EyePoint Pharmaceuticals (EYPT) 10-Q 8 Nov 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2017	Nov. 07, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	PSDV
Entity Registrant Name	PSIVIDA CORP.
Entity Central Index Key	1,314,102
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		45,256,999

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 11,833	$ 16,898
Accounts and other receivables	287	251
Prepaid expenses and other current assets	427	591
Total current assets	12,547	17,740
Property and equipment, net	337	313
Intangible assets, net	184	364
Other assets	109	110
Restricted cash	150	150
Total assets	13,327	18,677
Current liabilities:
Accounts payable	1,756	1,016
Accrued expenses	2,513	4,224
Deferred revenue	10	50
Total current liabilities	4,279	5,290
Deferred rent	47	51
Total liabilities	4,326	5,341
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $.001 par value, 120,000,000 shares authorized, 40,200,783 and 39,356,999 shares issued and outstanding at September 30, 2017 and June 30, 2017, respectively	40	39
Additional paid-in capital	324,927	323,284
Accumulated deficit	(316,803)	(310,820)
Accumulated other comprehensive income	837	833
Total stockholders' equity	9,001	13,336
Total liabilities and stockholders' equity	$ 13,327	$ 18,677

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Jun. 30, 2017
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	120,000,000
Common stock, shares issued	40,200,783	39,356,999
Common stock, shares outstanding	40,200,783	39,356,999

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Collaborative research and development	$ 140	$ 34
Royalty income	245	243
Total revenues	385	277
Operating expenses:
Research and development	3,819	4,178
General and administrative	2,572	3,285
Total operating expenses	6,391	7,463
Loss from operations	(6,006)	(7,186)
Interest and other income	23	24
Net loss	$ (5,983)	$ (7,162)
Net loss per common share:
Basic and diluted	$ (0.15)	$ (0.21)
Weighted average common shares:
Basic and diluted	39,430	34,175
Net loss	$ (5,983)	$ (7,162)
Other comprehensive income (loss):
Foreign currency translation adjustments	4	(15)
Net unrealized gain on marketable securities	0	1
Other comprehensive income (loss)	4	(14)
Comprehensive loss	$ (5,979)	$ (7,176)

Condensed Consolidated Stateme5

Condensed Consolidated Statement 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, 2016	$ 20,759	$ 34	$ 312,208	$ (292,335)	$ 852
Balance, shares at Jun. 30, 2016		34,172,919
Net loss	(7,162)			(7,162)
Other comprehensive income (loss)	(14)				(14)
Exercise of stock options	9		9
Exercise of stock options, shares		4,080
Stock-based compensation	734		734
Balance at Sep. 30, 2016	14,326	$ 34	312,951	(299,497)	838
Balance, shares at Sep. 30, 2016		34,176,999
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
Net loss	$ (5,983)			(5,983)
Other comprehensive income (loss)	4				4
Issuance of stock, net of issue costs	963	$ 1	962
Issuance of stock, shares		843,784
Stock-based compensation	681		681
Balance at Sep. 30, 2017	$ 9,001	$ 40	$ 324,927	$ (316,803)	$ 837
Balance, shares at Sep. 30, 2017	40,200,783	40,200,783

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (5,983)	$ (7,162)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization of intangible assets	182	183
Depreciation of property and equipment	39	6
Stock-based compensation expense	681	734
Amortization of bond (discount) premium on marketable securities	0	(5)
Changes in operating assets and liabilities:
Accounts receivable and other current assets	129	8
Accounts payable and accrued expenses	(972)	(240)
Deferred revenue	(40)	(8)
Deferred rent	(4)	(2)
Net cash used in operating activities	(5,968)	(6,486)
Cash flows from investing activities:
Purchases of marketable securities	0	(2,053)
Maturities of marketable securities	0	7,500
Purchases of property and equipment	(64)	0
Proceeds from sale of property and equipment	0	33
Net cash (used in) provided by investing activities	(64)	5,480
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs	963	0
Proceeds from exercise of stock options	0	9
Net cash provided by financing activities	963	9
Effect of foreign exchange rate changes on cash and cash equivalents	4	(8)
Net decrease in cash and cash equivalents	(5,065)	(1,005)
Cash and cash equivalents at beginning of period	16,898	15,313
Cash and cash equivalents at end of period	$ 11,833	$ 14,308

