EyePoint Pharmaceuticals (EYPT) 10-Q 8 May 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 04, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		39,268,692

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 12,871	$ 15,313
Marketable securities	2,499	13,679
Accounts and other receivables	300	488
Prepaid expenses and other current assets	800	483
Total current assets	16,470	29,963
Property and equipment, net	241	290
Intangible assets, net	540	1,102
Other assets	104	114
Restricted cash	150	150
Total assets	17,505	31,619
Current liabilities:
Accounts payable	741	1,363
Accrued expenses	3,943	3,583
Deferred revenue	256	147
Total current liabilities	4,940	5,093
Deferred revenue	0	5,585
Deferred rent	55	60
Total liabilities	4,995	10,738
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $.001 par value, 60,000,000 shares authorized, 35,668,685 and 34,172,919 shares issued and outstanding at March 31, 2017 and June 30, 2016, respectively	35	34
Additional paid-in capital	316,233	312,208
Accumulated deficit	(304,582)	(292,213)
Accumulated other comprehensive income	824	852
Total stockholders' equity	12,510	20,881
Total liabilities and stockholders' equity	$ 17,505	$ 31,619

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Jun. 30, 2016
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	35,668,685	34,172,919
Common stock, shares outstanding	35,668,685	34,172,919

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Collaborative research and development	$ 372	$ 50	$ 6,108	$ 372
Royalty income	218	274	730	944
Total revenues	590	324	6,838	1,316
Operating expenses:
Research and development	3,324	3,074	10,667	10,277
General and administrative	2,426	2,346	8,611	6,357
Total operating expenses	5,750	5,420	19,278	16,634
Loss from operations	(5,160)	(5,096)	(12,440)	(15,318)
Interest and other income	20	21	71	41
Loss before income taxes	(5,140)	(5,075)	(12,369)	(15,277)
Income tax benefit	0	34	0	117
Net loss	$ (5,140)	$ (5,041)	$ (12,369)	$ (15,160)
Net loss per common share:
Basic and diluted	$ (0.15)	$ (0.15)	$ (0.36)	$ (0.49)
Weighted average common shares:
Basic and diluted	34,366	33,538	34,238	30,787
Net loss	$ (5,140)	$ (5,041)	$ (12,369)	$ (15,160)
Other comprehensive income (loss):
Foreign currency translation adjustments	0	(21)	(30)	(68)
Net unrealized gain on marketable securities	1	9	2	5
Other comprehensive income (loss)	1	(12)	(28)	(63)
Comprehensive loss	$ (5,139)	$ (5,053)	$ (12,397)	$ (15,223)

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, 2015	$ 23,368	$ 29	$ 293,060	$ (270,666)	$ 945
Balance, shares at Jun. 30, 2015		29,412,365
Net loss	(15,160)			(15,160)
Other comprehensive loss	(63)				(63)
Issuance of stock, net of issue costs	16,501	$ 5	16,496
Issuance of stock, shares		4,440,000
Exercise of stock options	358	$ 0	358	0	0
Exercise of stock options, shares		230,554
Stock-based compensation	1,549		1,549
Balance at Mar. 31, 2016	26,553	$ 34	311,463	(285,826)	882
Balance, shares at Mar. 31, 2016		34,082,919
Balance at Jun. 30, 2016	$ 20,881	$ 34	312,208	(292,213)	852
Balance, shares at Jun. 30, 2016	34,172,919	34,172,919
Net loss	$ (12,369)			(12,369)
Other comprehensive loss	(28)				(28)
Issuance of stock, net of issue costs	2,153	$ 1	2,152
Issuance of stock, shares		1,411,686
Exercise of stock options	99	$ 0	99	0	0
Exercise of stock options, shares		84,080
Stock-based compensation	1,774		1,774
Balance at Mar. 31, 2017	$ 12,510	$ 35	$ 316,233	$ (304,582)	$ 824
Balance, shares at Mar. 31, 2017	35,668,685	35,668,685

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (12,369)	$ (15,160)
Adjustments to reconcile net loss to cash flows from operating activities:
Amortization of intangible assets	542	569
Depreciation of property and equipment	59	88
Stock-based compensation expense	1,774	1,549
Amortization of bond (discount) premium on marketable securities	(9)	86
Amortization of noncurrent portion of deferred revenue	(5,584)	0
Changes in current assets and liabilities:
Accounts receivable and other current assets	(131)	284
Accounts payable and accrued expenses	(424)	635
Deferred revenue	109	(25)
Deferred rent	(5)	5
Net cash used in operating activities	(16,038)	(11,969)
Cash flows from investing activities:
Purchases of marketable securities	(5,052)	(10,242)
Maturities of marketable securities	16,243	11,168
Purchases of property and equipment	(21)	(67)
Proceeds from sale of property and equipment	33	0
Net cash provided by investing activities	11,203	859
Cash flows from financing activities:
Issuance of stock, net of issue costs	2,305	16,510
Exercise of stock options	99	358
Net cash provided by financing activities	2,404	16,868
Effect of foreign exchange rate changes on cash and cash equivalents	(11)	(12)
Net (decrease) increase in cash and cash equivalents	(2,442)	5,746
Cash and cash equivalents at beginning of period	15,313	19,121
Cash and cash equivalents at end of period	12,871	24,867
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment	22	0
Stock issuance costs	$ 152	$ 0

