These deposits may be redeemed upon demand and, therefore, generally have 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 December 31, 2015 and June 30, 2015 by valuation hierarchy (in thousands): December 31, 2015 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 8,071 $ 8,071 $ — $ — Marketable securities Corporate bonds 7,583 3,041 4,542 — Commercial paper 1,798 — 1,798 — Government agency 500 — 500 — $ 17,952 $ 11,112 $ 6,840 $ — June 30, 2015 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 15,835 $ 15,835 $ — $ — Marketable securities Corporate bonds 9,414 7,413 2,001 — $ 25,249 $ 23,248 $ 2,001 $ — |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consisted of the following at December 31, 2015 and June 30, 2015 (in thousands): December 31, 2015 June 30, 2015 Clinical trial costs $ 2,579 $ 1,424 Personnel costs 617 735 Professional fees 342 384 Other 14 28 $ 3,552 $ 2,571 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity In January 2016, the Company sold 4,440,000 shares of its common stock in an underwritten public offering at a price of $4.00 per share for gross proceeds of $17.8 million. Underwriter discounts and commissions and other share issue costs are expected to approximate $1.4 million. In December 2013, the Company entered into an at-the-market (“ATM”) program pursuant to which the Company may offer and sell shares of its common stock from time to time for an aggregate offering price of up to $19.2 million, of which approximately $17.6 million remains unsold. The Company pays the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. The Company’s ability to sell shares under the ATM program is subject to an Australian Securities Exchange (“ASX”) rule limiting the number of shares the Company may issue in any 12-month period without shareholder approval, as well as other applicable rules and regulations of ASX and the NASDAQ Global Market. During the three and six-month periods ended December 31, 2015 and 2014, the Company did not sell any shares under this program. Warrants to Purchase Common Shares During each of the six-month periods ended December 31, 2015 and 2014, a total of 1,176,105 warrants to purchase common shares were outstanding and exercisable at a weighted-average exercise price of $3.67. At December 31, 2015, the remaining term of these warrants ranged from 24 days to 1.6 years, representing a weighted average period of 0.9 years. As of January 24, 2016, 552,500 of these warrants at an exercise price of $5.00 expired. 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 December 31, 2015, a total of 7,091,255 shares of common stock were authorized for issuance under the 2008 Plan, of which 1,027,791 were available for grant of future awards. Shares issuable under the 2008 Plan are subject to an annual increase pursuant to the terms of the plan. The following table provides a reconciliation of stock option activity under the 2008 Plan for the six months ended December 31, 2015: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Life Value (in years) (in thousands) Outstanding at July 1, 2015 4,447,975 $ 3.36 Granted 846,000 4.09 Exercised (215,554 ) 1.57 Outstanding at December 31, 2015 5,078,421 $ 3.55 6.47 $ 6,539 Outstanding at December 31, 2015— vested or unvested and expected to vest 4,987,765 $ 3.55 6.43 $ 6,463 Exercisable at December 31, 2015 3,305,234 $ 3.30 5.23 $ 5,117 During the six months ended December 31, 2015, the Company granted 736,000 options to employees with ratable annual vesting over 4 years and 110,000 options to non-executive directors with 1-year cliff vesting. All option grants have a 10-year term. The weighted-average grant date fair value of these options was $2.74 per share. A total of 626,605 options vested during the six months ended December 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 six months ended December 31, 2015 based on the following key assumptions: Option life (in years) 5.50 – 6.25 Stock volatility 76% – 80% Risk-free interest rate 1.83% – 1.97% 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 six months ended December 31, 2015 and 2014, as follows (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Compensation expense included in: Research and development $ 196 $ 198 $ 341 $ 310 General and administrative 287 219 547 416 $ 483 $ 417 $ 888 $ 726 At December 31, 2015, there was approximately $3.0 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 | 6 Months Ended |