Operations and Basis of Present

Operations and Basis of Presentation	3 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations and Basis of Presentation	1. Operations and Basis of Presentation The accompanying condensed consolidated financial statements of pSivida Corp. and subsidiaries (the “Company”) as of September 30, 2017 and for the three months ended September 30, 2017 and 2016 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in its Annual Report on Form 10-K The Company 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 non-erodible ® ® Durasert three-year uveitis, the Company’s most advanced development product candidate, is designed to treat chronic non-infectious 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 read-out follow-up out-licensing ILUVIEN is an injectable, sustained-release micro-insert that provides three years of treatment of DME from a single injection. ILUVIEN is based on the same technology as the Durasert three-year uveitis insert and delivers the same corticosteroid, FA. ILUVIEN was developed in collaboration with, and is licensed to and sold by Alimera. ILUVIEN has been sold directly in the United Kingdom (“U.K.”) and Germany since 2013 and in the U.S. and Portugal since 2015, and also has marketing approvals in 14 other European countries. Alimera has sublicensed distribution, regulatory and reimbursement matters for ILUVIEN in Australia and New Zealand, Canada, Italy, Spain, France and numerous countries in the Middle East. The Company’s development programs are focused primarily on developing sustained release drug products using its proven Durasert technology platform to deliver small molecule drugs to treat uveitis, wet age-related The Company has financed its operations primarily from sales of equity securities and the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners. The Company has a history of operating losses and, to date, has not had significant recurring cash inflows from revenue. The Company’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 $11.8 million at September 30, 2017, together with subsequent gross cash proceeds of approximately $6.2 million received from additional utilization of its at-the-market New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2015-14, 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, Leases right-of-use 2016-02

License and Collaboration Agree

License and Collaboration Agreements	3 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	2. 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 country-by-country non-royalty Because the Company has no remaining performance obligations under the Prior 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 $90,000 and $20,000 for the three months ended September 30, 2017 and 2016, respectively. In addition to patent fee reimbursements in both periods, the Company received $50,000 of net profits in the three months ended September 30, 2017 attributable to the fourth quarter of fiscal 2017. 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 year 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 subsequently withdrew its previously filed EU marketing approval application and its EU orphan drug designation for posterior uveitis, and Alimera is responsible for filing a Type II variation for ILUVIEN for the treatment of posterior segment uveitis in select 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, Inc. (“Pfizer”) entered into an Amended and Restated Collaborative Research and License Agreement (the “Restated Pfizer Agreement”) to focus solely on the development of a sustained-release bioerodible micro-insert injected into the subconjunctiva designed to deliver latanoprost for human ophthalmic disease or conditions other than uveitis (the “Latanoprost Product”). Pfizer made an upfront payment of $2.3 million and the Company agreed to provide Pfizer options under various circumstances for an exclusive, worldwide license to develop and commercialize the Latanoprost Product. The estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million was partially recognized as collaborative research and development revenue over the estimated performance period using the proportional performance method with costs associated with developing the Latanoprost Product reflected in operating expenses in the period in which they have been incurred. No collaborative research and development revenue was recorded during the three months ended September 30, 2016. On October 25, 2016, the Company notified Pfizer that it had discontinued development of the Latanoprost Product, which provided Pfizer a 60-day Pfizer owned approximately 4.6% of the Company’s outstanding common stock at September 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 $245,000 and $243,000 for the three months ended September 30, 2017 and 2016, respectively. Accounts receivable from Bausch & Lomb totaled $246,000 at each of September 30, 2017 and June 30, 2017. OncoSil Medical The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with OncoSil Medical UK Limited (f/k/a Enigma Therapeutics Limited), a wholly owned subsidiary of OncoSil Medical Ltd (“OncoSil”) for the development of BrachySil, the Company’s BioSilicon product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 2016. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee Evaluation Agreements The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the evaluation agreement. Revenues under evaluation agreements totaled $50,000 and $8,000 for the three-months ended September 30, 2017 and 2016, respectively. Deferred revenue for these agreements totaled $10,000 and $50,000 at September 30, 2017 and June 30, 2017, respectively. The Company received $750,000 in October 2017 in connection with a new feasibility study agreement.