Operations and Basis of Present

Operations and Basis of Presentation	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and for the three and nine months ended March 31, 2017 and 2016 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 The Company currently develops proprietary sustained-release drug products for the treatment of chronic eye diseases. The Company’s approved products and product candidates 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 non-erodible out-licensed Durasert three-year uveitis, the Company’s most advanced development product candidate, is designed to treat chronic non-infectious The first of two Phase 3 clinical trials investigating Durasert three-year uveitis met its primary efficacy endpoint of prevention of recurrence of disease through six months with high statistical significance (p < 0.001, intent to treat analysis) and with safety data consistent with the known effects of ocular corticosteroid use. The same high statistical significance for efficacy and encouraging safety results were maintained through 12 months of follow-up. read-out top-line ILUVIEN is an injectable, sustained-release micro-insert that provides three years of treatment of diabetic macular edema from a single injection. ILUVIEN is based on the same technology as the Durasert three-year uveitis insert, and delivers the same corticosteroid, FA. ILUVIEN was developed in collaboration with, and is licensed to and sold by, Alimera Sciences, Inc. (“Alimera”). 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 The Company’s FDA-approved non-erodible co-developed The Company’s development programs are focused primarily on developing sustained release drug products using its proven Durasert technology platform to deliver small molecule drugs to treat uveitis, wet age-related The Company has financed its operations primarily from sales of equity securities and the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners. The Company has a history of operating losses and, to date, has not had significant recurring cash inflows from revenue. The Company believes that its cash, cash equivalents and marketable securities of $15.4 million at March 31, 2017, together with subsequent cash proceeds received from additional utilization of its at-the-market 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 2014-09”), 2015-14, 2014-09 2014-09 In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern 2014-15 2014-15 In February 2016, the FASB issued ASU No. 2016-02, Leases right-of-use 2016-02 In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09 tax-related 2016-09 2016-09

License and Collaboration Agree

License and Collaboration Agreements	9 Months Ended
	Mar. 31, 2017
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 country-by-country non-royalty Because the Company has no remaining performance obligations under the Alimera Agreement, all amounts received from Alimera are generally 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. In instances when payments are received and subject to a contingency, revenue is deferred until such contingency is resolved. See Note 10 regarding net profit share receipts subject to arbitration proceedings. Revenue under the Alimera Agreement totaled $290,000 and $35,000 for the three months ended March 31, 2017 and 2016, respectively, and $324,000 and $226,000 for the nine months ended March 31, 2017 and 2016, respectively. In addition to patent fee reimbursements in both periods, the Company received $252,000 of net profits in the three and nine months ended March 31, 2017 and earned $157,000 of non-royalty Pfizer In June 2011, the Company and Pfizer, Inc. (“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 injected into the subconjunctiva 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 provide Pfizer options under various circumstances for an exclusive, worldwide license to develop and commercialize the Latanoprost Product. The estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million has been partially recognized to date as collaborative research and development revenue over the estimated performance period using the proportional performance method with costs associated with developing the Latanoprost Product reflected in operating expenses in the period in which they have been incurred. No collaborative research and development revenue was recorded during each of the three and nine month periods ended March 31, 2016. On October 25, 2016, the Company notified Pfizer that it had discontinued development of the Latanoprost Product, which provided Pfizer a 60-day Pfizer owned approximately 5.2% of the Company’s outstanding common stock at March 31, 2017. 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. Royalty income totaled $218,000 and $274,000 for the three months ended March 31, 2017 and 2016, respectively, and $730,000 and $944,000 for the nine months ended March 31, 2017 and 2016, respectively. Accounts receivable from Bausch & Lomb totaled $220,000 at March 31, 2017 and $288,000 at June 30, 2016. OncoSil Medical The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with OncoSil Medical UK Limited (f/k/a Enigma Therapeutics Limited), a wholly owned subsidiary of OncoSil Medical Ltd (“OncoSil”) 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. OncoSil 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 2016. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee sales-based royalties earned, 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 OncoSil 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 OncoSil agreement in either of the three-month periods ended March 31, 2017 and 2016 and $100,000 of revenue for each of the nine-month periods ended March 31, 2017 and 2016. As of March 31, 2017, 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 $80,000 and $8,000 for the three-months ended March 31, 2017 and 2016, respectively, and $91,000 and $25,000 for the nine months ended March 31, 2017 and 2016, respectively. Deferred revenue for these agreements totaled $120,000 and $11,000 at March 31, 2017 and June 30, 2016, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	3. Intangible Assets The reconciliation of intangible assets for the nine months ended March 31, 2017 and for the year ended June 30, 2016 was as follows (in thousands): Nine Months Ended Year Ended Patented technologies Gross carrying amount at beginning of period $ 36,196 $ 39,710 Foreign currency translation adjustments (1,364 ) (3,514 ) Gross carrying amount at end of period 34,832 36,196 Accumulated amortization at beginning of period (35,094 ) (37,785 ) Amortization expense (542 ) (756 ) Foreign currency translation adjustments 1,344 3,447 Accumulated amortization at end of period (34,292 ) (35,094 ) Net book value at end of period $ 540 $ 1,102 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 $180,000 and $187,000 for the three months ended March 31, 2017 and 2016, respectively, and $542,000 and $569,000 for the nine months ended March 31, 2017 and 2016, respectively. The carrying value of intangible assets at March 31, 2017 of $540,000 (approximately $397,000 attributable to the Durasert technology and $143,000 attributable to the Tethadur technology) is expected to be amortized on a straight-line basis over the remaining estimated useful life of 9 months.