Dec. 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 not more likely than not that all or a portion of the deferred tax assets will 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 $42,000 and $83,000 for the three and six months ended December 31, 2015, respectively, an income tax benefit of $38,000 for the three months ended December 31, 2014 and an income tax expense of $188,000 for the six months ended December 31, 2014. The Company recorded $260,000 of federal alternative minimum tax expense for the six months ended December 31, 2014 as a result of taxable income for the tax year ended December 31, 2014, which was primarily attributable to revenue recognition of the $25.0 million FDA approval milestone. The tax benefits in each period represented earned foreign research and development tax credits. For the three and six months ended December 31, 2015 and 2014, the Company had no significant unrecognized tax benefits. At December 31, 2015 and June 30, 2015, the Company had no accrued penalties or interest related to uncertain tax positions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies In March 2014, the Company leased new U.S. office and laboratory space in Watertown, Massachusetts and 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. 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. |
Net (Loss) Income per Share
Net (Loss) Income per Share | 6 Months Ended |
Dec. 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 December 31, Six Months Ended December 31, 2015 2014 2015 2014 Number of common shares—basic 29,436,874 29,366,669 29,426,224 29,344,689 Effect of dilutive securities: Stock options — — — 1,016,710 Warrants — — — 256,745 Number of common shares—diluted 29,436,874 29,366,669 29,426,224 30,618,144 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 December 31, Six Months Ended December 31, 2015 2014 2015 2014 Options outstanding 5,078,421 4,490,949 5,078,421 1,823,824 Warrants outstanding 1,176,105 1,176,105 1,176,105 552,500 6,254,526 5,667,054 6,254,526 2,376,324 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of Intangible Assets | The reconciliation of intangible assets for the six months ended December 31, 2015 and for the year ended June 30, 2015 was as follows (in thousands): Six Months Ended Year Ended December 31, 2015 June 30, 2015 Patented technologies Gross carrying amount at beginning of period $ 39,710 $ 41,689 Foreign currency translation adjustments (1,382 ) (1,979 ) Gross carrying amount at end of period 38,328 39,710 Accumulated amortization at beginning of period (37,785 ) (38,924 ) Amortization expense (382 ) (770 ) Foreign currency translation adjustments 1,351 1,909 Accumulated amortization at end of period (36,816 ) (37,785 ) Net book value at end of period $ 1,512 $ 1,925 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Dec. 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 December 31, 2015 and June 30, 2015 were as follows (in thousands): December 31, 2015 Amortized Unrealized Cost Loss Fair Value Corporate bonds $ 7,592 $ (9 ) $ 7,583 Commercial paper 1,798 — 1,798 Government agency 500 — 500 Total marketable securities $ 9,890 $ (9 ) $ 9,881 June 30, 2015 Amortized Unrealized Cost Loss Fair Value Corporate bonds $ 9,419 $ (5 ) $ 9,414 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 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 December 31, 2015 and June 30, 2015 by valuation hierarchy (in thousands): December 31, 2015 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 8,071 $ 8,071 $ — $ — Marketable securities Corporate bonds 7,583 3,041 4,542 — Commercial paper 1,798 — 1,798 — Government agency 500 — 500 — $ 17,952 $ 11,112 $ 6,840 $ — June 30, 2015 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 15,835 $ 15,835 $ — $ — Marketable securities Corporate bonds 9,414 7,413 2,001 — $ 25,249 $ 23,248 $ 2,001 $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31, 2015 and June 30, 2015 (in thousands): December 31, 2015 June 30, 2015 Clinical trial costs $ 2,579 $ 1,424 Personnel costs 617 735 Professional fees 342 384 Other 14 28 $ 3,552 $ 2,571 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Key Assumptions Used to Apply Option Pricing Model for Options Awarded | The Company calculated the Black-Scholes value of options awarded during the six months ended December 31, 2015 based on the following key assumptions: Option life (in years) 5.50 – 6.25 Stock volatility 76% – 80% Risk-free interest rate 1.83% – 1.97% 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 six months ended December 31, 2015 and 2014, as follows (in thousands): Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Compensation expense included in: Research and development $ 196 $ 198 $ 341 $ 310 General and administrative 287 219 547 416 $ 483 $ 417 $ 888 $ 726 |
2008 Incentive Plan [Member] | |
