EyePoint Pharmaceuticals (EYPT) 10-K 13 Sep 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2017	Sep. 08, 2017	Dec. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Trading Symbol	PSDV
Entity Registrant Name	PSIVIDA CORP.
Entity Central Index Key	1,314,102
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		39,372,586
Entity Public Float			$ 58,277,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 16,898	$ 15,313
Marketable securities	0	13,679
Accounts and other receivables	251	488
Prepaid expenses and other current assets	591	483
Total current assets	17,740	29,963
Property and equipment, net	313	290
Intangible assets, net	364	1,102
Other assets	110	114
Restricted cash	150	150
Total assets	18,677	31,619
Current liabilities:
Accounts payable	1,016	1,363
Accrued expenses	4,224	3,583
Deferred revenue	50	147
Total current liabilities	5,290	5,093
Deferred revenue, less current portion	0	5,585
Deferred rent	51	60
Total liabilities	5,341	10,738
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 120,000,000 and 60,000,000 shares authorized, 39,356,999 and 34,172,919 shares issued and outstanding, each at June 30, 2017 and 2016, respectively	39	34
Additional paid-in capital	323,284	312,208
Accumulated deficit	(310,820)	(292,213)
Accumulated other comprehensive income	833	852
Total stockholders' equity	13,336	20,881
Total liabilities and stockholders' equity	$ 18,677	$ 31,619

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	120,000,000	60,000,000
Common stock, shares issued	39,356,999	34,172,919
Common stock, shares outstanding	39,356,999	34,172,919

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Revenues:
Collaborative research and development	$ 6,569	$ 398	$ 25,411
Royalty income	970	1,222	1,154
Total revenues	7,539	1,620	26,565
Operating expenses:
Research and development	14,880	14,381	12,088
General and administrative	11,235	9,013	8,056
Total operating expenses	26,115	23,394	20,144
Operating (loss) income	(18,576)	(21,774)	6,421
Interest and other income, net	91	72	22
(Loss) income before income taxes	(18,485)	(21,702)	6,443
Income tax benefit (expense)	0	155	(96)
Net (loss) income	$ (18,485)	$ (21,547)	$ 6,347
Net (loss) income per share:
Basic	$ (0.52)	$ (0.68)	$ 0.22
Diluted	$ (0.52)	$ (0.68)	$ 0.21
Weighted average common shares outstanding:
Basic	35,343,765	31,623,473	29,378,250
Diluted	35,343,765	31,623,473	30,584,140
Net (loss) income	$ (18,485)	$ (21,547)	$ 6,347
Other comprehensive (loss) income:
Foreign currency translation adjustments	(21)	(96)	(95)
Net unrealized gain (loss) on marketable securities	2	3	(4)
Other comprehensive loss	(19)	(93)	(99)
Comprehensive (loss) income	$ (18,504)	$ (21,640)	$ 6,248

Consolidated Statements of Stoc

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)	6,347			6,347
Other comprehensive loss	(99)				(99)
Exercise of stock options	235	$ 0	235	0	0
Exercise of stock options, shares		113,807
Stock-based compensation	1,961		1,961
Balance at Jun. 30, 2015	23,368	$ 29	293,060	(270,666)	945
Balance, shares at Jun. 30, 2015		29,412,365
Net income (loss)	(21,547)			(21,547)
Other comprehensive loss	(93)				(93)
Issuance of stock, net of issue costs	16,500	$ 5	16,495
Issuance of stock, shares		4,440,000
Exercise of stock options	490		490
Exercise of stock options, shares		320,554
Stock-based compensation	2,163		2,163
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 income (loss)	$ (18,485)			(18,485)
Other comprehensive loss	(19)				(19)
Issuance of stock, net of issue costs	8,404	$ 5	8,399
Issuance of stock, shares		5,100,000
Exercise of stock options	99		99	0
Exercise of stock options, shares		84,080
Stock-based compensation	2,456		2,456
Balance at Jun. 30, 2017	$ 13,336	$ 39	323,284	(310,820)	$ 833
Balance, shares at Jun. 30, 2017	39,356,999	39,356,999
Cumulative effect of change in accounting principle (Note 2)			$ 122	$ (122)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net (loss) income	$ (18,485)	$ (21,547)	$ 6,347
Adjustments to reconcile net (loss) income to cash flows (used in) provided by operating activities:
Amortization of intangible assets	724	756	770
Depreciation of property and equipment	91	152	112
Amortization of bond (discount) premium on marketable securities	(9)	87	98
Amortization of noncurrent portion of deferred revenue	(5,585)	0	0
Stock-based compensation	2,456	2,163	1,961
Changes in operating assets and liabilities:
Accounts and other receivables	219	116	(124)
Prepaid expenses and other current assets	(99)	187	(136)
Accounts payable	(346)	626	292
Accrued expenses	650	1,036	1,053
Deferred revenue	(97)	103	(94)
Deferred rent	(9)	5	18
Net cash (used in) provided by operating activities	(20,490)	(16,316)	10,297
Cash flows from investing activities:
Purchases of marketable securities	(5,052)	(17,517)	(10,222)
Maturities of marketable securities	18,743	13,168	3,650
Purchases of property and equipment	(147)	(113)	(161)
Proceeds from sale of property and equipment	33	0	0
Net cash provided by (used in) investing activities	13,577	(4,462)	(6,733)
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs	8,404	16,500	0
Proceeds from exercise of stock options	99	490	235
Net cash provided by financing activities	8,503	16,990	235
Effect of foreign exchange rate changes on cash and cash equivalents	(5)	(20)	(12)
Net increase (decrease) in cash and cash equivalents	1,585	(3,808)	3,787
Cash and cash equivalents at beginning of year	15,313	19,121	15,334
Cash and cash equivalents at end of year	16,898	15,313	19,121
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 0	$ 4	$ 263