Marketable Securities

Marketable Securities	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Amortized Unrealized Fair Value Corporate bonds $ 500 $ — $ 500 Commercial paper 1,999 — 1,999 Total marketable securities $ 2,499 $ — $ 2,499 June 30, 2016 Amortized Unrealized Fair Value Corporate bonds $ 5,999 $ (2 ) $ 5,997 Commercial paper 7,682 — 7,682 Total marketable securities $ 13,681 $ (2 ) $ 13,679 During the nine months ended March 31, 2017, $5.1 million of marketable securities were purchased and $16.2 million of such securities matured. At March 31, 2017, the marketable securities had maturities ranging from 4 days to 1.3 months, with a weighted average maturity of 18 days.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2017
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, 2017, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. At June 30, 2016, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that had investments consisting primarily of certificates of deposit, commercial paper, time deposits, U.S. Government Agency debt, treasury bills and U.S. 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 March 31, 2017 and June 30, 2016 by valuation hierarchy (in thousands): March 31, 2017 Total carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 10,985 $ 10,985 $ — $ — Marketable securities Corporate bonds 500 500 — — Commercial paper 1,999 — 1,999 — $ 13,484 $ 11,485 $ 1,999 $ — June 30, 2016 Total carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 13,856 $ 12,957 $ 899 $ — Marketable securities Corporate bonds 5,997 4,596 1,401 — Commercial paper 7,682 — 7,682 — $ 27,535 $ 17,553 $ 9,982 $ —

Accrued Expenses

Accrued Expenses	9 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
Accrued Expenses	6. Accrued Expenses Accrued expenses consisted of the following at March 31, 2017 and June 30, 2016 (in thousands): March 31, 2017 June 30, 2016 Clinical trial costs $ 2,166 $ 1,678 Personnel costs 1,052 1,314 Professional fees 715 535 Other 10 56 $ 3,943 $ 3,583