Intangible Assets

Intangible Assets	3 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	3. Intangible Assets The reconciliation of intangible assets for the three months ended September 30, 2017 and for the year ended June 30, 2017 was as follows (in thousands): Three Months Ended Year Ended September 30, 2017 June 30, 2017 Patented technologies Gross carrying amount at beginning of period $ 35,610 $ 36,196 Foreign currency translation adjustments 589 (586 ) Gross carrying amount at end of period 36,199 35,610 Accumulated amortization at beginning of period (35,246 ) (35,094 ) Amortization expense (182 ) (724 ) Foreign currency translation adjustments (587 ) 572 Accumulated amortization at end of period (36,015 ) (35,246 ) Net book value at end of period $ 184 $ 364 The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization of intangible assets totaled $182,000 and $183,000 for the three months ended September 30, 2017 and 2016, respectively. The carrying value of intangible assets at September 30, 2017 of $184,000 (approximately $133,000 attributable to the Durasert technology and $51,000 attributable to the Tethadur technology) is expected to be amortized on a straight-line basis over the remaining estimated useful life of 3 months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: • Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities. • Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets). • Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At September 30, 2017 and June 30, 2017, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. These deposits may be redeemed upon demand and, therefore, generally have minimal risk. The Company’s cash equivalents are classified within Level 1 on the basis of valuations using quoted market prices. The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at September 30, 2017 and June 30, 2017 by valuation hierarchy (in thousands): September 30, 2017 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 10,546 $ 10,546 $ — $ — $ 10,546 $ 10,546 $ — $ — June 30, 2017 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 13,521 $ 13,521 $ — $ — $ 13,521 $ 13,521 $ — $ —

Accrued Expenses

Accrued Expenses	3 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following at September 30, 2017 and June 30, 2017 (in thousands): September 30, June 30, Clinical trial costs $ 1,310 $ 1,984 Personnel costs 749 1,632 Professional fees 424 590 Other 30 18 $ 2,513 $ 4,224 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