Operations

Operations	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations	1. Operations pSivida Corp. (together with its subsidiaries, the “Company”), incorporated in Delaware, develops sustained-release drug delivery products primarily 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 diseases. Durasert™ three-year non-erodible fluocinolone acetonide (“FA”) insert for posterior segment uveitis (“Durasert three-year uveitis”) (formerly known as Medidur), the Company’s lead product candidate, is in pivotal Phase 3 clinical trials, and ILUVIEN ® ® Durasert three-year uveitis, the Company’s most advanced development product candidate, is designed to treat chronic non-infectious uveitis affecting the posterior segment of the eye (“posterior segment uveitis”) for three years from a single administration. Injected into the eye in an office visit, this product candidate is a tiny micro-insert that delivers a micro-dose of a corticosteroid to the back of the eye on a sustained basis. The Company is developing Durasert three-year uveitis independently. Both Phase 3 clinical trials investigating Durasert three-year uveitis met their primary efficacy endpoint of prevention of recurrence of disease through six months with statistical significance (p < 0.001, intent to treat analysis) and with safety data consistent with the known effects of ocular corticosteroid use. The same statistical significance for efficacy and encouraging safety results was maintained through 12 months of follow-up for the first Phase 3 clinical trial and read-out at 12 months of follow-up for the second Phase 3 trial is expected in the first half of calendar 2018. The Company plans to file a new drug application (“NDA”) with the FDA in late December 2017 or early January 2018. ILUVIEN ® 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 macular degeneration (“AMD”), glaucoma, osteoarthritis and other diseases. A sustained release, surgical implant delivering a corticosteroid to treat pain associated with severe knee osteoarthritis (“OA”) that was jointly developed by the Company and Hospital for Special Surgery is currently being evaluated in an investigator-sponsored safety and tolerability study. 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’s anticipated recurring use of cash to fund operations in combination with no probable source of additional capital raises substantial doubt about its ability to continue as a going concern for one year from the issuance of its financial statements. The Company believes that its cash and cash equivalents of $16.9 million at June 30, 2017 and expected proceeds from existing collaboration agreements will enable the Company to maintain its current and planned operations (including its two Durasert three-year uveitis Phase 3 clinical trials) through approximately the first quarter of calendar year 2018. In order to extend the Company’s ability to fund its operations beyond then, including its planned commercial launch of Durasert three-year uveitis in the U.S. if approved by the FDA, management’s plans include accessing additional equity financing from the sale of its common stock through an underwritten public offering, its at-the-market (“ATM”) program or other financing transactions and/or, as applicable, reducing or deferring operating expenses. The timing and extent of the Company’s implementation of these plans is expected to depend on the amount and timing of cash receipts from existing or any future collaboration or other agreements and/or proceeds from any financing transactions. There is no assurance that the Company will receive significant revenues from the commercialization of ILUVIEN or financing from any other sources.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts of pSivida Corp. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2017, 2016 and 2015 may be referred to herein as fiscal 2017, fiscal 2016 and fiscal 2015, respectively. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, realization of deferred tax assets and the valuation of stock option and other equity awards. Actual results could differ from these estimates. Foreign Currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which that entity operates - the U.S. dollar or the Pound Sterling. Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the statements of comprehensive (loss) income and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity in the consolidated balance sheets. The balance of accumulated other comprehensive income attributable to foreign currency translation was $833,000 at June 30, 2017 and $854,000 at June 30, 2016. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in interest and other income, net in the consolidated statements of comprehensive (loss) income and were not significant for all periods presented. Cash Equivalents Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds. Marketable Securities Marketable securities consist of investments with an original or remaining maturity of greater than three months at the date of purchase. The Company has classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. As of June 30, 2017 and 2016, there were no investments in a significant unrealized loss position. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive (loss) income. The cost of marketable securities sold is determined by the specific identification method. Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2017, a total of $13.5 million, representing all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional 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. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. The Company had no marketable security investments at June 30, 2017. Marketable securities at June 30, 2016 consisted of investment-grade corporate bonds and commercial paper. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. Revenues from Alimera accounted for $659,000, or 9% of total revenues in fiscal 2017, $233,000, or 14% of total revenues in fiscal 2016 and $25.1 million, or 95% of total revenues in fiscal 2015. Revenues from Pfizer accounted for $5.6 million, or 74% of total revenues in fiscal 2017 and were inconsequential in each of fiscal 2016 and fiscal 2015. Revenues from Bausch & Lomb accounted for $984,000, or 13% of total revenues in fiscal 2017, $1.3 million, or 77% of total revenues in fiscal 2016 and $1.2 million, or 5% of total revenues in fiscal 2015. Revenues from feasibility study agreements accounted for $211,000, or 3%, of total revenues in fiscal 2017 and were inconsequential in each of fiscal 2016 and fiscal 2015. Accounts receivable from Bausch & Lomb accounted for $246,000, or 98%, of total accounts receivable at June 30, 2017 and $288,000, or 59%, of total accounts receivable at June 30, 2016. Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity. Accounts and Other Receivables Receivables consist primarily of: (i) quarterly royalties earned; (ii) U.K. research and development tax credits; and (iii) accrued interest on marketable securities. Debt and Equity Instruments Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or their estimated useful lives. Repair and maintenance costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are derecognized from the respective accounts and any gain or loss is recognized. Leases The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses. The Company recognizes the rent holiday and scheduled rent increases on a straight-line basis over the lease term, with the excess of cumulative rent expense over cash payments recorded as a deferred rent liability. Impairment of Intangible Assets The Company’s finite life intangible assets include its acquired Durasert and Tethadur patented technologies, which are being amortized on a straight-line basis over twelve years and will be fully amortized as of December 31, 2017. The intangible asset lives were determined based upon the anticipated period that the Company will derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured by the amount by which the carrying value of the asset exceeds its estimated fair value. Revenue Recognition Collaborative Research and Development and Multiple-Deliverable Arrangements The Company enters into collaborative arrangements with strategic partners for the development and commercialization of product candidates utilizing the Company’s technologies. The terms of these agreements have typically included multiple deliverables by the Company (for example, license rights, research and development services and manufacturing of clinical materials) in exchange for consideration to the Company of some combination of non-refundable license fees, research and development funding, payments based upon achievement of clinical development or other milestones and royalties in the form of a designated percentage of product sales or profits. Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable, and collection is reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price method using management’s best estimate of the standalone selling price of deliverables when vendor-specific objective evidence or third-party evidence of selling price is not available. Allocated consideration is recognized as revenue upon application of the appropriate revenue recognition principles to each unit. When the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized. The Company estimates its performance period used for revenue recognition based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Significant management judgment may be required to determine the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method. Royalties Royalty income is recognized upon the sale of the related products, provided that the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and the Company has no remaining performance obligations under the arrangement. Such revenues are included as royalty income. If royalties are received when the Company has remaining performance obligations, the royalty payments would be attributed to the services being provided under the arrangement and therefore revenue would be recognized as such performance obligations are performed. Any such revenues are included as collaborative research and development revenues. Reimbursement of Costs The Company may provide research and development services and incur maintenance costs of licensed patents under collaboration arrangements to assist in advancing the development of licensed products. The Company acts primarily as a principal in these transactions and, accordingly, reimbursement amounts received are classified as a component of revenue to be recognized consistent with the revenue recognition policy summarized above. The Company records the expenses incurred and reimbursed on a gross basis. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue. Research and Development Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates. Stock-Based Compensation The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. In the fourth quarter of fiscal 2017, the Company early adopted ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Compensation cost related to such share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of restricted stock units based on the observed grant date fair value of the underlying common stock. Net (Loss) Income per Share Basic net (loss) income per share is computed by dividing 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 weighted-average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. The following table reconciles the number of shares used to compute basic and diluted net (loss) income per share: Year Ended June 30, 2017 2016 2015 Number of common shares – basic 35,343,765 31,623,473 29,378,250 Effect of dilutive securities: Stock options — — 956,441 Warrants — — 249,449 Number of common shares – diluted 35,343,765 31,623,473 30,584,140 Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Year Ended June 30, 2017 2016 2015 Options outstanding 6,895,685 4,981,421 2,010,793 Warrants outstanding 623,605 623,605 552,500 Restricted stock units outstanding 948,500 — — Performance stock units outstanding 210,000 — — 8,677,790 5,605,026 2,563,293 Comprehensive (Loss) Income Comprehensive (loss) income is comprised of net (loss) income, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities. Income Tax The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax benefit. Recently Adopted and Recently Issued Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that the impact of recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

License and Collaboration Agree

License and Collaboration Agreements	12 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	3. License and Collaboration Agreements Alimera Under a collaboration agreement with Alimera, as amended in March 2008 (the “Prior 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 was 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 could 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 sublicensed commercialization in any country, the Company was 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. 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. Revenue under the Prior Alimera Agreement totaled $659,000 for fiscal 2017, $233,000 for fiscal 2016 and $25.1 million for fiscal 2015. These revenues included (i) $585,000 of net profit share earned in fiscal 2017, of which $136,000 was recognized in connection with an arbitration settlement (see Note 14); (ii) $157,000 of non-royalty sublicense consideration earned in fiscal 2016; and (iii) a $25.0 million milestone earned as a result of the FDA approval of ILUVIEN in the first quarter of fiscal 2015.The remainder of Alimera revenues in each year consisted principally of patent fee reimbursements. On July 10, 2017, the Company entered into a further amended and restated collaboration agreement (the “Amended Alimera Agreement), pursuant to which the Company (i) licensed its Durasert three-year uveitis product candidate to Alimera for Europe, the Middle East and Africa (“EMEA”) and (ii) converted the net profit share arrangement for each licensed product (including ILUVIEN) to a sales-based royalty on a calendar quarter basis commencing July 1, 2017, with payments from Alimera due 60 days following the end of each quarter. Sales-based royalties start at the rate of 2%. Commencing January 1, 2019 (or earlier under certain circumstances), the sales-based royalty will increase to 6% on aggregate calendar year net sales up to $75 million and to 8% on any calendar years sales in excess of $75 million. Alimera’s share of contingently recoverable accumulated ILUVIEN commercialization losses under the original net profit share arrangement, capped at $25 million, are to be reduced as follows: (i) $10.0 million was cancelled in lieu of an upfront license fee on the effective date of the Amended Alimera Agreement; (ii) for calendar years 2019 and 2020, 50% of earned sales-based royalties in excess of 2% will be offset against the quarterly royalty payments otherwise due from Alimera; (iii) on January 1, 2020, another $5 million will be cancelled, provided, however, that such date of cancellation may be extended under certain circumstances related to Alimera’s regulatory approval process for ILUVIEN for posterior uveitis, with such extension, if any, subject to mutual agreement by the parties; and (iv) commencing in calendar year 2021, 20% of earned sales-based royalties in excess of 2% will be offset against the quarterly royalty payments due from Alimera until such time as the balance of the original $25 million of recoverable commercialization losses has been fully recouped. The Company has withdrawn its previously filed EU marketing approval application (“MAA”) and its orphan drug designation for posterior uveitis, and Alimera will be responsible for filing a Type II variation for ILUVIEN for the treatment of posterior segment uveitis in the 17 countries in the EU where ILUVIEN is currently approved for the treatment of DME. Delays by Alimera in filing Type II variations in designated EU countries may, under certain circumstances, result in quarterly financial penalty payments by Alimera to the Company. 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 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 was partially recognized as collaborative research and development revenue over the expected 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 were incurred. No collaborative research and development revenue was recorded during each of fiscal 2016 and fiscal 2015. On October 25, 2016, the Company notified Pfizer that it had discontinued development of the Latanoprost Product, which provided Pfizer a 60-day option to acquire a worldwide license in return for a $10.0 million payment and potential sales-based royalties and development, regulatory and sales performance milestone payments. Pfizer did not exercise its option and the Restated Pfizer Agreement automatically terminated on December 26, 2016. The remaining deferred revenue balance of $5.6 million was recognized as revenue in the three-month period ended December 31, 2016. Provided that the Company did not conduct any research and development of the Latanoprost Product through calendar 2017, the Company would retain the right thereafter to develop and commercialize the Latanoprost Product on its own or with a partner. By letter agreement effective as of April 11, 2017, Pfizer officially waived that restriction. Pfizer owned approximately 4.7% of the Company’s outstanding shares at June 30, 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 $970,000 in fiscal 2017 and approximately $1.2 million in each of fiscal 2016 and fiscal 2015. Accounts receivable from Bausch & Lomb totaled $246,000 at June 30, 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 previously developed 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. Revenue related to the Enigma agreement totaled $100,000 in each of fiscal 2017, fiscal 2016 and fiscal 2015. At June 30, 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 Durasert technology system for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the feasibility study agreement. Revenues under feasibility study agreements totaled $211,000 in fiscal 2017, $33,000 in fiscal 2016 and $144,000 in fiscal 2015.

Intangible Assets

Intangible Assets	12 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	4. Intangible Assets The reconciliation of intangible assets for the years ended June 30, 2017 and 2016 was as follows (in thousands): June 30, 2017 2016 Patented technologies Gross carrying amount at beginning of year $ 36,196 $ 39,710 Foreign currency translation adjustments (586 ) (3,514 ) Gross carrying amount at end of year 35,610 36,196 Accumulated amortization at beginning of year (35,094 ) (37,785 ) Amortization expense (724 ) (756 ) Foreign currency translation adjustments 572 3,447 Accumulated amortization at end of year (35,246 ) (35,094 ) Net book value at end of year $ 364 $ 1,102 The net book value of the Company’s intangible assets at June 30, 2017 and 2016 is summarized as follows (in thousands): June 30, Estimated Remaining 2017 2016 (Years) Patented technologies Durasert $ 265 $ 795 0.5 Tethadur 99 307 0.5 $ 364 $ 1,102 The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense for intangible assets totaled $724,000 in fiscal 2017, $756,000 in fiscal 2016 and $770,000 in fiscal 2015. The carrying value of intangible assets at June 30, 2017 of $364,000 is expected to be amortized on a straight-line basis during the six months ending December 31, 2017.