Restructuring

Restructuring	9 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring	7. Restructuring In July 2016, the Company announced its plan to consolidate its research and development activities in its U.S. facility. Following employee consultations under local U.K. law, the Company determined to close its U.K. research facility and terminated the employment of its U.K. employees. The U.K. facility lease, set to expire on August 31, 2016, was extended through November 30, 2016 to facilitate an orderly transition and the required restoration of the premises. A summary reconciliation of the restructuring costs is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 73 (113 ) — Other 29 126 (155 ) — $ 187 $ 472 $ (659 ) $ — The Company recorded approximately $472,000 of restructuring costs during the nine months ended March 31, 2017. These costs consisted of (i) $273,000 of additional employee severance for discretionary termination benefits upon notification of the affected employees in accordance with ASC 420, Exit or Disposal Cost Obligations In addition, for the nine months ended March 31, 2017, the Company recorded $99,000 of non-cash non-vested The Company has paid all of the restructuring costs associated with the plan of consolidation as of March 31, 2017.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity In February 2017, the Company entered into an ATM program pursuant to which, under its Form S-3 12-month During March 2017, the Company sold 1,411,686 shares of common stock under the ATM program at a weighted average price of $1.74 per share for gross proceeds of $2.45 million. Share issue costs, including sales agent commissions, totaled $76,000. From April 1, 2017 through May 4, 2017, the Company sold an additional 3,600,007 shares of common stock at a weighted average price of $1.74 per share for gross proceeds of approximately $6.3 million under its ATM program. On account of the ASX listing rules noted above, and after aggregating all of the shares sold under the ATM program from March 1, 2017 through May 4, 2017, the Company may issue approximately 100,000 additional shares of common stock without obtaining stockholder approval of any further issuances of common shares during the ensuing 12-month Warrants to Purchase Common Shares The following table provides a reconciliation of warrants to purchase common stock for the nine months ended March 31, 2017 and 2016: Nine Months Ended March 31, 2017 2016 Number of Weighted Number of Weighted Balance at beginning of period 623,605 $ 2.50 1,176,105 $ 3.67 Expired — — (552,500 ) 5.00 Balance and exercisable at end of period 623,605 $ 2.50 623,605 $ 2.50 The outstanding warrants at March 31, 2017 have an expiration date of August 7, 2017. 2016 Long Term Incentive Plan The Company’s shareholders approved the adoption of the 2016 Incentive Plan on December 12, 2016 (the Adoption Date”), which was approved by the Board of Directors on October 3, 2016 and subsequently amended by the Compensation Committee of the Board of Directors on February 3, 2017 to change the name of the plan to the 2016 Long Term Incentive Plan (the “2016 Plan”). The 2016 Plan provides for the issuance of stock options and other awards to employees and directors of, and consultants and advisors to, the Company. The 2016 Plan provides for the issuance of up to 3,000,000 shares of common stock reserved for issuance under the 2016 Plan plus, as of December 31, 2016, (i) 489,241 shares of common stock that were previously available for grant under the pSivida Corp. 2008 Incentive Plan, as amended (the “2008 Plan”) and (ii) up to 6,257,891 shares of common stock that would otherwise have become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan. During the three months ended March 31, 2017, no equity awards were made under the 2016 Plan and 30,200 options that were forfeited under the 2008 Plan became available for grant under the 2016 Plan. At March 31, 2017, a total of 3,519,441 shares were available for grant under the 2016 Plan. 2008 Plan The 2008 Plan provides for the issuance of stock options and other stock awards to directors, employees and consultants. As of December 12, 2016, which was the effective date of the 2016 Plan, there were 336,741 shares available for grant of future awards under the 2008 Plan, which were carried over to the 2016 Plan. Effective as of such date, the Compensation Committee terminated the 2008 Plan in all respects, other than with respect to previously-granted awards, and no additional stock options and other stock awards will be issued under the 2008 Plan. Subsequent to December 12, 2016 and through March 31, 2017, an additional 182,700 stock options under the 2008 Plan were forfeited and became available for grant under the 2016 Plan. The following table provides a reconciliation of stock option activity under the 2008 Plan for the nine months ended March 31, 2017: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2016 4,981,421 $ 3.60 Granted 1,535,300 3.24 Exercised (84,080 ) 1.18 Forfeited (484,950 ) 4.02 Outstanding at March 31, 2017 5,947,691 $ 3.50 4.59 $ 130 Outstanding at March 31, 2017 - vested or unvested and expected to vest 5,826,821 $ 3.50 4.51 $ 130 Exercisable at March 31, 2017 4,100,657 $ 3.53 2.62 $ 130 During the nine months ended March 31, 2017, the Company granted 1,405,300 options to employees with ratable annual vesting over 4 years, 90,000 options to non-executive 1-year non-executive 10-year Option life (in years) 5.50 - 6.25 Stock volatility 70% - 72% Risk-free interest rate 1.23% - 2.08% Expected dividends 0% Inducement Option Grant In connection with the September 15, 2016 hire of the Company’s President and CEO, the Company granted, as an inducement award, 850,000 options to purchase common stock with ratable vesting over 4 years, an exercise price of $3.63 per share and a 10-year Restricted Stock Units During the nine months ended March 31, 2017, the Company issued 700,000 market-based Restricted Stock Units (“market-based RSUs”) to two employees, which included 500,000 as an inducement grant to the Company’s President and CEO, and 200,000 issued under the 2008 Plan. The market-based RSUs vest based upon a relative percentile rank of the 3-year Grant date stock price $1.91 - $3.63 Stock volatility 50% - 60% Risk-free interest rate 0.87% - 0.98% Expected dividends 0% The weighted-average grant date fair value of the market-based RSUs was $1.35 per share. Stock-Based Compensation Expense The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards for the three and nine months ended March 31, 2017 and 2016, as follows (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Compensation expense included in: Research and development $ 267 $ 180 $ 803 $ 521 General and administrative 377 481 971 1,028 $ 644 $ 661 $ 1,774 $ 1,549 In connection with termination benefits provided to the Company’s former Chief Executive Officer, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through September 14, 2017, and all remaining non-vested non-vested In connection with termination benefits provided to the Company’s former Vice President, Corporate Affairs and General Counsel, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through June 28, 2018 and all remaining non-vested At March 31, 2017, there was approximately $3.4 million of unrecognized compensation expense related to unvested stock options under the 2008 Plan, the inducement stock option grant to the Company’s President and CEO and the market-based RSUs, which is expected to be recognized as expense over a weighted-average period of approximately 2.1 years.

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	9. 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 $34,000 for the three months ended March 31, 2016 and $117,000 for the nine months ended March 31, 2016. The tax benefits for the three and nine months ended March 31, 2016 represented earned foreign research and development tax credits, which were not available to the Company in fiscal 2017. For the three and nine months ended March 31, 2017 and 2016, the Company had no significant unrecognized tax benefits. At March 31, 2017 and June 30, 2016, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Operating Leases The Company leases approximately 13,650 square feet of combined office and laboratory space in Watertown, Massachusetts under a lease with a term from March 2014 through April 2019, with a five-year renewal option at market rates. The Company provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In addition, the Company occupied approximately 2,200 square feet of laboratory and office space in Malvern, U.K. under a lease with a term that was to expire on August 31, 2016. The lease term was extended through November 2016 to facilitate an orderly transition of the closure of a substantial portion of the U.K. facility in connection with the consolidation of the Company’s research and development activities in its U.S. laboratory facilities. The Company has entered into a new lease in Malvern for 420 square feet of office space under a 3-year Legal Proceedings In December 2014, the Company exercised its right under the Alimera Agreement to conduct an audit by an independent accounting firm of Alimera’s commercialization reporting for ILUVIEN for calendar 2014. In April 2016, the independent accounting firm issued its report, which concluded that Alimera under-reported net profits payable to the Company for 2014 by $136,000. In June 2016, Alimera remitted $354,000 to the Company, which consisted of the under-reported net profits plus interest and reimbursement of the audit costs of $204,000. In July 2016, Alimera filed a demand for arbitration with the American Arbitration Association (“AAA”) in Boston, Massachusetts to dispute the audit findings and requested a full refund of the $354,000 previously paid to the Company. Pending the arbitration outcome, $136,000 of net profits participation had been recorded as deferred revenue and the remaining $218,000 as accrued expenses at each of March 31, 2017 and June 30, 2016. On May 3, 2017, the parties reached a settlement of the arbitration, which was dismissed with prejudice. As a result of the settlement, the $136,000 of net profits became fixed and determinable, while the gain contingency resulting from reimbursement of the audit costs of $204,000 became resolved. Accordingly, these transactions will be recognized in the fourth quarter of fiscal 2017. The Company is subject to various other 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 per Share