Restructuring

Restructuring	3 Months Ended
	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring	6. Restructuring In July 2016, the Company announced its plan to consolidate its research and development activities in its U.S. facility. Following employee consultations under local U.K. law, the Company determined to close its U.K. research facility and terminated the employment of its U.K. employees. The U.K. facility lease, set to expire on August 31, 2016, was extended through November 30, 2016 to facilitate an orderly transition and the required restoration of the premises. A summary reconciliation of the restructuring costs for the three months ended September 30, 2016 is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 57 (44 ) 53 Other 29 106 (80 ) 55 $ 187 $ 436 $ (515 ) $ 108 The Company recorded approximately $436,000 of restructuring costs during the three months ended September 30, 2016. 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 three months ended September 30, 2016, the Company recorded $99,000 of non-cash non-vested The Company paid all of the restructuring costs associated with the plan of consolidation as of March 31, 2017.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity In February 2017, the Company entered into an ATM program pursuant to which, under its Form S-3 12-month During the three months ended September 30, 2017, the Company sold 843,784 shares of common stock under the ATM program at a weighted average price of $1.24 per share for gross proceeds of approximately $1.0 million. Share issue costs, including sales agent commissions, totaled $81,000. From October 1, 2017 through November 7, 2017, the Company sold an additional 5,056,216 shares of common stock at a weighted average price of $1.23 per share for gross proceeds of approximately $6.2 million under its ATM program. On account of the ASX listing rules noted above, and after aggregating all of the shares sold under the ATM program from July 2017 through November 7, 2017, the Company may not issue additional shares of common stock without obtaining stockholder approval of any further issuances of common stock during the ensuing 12-month On November 3, 2017, the Company filed a preliminary proxy statement with the SEC in connection with its annual meeting of stockholders to be held on December 15, 2017, which includes proposals to (i) ratify the ATM sales pursuant to ASX Listing Rule 7.4 in order to refresh the Company’s capacity to issue shares of common stock up to 15% of the Company’s issued capital without prior stockholder approval pursuant to ASX Listing Rule 7.1 and (ii) approve the issuance of additional equity securities up to an additional 10% of the Company’s issued capital which, if approved, would permit the Company to issue up to 25% of its issued and outstanding capital without any further stockholder approval in the next 12 months, unless such stockholder approval is required by applicable law, the rules of the ASX or the rules of another stock exchange on which the Company’s securities may be listed at the time. Warrants to Purchase Common Shares The following table provides a reconciliation of warrants to purchase common stock for the three months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 2016 Number of Weighted Number of Weighted Balance at beginning of period 623,605 $ 2.50 623,605 $ 2.50 Expired (623,605 ) 2.50 — — Balance and exercisable at end of period — $ — 623,605 $ 2.50 At August 7, 2017, all outstanding warrants expired unexercised. 2016 Long-Term Incentive Plan The 2016 Long-Term Incentive Plan (the “2016 Plan”), approved by the Company’s stockholders on December 12, 2016 (the “Adoption Date”), provides for the issuance of up to 3,000,000 shares of common stock reserved for issuance under the 2016 Plan plus any additional shares of common stock that were available for grant under the 2008 Incentive Plan (the “2008 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of termination or forfeiture of awards under the 2008 Plan following the Adoption Date. At September 30, 2017, a total of 5,058,977 shares of common stock were authorized for issuance under the 2016 Plan, which included 1,155,530 stock options that were forfeited under the 2008 Plan during the three months ended September 30, 2017. At September 30, 2017, a total of 4,118,477 shares were available for new awards. During the three months ended September 30, 2017, no equity awards were issued under the 2016 Plan and no previous awards issued on June 27, 2017 became vested or were forfeited. The intrinsic value of the outstanding stock options at September 30, 2017 was $0. At September 30, 2017, a total of 940,500 awards were outstanding, all of which were granted on June 27, 2017 and consisted of the following: (i) 482,000 stock options granted at an exercise price of $1.77 per share with ratable annual vesting over 3 years and a 10-year two-thirds 2008 Incentive Plan The 2008 Plan provided for the issuance of stock options and other stock awards to directors, employees and consultants. From December 12, 2016, the Adoption Date of the 2016 Plan, through the balance of fiscal 2017, a total of 903,447 shares that would have been available for grant of future awards under the 2008 Plan were carried over to the 2016 Plan. Effective as of the Adoption 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 could be issued under the 2008 Plan. During the three months ended September 30, 2017, an additional 1,155,530 stock options under the 2008 Plan were forfeited and became available for grant under the 2016 Plan. The following table provides a reconciliation of stock option activity under the 2008 Plan for the three months ended September 30, 2017: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 5,563,685 $ 3.48 Forfeited (1,155,530 ) 3.92 Outstanding at September 30, 2017 4,408,155 $ 3.36 5.55 $ 15 Exercisable at September 30, 2017 3,130,063 $ 3.39 4.29 $ 15 All option grants have a 10-year Inducement Option Grant In connection with the September 15, 2016 hire of the Company’s President and CEO, the Company granted, as an inducement award, 850,000 options to purchase common stock with ratable vesting over 4 years, an exercise price of $3.63 per share and a 10-year Restricted Stock Units During the 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 Stock-Based Compensation Expense The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards for the three months ended September 30, 2017 and 2016, as follows (in thousands): Three Months Ended September 30, 2017 2016 Compensation expense included in: Research and development $ 304 $ 236 General and administrative 377 498 $ 681 $ 734 In connection with termination benefits provided to the Company’s former Chief Executive Officer, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through September 14, 2017, and all remaining non-vested non-vested At September 30, 2017, there was approximately $3.6 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 1.9 years.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The Company recognizes deferred tax assets and liabilities for estimated future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is established if, based on management’s review of both positive and negative evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Because of its historical losses from operations, the Company established a valuation allowance for the net deferred tax assets. The Company did not record any income tax expense or benefit for the three months ended September 30, 2017 and 2016. For the three months ended September 30, 2017 and 2016, the Company had no significant unrecognized tax benefits. At September 30, 2017 and June 30, 2017, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. 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. Legal Proceedings The Company is subject to various other routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Net Loss per Share	10. Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Potentially dilutive shares were not included in the calculation of diluted net loss per share for each of the three months ended September 30, 2017 and 2016 as their inclusion would be anti-dilutive. Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Three Months Ended September 30, 2017 2016 Options outstanding 5,740,155 5,780,391 Warrants outstanding — 623,605 Restricted stock units outstanding 948,500 — Performance stock units outstanding 210,000 — 6,898,655 6,403,996