Marketable Securities

Marketable Securities	12 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	5. Marketable Securities The Company had no marketable securities at June 30, 2017. The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at June 30, 2016 were as follows (in thousands): June 30, 2016 Amortized Unrealized Fair Value Corporate bonds $ 5,999 $ (2 ) $ 5,997 Commercial paper 7,682 — 7,682 $ 13,681 $ (2 ) $ 13,679 During fiscal 2017, $5.1 million of marketable securities were purchased and $18.7 million matured.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, 2017 2016 Property and equipment $ 698 $ 1,777 Leasehold improvements 101 206 Gross property and equipment 799 1,983 Accumulated depreciation and amortization (486 ) (1,693 ) $ 313 $ 290 Depreciation expense was $91,000 in fiscal 2017, $152,000 in fiscal 2016 and $112,000 in fiscal 2015.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. • Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transactions (less active markets). • Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities. The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. Certain of the Company’s corporate debt securities were valued based on quoted prices for the specific securities in an active market and were therefore classified as Level 1. The remaining marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at June 30, 2017 and 2016 by valuation hierarchy (in thousands): June 30, 2017 Description Total Carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 13,521 $ 13,521 $ — $ — $ 13,521 $ 13,521 $ — $ — June 30, 2016 Description 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	12 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Accrued Expenses	8. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2017 2016 Clinical trial costs $ 1,984 $ 1,678 Personnel costs 1,632 1,314 Professional fees 590 535 Other 18 56 $ 4,224 $ 3,583 In January 2017, the Company entered into retention bonus agreements with five employees. Under these agreements, subject to continuing employment (a) cash payments totaling $320,000 will be made on December 22, 2017 and (b) restricted stock units (RSUs) of an equal value will be granted at that date with a one-year vesting period. Included in personnel costs in the above table is $160,000, representing a pro rata accrual of the cash bonus component through June 30, 2017.

Restructuring

Restructuring	12 Months Ended
	Jun. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring	9. Restructuring In July 2016, the Company announced its plan to consolidate all 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 fiscal 2017 to research and development expense. 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 first quarter of fiscal 2017, the Company recorded $99,000 of non-cash stock-based compensation expense in connection with the extension, through June 30, 2017, of the exercise period for all vested stock options held by the U.K. employees at July 31, 2016 and a $133,000 credit to stock-based compensation expense to account for forfeitures of all non-vested stock options at that date. The Company paid all of the restructuring costs associated with the plan of consolidation as of March 31, 2017.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Sales of Common Stock In February 2017, the Company entered into an ATM program pursuant to which, under its Form S-3 shelf registration statement, the Company may, at its option, offer and sell shares of its common stock from time to time for an aggregate offering price of up to $20.0 million. The Company will pay the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. The Company incurred approximately $223,000 of legal, accounting and other costs to establish and activate the ATM program. The Company’s ability to sell shares under the ATM program is subject to Australian Securities Exchange (the “ASX”) listing rules, as defined, limiting the number of shares the Company may issue in any 12-month period without stockholder approval, as well as other applicable rules and regulations of the ASX and NASDAQ Global Market. During the period from March 2017 through May 9, 2017, the Company sold 5,100,000 shares of common stock under the ATM program (“ATM Shares Sold”) at a weighted average price of $1.74 per share for gross proceeds of approximately $8.9 million. At a special meeting of stockholders held on June 27, 2017, the Company’s stockholders ratified the ATM Shares Sold, thereby refreshing the Company’s capacity to issue shares of common stock without prior stockholder approval under the ASX listing rules. In addition, the stockholders approved the adoption 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. During July 2017, the Company sold an additional 15,587 shares of common stock under the ATM program at a weighted average price of $1.40 per share for gross proceeds of $22,000. 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 totaled approximately $1.3 million. Warrants to Purchase Common Shares The following table provides a reconciliation of warrants to purchase common stock for the years ended June 30, 2017 and 2016: Year Ended June 30, 2017 2016 Number Weighted Number of Weighted Balance at beginning of year 623,605 $ 2.50 1,176,105 $ 3.67 Expired — — (552,500 ) 5.00 Balance and exercisable at end of year 623,605 $ 2.50 623,605 $ 2.50 At August 7, 2017, all of these warrants expired unexercised.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation 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 previously 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 (i) 336,741 shares of common stock that were previously available for grant under the pSivida Corp. 2008 Incentive Plan, as amended (the “2008 Plan”) at the Adoption Date and (ii) any additional shares of common stock that would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan following the Adoption Date. On June 27, 2017, a total of 482,000 stock options were granted to employees at an exercise price of $1.77 per share, the closing price of the Company’s common stock at that date, with ratable annual vesting over 3 years and a 10-year term. In addition, on the same date the Company issued (i) 248,500 Restricted Stock Units (“RSUs”) to employees with ratable annual vesting over 3 years and (ii) 210,000 Performance Stock Units (“PSUs”) to certain employees. The performance conditions associated with the PSU awards are as follows: (a) for one third of the PSUs, upon an FDA acceptance of the Company’s NDA submission of Durasert three-year uveitis for review on or before March 31, 2018 and (b) for two-thirds of the PSUs, upon an FDA approval of Durasert three-year uveitis on or before March 31, 2019. For each performance criteria that is achieved, 50% of the underlying stock units that are associated with that performance condition will vest at the achievement date and 50% will vest on the first anniversary of such date. No stock-based compensation was recorded in fiscal 2017 in connection with the PSUs. The Company measures the fair value of options on their grant date using the Black-Scholes option-pricing model. Based upon limited option exercise history, the Company has generally used the “simplified” method outlined in SEC Staff Accounting Bulletin No. 110 to estimate the expected life of stock option grants. Management believes that the historical volatility of the Company’s stock price on NASDAQ best represents the expected volatility over the estimated life of the option. The risk-free interest rate is based upon published U.S. Treasury yield curve rates at the date of grant corresponding to the expected life of the stock option. An assumed dividend yield of zero reflects the fact that the Company has never paid cash dividends and has no intentions to pay dividends in the foreseeable future. The key assumptions used to apply the option pricing model for options granted under the 2016 Plan during the year ended June 30, 2017 were as follows: 2017 Option life (in years) 6.0 Stock volatility 70.9% Risk-free interest rate 1.94% Expected dividends 0.0% The grant date fair value of the option grants was $1.13 per share. At June 30, 2017, all of the stock options granted were outstanding and had no intrinsic value. At June 30, 2017, a total of 3,903,447 shares of common stock were authorized for issuance under the 2016 Plan, of which 2,962,947 shares were available for new awards. 2008 Incentive 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 June 30, 2017, an additional 566,706 stock options under the 2008 Plan were forfeited and became available for grant under the 2016 Plan. Options to purchase a total of 1,535,000 shares were granted during fiscal 2017 at exercise prices equal to the closing market price of the Company’s common stock on NASDAQ on the respective option grant dates. Of this total, the Company granted 1,405,300 options to employees with ratable annual vesting over 4 years, 90,000 options to non-executive directors with 1-year cliff vesting and 40,000 options to a newly appointed non-executive director with ratable vesting over 3 years. All option grants have a 10-year term. The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Option life (in years) 5.50 - 6.25 5.50 - 6.25 5.50 - 6.25 Stock volatility 70% - 72% 76% - 80% 79% - 93% Risk-free interest rate 1.23% - 2.08% 1.47% - 1.97% 1.70% - 2.00% Expected dividends 0.0% 0.0% 0.0% The following table summarizes information about stock options under the 2008 Plan for the years ended June 30, 2017, 2016 and 2015 (in thousands except per share amounts): 2017 2016 2015 Weighted-average grant date fair value per share $ 1.95 $ 2.74 $ 3.33 Total cash received from exercise of stock options 99 490 235 Total intrinsic value of stock options exercised 53 967 257 The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 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 (868,956 ) 3.95 Outstanding at June 30, 2017 5,563,685 $ 3.48 4.64 $ 128 Outstanding at June 30, 2017—vested or unvested and expected to vest 5,442,815 $ 3.47 4.56 $ 128 Exercisable at June 30, 2017 3,716,651 $ 3.50 2.62 $ 128 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 annual vesting over 4 years, an exercise price of $3.63 per share and a 10-year term. Although the stock options were not awarded under the 2008 Plan, the stock options are subject to and governed by the terms and conditions of the 2008 Plan. The grant date fair value of $0.84 per share, measured at the Adoption Date, was determined based upon assumptions of an option life of 6.25 years, historical stock volatility of 70%, a risk-free interest rate of 2.13% and expected dividends of 0%. Restricted Stock Units During the year ended June 30, 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 change in the closing price of the Company’s common stock compared to that of the companies that make up the NASDAQ Biotechnology Index (“NBI”). 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: 2017 Grant date stock price $1.91 - $3.63 Stock volatility 50% - 60% Risk-free interest rate 0.87% - 0.98% Expected dividends 0.0% 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) income included total compensation expense from stock-based payment awards as follows (in thousands): Year Ended June 30, 2017 2016 2015 Compensation expense included in: Research and development $ 1,109 $ 702 $ 676 General and administrative 1,347 1,461 1,285 $ 2,456 $ 2,163 $ 1,961 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 options were forfeited. Additionally, in connection with the U.K. restructuring, the exercise period of all vested options held by the former U.K. employees was extended through June 30, 2017 and all non-vested options were forfeited. These option modifications and forfeitures were accounted for in the quarter ended September 30, 2016, the net effect of which resulted in an approximate $274,000 increase of stock-based compensation expense included in general and administrative expense and an approximate $35,000 reduction of stock-based compensation expense included in research and development expense for the year ended June 30, 2017 in the table above. 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 options were forfeited. The option modification and forfeitures were accounted for in the quarter ended December 31, 2016, the net effect of which resulted in an approximate $104,000 reduction of stock-based compensation expense included in general and administrative expense for the year ended June 30, 2017 in the table above. At June 30, 2017, there was approximately $4.2 million of unrecognized compensation expense related to outstanding stock options under the 2008 Plan, the inducement stock option grant to the Company’s President and CEO, the market-based RSU awards and the stock options, RSU awards and PSU awards issued under the 2016 Plan, which is expected to be recognized as expense over a weighted-average period of approximately 2.04 years.