Net Loss per Share	9 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Net Loss per Share	11. Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the 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. Potentially dilutive shares were not included in the calculation of diluted net loss per share for each of the three and nine months ended March 31, 2017 and 2016 as their inclusion would be anti-dilutive. 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, 2017 2016 2017 2016 Options outstanding 6,797,691 5,071,421 6,797,691 5,071,421 Warrants outstanding 623,605 623,605 623,605 623,605 RSUs outstanding 700,000 — 700,000 — 8,121,296 5,695,026 8,121,296 5,695,026

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On May 4, 2017, the Company filed a preliminary proxy statement with the SEC in connection with a special meeting of stockholders to be held on June 27, 2017. The purpose of the special meeting will be to seek (i) stockholder ratification of the issuance of approximately 5.1 million shares of common stock under the ATM program pursuant to ASX Listing Rule 7.4 to refresh the Company’s capacity to issue shares of common stock without prior stockholder approval pursuant to ASX Listing Rule 7.1; and (ii) stockholder approval of an amendment to the Company’s Certificate of Incorporation, as amended, to increase the number of authorized shares of common stock from 60,000,000 shares to 120,000,000 shares.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Reconciliation of Intangible Assets	The reconciliation of intangible assets for the nine months ended March 31, 2017 and for the year ended June 30, 2016 was as follows (in thousands): Nine Months Ended Year Ended Patented technologies Gross carrying amount at beginning of period $ 36,196 $ 39,710 Foreign currency translation adjustments (1,364 ) (3,514 ) Gross carrying amount at end of period 34,832 36,196 Accumulated amortization at beginning of period (35,094 ) (37,785 ) Amortization expense (542 ) (756 ) Foreign currency translation adjustments 1,344 3,447 Accumulated amortization at end of period (34,292 ) (35,094 ) Net book value at end of period $ 540 $ 1,102

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Amortized Unrealized Fair Value Corporate bonds $ 500 $ — $ 500 Commercial paper 1,999 — 1,999 Total marketable securities $ 2,499 $ — $ 2,499 June 30, 2016 Amortized Unrealized Fair Value Corporate bonds $ 5,999 $ (2 ) $ 5,997 Commercial paper 7,682 — 7,682 Total marketable securities $ 13,681 $ (2 ) $ 13,679

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2017
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, 2017 and June 30, 2016 by valuation hierarchy (in thousands): March 31, 2017 Total carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 10,985 $ 10,985 $ — $ — Marketable securities Corporate bonds 500 500 — — Commercial paper 1,999 — 1,999 — $ 13,484 $ 11,485 $ 1,999 $ — June 30, 2016 Total carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 13,856 $ 12,957 $ 899 $ — Marketable securities Corporate bonds 5,997 4,596 1,401 — Commercial paper 7,682 — 7,682 — $ 27,535 $ 17,553 $ 9,982 $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following at March 31, 2017 and June 30, 2016 (in thousands): March 31, 2017 June 30, 2016 Clinical trial costs $ 2,166 $ 1,678 Personnel costs 1,052 1,314 Professional fees 715 535 Other 10 56 $ 3,943 $ 3,583

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Summary of Reconciliation of Restructuring Costs	A summary reconciliation of the restructuring costs is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 73 (113 ) — Other 29 126 (155 ) — $ 187 $ 472 $ (659 ) $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2017
Summary of Reconciliation of Warrants to Purchase Common Stock	The following table provides a reconciliation of warrants to purchase common stock for the nine months ended March 31, 2017 and 2016: Nine Months Ended March 31, 2017 2016 Number of Weighted Number of Weighted Balance at beginning of period 623,605 $ 2.50 1,176,105 $ 3.67 Expired — — (552,500 ) 5.00 Balance and exercisable at end of period 623,605 $ 2.50 623,605 $ 2.50
Key Assumptions Used to Apply Option Pricing Model for Options Awarded	The Company calculated the Black-Scholes value of options awarded under the 2008 Plan during the nine months ended March 31, 2017 based on the following key assumptions: Option life (in years) 5.50 - 6.25 Stock volatility 70% - 72% Risk-free interest rate 1.23% - 2.08% Expected dividends 0%
Compensation Expense from Stock-Based Payment Awards	The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards for the three and nine months ended March 31, 2017 and 2016, as follows (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Compensation expense included in: Research and development $ 267 $ 180 $ 803 $ 521 General and administrative 377 481 971 1,028 $ 644 $ 661 $ 1,774 $ 1,549
2008 Plan [Member]
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, 2017: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2016 4,981,421 $ 3.60 Granted 1,535,300 3.24 Exercised (84,080 ) 1.18 Forfeited (484,950 ) 4.02 Outstanding at March 31, 2017 5,947,691 $ 3.50 4.59 $ 130 Outstanding at March 31, 2017 - vested or unvested and expected to vest 5,826,821 $ 3.50 4.51 $ 130 Exercisable at March 31, 2017 4,100,657 $ 3.53 2.62 $ 130
RSU [Member]
Key Assumptions Used to Apply Option Pricing Model for Options Awarded	The Company estimated the fair value of the market-based RSUs using a Monte Carlo valuation model on the respective dates of grant, using the following key assumptions: Grant date stock price $1.91 - $3.63 Stock volatility 50% - 60% Risk-free interest rate 0.87% - 0.98% Expected dividends 0%