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Reconciliation of Intangible Assets	The reconciliation of intangible assets for the three months ended September 30, 2017 and for the year ended June 30, 2017 was as follows (in thousands): Three Months Ended Year Ended September 30, 2017 June 30, 2017 Patented technologies Gross carrying amount at beginning of period $ 35,610 $ 36,196 Foreign currency translation adjustments 589 (586 ) Gross carrying amount at end of period 36,199 35,610 Accumulated amortization at beginning of period (35,246 ) (35,094 ) Amortization expense (182 ) (724 ) Foreign currency translation adjustments (587 ) 572 Accumulated amortization at end of period (36,015 ) (35,246 ) Net book value at end of period $ 184 $ 364

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Assets Carried at Fair Value Measured on Recurring Basis	The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at September 30, 2017 and June 30, 2017 by valuation hierarchy (in thousands): September 30, 2017 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 10,546 $ 10,546 $ — $ — $ 10,546 $ 10,546 $ — $ — June 30, 2017 Quoted prices in Significant other Significant Total carrying active markets observable inputs unobservable inputs value (Level 1) (Level 2) (Level 3) Assets: Cash equivalents $ 13,521 $ 13,521 $ — $ — $ 13,521 $ 13,521 $ — $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Sep. 30, 2017
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following at September 30, 2017 and June 30, 2017 (in thousands): September 30, June 30, Clinical trial costs $ 1,310 $ 1,984 Personnel costs 749 1,632 Professional fees 424 590 Other 30 18 $ 2,513 $ 4,224

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Summary of Reconciliation of Restructuring Costs	A summary reconciliation of the restructuring costs for the three months ended September 30, 2016 is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 57 (44 ) 53 Other 29 106 (80 ) 55 $ 187 $ 436 $ (515 ) $ 108

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2017
Summary of Reconciliation of Warrants to Purchase Common Stock	The following table provides a reconciliation of warrants to purchase common stock for the three months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 2016 Number of Weighted Number of Weighted Balance at beginning of period 623,605 $ 2.50 623,605 $ 2.50 Expired (623,605 ) 2.50 — — Balance and exercisable at end of period — $ — 623,605 $ 2.50
Compensation Expense from Stock-Based Payment Awards	The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards for the three months ended September 30, 2017 and 2016, as follows (in thousands): Three Months Ended September 30, 2017 2016 Compensation expense included in: Research and development $ 304 $ 236 General and administrative 377 498 $ 681 $ 734
2008 Incentive Plan [Member]
Stock Option Activity Under Plan	The following table provides a reconciliation of stock option activity under the 2008 Plan for the three months ended September 30, 2017: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 5,563,685 $ 3.48 Forfeited (1,155,530 ) 3.92 Outstanding at September 30, 2017 4,408,155 $ 3.36 5.55 $ 15 Exercisable at September 30, 2017 3,130,063 $ 3.39 4.29 $ 15

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares	Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Three Months Ended September 30, 2017 2016 Options outstanding 5,740,155 5,780,391 Warrants outstanding — 623,605 Restricted stock units outstanding 948,500 — Performance stock units outstanding 210,000 — 6,898,655 6,403,996

Operations - Additional Informa

Operations - Additional Information (Detail) $ in Thousands	Nov. 03, 2017	Nov. 07, 2017USD ($)	Oct. 31, 2017USD ($)	Sep. 30, 2017USD ($)Country	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)
Operations [Line Items]
Cash and cash equivalents				$ 11,833	$ 16,898	$ 14,308	$ 15,313
At-the-Market Offering [Member]
Operations [Line Items]
Gross proceeds from issuance of common stock				$ 1,000
Subsequent Event [Member]
Operations [Line Items]
Stockholder proposal to refresh the Company's ability to issue shares of common stock up to 15% of existing share capital under ASX Listing Rules during the 12 month period from December 15, 2017 without prior stockholder approval	15.00%
Further stockholder proposal to allow the Company to issue equity securities for up to an additional 10% of existing share capital under ASX Listing Rules (for a total of 25%) during the 12 month period from December 15, 2017 without prior stockholder approval	10.00%
Subsequent Event [Member] | At-the-Market Offering [Member]
Operations [Line Items]
Gross proceeds from issuance of common stock		$ 6,200	$ 6,200
Europe [Member] | ILUVIEN [Member]
Operations [Line Items]
Number of other countries for which marketing approvals obtained for lead product | Country				14