Retirement Plans

Retirement Plans	12 Months Ended
	Jun. 30, 2017
Retirement Benefits [Abstract]
Retirement Plans	12. Retirement Plans The Company operates a defined contribution plan intended to qualify under Section 401(k) of the U.S. Internal Revenue Code. Participating U.S. employees may contribute a portion of their pre-tax compensation, as defined, subject to statutory maximums. The Company matches employee contributions up to 5% of eligible compensation, subject to a stated calendar year Internal Revenue Service maximum. The Company operated a defined contribution pension plan for U.K. employees pursuant to which the Company made contributions on behalf of employees plus a matching percentage of elective employee contributions. This pension plan was terminated in the quarter ending September 30, 2016 following termination of employment of all U.K. employees. The Company contributed a total of $193,000 for fiscal 2017, $209,000 for fiscal 2016 and $187,000 for fiscal 2015 in connection with these retirement plans.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The components of income tax (benefit) expense are as follows (in thousands): Year Ended June 30, 2017 2016 2015 U.S. operations: Current income tax expense $ — $ 4 $ 263 Deferred income tax benefit — — — — 4 263 Non-U.S. operations: Current income tax benefit — (159 ) (167 ) Deferred income tax benefit — — — — (159 ) (167 ) Income tax (benefit) expense $ — $ (155 ) $ 96 The significant components of domestic income tax expense for the fiscal year ended June 30, 2015 included a provision for current income tax expense of $2.8 million, less a tax benefit of operating loss carry forwards of $2.5 million, resulting in a net domestic income tax expense of $263,000, which represented federal alternative minimum tax based on taxable income for the tax year ended December 31, 2014. During the fiscal years ended June 30, 2016 and 2015, the Company also recognized a current income tax benefit of $159,000 and $167,000, respectively, related to foreign research and development tax credits earned by its U.K. subsidiary. The components of (loss) income before income taxes are as follows (in thousands): Year Ended June 30, 2017 2016 2015 U.S. operations $ (17,566 ) $ (19,780 ) $ 8,120 Non-U.S. operations (919 ) (1,922 ) (1,677 ) (Loss) income before income taxes $ (18,485 ) $ (21,702 ) $ 6,443 The difference between the Company’s expected income tax (benefit) expense, as computed by applying the statutory U.S. federal tax rate of 34% to (loss) income before income taxes, and actual income tax (benefit) expense is reconciled in the following table (in thousands): Year Ended June 30, 2017 2016 2015 Income tax (benefit) expense at statutory rate $ (6,284 ) $ (7,379 ) $ 2,191 State income taxes, net of federal benefit (928 ) (1,044 ) 435 Non-U.S. income tax rate differential (121 ) 778 137 Research and development tax credits (242 ) (397 ) (313 ) Capital loss expiration — — 511 Permanent items (9 ) 216 236 Changes in valuation allowance 7,489 6,789 (3,572 ) Other, net 95 882 471 Income tax (benefit) expense $ — $ (155 ) $ 96 The significant components of deferred income taxes are as follows (in thousands): June 30, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 39,439 $ 31,299 Deferred revenue 20 2,198 Stock-based compensation 5,107 4,111 Tax credits 1,727 1,484 Other 186 141 Total deferred tax assets 46,479 39,233 Deferred tax liabilities: Intangible assets 123 367 Deferred tax assets, net 46,356 38,866 Valuation allowance 46,356 38,866 Total deferred tax liability $ — $ — The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduce the value of such attributes to the more-likely-than-not realizable amount. Management assessed the available positive and negative evidence to estimate if sufficient taxable income will be generated to use the existing net deferred tax assets. Based on a weighting of the objectively verifiable negative evidence in the form of cumulative operating losses over the three-year period ended June 30, 2017, management believes that it is not more likely than not that the deferred tax assets will be realized and, accordingly, a full valuation allowance has been established. The valuation allowance increased $7.5 million and $6.8 million during the fiscal years ended June 30, 2017 and 2016, respectively, with such increases attributed to the re-measurement of the net deferred tax assets at the year-end dates. The valuation allowance decreased $3.6 million during the fiscal year ended June 30, 2015, which is attributed to the consumption of $2.5 million in tax benefits from domestic net operating loss carry forwards and a decrease of $1.1 million attributed to re-measurement of the remaining net deferred tax assets which continue to bear a full valuation allowance. The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. At June 30, 2017, the Company had U.S. federal net operating loss carry forwards of approximately $92.6 million, which expire at various dates between calendar years 2023 and 2037. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2017, the Company had state net operating loss carry forwards of approximately $51.6 million, which expire between 2033 and 2037, as well as U.S. federal and state research and development tax credit carry forwards of approximately $1.2 million, which expire at various dates between calendar years 2017 and 2037. In addition, at June 30, 2017 the Company had net operating loss carry forwards in the U.K. of £21.1 million (approximately $27.4 million), which are not subject to any expiration dates. The Company’s U.S. federal income tax returns for calendar years 2003 through 2016 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal years 2006 through 2016 remain subject to examination. The Australian tax returns for the Company’s predecessor for fiscal years 2004 through 2008 remain subject to examination. Through June 30, 2017, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive (loss) income and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2017 or 2016. As of June 30, 2017 and 2016, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. 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. Commencing July 1, 2017, the Company leases approximately 3,000 square feet of office space in Liberty Corner, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In addition, the Company occupied approximately 2,200 square feet of laboratory and office space in Malvern, U.K. under a lease with a term that expired on August 31, 2016. The lease term was extended through November 2016 to facilitate an orderly transition of the closure of the U.K. facility. The Company subsequently entered into a lease for smaller office space that commenced December 2017 for a 3-year terms, subject to termination by the Company at any time upon one month’s advance written notice. At June 30, 2017, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands): Fiscal Year: 2018 $ 510 2019 445 2020 77 2021 78 2022 80 $ 1,190 Rent expense related to the Company’s real estate and other operating leases charged to operations was approximately $442,000 for fiscal 2017, $485,000 for fiscal 2016 and $494,000 for fiscal 2015. Legal Proceedings In December 2014, the Company exercised its right under the Prior 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 were 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.

Segment and Geographic Area Inf

Segment and Geographic Area Information	12 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment and Geographic Area Information	15. Segment and Geographic Area Information Business Segment The Company operates in only one business segment, being the biotechnology sector. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment. Geographic Area Information The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands): Revenues Long-lived assets, net 2017 2016 2015 2017 2016 U.S. $ 7,439 $ 1,520 $ 26,465 $ 313 $ 277 U.K. 100 100 100 — 13 Consolidated $ 7,539 $ 1,620 $ 26,565 $ 313 $ 290

Quarterly Financial Data (unaud

Quarterly Financial Data (unaudited)	12 Months Ended
	Jun. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (unaudited)	16. Quarterly Financial Data (unaudited) The following table summarizes the quarterly results of operations for the years ended June 30, 2017 and 2016 (in thousands except per share amounts): Fiscal Year 2017 First Quarter Second Quarter 2016 Third Quarter 2017 Fourth Quarter June 30, 2017 Year Ended (1) Total revenues $ 277 $ 5,971 $ 590 $ 701 $ 7,539 Operating loss (7,186 ) (94 ) (5,160 ) (6,136 ) (18,576 ) Net loss (7,162 ) (67 ) (5,140 ) (6,116 ) (18,485 ) Net loss per share—basic and diluted $ (0.21 ) $ — $ (0.15 ) $ (0.16 ) $ (0.52 ) Weighted average common shares—basic and diluted 34,175 34,177 34,366 38,673 35,344 Fiscal Year 2016 First Quarter Second Quarter 2015 Third Quarter 2016 Fourth Quarter 2016 Year Ended Total revenues $ 466 $ 526 $ 324 $ 304 $ 1,620 Operating loss (4,984 ) (5,238 ) (5,096 ) (6,456 ) (21,774 ) Net loss (4,933 ) (5,186 ) (5,041 ) (6,387 ) (21,547 ) Net loss per share—basic and diluted $ (0.17 ) $ (0.18 ) $ (0.15 ) $ (0.19 ) $ (0.68 ) Weighted average common shares—basic and diluted 29,416 29,437 33,538 34,152 31,623 (1) Results for the second quarter of fiscal 2017 included $5.6 million of revenue recognized as a result of the December 2016 termination of the Company’s Restated Pfizer Agreement (see Note 3).