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
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, 2017 2016 2017 2016 Options outstanding 6,797,691 5,071,421 6,797,691 5,071,421 Warrants outstanding 623,605 623,605 623,605 623,605 RSUs outstanding 700,000 — 700,000 — 8,121,296 5,695,026 8,121,296 5,695,026

Operations and Basis of Prese26

Operations and Basis of Presentation - Additional Information (Detail) $ in Millions	9 Months Ended
	Mar. 31, 2017USD ($)Country
Operations [Line Items]
Cash equivalents and marketable securities | $	$ 15.4
Europe [Member] | ILUVIEN [Member]
Operations [Line Items]
Number of other countries for which marketing approvals obtained for lead product | Country	14

License and Collaboration Agr27

License and Collaboration Agreements - Additional Information (Detail) - USD ($)	Oct. 25, 2016	Dec. 31, 2016	Mar. 31, 2013	Jun. 30, 2011	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue					$ 372,000		$ 50,000	$ 6,108,000	$ 372,000
Royalty income					218,000		274,000	730,000	944,000
Accounts receivable					300,000			$ 300,000		$ 488,000
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 current period net profits against 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					290,000		35,000	$ 324,000	226,000
Amount received, profit share from sale of licensed products					252,000			252,000
Non-royalty consideration received from sublicense									157,000
Deferred revenue					$ 136,000			$ 136,000		136,000
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue						$ 5,600,000	0		0
Upfront cash payment received under collaboration agreement				$ 2,300,000
Estimated selling price of the deliverables for revenue recognition				$ 6,700,000
Option period to acquire license	60 days
License option upfront payment upon exercise	$ 10,000,000
Percentage of outstanding share capital owned by Pfizer					5.20%			5.20%
OncoSil Medical UK Limited [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of non-royalty consideration received from sublicense								20.00%
Collaborative research and development revenue					$ 0		0	$ 100,000	100,000
License agreement commencement date								2012-12
Receipt of upfront license fee			$ 100,000
Royalty percentage earned from sales of product								8.00%
Payment of annual license maintenance fee		$ 100,000
Deferred revenue					0			$ 0
Feasibility Study Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue					80,000		8,000	91,000	25,000
Deferred revenue					120,000			120,000		11,000
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty income					218,000		$ 274,000	730,000	$ 944,000
Accounts receivable					$ 220,000			$ 220,000		$ 288,000

Intangible Assets - Reconciliat

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period			$ 36,196	$ 39,710	$ 39,710
Foreign currency translation adjustments			(1,364)		(3,514)
Gross carrying amount at end of period	$ 34,832		34,832		36,196
Accumulated amortization at beginning of period			(35,094)	(37,785)	(37,785)
Amortization expense	(180)	$ (187)	(542)	$ (569)	(756)
Foreign currency translation adjustments			1,344		3,447
Accumulated amortization at end of period	(34,292)		(34,292)		(35,094)
Net book value at end of period	$ 540		$ 540		$ 1,102

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 180,000	$ 187,000	$ 542,000	$ 569,000	$ 756,000
Intangible assets, net	540,000		$ 540,000		$ 1,102,000
Remaining estimated useful life			9 months
Durasert [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	397,000		$ 397,000
Tethadur [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 143,000		$ 143,000

Marketable Securities - Schedul

Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	$ 2,499	$ 13,681
Marketable securities, Unrealized Loss	0	(2)
Marketable securities, Fair Value	2,499	13,679
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	500	5,999
Marketable securities, Unrealized Loss	0	(2)
Marketable securities, Fair Value	500	5,997
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	1,999	7,682
Marketable securities, Unrealized Loss	0	0
Marketable securities, Fair Value	$ 1,999	$ 7,682

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Marketable securities purchased	$ 5,052	$ 10,242
Marketable securities matured	$ 16,243	$ 11,168
Weighted average maturity	18 days
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	4 days
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	1 month 9 days

Fair Value Measurements - Asset

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Assets:
Cash equivalents	$ 10,985	$ 13,856
Marketable securities	2,499	13,679
Cash equivalents and marketable securities	13,484	27,535
Corporate Bonds [Member]
Assets:
Marketable securities	500	5,997
Commercial Paper [Member]
Assets:
Marketable securities	1,999	7,682
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	10,985	12,957
Cash equivalents and marketable securities	11,485	17,553
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member]
Assets:
Marketable securities	500	4,596
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member]
Assets:
Marketable securities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents	0	899
Cash equivalents and marketable securities	1,999	9,982
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member]
Assets:
Marketable securities	0	1,401
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]
Assets:
Marketable securities	1,999	7,682
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	$ 0

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Payables and Accruals [Abstract]
Clinical trial costs	$ 2,166	$ 1,678
Personnel costs	1,052	1,314
Professional fees	715	535
Other	10	56
Accrued expenses	$ 3,943	$ 3,583