License and Collaboration Agr24

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

Jan. 01, 2021

Jan. 01, 2020

Jan. 01, 2019

Jul. 10, 2017

Jun. 30, 2017

Oct. 25, 2016

Oct. 31, 2017

Dec. 31, 2016

Mar. 31, 2013

Jun. 30, 2011

Sep. 30, 2017

Dec. 31, 2016

Sep. 30, 2016

Collaborative Agreements And Contracts [Line Items]

Collaborative research and development revenue

$ 140,000

$ 34,000

Royalty income

245,000

243,000

Accounts receivable

$ 251,000

287,000

Prior Alimera Agreement [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

90,000

20,000

Amount received, profit share from sale of licensed products

$ 50,000

Amended Alimera Agreement [Member]

Collaborative Agreements And Contracts [Line Items]

Royalty percentage earned from sales of product

2.00%

Contingently recoverable accumulated commercialization losses

$ 25,000,000

Partial cancellation of contingently recoverable accumulated commercialization losses in lieu of upfront license fee

$ 10,000,000

Amended Alimera Agreement [Member] | Scenario, Forecast [Member]

Collaborative Agreements And Contracts [Line Items]

Calendar year net sales threshold for increase in royalty rate

$ 75,000,000

Royalty percentage offset for amounts earned above 2% to be applied against balance of accumulated commercialization losses

20.00%

50.00%

Additional cancellation of contingently recoverable commercialization losses

$ 5,000,000

Amended Alimera Agreement [Member] | Scenario, Forecast [Member] | Minimum [Member]

Collaborative Agreements And Contracts [Line Items]

Royalty percentage earned from sales of product

6.00%

Amended Alimera Agreement [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

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 common stock owned by Pfizer

4.60%

Bausch and Lomb [Member]

Collaborative Agreements And Contracts [Line Items]

Royalty income

$ 245,000

243,000

Accounts receivable

$ 246,000

$ 246,000

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

$ 0

0

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

50,000

$ 8,000

Deferred revenue

$ 50,000

$ 10,000

Feasibility Study Agreement [Member] | Subsequent Event [Member]

Collaborative Agreements And Contracts [Line Items]

Upfront cash payment received under collaboration agreement

$ 750,000

Intangible Assets - Reconciliat

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period	$ 35,610	$ 36,196	$ 36,196
Foreign currency translation adjustments	589		(586)
Gross carrying amount at end of period	36,199		35,610
Accumulated amortization at beginning of period	(35,246)	(35,094)	(35,094)
Amortization expense	(182)	$ (183)	(724)
Foreign currency translation adjustments	(587)		572
Accumulated amortization at end of period	(36,015)		(35,246)
Net book value at end of period	$ 184		$ 364

Intangible Assets - Additional

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 182,000	$ 183,000	$ 724,000
Intangible assets, net	184,000		$ 364,000
Durasert [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	133,000
Tethadur [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 51,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Assets:
Cash equivalents	$ 10,546	$ 13,521
Total cash equivalents	10,546	13,521
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	10,546	13,521
Total cash equivalents	10,546	13,521
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	0	0
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	$ 0	$ 0

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Payables and Accruals [Abstract]
Clinical trial costs	$ 1,310	$ 1,984
Personnel costs	749	1,632
Professional fees	424	590
Other	30	18
Accrued expenses	$ 2,513	$ 4,224

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Detail) - USD ($)	1 Months Ended
	Dec. 22, 2017	Sep. 30, 2017	Jun. 30, 2017
Schedule Of Accrued Expenses [Line Items]
Personnel costs		$ 749,000	$ 1,632,000
Scenario, Forecast [Member]
Schedule Of Accrued Expenses [Line Items]
Retention bonus amounts payable subject to service condition	$ 320,000
Accrual of Cash Retention Bonus Component [Member]
Schedule Of Accrued Expenses [Line Items]
Personnel costs		$ 240,000	$ 160,000