Significant Accounting Polici23

Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and include the accounts of pSivida Corp. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2017, 2016 and 2015 may be referred to herein as fiscal 2017, fiscal 2016 and fiscal 2015, respectively.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, realization of deferred tax assets and the valuation of stock option and other equity awards. Actual results could differ from these estimates.
Foreign Currency	Foreign Currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which that entity operates - the U.S. dollar or the Pound Sterling. Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the statements of comprehensive (loss) income and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity in the consolidated balance sheets. The balance of accumulated other comprehensive income attributable to foreign currency translation was $833,000 at June 30, 2017 and $854,000 at June 30, 2016. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in interest and other income, net in the consolidated statements of comprehensive (loss) income and were not significant for all periods presented.
Cash Equivalents	Cash Equivalents Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds.
Marketable Securities	Marketable Securities Marketable securities consist of investments with an original or remaining maturity of greater than three months at the date of purchase. The Company has classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. As of June 30, 2017 and 2016, there were no investments in a significant unrealized loss position. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive (loss) income. The cost of marketable securities sold is determined by the specific identification method.
Concentrations of Risk	Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2017, a total of $13.5 million, representing all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional 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. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. The Company had no marketable security investments at June 30, 2017. Marketable securities at June 30, 2016 consisted of investment-grade corporate bonds and commercial paper. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. Revenues from Alimera accounted for $659,000, or 9% of total revenues in fiscal 2017, $233,000, or 14% of total revenues in fiscal 2016 and $25.1 million, or 95% of total revenues in fiscal 2015. Revenues from Pfizer accounted for $5.6 million, or 74% of total revenues in fiscal 2017 and were inconsequential in each of fiscal 2016 and fiscal 2015. Revenues from Bausch & Lomb accounted for $984,000, or 13% of total revenues in fiscal 2017, $1.3 million, or 77% of total revenues in fiscal 2016 and $1.2 million, or 5% of total revenues in fiscal 2015. Revenues from feasibility study agreements accounted for $211,000, or 3%, of total revenues in fiscal 2017 and were inconsequential in each of fiscal 2016 and fiscal 2015. Accounts receivable from Bausch & Lomb accounted for $246,000, or 98%, of total accounts receivable at June 30, 2017 and $288,000, or 59%, of total accounts receivable at June 30, 2016.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.
Accounts and Other Receivables	Accounts and Other Receivables Receivables consist primarily of: (i) quarterly royalties earned; (ii) U.K. research and development tax credits; and (iii) accrued interest on marketable securities.
Debt and Equity Instruments	Debt and Equity Instruments Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or their estimated useful lives. Repair and maintenance costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are derecognized from the respective accounts and any gain or loss is recognized.
Leases	Leases The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses. The Company recognizes the rent holiday and scheduled rent increases on a straight-line basis over the lease term, with the excess of cumulative rent expense over cash payments recorded as a deferred rent liability.
Impairment of Intangible Assets	Impairment of Intangible Assets The Company’s finite life intangible assets include its acquired Durasert and Tethadur patented technologies, which are being amortized on a straight-line basis over twelve years and will be fully amortized as of December 31, 2017. The intangible asset lives were determined based upon the anticipated period that the Company will derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured by the amount by which the carrying value of the asset exceeds its estimated fair value.
Revenue Recognition	Revenue Recognition Collaborative Research and Development and Multiple-Deliverable Arrangements The Company enters into collaborative arrangements with strategic partners for the development and commercialization of product candidates utilizing the Company’s technologies. The terms of these agreements have typically included multiple deliverables by the Company (for example, license rights, research and development services and manufacturing of clinical materials) in exchange for consideration to the Company of some combination of non-refundable license fees, research and development funding, payments based upon achievement of clinical development or other milestones and royalties in the form of a designated percentage of product sales or profits. Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable, and collection is reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price method using management’s best estimate of the standalone selling price of deliverables when vendor-specific objective evidence or third-party evidence of selling price is not available. Allocated consideration is recognized as revenue upon application of the appropriate revenue recognition principles to each unit. When the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized. The Company estimates its performance period used for revenue recognition based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Significant management judgment may be required to determine the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method. Royalties Royalty income is recognized upon the sale of the related products, provided that the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and the Company has no remaining performance obligations under the arrangement. Such revenues are included as royalty income. If royalties are received when the Company has remaining performance obligations, the royalty payments would be attributed to the services being provided under the arrangement and therefore revenue would be recognized as such performance obligations are performed. Any such revenues are included as collaborative research and development revenues. Reimbursement of Costs The Company may provide research and development services and incur maintenance costs of licensed patents under collaboration arrangements to assist in advancing the development of licensed products. The Company acts primarily as a principal in these transactions and, accordingly, reimbursement amounts received are classified as a component of revenue to be recognized consistent with the revenue recognition policy summarized above. The Company records the expenses incurred and reimbursed on a gross basis. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue.
Research and Development	Research and Development Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates.
Stock-Based Compensation	Stock-Based Compensation The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. In the fourth quarter of fiscal 2017, the Company early adopted ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Compensation cost related to such share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of restricted stock units based on the observed grant date fair value of the underlying common stock.
Net (Loss) Income per Share	Net (Loss) Income per Share Basic net (loss) income per share is computed by dividing 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 weighted-average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. The following table reconciles the number of shares used to compute basic and diluted net (loss) income per share: Year Ended June 30, 2017 2016 2015 Number of common shares – basic 35,343,765 31,623,473 29,378,250 Effect of dilutive securities: Stock options — — 956,441 Warrants — — 249,449 Number of common shares – diluted 35,343,765 31,623,473 30,584,140 Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Year Ended June 30, 2017 2016 2015 Options outstanding 6,895,685 4,981,421 2,010,793 Warrants outstanding 623,605 623,605 552,500 Restricted stock units outstanding 948,500 — — Performance stock units outstanding 210,000 — — 8,677,790 5,605,026 2,563,293
Comprehensive (Loss) Income	Comprehensive (Loss) Income Comprehensive (loss) income is comprised of net (loss) income, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.
Income Tax	Income Tax The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax benefit.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Adopted and Recently Issued Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that the impact of recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Significant Accounting Polici24

Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2017
Accounting Policies [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: Year Ended June 30, 2017 2016 2015 Number of common shares – basic 35,343,765 31,623,473 29,378,250 Effect of dilutive securities: Stock options — — 956,441 Warrants — — 249,449 Number of common shares – diluted 35,343,765 31,623,473 30,584,140
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: Year Ended June 30, 2017 2016 2015 Options outstanding 6,895,685 4,981,421 2,010,793 Warrants outstanding 623,605 623,605 552,500 Restricted stock units outstanding 948,500 — — Performance stock units outstanding 210,000 — — 8,677,790 5,605,026 2,563,293

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Reconciliation of Intangible Assets	The reconciliation of intangible assets for the years ended June 30, 2017 and 2016 was as follows (in thousands): June 30, 2017 2016 Patented technologies Gross carrying amount at beginning of year $ 36,196 $ 39,710 Foreign currency translation adjustments (586 ) (3,514 ) Gross carrying amount at end of year 35,610 36,196 Accumulated amortization at beginning of year (35,094 ) (37,785 ) Amortization expense (724 ) (756 ) Foreign currency translation adjustments 572 3,447 Accumulated amortization at end of year (35,246 ) (35,094 ) Net book value at end of year $ 364 $ 1,102
Schedule of Net Book Value of Intangible Assets	The net book value of the Company’s intangible assets at June 30, 2017 and 2016 is summarized as follows (in thousands): June 30, Estimated Remaining 2017 2016 (Years) Patented technologies Durasert $ 265 $ 795 0.5 Tethadur 99 307 0.5 $ 364 $ 1,102

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Jun. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities	The Company had no marketable securities at June 30, 2017. The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at June 30, 2016 were as follows (in thousands): June 30, 2016 Amortized Unrealized Fair Value Corporate bonds $ 5,999 $ (2 ) $ 5,997 Commercial paper 7,682 — 7,682 $ 13,681 $ (2 ) $ 13,679

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following (in thousands): June 30, 2017 2016 Property and equipment $ 698 $ 1,777 Leasehold improvements 101 206 Gross property and equipment 799 1,983 Accumulated depreciation and amortization (486 ) (1,693 ) $ 313 $ 290

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Assets Carried at Fair Value Measured on Recurring Basis	The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at June 30, 2017 and 2016 by valuation hierarchy (in thousands): June 30, 2017 Description Total Carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 13,521 $ 13,521 $ — $ — $ 13,521 $ 13,521 $ — $ — June 30, 2016 Description 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)	12 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): June 30, 2017 2016 Clinical trial costs $ 1,984 $ 1,678 Personnel costs 1,632 1,314 Professional fees 590 535 Other 18 56 $ 4,224 $ 3,583

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Jun. 30, 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)	12 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Summary of Reconciliation of Warrants to Purchase Common Stock	The following table provides a reconciliation of warrants to purchase common stock for the years ended June 30, 2017 and 2016: Year Ended June 30, 2017 2016 Number Weighted Number of Weighted Balance at beginning of year 623,605 $ 2.50 1,176,105 $ 3.67 Expired — — (552,500 ) 5.00 Balance and exercisable at end of year 623,605 $ 2.50 623,605 $ 2.50

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Jun. 30, 2017
Schedule of Key Assumptions Used	The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Option life (in years) 5.50 - 6.25 5.50 - 6.25 5.50 - 6.25 Stock volatility 70% - 72% 76% - 80% 79% - 93% Risk-free interest rate 1.23% - 2.08% 1.47% - 1.97% 1.70% - 2.00% Expected dividends 0.0% 0.0% 0.0%
Summary of Information about Stock Options	The following table summarizes information about stock options under the 2008 Plan for the years ended June 30, 2017, 2016 and 2015 (in thousands except per share amounts): 2017 2016 2015 Weighted-average grant date fair value per share $ 1.95 $ 2.74 $ 3.33 Total cash received from exercise of stock options 99 490 235 Total intrinsic value of stock options exercised 53 967 257
Compensation Expense from Stock-Based Payment Awards	The Company’s statements of comprehensive (loss) income included total compensation expense from stock-based payment awards as follows (in thousands): Year Ended June 30, 2017 2016 2015 Compensation expense included in: Research and development $ 1,109 $ 702 $ 676 General and administrative 1,347 1,461 1,285 $ 2,456 $ 2,163 $ 1,961
2016 Long Term Incentive Plan [Member]
Schedule of Key Assumptions Used	The key assumptions used to apply the option pricing model for options granted under the 2016 Plan during the year ended June 30, 2017 were as follows: 2017 Option life (in years) 6.0 Stock volatility 70.9% Risk-free interest rate 1.94% Expected dividends 0.0%
2008 Incentive Plan [Member]
Stock Option Activity Under Plan	The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 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 (868,956 ) 3.95 Outstanding at June 30, 2017 5,563,685 $ 3.48 4.64 $ 128 Outstanding at June 30, 2017—vested or unvested and expected to vest 5,442,815 $ 3.47 4.56 $ 128 Exercisable at June 30, 2017 3,716,651 $ 3.50 2.62 $ 128
RSU [Member]
Schedule of Key Assumptions Used	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: 2017 Grant date stock price $1.91 - $3.63 Stock volatility 50% - 60% Risk-free interest rate 0.87% - 0.98% Expected dividends 0.0%