Stock Option Activity under Plan | The following table provides a reconciliation of stock option activity under the 2008 Plan for the six months ended December 31, 2015: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Life Value (in years) (in thousands) Outstanding at July 1, 2015 4,447,975 $ 3.36 Granted 846,000 4.09 Exercised (215,554 ) 1.57 Outstanding at December 31, 2015 5,078,421 $ 3.55 6.47 $ 6,539 Outstanding at December 31, 2015— vested or unvested and expected to vest 4,987,765 $ 3.55 6.43 $ 6,463 Exercisable at December 31, 2015 3,305,234 $ 3.30 5.23 $ 5,117 |
Net (Loss) Income per Share (Ta
Net (Loss) Income per Share (Tables) | 6 Months Ended |
Dec. 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 December 31, Six Months Ended December 31, 2015 2014 2015 2014 Number of common shares—basic 29,436,874 29,366,669 29,426,224 29,344,689 Effect of dilutive securities: Stock options — — — 1,016,710 Warrants — — — 256,745 Number of common shares—diluted 29,436,874 29,366,669 29,426,224 30,618,144 |
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 December 31, Six Months Ended December 31, 2015 2014 2015 2014 Options outstanding 5,078,421 4,490,949 5,078,421 1,823,824 Warrants outstanding 1,176,105 1,176,105 1,176,105 552,500 6,254,526 5,667,054 6,254,526 2,376,324 |
Operations and Basis of Prese23
Operations and Basis of Presentation - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended |
Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($)Country | |
Operations [Line Items] | ||
Cash equivalents and marketable securities | $ 21.1 | |
Subsequent Event [Member] | ||
Operations [Line Items] | ||
Estimated net proceeds from issuance of common stock | $ 16.4 | |
Europe [Member] | ILUVIEN [Member] | ||
Operations [Line Items] | ||
Number of countries approved for lead product | Country | 17 |
License and Collaboration Agr24
License and Collaboration Agreements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | Sep. 30, 2014 | |
Collaborative Agreements And Contracts [Line Items] | |||||||||
Collaborative research and development revenue | $ 142,000 | $ 164,000 | $ 322,000 | $ 25,245,000 | |||||
Current portion of deferred revenue | 28,000 | 28,000 | $ 33,000 | ||||||
Deferred revenue, less current portion | $ 5,584,000 | $ 5,584,000 | 5,596,000 | ||||||
Percentage of outstanding share capital owned by Pfizer | 6.30% | 6.30% | |||||||
Royalty income | $ 384,000 | 357,000 | $ 670,000 | 583,000 | |||||
Accounts receivable | $ 573,000 | 573,000 | 622,000 | ||||||
Enigma Therapeutics Limited [Member] | |||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||
Percentage of royalties received from sublicense | 8.00% | ||||||||
Percentage of non-royalty consideration received from sublicense | 20.00% | ||||||||
Collaborative research and development revenue | $ 100,000 | 100,000 | $ 100,000 | 100,000 | |||||
License agreement commencement date | 2012-12 | ||||||||
Receipt of upfront license fee | $ 100,000 | ||||||||
Annual license maintenance fee | 100,000 | ||||||||
Deferred revenue | 0 | $ 0 | |||||||
Alimera [Member] | |||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||
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 sublicense | 20.00% | ||||||||
Percentage of non-royalty consideration received from sublicense | 33.00% | ||||||||
Collaborative research and development revenue | 28,000 | 26,000 | $ 191,000 | 25,100,000 | |||||
Non-royalty consideration received from sublicense | $ 157,000 | ||||||||
Milestone earned upon FDA approval of ILUVIEN | $ 25,000,000 | ||||||||
Pfizer Collaboration Agreement [Member] | |||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||
Collaborative research and development revenue | $ 0 | 0 | |||||||
Upfront cash payment received under collaboration agreement | $ 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 | ||||||||
Current portion of deferred revenue | 0 | 0 | 0 | ||||||
Deferred revenue, less current portion | 5,600,000 | 5,600,000 | 5,600,000 | ||||||
Bausch and Lomb [Member] | |||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||
Royalty income | 384,000 | 357,000 | 670,000 | 583,000 | |||||
Accounts receivable | 390,000 | 390,000 | $ 371,000 | ||||||
Evaluation Agreements [Member] | |||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||
Collaborative research and development revenue | $ 9,000 | $ 35,000 | $ 17,000 | $ 70,000 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ (190) | $ (193) | $ (382) | $ (389) | |
Net book value at end of period | 1,512 | 1,512 | $ 1,925 | ||
Patented Technologies [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount at beginning of period | 39,710 | 41,689 | 41,689 | ||
Foreign currency translation adjustments | (1,382) | (1,979) | |||
Gross carrying amount at end of period | 38,328 | 38,328 | 39,710 | ||
Accumulated amortization at beginning of period | (37,785) | $ (38,924) | (38,924) | ||
Amortization expense | (382) | (770) | |||
Foreign currency translation adjustments | 1,351 | 1,909 | |||
Accumulated amortization at end of period | (36,816) | (36,816) | (37,785) | ||