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Restructuring Cost [Line Items]
Restructuring charges		$ 436,000
U.K. [Member]
Restructuring Cost [Line Items]
Extended lease term expiration date	Nov. 30, 2016
Restructuring charges		436,000
Discretionary termination benefits		273,000
Other restructuring costs		163,000
Increase in stock-based compensation expense to account for the extension of the exercise period of all vested stock options		99,000
Reduction of stock-based compensation to account for forfeitures of non-vested stock options		$ 133,000

Restructuring - Summary of Reco

Restructuring - Summary of Reconciliation of Restructuring Costs (Detail) $ in Thousands	3 Months Ended
	Sep. 30, 2016USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 187
Charged to Expense	436
Payments	(515)
Ending Balance	108
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	57
Payments	(44)
Ending Balance	53
Other [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	29
Charged to Expense	106
Payments	(80)
Ending Balance	$ 55

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Nov. 03, 2017	Nov. 07, 2017	Oct. 31, 2017	Feb. 28, 2017	Sep. 30, 2017	Nov. 07, 2017
Subsequent Event [Member]
Class of Stock [Line Items]
Stockholder proposal to refresh the Company's ability to issue shares of common stock up to 15% of existing share capital under ASX Listing Rules during the 12 month period from December 15, 2017 without prior stockholder approval	15.00%
Further stockholder proposal to allow the Company to issue equity securities for up to an additional 10% of existing share capital under ASX Listing Rules (for a total of 25%) during the 12 month period from December 15, 2017 without prior stockholder approval	10.00%
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%
Common stock issued to investors					843,784
Common stock price per share					$ 1.24
Gross proceeds from issuance of common stock					$ 1,000,000
Share issuance costs					$ 81,000
At-the-Market Offering [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Common stock issued to investors		5,056,216				0
Gross proceeds from issuance of common stock		$ 6,200,000	$ 6,200,000
Common stock price per share		$ 1.23				$ 1.23

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Common Stock (Detail) - $ / shares	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Common Stock Warrants [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	623,605	623,605
Number of Warrants, Expired	(623,605)	0
Number of Warrants, Outstanding and exercisable, Ending balance	0	623,605
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 2.50	$ 2.50
Weighted Average Exercise Price, Expired	2.50	0
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 0	$ 2.50

Stockholders' Equity - 2016 Lon

Stockholders' Equity - 2016 Long Term Incentive Plan - Additional Information (Detail) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Jun. 27, 2017	Sep. 30, 2017	Dec. 12, 2016
Class of Stock [Line Items]
Number of options forfeited					1,155,530
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of common stock, authorized for issuance					5,058,977	3,000,000
Number of options forfeited					0
Shares available for grant under the Long Term Incentive Plan, including available and forfeited shares transferred from the 2008 Incentive Plan					4,118,477
Intrinsic value of stock option					$ 0
Number of options issued				482,000	0
Options vested during the period					0
Total equity awards outstanding				940,500
Stock options exercise price					$ 1.77
Pro rata annual vesting					3 years
Contractual life of option grants					10 years
2016 Long Term Incentive Plan [Member] | RSU [Member]
Class of Stock [Line Items]
Pro rata annual vesting					3 years
Number of stock units granted				248,500	248,500
2016 Long Term Incentive Plan [Member] | Performance Stock Units [Member]
Class of Stock [Line Items]
Number of stock units granted				210,000	210,000
Stock-based compensation expense recorded					$ 30,414
2016 Long Term Incentive Plan [Member] | Performance Stock Units [Member] | Performance Condition One [Member]
Class of Stock [Line Items]
Portion of stock units subject to an FDA acceptance of the Company's NDA submission of Durasert three-year uveitis for review on or before March 31, 2018				one-third	one-third
2016 Long Term Incentive Plan [Member] | Performance Stock Units [Member] | Performance Condition Two [Member]
Class of Stock [Line Items]
Portion of stock units subject to an FDA approval of Durasert three-year uveitis on or before March 31, 2019				two-thirds	two-thirds
2016 Long Term Incentive Plan [Member] | Performance Stock Units [Member] | Scenario, Forecast [Member] | Performance Condition One [Member]
Class of Stock [Line Items]
Percentage of stock units to vest if stated performance condition is achieved on or before date		50.00%	50.00%
2016 Long Term Incentive Plan [Member] | Performance Stock Units [Member] | Scenario, Forecast [Member] | Performance Condition Two [Member]
Class of Stock [Line Items]
Percentage of stock units to vest if stated performance condition is achieved on or before date	50.00%	50.00%