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Components of Income Tax (Benefit) Expense	The components of income tax (benefit) expense are as follows (in thousands): Year Ended June 30, 2017 2016 2015 U.S. operations: Current income tax expense $ — $ 4 $ 263 Deferred income tax benefit — — — — 4 263 Non-U.S. operations: Current income tax benefit — (159 ) (167 ) Deferred income tax benefit — — — — (159 ) (167 ) Income tax (benefit) expense $ — $ (155 ) $ 96
Components of (Loss) Income Before Income Taxes	The components of (loss) income before income taxes are as follows (in thousands): Year Ended June 30, 2017 2016 2015 U.S. operations $ (17,566 ) $ (19,780 ) $ 8,120 Non-U.S. operations (919 ) (1,922 ) (1,677 ) (Loss) income before income taxes $ (18,485 ) $ (21,702 ) $ 6,443
Difference Between Expected Income Tax (Benefit) Expense and Actual Income Tax (Benefit) Expense	The difference between the Company’s expected income tax (benefit) expense, as computed by applying the statutory U.S. federal tax rate of 34% to (loss) income before income taxes, and actual income tax (benefit) expense is reconciled in the following table (in thousands): Year Ended June 30, 2017 2016 2015 Income tax (benefit) expense at statutory rate $ (6,284 ) $ (7,379 ) $ 2,191 State income taxes, net of federal benefit (928 ) (1,044 ) 435 Non-U.S. income tax rate differential (121 ) 778 137 Research and development tax credits (242 ) (397 ) (313 ) Capital loss expiration — — 511 Permanent items (9 ) 216 236 Changes in valuation allowance 7,489 6,789 (3,572 ) Other, net 95 882 471 Income tax (benefit) expense $ — $ (155 ) $ 96
Significant Components of Deferred Income Taxes	The significant components of deferred income taxes are as follows (in thousands): June 30, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 39,439 $ 31,299 Deferred revenue 20 2,198 Stock-based compensation 5,107 4,111 Tax credits 1,727 1,484 Other 186 141 Total deferred tax assets 46,479 39,233 Deferred tax liabilities: Intangible assets 123 367 Deferred tax assets, net 46,356 38,866 Valuation allowance 46,356 38,866 Total deferred tax liability $ — $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments Under Non-Cancellable Operating Leases	At June 30, 2017, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands): Fiscal Year: 2018 $ 510 2019 445 2020 77 2021 78 2022 80 $ 1,190

Segment and Geographic Area I35

Segment and Geographic Area Information (Tables)	12 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area	The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands): Revenues Long-lived assets, net 2017 2016 2015 2017 2016 U.S. $ 7,439 $ 1,520 $ 26,465 $ 313 $ 277 U.K. 100 100 100 — 13 Consolidated $ 7,539 $ 1,620 $ 26,565 $ 313 $ 290

Quarterly Financial Data (una36

Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Jun. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results of Operations	The following table summarizes the quarterly results of operations for the years ended June 30, 2017 and 2016 (in thousands except per share amounts): Fiscal Year 2017 First Quarter Second Quarter 2016 Third Quarter 2017 Fourth Quarter June 30, 2017 Year Ended (1) Total revenues $ 277 $ 5,971 $ 590 $ 701 $ 7,539 Operating loss (7,186 ) (94 ) (5,160 ) (6,136 ) (18,576 ) Net loss (7,162 ) (67 ) (5,140 ) (6,116 ) (18,485 ) Net loss per share—basic and diluted $ (0.21 ) $ — $ (0.15 ) $ (0.16 ) $ (0.52 ) Weighted average common shares—basic and diluted 34,175 34,177 34,366 38,673 35,344 Fiscal Year 2016 First Quarter Second Quarter 2015 Third Quarter 2016 Fourth Quarter 2016 Year Ended Total revenues $ 466 $ 526 $ 324 $ 304 $ 1,620 Operating loss (4,984 ) (5,238 ) (5,096 ) (6,456 ) (21,774 ) Net loss (4,933 ) (5,186 ) (5,041 ) (6,387 ) (21,547 ) Net loss per share—basic and diluted $ (0.17 ) $ (0.18 ) $ (0.15 ) $ (0.19 ) $ (0.68 ) Weighted average common shares—basic and diluted 29,416 29,437 33,538 34,152 31,623 (1) Results for the second quarter of fiscal 2017 included $5.6 million of revenue recognized as a result of the December 2016 termination of the Company’s Restated Pfizer Agreement (see Note 3).

Operations - Additional Informa

Operations - Additional Information (Detail) $ in Thousands	12 Months Ended
	Jun. 30, 2017USD ($)Country	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Operations [Line Items]
Cash and cash equivalents | $	$ 16,898	$ 15,313	$ 19,121	$ 15,334
Europe [Member] | ILUVIEN [Member]
Operations [Line Items]
Number of other countries for which marketing approvals obtained for lead product | Country	14

Significant Accounting Polici38

Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Jul. 01, 2016
Schedule Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income attributable to foreign currency translation	$ 833,000				$ 854,000				$ 833,000	$ 854,000
Investments in significant unrealized loss position	0				0				0	0
Interest-bearing cash equivalent	13,500,000								13,500,000
Marketable securities	0				13,679,000				0	13,679,000
Revenues	701,000	$ 590,000	$ 5,971,000	$ 277,000	304,000	$ 324,000	$ 526,000	$ 466,000	7,539,000	1,620,000	$ 26,565,000
Accounts receivable	251,000				488,000				251,000	488,000
Stock-based compensation expense									2,456,000	2,163,000	1,961,000
Accumulated Deficit [Member]
Schedule Of Significant Accounting Policies [Line Items]
Retrospective adjustment	(122,000)								(122,000)
Additional Paid-In Capital [Member]
Schedule Of Significant Accounting Policies [Line Items]
Retrospective adjustment	122,000								$ 122,000
Accounting Standards Update 2016-09 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Stock-based compensation expense	23,000
Accounting Standards Update 2016-09 [Member] | Accumulated Deficit [Member]
Schedule Of Significant Accounting Policies [Line Items]
Retrospective adjustment												$ 122,000
Accounting Standards Update 2016-09 [Member] | Additional Paid-In Capital [Member]
Schedule Of Significant Accounting Policies [Line Items]
Retrospective adjustment												$ 122,000
Durasert and Tethadur [Member]
Schedule Of Significant Accounting Policies [Line Items]
Finite life intangible assets amortization period									12 years
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets									3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets									5 years
Credit Concentration Risk [Member] | Cash and Cash Equivalents [Member]
Schedule Of Significant Accounting Policies [Line Items]
Marketable securities	0								$ 0
Bausch and Lomb [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									984,000	1,300,000	$ 1,200,000
Accounts receivable	$ 246,000				$ 288,000				$ 246,000	$ 288,000
Bausch and Lomb [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									13.00%	77.00%	5.00%
Bausch and Lomb [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									98.00%	59.00%
Feasibility Study Agreement [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 211,000
Feasibility Study Agreement [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									3.00%
Alimera [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 659,000	$ 233,000	$ 25,100,000
Alimera [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									9.00%	14.00%	95.00%
Pfizer Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 5,600,000
Pfizer Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									74.00%

Significant Accounting Polici39

Significant Accounting Policies - Schedule that Reconciles the Number of Shares Used to Compute Basic and Diluted Net (Loss) Income per Share (Detail) - shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Number of common shares - basic	35,343,765	31,623,473	29,378,250
Effect of dilutive securities:
Stock options	0	0	956,441
Warrants	0	0	249,449
Number of common shares - diluted	35,343,765	31,623,473	30,584,140

Significant Accounting Polici40

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	8,677,790	5,605,026	2,563,293
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	6,895,685	4,981,421	2,010,793
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	552,500
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	948,500	0	0
Performance Stock Units [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	210,000	0	0

License and Collaboration Agr41

License and Collaboration Agreements - Additional Information (Detail) - USD ($)	Jan. 01, 2021	Jan. 01, 2020	Jan. 01, 2019	Jul. 01, 2017	Oct. 25, 2016	Dec. 31, 2016	Mar. 31, 2013	Jun. 30, 2011	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2017	Sep. 30, 2014
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue										$ 6,569,000	$ 398,000	$ 25,411,000
Royalty income										970,000	1,222,000	1,154,000
Accounts receivable										$ 251,000	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										$ 659,000	233,000	25,100,000
Amount received, profit share from sale of licensed products										585,000
Non-royalty consideration received from sublicense											157,000
Milestone earned upon FDA approval of ILUVIEN														$ 25,000,000
Contingently recoverable accumulated commercialization losses										$ 25,000,000
Deferred revenue											136,000		$ 136,000
Amended Alimera [Member] | Subsequent Event [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product				2.00%
Amended Alimera [Member] | Scenario, Forecast [Member]
Collaborative Agreements And Contracts [Line Items]
Net sales threshold			$ 75,000,000
Reduced contingently recoverable accumulated commercialization losses		$ 5,000,000		$ 10,000,000
Royalty percentage offset applied to amounts earned above 2%	20.00%		50.00%
Amended Alimera [Member] | Scenario, Forecast [Member] | Minimum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			6.00%
Amended Alimera [Member] | Scenario, Forecast [Member] | Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			8.00%
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										4.70%
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty income										$ 970,000	1,200,000	1,200,000
Accounts receivable										$ 246,000	288,000
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										$ 100,000	100,000	100,000
Royalty percentage earned from sales of product										8.00%
License agreement commencement date										2012-12
Receipt of upfront license fee							$ 100,000
Payment of annual license maintenance fee						$ 100,000
Deferred revenue										$ 0
Feasibility Study Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue										$ 211,000	$ 33,000	$ 144,000