Net book value at end of period | $ 1,512 | $ 1,512 | $ 1,925 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 190,000 | $ 193,000 | $ 382,000 | $ 389,000 | |
Intangible assets, net | 1,512,000 | 1,512,000 | $ 1,925,000 | ||
Amortization expense per year | $ 756,000 | $ 756,000 | |||
Remaining estimated useful life | 2 years | 2 years | |||
Durasert [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net | $ 1,100,000 | $ 1,100,000 | |||
BioSilicon [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net | $ 453,000 | $ 453,000 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Amortized Cost | $ 9,890 | |
Marketable securities, Unrealized Loss | (9) | |
Marketable securities, Fair Value | 9,881 | |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Amortized Cost | 7,592 | $ 9,419 |
Marketable securities, Unrealized Loss | (9) | (5) |
Marketable securities, Fair Value | 7,583 | $ 9,414 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Amortized Cost | 1,798 | |
Marketable securities, Fair Value | 1,798 | |
Government Agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities, Amortized Cost | 500 | |
Marketable securities, Fair Value | $ 500 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities purchased | $ 5,843 | $ 3,287 |
Marketable securities matured | $ 5,305 | $ 250 |
Weighted average maturity | 3 months 9 days | |
Minimum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities maturity period | 8 days | |
Maximum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities maturity period | 7 months |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Assets: | ||
Cash equivalents | $ 8,071 | $ 15,835 |
Marketable securities | 9,881 | 9,414 |
Cash equivalents and marketable securities | 17,952 | 25,249 |
Corporate Bonds [Member] | ||
Assets: | ||
Marketable securities | 7,583 | 9,414 |
Commercial Paper [Member] | ||
Assets: | ||
Marketable securities | 1,798 | |
Government Agency [Member] | ||
Assets: | ||
Marketable securities | 500 | |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Cash equivalents | 8,071 | 15,835 |
Cash equivalents and marketable securities | 11,112 | 23,248 |
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Marketable securities | 3,041 | 7,413 |
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member] | ||
Assets: | ||
Marketable securities | 0 | |
Quoted Prices in Active Markets (Level 1) [Member] | Government Agency [Member] | ||
Assets: | ||
Marketable securities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Cash equivalents and marketable securities | 6,840 | 2,001 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Marketable securities | 4,542 | 2,001 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Assets: | ||
Marketable securities | 1,798 | |
Significant Other Observable Inputs (Level 2) [Member] | Government Agency [Member] | ||
Assets: | ||
Marketable securities | 500 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Cash equivalents and marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Marketable securities | 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member] | ||
Assets: | ||
Marketable securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Government Agency [Member] | ||
Assets: | ||
Marketable securities | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Payables and Accruals [Abstract] | ||
Clinical trial costs | $ 2,579 | $ 1,424 |
Personnel costs | 617 | 735 |
Professional fees | 342 | 384 |
Other | 14 | 28 |
Accrued expenses | $ 3,552 | $ 2,571 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Jan. 24, 2016 | Jan. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||
Number of warrants | 1,176,105 | 1,176,105 | ||||
Weighted Average Exercise Price | $ 3.67 | $ 3.67 | $ 3.67 | |||
Outstanding warrants remaining contract life, weighted average period | 10 months 24 days | |||||
Weighted-average grant date fair value, per share | $ 2.74 | |||||
Options vested during the period | 626,605 | |||||
Unrecognized compensation expense | $ 3,000,000 | $ 3,000,000 | ||||
Unrecognized compensation expense weighted average period | 1 year 9 months 18 days | |||||
At-the-Market Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock issued to investors | 0 | 0 | 0 | |||
Common stock shares maximum aggregate offering price | $ 19,200,000 | |||||
Common stock unsold value | $ 17,600,000 | |||||
Stock issuances, sales agent commission maximum percentage | 3.00% | |||||
Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock issued to investors | 4,440,000 | |||||
Common stock price per share | $ 4 | |||||
Gross proceeds from issuance of common stock | $ 17,800,000 | |||||
Estimated share issuance costs | $ 1,400,000 | |||||
Number of Warrants, Expired | 552,500 | |||||