Stock-Based Compensation - 2008

Stock-Based Compensation - 2008 Incentive Plan - Additional Information (Detail) - shares	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Class of Stock [Line Items]
Number of options forfeited	1,155,530
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Shares available for grant under the 2008 Incentive Plan, which are transferred to the 2016 Plan		903,447
Number of options forfeited	1,155,530
Contractual life of option grants	10 years
Options vested during the period	568,942
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of options forfeited	0
Forfeitures under the 2008 Plan that have been added to shares available for grant under the 2016 Plan	1,155,530
Contractual life of option grants	10 years
Options vested during the period	0

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity Under Plan (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Forfeited	(1,155,530)
2008 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	5,563,685
Number of Options Forfeited	(1,155,530)
Number of Options Outstanding, Ending balance	4,408,155
Number of Options, Exercisable at September 30, 2017	3,130,063
Weighted Average Exercise Price Outstanding, beginning balance | $ / shares	$ 3.48
Weighted Average Exercise Price,Forfeited | $ / shares	3.92
Weighted Average Exercise Price Outstanding, ending balance | $ / shares	3.36
Weighted Average Exercise Price, Exercisable at September 30, 2017 | $ / shares	$ 3.39
Weighted Average Remaining Contractual Life Outstanding, Ending balance	5 years 6 months 18 days
Weighted Average Remaining Contractual Life, Exercisable at September 30, 2017	4 years 3 months 15 days
Aggregate Intrinsic Value Outstanding, Ending balance | $	$ 15
Aggregate Intrinsic Value, Exercisable at September 30, 2017 | $	$ 15

Stock-Based Compensation - Indu

Stock-Based Compensation - Inducement Option Grant - Additional Information (Detail) - President and CEO [Member]	3 Months Ended
	Sep. 30, 2017$ / sharesshares
Class of Stock [Line Items]
Options granted with annual vesting	850,000
Vesting period of granted options	4 years
Exercise price of option | $ / shares	$ 3.63
Contractual life of option grants	10 years
Options vested during the period	212,500

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units - Additional Information (Detail) - Market-based RSUs [Member] - shares	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Class of Stock [Line Items]
Restricted stock units issued	700,000	700,000
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Restricted stock units issued	200,000	200,000
President and CEO [Member]
Class of Stock [Line Items]
Restricted stock units issued	500,000	500,000

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 681	$ 734
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	304	236
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 377	$ 498

Stock-Based Compensation - St40

Stock-Based Compensation - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Class of Stock [Line Items]
Unrecognized compensation expense	$ 3,600,000
Unrecognized compensation expense weighted average period	1 year 10 months 25 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
Research and Development Expense [Member] | U.K. [Member]
Class of Stock [Line Items]
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options		$ 35,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0
Unrecognized tax benefits	0	$ 0
Accrued penalties or interest related to uncertain tax positions	$ 0		$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2017USD ($)ft²Renewal_Options
Commitments and Contingencies [Line Items]
Irrevocable standby letter of credit | $	$ 150,000
Watertown [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space	13,650
Lease term expiration date	Apr. 30, 2019
Lease renewal option period	5 years
Liberty Corner [Member]
Commitments and Contingencies [Line Items]
Lease term expiration date	Jun. 30, 2022
Lease renewal option period	5 years
Area of leased office space	3,000
Number of renewal options | Renewal_Options	2
Lease renewal rate at 95% of market rent at time of renewal	95.00%

Net Loss per Share - Potentiall

Net Loss per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	6,898,655	6,403,996
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	5,740,155	5,780,391
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	0	623,605
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	948,500	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