Intangible Assets - Reconciliat

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of year	$ 36,196	$ 39,710
Foreign currency translation adjustments	(586)	(3,514)
Gross carrying amount at end of year	35,610	36,196	$ 39,710
Accumulated amortization at beginning of year	(35,094)	(37,785)
Amortization expense	(724)	(756)	(770)
Foreign currency translation adjustments	572	3,447
Accumulated amortization at end of year	(35,246)	(35,094)	$ (37,785)
Net book value at end of year	$ 364	$ 1,102

Intangible Assets - Schedule of

Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Intangible Assets [Line Items]
Net book value of intangible assets	$ 364	$ 1,102
Durasert [Member]
Intangible Assets [Line Items]
Net book value of intangible assets	$ 265	795
Finite lived intangible assets remaining amortization period	6 months
Tethadur [Member]
Intangible Assets [Line Items]
Net book value of intangible assets	$ 99	$ 307
Finite lived intangible assets remaining amortization period	6 months

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 724	$ 756	$ 770
Intangible assets, net	$ 364	$ 1,102

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Available-for-sale Securities [Abstract]
Marketable securities	$ 0	$ 13,679
Marketable securities purchased	5,052	17,517	$ 10,222
Marketable securities matured	$ 18,743	$ 13,168	$ 3,650

Marketable Securities - Schedul

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

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 799	$ 1,983
Accumulated depreciation and amortization	(486)	(1,693)
Property and equipment, net	313	290
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	698	1,777
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 101	$ 206

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Property Plant and Equipment Useful Life and Values [Abstract]
Depreciation of property and equipment	$ 91	$ 152	$ 112

Fair Value Measurements - Asset

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Assets:
Cash equivalents	$ 13,521	$ 13,856
Marketable securities	0	13,679
Cash equivalents and marketable securities	13,521	27,535
Corporate Bonds [Member]
Assets:
Marketable securities		5,997
Commercial Paper [Member]
Assets:
Marketable securities		7,682
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	13,521	12,957
Cash equivalents and marketable securities	13,521	17,553
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member]
Assets:
Marketable securities		4,596
Quoted Prices in Active Markets (Level 1) [Member] | Commercial Paper [Member]
Assets:
Marketable securities		0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents	0	899
Cash equivalents and marketable securities	0	9,982
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member]
Assets:
Marketable securities		1,401
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member]
Assets:
Marketable securities		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
Significant Unobservable Inputs (Level 3) [Member] | Commercial Paper [Member]
Assets:
Marketable securities		$ 0

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Payables and Accruals [Abstract]
Clinical trial costs	$ 1,984	$ 1,678
Personnel costs	1,632	1,314
Professional fees	590	535
Other	18	56
Accrued expenses	$ 4,224	$ 3,583

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Detail) - USD ($)	1 Months Ended
	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Accrued Expenses [Line Items]
Retention bonus agreements	$ 320,000
Personnel costs		$ 1,632,000	$ 1,314,000
Accrual of Cash Retention Bonus Component [Member]
Schedule Of Accrued Expenses [Line Items]
Personnel costs		$ 160,000

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Restructuring Cost [Line Items]
Restructuring charges		$ 472,000
Non-cash stock-based compensation expense for modification of exercise period of vested stock options		2,456,000	$ 2,163,000	$ 1,961,000
Research and Development Expense [Member]
Restructuring Cost [Line Items]
Non-cash stock-based compensation expense for modification of exercise period of vested stock options		$ 1,109,000	$ 702,000	$ 676,000
U.K. [Member]
Restructuring Cost [Line Items]
Extended lease term expiration date		Nov. 30, 2016
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
U.K. [Member] | Research and Development Expense [Member]
Restructuring Cost [Line Items]
Restructuring charges		$ 472,000

Restructuring - Summary of Reco

Restructuring - Summary of Reconciliation of Restructuring Costs (Detail) $ in Thousands	12 Months Ended
	Jun. 30, 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) - USD ($)	May 09, 2017	Jul. 31, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Common stock issued to investors					4,440,000
Gross proceeds from issuance of common stock					$ 17,800,000
Common stock, shares authorized	60,000,000					120,000,000	60,000,000
Proposed new total of authorized shares, subject to stockholder approval	120,000,000
Common stock price per share					$ 4
Share issuance costs					$ 1,300,000
At-the-Market Offering [Member]
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		15,587	5,100,000
Common stock price per share		$ 1.40	$ 1.74
Gross proceeds from issuance of common stock		$ 22,000	$ 8,900,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Common Stock (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 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

Stock-Based Compensation - 2016

Stock-Based Compensation - 2016 Long Term Incentive Plan - Additional Information (Detail) - USD ($)	Jun. 27, 2017	Dec. 12, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Options granted with annual vesting	482,000
Exercise price	$ 1.77
Pro rata annual vesting	3 years
Contractual life of option grants	10 years
RSU [Member]
Class of Stock [Line Items]
Pro rata annual vesting	3 years
Number of stock units granted	248,500
Performance Stock Units [Member]
Class of Stock [Line Items]
Number of stock units granted	210,000		0
Performance Stock Units [Member] | Percentage of Shares Vest at Performance Achievement Date [Member]
Class of Stock [Line Items]
Share based compensation vesting percentage	50.00%
Performance Stock Units [Member] | Percentage of Shares Vest on First Anniversary of Achievement Date [Member]
Class of Stock [Line Items]
Share based compensation vesting percentage	50.00%
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of common stock, authorized for issuance		3,000,000	3,903,447
Number of previously authorized shares reserved for issuance from the 2008 Plan		336,741
Assumed dividend yield			0.00%
Weighted-average grant date fair value, per share			$ 1.13
Intrinsic value of stock option			$ 0
Shares available for grant under the 2016 Plan, including amounts transferred from the 2008 Incentive Plan			2,962,947
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Options granted with annual vesting			1,535,300
Exercise price			$ 3.24
Contractual life of option grants			10 years
Assumed dividend yield			0.00%	0.00%	0.00%
Weighted-average grant date fair value, per share			$ 1.95	$ 2.74	$ 3.33
Intrinsic value of stock option			$ 128,000
Shares available for grant under the 2016 Plan, including amounts transferred from the 2008 Incentive Plan		336,741

Stock-Based Compensation - Key

Stock-Based Compensation - Key Assumptions Used to Apply Option Pricing Model For Options Granted (2016 Long Term Incentive Plan) (Detail) - 2016 Long Term Incentive Plan [Member]	12 Months Ended
	Jun. 30, 2017
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Option life (in years)	6 years
Stock volatility	70.90%
Risk-free interest rate	1.94%
Expected dividends	0.00%

Stock-Based Compensation - 2008

Stock-Based Compensation - 2008 Incentive Plan - Additional Information (Detail) - shares	Jun. 27, 2017	Jun. 30, 2017	Jun. 30, 2017	Dec. 12, 2016
Class of Stock [Line Items]
Options granted with annual vesting	482,000
Vesting period of granted options	3 years
Contractual life of option grants	10 years
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Shares available for grant under the 2016 Plan, including amounts transferred from the 2008 Incentive Plan				336,741
Number of options, Forfeited		566,706	868,956
Options granted with annual vesting			1,535,300
Contractual life of option grants			10 years
2008 Incentive 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 Incentive 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 Incentive 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 under the 2016 Plan, including amounts transferred from the 2008 Incentive Plan		2,962,947	2,962,947
Forfeitures under the 2008 Plan that have been added to shares available for grant under the 2016 Plan		566,706	566,706

Stock-Based Compensation - Ke59

Stock-Based Compensation - Key Assumptions Used to Apply Option Pricing Model For Options Granted (2008 Incentive Plan) (Detail) - 2008 Incentive Plan [Member]	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	70.00%	76.00%	79.00%
Stock volatility, maximum	72.00%	80.00%	93.00%
Risk-free interest rate, minimum	1.23%	1.47%	1.70%
Risk-free interest rate, maximum	2.08%	1.97%	2.00%
Expected dividends	0.00%	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 2 months 30 days	6 years 2 months 30 days	6 years 2 months 30 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Information about Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash received from exercise of stock options	$ 99	$ 490	$ 235
2008 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share	$ 1.95	$ 2.74	$ 3.33
Total cash received from exercise of stock options	$ 99	$ 490	$ 235
Total intrinsic value of stock options exercised	$ 53	$ 967	$ 257