Exercise price of expired warrants | $ 5 | |||||
Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Remaining contractual life of warrants | 24 days | |||||
Maximum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Remaining contractual life of warrants | 1 year 7 months 6 days | |||||
2008 Incentive Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of common stock, authorized for issuance | 7,091,255 | 7,091,255 | ||||
Shares available for grant | 1,027,791 | 1,027,791 | ||||
Options granted with annual vesting | 846,000 | |||||
Contractual life of option grants | 10 years | |||||
2008 Incentive Plan [Member] | Employees [Member] | ||||||
Class of Stock [Line Items] | ||||||
Options granted with annual vesting | 736,000 | |||||
Ratable annual vesting period of granted options | 4 years | |||||
2008 Incentive Plan [Member] | Non-executive Directors [Member] | ||||||
Class of Stock [Line Items] | ||||||
Options granted with annual vesting | 110,000 | |||||
Ratable annual vesting period of granted options | 1 year |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity Under Plan (Detail) - 2008 Incentive Plan [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding, Beginning balance | shares | 4,447,975 |
Number of Options, Granted | shares | 846,000 |
Number of Options, Exercised | shares | (215,554) |
Number of Options Outstanding, Ending balance | shares | 5,078,421 |
Number of Options,Outstanding at December 31, 2015 - vested or unvested and expected to vest | shares | 4,987,765 |
Number of Options,Exercisable at December 31, 2015 | shares | 3,305,234 |
Weighted Average Exercise Price Outstanding, beginning balance | $ / shares | $ 3.36 |
Weighted Average Exercise Price, Granted | $ / shares | 4.09 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.57 |
Weighted Average Exercise Price Outstanding, ending balance | $ / shares | 3.55 |
Weighted Average Exercise Price,Outstanding at December 31, 2015 - vested or unvested and expected to vest | $ / shares | 3.55 |
Weighted Average Exercise Price,Exercisable at December 31, 2015 | $ / shares | $ 3.30 |
Weighted Average Remaining Contractual Life Outstanding, Ending balance | 6 years 5 months 19 days |
Weighted Average Remaining Contractual Life,Outstanding at December 31, 2015 - vested or unvested and expected to vest | 6 years 5 months 5 days |
Weighted Average Remaining Contractual Life,Exercisable at December 31, 2015 | 5 years 2 months 23 days |
Aggregate Intrinsic Value Outstanding, Ending balance | $ | $ 6,539 |
Aggregate Intrinsic Value, Outstanding at December 31, 2015 - vested or unvested and expected to vest | $ | 6,463 |
Aggregate Intrinsic Value, Exercisable at December 31, 2015 | $ | $ 5,117 |
Stockholders' Equity - Key Assu
Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model for Options Awarded (Detail) | 6 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock volatility, minimum | 76.00% |
Stock volatility, maximum | 80.00% |
Risk-free interest rate, minimum | 1.83% |
Risk-free interest rate, maximum | 1.97% |
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 - Compensa
Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 483 | $ 417 | $ 888 | $ 726 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 196 | 198 | 341 | 310 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 287 | $ 219 | $ 547 | $ 416 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ (42,000) | $ (38,000) | $ (83,000) | $ 188,000 | |
Federal alternative minimum tax expense | 260,000 | ||||
Milestone payment received upon an FDA approval of ILUVIEN | 25,000,000 | 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) | 1 Months Ended |
Mar. 31, 2014USD ($) | |
Operating Leased Assets [Line Items] | |
Irrevocable standby letter of credit | $ 150,000 |
Watertown [Member] | |
Operating Leased Assets [Line Items] | |
Initial lease term expiration date | 2019-04 |
Lease renewal, Period | 5 years |
Net (Loss) Income per Share - S
Net (Loss) Income per Share - Schedule that Reconciles the Number of Shares Used to Compute Basic and Diluted Net (Loss) Income per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Number of common shares - basic | 29,436,874 | 29,366,669 | 29,426,224 | 29,344,689 |
Effect of dilutive securities: | ||||
Stock options | 0 | 0 | 0 | 1,016,710 |
Warrants | 0 | 0 | 0 | 256,745 |
Number of common shares - diluted | 29,436,874 | 29,366,669 | 29,426,224 | 30,618,144 |
Net (Loss) Income per Share - P
Net (Loss) Income per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 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 | 6,254,526 | 5,667,054 | 6,254,526 | 2,376,324 |
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 | 5,078,421 | 4,490,949 | 5,078,421 | 1,823,824 |
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 | 1,176,105 | 552,500 |