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Restructuring Cost [Line Items]
Restructuring charges			$ 472,000
Non-cash stock-based compensation expense for modification of exercise period of vested stock options	$ 644,000	$ 661,000	$ 1,774,000	$ 1,549,000
U.K. [Member]
Restructuring Cost [Line Items]
Extended lease term expiration date			Nov. 30, 2016
Restructuring charges			$ 472,000
Discretionary termination benefits			273,000
Other restructuring costs			199,000
Non-cash stock-based compensation expense for modification of exercise period of vested stock options			99,000
Reduction of stock-based compensation to account for forfeitures of non-vested stock options			$ 133,000

Restructuring - Summary of Reco

Restructuring - Summary of Reconciliation of Restructuring Costs (Detail) $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 187
Charged to Expense	472
Payments	(659)
Ending Balance	0
Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	118
Charged to Expense	273
Payments	(391)
Ending Balance	0
Facility Closure [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	40
Charged to Expense	73
Payments	(113)
Ending Balance	0
Other [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	29
Charged to Expense	126
Payments	(155)
Ending Balance	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - At-the-Market Offering [Member] - USD ($)	1 Months Ended			2 Months Ended	3 Months Ended
	May 04, 2017	Mar. 31, 2017	Feb. 28, 2017	May 04, 2017	Mar. 31, 2017
Class of Stock [Line Items]
Common stock shares maximum aggregate offering price			$ 20,000,000
Stock issuances, sales agent commission maximum percentage			3.00%
Legal, accounting and other costs					$ 223,000
Common stock issued to investors		1,411,686
Common stock price per share		$ 1.74			$ 1.74
Gross proceeds from issuance of common stock		$ 2,450,000
Share issuance costs		$ 76,000
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock issued to investors	3,600,007			5,100,000
Common stock price per share	$ 1.74			$ 1.74
Gross proceeds from issuance of common stock	$ 6,300,000
Common stock that can be issued without further stockholder approval				100,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Common Stock (Detail) - $ / shares	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Common Stock Warrants [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	623,605	1,176,105
Number of Warrants, Expired	0	(552,500)
Number of Warrants, Outstanding and exercisable, Ending balance	623,605	623,605
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 2.50	$ 3.67
Weighted Average Exercise Price, Expired	0	5
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 2.50	$ 2.50

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2017
Warrants [Member]
Class of Stock [Line Items]
Warrants expiration date	Aug. 7, 2017

Stockholders' Equity - 2016 Lon

Stockholders' Equity - 2016 Long Term Incentive Plan - Additional Information (Detail) - shares	3 Months Ended	4 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 12, 2016
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of new shares reserved for issuance				3,000,000
Number of previously authorized shares reserved for issuance from the 2008 Plan			489,241
Shares available for grant	3,519,441	3,519,441	3,519,441
2016 Long Term Incentive Plan [Member] | Maximum [Member]
Class of Stock [Line Items]
Maximum potential number of previously outstanding shares equity awards from 2008 plan which could become available for grant as a result of future expirations or forfeitures	6,257,891	6,257,891	6,257,891
2008 Plan [Member]
Class of Stock [Line Items]
Number of options, Forfeited	30,200	182,700	484,950
Shares available for grant					336,741

Stockholders' Equity - 2008 Pla

Stockholders' Equity - 2008 Plan - Additional Information (Detail) - $ / shares	3 Months Ended	4 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Dec. 12, 2016
2008 Plan [Member]
Class of Stock [Line Items]
Shares available for grant				336,741
Number of options, Forfeited	30,200	182,700	484,950
Options granted with annual vesting			1,535,300
Contractual life of option grants			10 years
Weighted-average grant date fair value, per share			$ 1.95
Options vested during the period			964,503
2008 Plan [Member] | Employees [Member]
Class of Stock [Line Items]
Options granted with annual vesting			1,405,300
Vesting period of granted options			4 years
2008 Plan [Member] | Non-executive Directors [Member]
Class of Stock [Line Items]
Options granted with annual vesting			90,000
Vesting period of granted options			1 year
2008 Plan [Member] | Newly Appointed Non-executive Director [Member]
Class of Stock [Line Items]
Options granted with annual vesting			40,000
Vesting period of granted options			3 years
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Shares available for grant	3,519,441	3,519,441	3,519,441
Options available for grant	182,700	182,700	182,700

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity Under Plan (Detail) - 2008 Plan [Member] $ / shares in Units, $ in Thousands	3 Months Ended	4 Months Ended	9 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance | shares			4,981,421
Number of Options, Granted | shares			1,535,300
Number of Options, Exercised | shares			(84,080)
Number of Options Forfeited | shares	(30,200)	(182,700)	(484,950)
Number of Options Outstanding, Ending balance | shares	5,947,691	5,947,691	5,947,691
Number of Options, Outstanding at March 31, 2017 - vested or unvested and expected to vest | shares	5,826,821	5,826,821	5,826,821
Number of Options, Exercisable at March 31, 2017 | shares	4,100,657	4,100,657	4,100,657
Weighted Average Exercise Price Outstanding, beginning balance | $ / shares			$ 3.60
Weighted Average Exercise Price, Granted | $ / shares			3.24
Weighted Average Exercise Price, Exercised | $ / shares			1.18
Weighted Average Exercise Price,Forfeited | $ / shares			4.02
Weighted Average Exercise Price Outstanding, ending balance | $ / shares	$ 3.50	$ 3.50	3.50
Weighted Average Exercise Price, Outstanding at March 31, 2017 - vested or unvested and expected to vest | $ / shares	3.50	3.50	3.50
Weighted Average Exercise Price, Exercisable at March 31, 2017 | $ / shares	$ 3.53	$ 3.53	$ 3.53
Weighted Average Remaining Contractual Life Outstanding, Ending balance			4 years 7 months 2 days
Weighted Average Remaining Contractual Life, Outstanding at March 31, 2017 - vested or unvested and expected to vest			4 years 6 months 4 days
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2017			2 years 7 months 13 days
Aggregate Intrinsic Value Outstanding, Ending balance | $	$ 130	$ 130	$ 130
Aggregate Intrinsic Value, Outstanding at March 31, 2017 - vested or unvested and expected to vest | $	130	130	130
Aggregate Intrinsic Value, Exercisable at March 31, 2017 | $	$ 130	$ 130	$ 130