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity Under Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 27, 2017	Jun. 30, 2017	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Granted	482,000
Weighted Average Exercise Price, Granted	$ 1.77
2008 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance			4,981,421
Number of Options, Granted			1,535,300
Number of Options, Exercised			(84,080)
Number of Options Forfeited		(566,706)	(868,956)
Number of Options Outstanding, Ending balance		5,563,685	5,563,685
Number of Options, Outstanding at June 30, 2017 - vested or unvested and expected to vest		5,442,815	5,442,815
Number of Options, Exercisable at June 30, 2017		3,716,651	3,716,651
Weighted Average Exercise Price Outstanding, beginning balance			$ 3.60
Weighted Average Exercise Price, Granted			3.24
Weighted Average Exercise Price, Exercised			1.18
Weighted Average Exercise Price,Forfeited			3.95
Weighted Average Exercise Price Outstanding, ending balance		$ 3.48	3.48
Weighted Average Exercise Price, Outstanding at June 30, 2017 - vested or unvested and expected to vest		3.47	3.47
Weighted Average Exercise Price, Exercisable at June 30, 2017		$ 3.50	$ 3.50
Weighted Average Remaining Contractual Life Outstanding, Ending balance			4 years 7 months 21 days
Weighted Average Remaining Contractual Life, Outstanding at June 30, 2017 - vested or unvested and expected to vest			4 years 6 months 21 days
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2017			2 years 7 months 13 days
Aggregate Intrinsic Value Outstanding, Ending balance		$ 128	$ 128
Aggregate Intrinsic Value, Outstanding at June 30, 2017 - vested or unvested and expected to vest		128	128
Aggregate Intrinsic Value, Exercisable at June 30, 2017		$ 128	$ 128

Stock-Based Compensation - Indu

Stock-Based Compensation - Inducement Option Grant - Additional Information (Detail) - $ / shares	Jun. 27, 2017	Jun. 30, 2017
Class of Stock [Line Items]
Options granted with annual vesting	482,000
Vesting period of granted options	3 years
Contractual life of option grants	10 years
President and CEO [Member]
Class of Stock [Line Items]
Options granted with annual vesting		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%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units - Additional Information (Detail) - Market-based RSUs[Member]	12 Months Ended
	Jun. 30, 2017$ / sharesshares
Class of Stock [Line Items]
Restricted stock issued	700,000
Weighted-average fair value of market-based RSU, per share | $ / shares	$ 1.35
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Restricted stock issued	200,000
President and CEO [Member]
Class of Stock [Line Items]
Restricted stock issued	500,000

Stock-Based Compensation - Ke64

Stock-Based Compensation - Key Assumptions Used to Estimate Fair Value of Market-based RSU (Detail) - Market-based RSUs[Member]	12 Months Ended
	Jun. 30, 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

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,456	$ 2,163	$ 1,961
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,109	702	676
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,347	$ 1,461	$ 1,285

Stock-Based Compensation - St66

Stock-Based Compensation - Stock-Based Compensation Expense - Additional Information (Detail)	12 Months Ended
	Jun. 30, 2017USD ($)
Class of Stock [Line Items]
Unrecognized compensation expense	$ 4,200,000
Unrecognized compensation expense weighted average period	2 years 15 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	104,000
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

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Retirement Benefits [Abstract]
Maximum percentage of eligible compensation matched by employer	5.00%
Employer contributions to retirement plans	$ 193,000	$ 209,000	$ 187,000

Income Taxes - Components of In

Income Taxes - Components of Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Provision For Income Taxes [Line Items]
Income tax (benefit) expense	$ 0	$ (155)	$ 96
U.S. Operations [Member]
Provision For Income Taxes [Line Items]
Current income tax benefit	0	4	263
Deferred income tax benefit	0	0	0
Income tax (benefit) expense	0	4	263
Non-U.S. Operations [Member]
Provision For Income Taxes [Line Items]
Current income tax benefit	0	(159)	(167)
Deferred income tax benefit	0	0	0
Income tax (benefit) expense	$ 0	$ (159)	$ (167)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) £ in Millions	12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2017GBP (£)
Income Tax [Line Items]
Federal alternative minimum tax			$ 263,000
Foreign current income tax benefit		$ 159,000	167,000
Domestic or federal tax expense before utilization of loss carry forwards			2,800,000
Domestic tax benefit from utilizing loss carry forwards			2,500,000
Statutory U.S. federal tax rate	34.00%
Changes in valuation allowance	$ (7,489,000)	(6,789,000)	3,572,000
Increase (decrease) in deferred tax assets, net			(1,100,000)
Net operating loss carryforwards	39,439,000	31,299,000	$ 2,500,000
Unrecognized tax benefits	0	0
Accrued penalties or interest related to uncertain tax positions	0	$ 0
Federal and State Research and Development Tax Credit Carryforward [Member]
Income Tax [Line Items]
Research and development tax credit carry forwards	1,200,000
U.S. Federal [Member]
Income Tax [Line Items]
Operating loss carry forwards	$ 92,600,000
Operating loss carry forwards, expiration range start dates	2,023
Operating loss carry forwards, expiration range end dates	2,037
U.S. Federal [Member] | Earliest Tax Year [Member]
Income Tax [Line Items]
Tax years subject to examination	2,003
U.S. Federal [Member] | Latest Tax Year [Member]
Income Tax [Line Items]
Tax years subject to examination	2,016
State [Member]
Income Tax [Line Items]
Operating loss carry forwards	$ 51,600,000
Federal and State Tax [Member]
Income Tax [Line Items]
Research and development tax credit carry forwards expiration begin date	2,017
Research and development tax credit carry forwards expiration end date	2,037
United Kingdom Tax Authority [Member]
Income Tax [Line Items]
Operating loss carry forwards	$ 27,400,000			£ 21.1
United Kingdom Tax Authority [Member] | Earliest Tax Year [Member]
Income Tax [Line Items]
Tax years subject to examination	2,006
United Kingdom Tax Authority [Member] | Latest Tax Year [Member]
Income Tax [Line Items]
Tax years subject to examination	2,016
Australian Tax Authority [Member] | Earliest Tax Year [Member]
Income Tax [Line Items]
Tax years subject to examination	2,004
Australian Tax Authority [Member] | Latest Tax Year [Member]
Income Tax [Line Items]
Tax years subject to examination	2,008

Income Taxes - Components of (L

Income Taxes - Components of (Loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
U.S. operations	$ (17,566)	$ (19,780)	$ 8,120
Non-U.S. operations	(919)	(1,922)	(1,677)
(Loss) income before income taxes	$ (18,485)	$ (21,702)	$ 6,443

Income Taxes - Difference Betwe

Income Taxes - Difference Between Expected Income Tax (Benefit) Expense and Actual Income Tax (Benefit) Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income tax (benefit) expense at statutory rate	$ (6,284)	$ (7,379)	$ 2,191
State income taxes, net of federal benefit	(928)	(1,044)	435
Non-U.S. income tax rate differential	(121)	778	137
Research and development tax credits	(242)	(397)	(313)
Capital loss expiration	0	0	511
Permanent items	(9)	216	236
Changes in valuation allowance	7,489	6,789	(3,572)
Other, net	95	882	471
Income tax (benefit) expense	$ 0	$ (155)	$ 96

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Deferred tax assets:
Net operating loss carryforwards	$ 39,439	$ 31,299	$ 2,500
Deferred revenue	20	2,198
Stock-based compensation	5,107	4,111
Tax credits	1,727	1,484
Other	186	141
Total deferred tax assets	46,479	39,233
Deferred tax liabilities:
Intangible assets	123	367
Deferred tax assets, net	46,356	38,866
Valuation allowance	46,356	38,866
Total deferred tax liability	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jul. 01, 2017ft²Renewal_Options	Apr. 30, 2016USD ($)	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2017USD ($)
Commitments and Contingencies [Line Items]
Irrevocable standby letter of credit					$ 150,000
Rent expense related to real estate and other operating leases charged to operations					442,000	$ 485,000	$ 494,000
Reimbursement of audit costs recorded as accrued expenses pending dispute resolution				$ 3,583,000	$ 4,224,000	3,583,000
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		$ 136,000
Reimbursement of audit costs recorded as accrued expenses pending dispute resolution				$ 218,000		$ 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					2,200
Lease term expiration date					Nov. 30, 2016
New lease term period					3 years
Lease termination, advance notice period					1 month
Liberty Corner [Member] | Subsequent Event [Member]
Commitments and Contingencies [Line Items]
Lease term expiration date	Jun. 30, 2022
Lease renewal option period	5 years
Area of leased office space | ft²	3,000
Number of renewal options | Renewal_Options	2
Lease renewal rate at 95% of market rent at time of renewal	95.00%

Commitments and Contingencies74

Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal Year 2018	$ 510
Fiscal Year 2019	445
Fiscal Year 2020	77
Fiscal Year 2021	78
Fiscal Year 2022	80
Total future minimum lease payments	$ 1,190

Segment and Geographic Area I75

Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 313				$ 290				$ 313	$ 290
Revenues	701	$ 590	$ 5,971	$ 277	304	$ 324	$ 526	$ 466	7,539	1,620	$ 26,565
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	313				277				313	277
Revenues									7,439	1,520	26,465
U.K. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 0				$ 13				0	13
Revenues									$ 100	$ 100	$ 100

Quarterly Financial Data - Summ

Quarterly Financial Data - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 701	$ 590	$ 5,971	$ 277	$ 304	$ 324	$ 526	$ 466	$ 7,539	$ 1,620	$ 26,565
Operating loss	(6,136)	(5,160)	(94)	(7,186)	(6,456)	(5,096)	(5,238)	(4,984)	(18,576)	(21,774)	6,421
Net loss	$ (6,116)	$ (5,140)	$ (67)	$ (7,162)	$ (6,387)	$ (5,041)	$ (5,186)	$ (4,933)	$ (18,485)	$ (21,547)	$ 6,347
Net loss per share-basic and diluted	$ (0.16)	$ (0.15)	$ 0	$ (0.21)	$ (0.19)	$ (0.15)	$ (0.18)	$ (0.17)	$ (0.52)	$ (0.68)
Weighted average common shares-basic and diluted	38,673	34,366	34,177	34,175	34,152	33,538	29,437	29,416	35,344	31,623

Quarterly Financial Data - Su77

Quarterly Financial Data - Summary of Quarterly Results of Operations (Parenthetical) (Detail) $ in Millions	Dec. 31, 2016USD ($)
Pfizer [Member]
Quarterly Financial Data [Line Items]
Revenue recognized upon termination of Pfizer collaboration and license agreement	$ 5.6