Stockholders' Equity - Key Assu

Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model for Options Awarded (Detail) - 2008 Plan [Member]	9 Months Ended
	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	70.00%
Stock volatility, maximum	72.00%
Risk-free interest rate, minimum	1.23%
Risk-free interest rate, Maximum	2.08%
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 - Induceme

Stockholders' Equity - Inducement Option Grant - Additional Information (Detail) - President and CEO [Member]	9 Months Ended
	Mar. 31, 2017$ / sharesshares
Class of Stock [Line Items]
Options granted with annual vesting | shares	850,000
Vesting period of granted options	4 years
Exercise price of option	$ 3.63
Contractual life of option grants	10 years
Weighted-average grant date fair value, per share	$ 0.84
Expected life of option	6 years 3 months
Stock volatility	70.00%
Risk-free interest rate	2.13%
Expected dividends	0.00%

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Units - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2017$ / sharesshares
Class of Stock [Line Items]
Weighted-average fair value of market-based RSU, per share | $ / shares	$ 1.35
Market-based RSUs[Member]
Class of Stock [Line Items]
Restricted stock issued	700,000
Market-based RSUs[Member] | 2008 Plan [Member]
Class of Stock [Line Items]
Restricted stock issued	200,000
Market-based RSUs[Member] | President and CEO [Member]
Class of Stock [Line Items]
Restricted stock issued	500,000

Stockholders' Equity - Key As45

Stockholders' Equity - Key Assumptions Used to Estimate Fair Value of Market-based RSU (Detail) - Market-based RSUs[Member]	9 Months Ended
	Mar. 31, 2017$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	50.00%
Stock volatility, maximum	60.00%
Risk-free interest rate, minimum	0.87%
Risk-free interest rate, Maximum	0.98%
Expected dividends	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date stock price	$ 1.91
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date stock price	$ 3.63

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 644	$ 661	$ 1,774	$ 1,549
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	267	180	803	521
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 377	$ 481	$ 971	$ 1,028

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2017USD ($)
Class of Stock [Line Items]
Unrecognized compensation expense	$ 3,400,000
Unrecognized compensation expense weighted average period	2 years 1 month 6 days
General and Administrative Expense [Member]
Class of Stock [Line Items]
Increase in stock-based compensation expense attributable to option modification to extend exercise period of vested stock options, net of non-vested option forfeitures	$ 274,000
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options	117,000
Research and Development Expense [Member] | U.K. [Member]
Class of Stock [Line Items]
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options	$ 35,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0	$ 34,000	$ 0	$ 117,000
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)	Dec. 01, 2016ft²	Apr. 30, 2016USD ($)	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2017USD ($)ft²
Commitments and Contingencies [Line Items]
Irrevocable standby letter of credit					$ 150,000
Accrued expenses				$ 3,583,000	3,943,000
Alimera [Member]
Commitments and Contingencies [Line Items]
Under-reported net profit share for 2014 based on independent audit findings		$ 136,000
Payment received based on audit findings and reimbursement of audit costs				354,000
Amount received for reimbursement of audit costs				204,000
Refund claim submitted to arbitration by Alimera			$ 354,000
Receipt of under-reported net profits recorded as deferred revenue pending dispute resolution				136,000	136,000
Accrued expenses				$ 218,000	$ 218,000
Watertown [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space | ft²					13,650
Lease term expiration date					Apr. 30, 2019
Lease renewal option period					5 years
Malvern, U.K. [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space | ft²	420				2,200
Lease term expiration date					Nov. 30, 2016
Lease term period	3 years
Lease termination, advance notice period	30 days
Lease effective date	Dec. 1, 2016

Net Loss per Share - Potentiall

Net Loss per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	8,121,296	5,695,026	8,121,296	5,695,026
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	6,797,691	5,071,421	6,797,691	5,071,421
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	623,605	623,605	623,605	623,605
RSU [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	700,000	0	700,000	0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - shares	May 08, 2017	May 04, 2017	Mar. 31, 2017	May 04, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Common stock, shares authorized			60,000,000		60,000,000
At-the-Market Offering [Member]
Subsequent Event [Line Items]
Shares issued for which the Company seeks ratification by the stockholders in order to refresh its capacity to issue additional shares			1,411,686
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares authorized	60,000,000
Proposed new total of authorized shares, subject to stockholder approval	120,000,000
Subsequent Event [Member] | At-the-Market Offering [Member]
Subsequent Event [Line Items]
Shares issued for which the Company seeks ratification by the stockholders in order to refresh its capacity to issue additional shares		3,600,007		5,100,000