Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Feb. 05, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PSDV | |
Entity Registrant Name | PSIVIDA CORP. | |
Entity Central Index Key | 1,314,102 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 45,256,999 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 12,876 | $ 16,898 |
Accounts and other receivables | 288 | 251 |
Prepaid expenses and other current assets | 481 | 591 |
Total current assets | 13,645 | 17,740 |
Property and equipment, net | 293 | 313 |
Intangible assets, net | 0 | 364 |
Other assets | 109 | 110 |
Restricted cash | 150 | 150 |
Total assets | 14,197 | 18,677 |
Current liabilities: | ||
Accounts payable | 1,483 | 1,016 |
Accrued expenses | 2,262 | 4,224 |
Deferred revenue | 505 | 50 |
Total current liabilities | 4,250 | 5,290 |
Deferred rent | 42 | 51 |
Total liabilities | 4,292 | 5,341 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 120,000,000 shares authorized, 45,256,999 and 39,356,999 shares issued and outstanding at December 31, 2017 and June 30, 2017, respectively | 45 | 39 |
Additional paid-in capital | 331,609 | 323,284 |
Accumulated deficit | (322,585) | (310,820) |
Accumulated other comprehensive income | 836 | 833 |
Total stockholders' equity | 9,905 | 13,336 |
Total liabilities and stockholders' equity | $ 14,197 | $ 18,677 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 45,256,999 | 39,356,999 |
Common stock, shares outstanding | 45,256,999 | 39,356,999 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | ||||
Collaborative research and development | $ 461 | $ 5,702 | $ 601 | $ 5,736 |
Royalty income | 472 | 269 | 717 | 512 |
Total revenues | 933 | 5,971 | 1,318 | 6,248 |
Operating expenses: | ||||
Research and development | 4,269 | 3,165 | 8,088 | 7,343 |
General and administrative | 2,472 | 2,900 | 5,044 | 6,185 |
Total operating expenses | 6,741 | 6,065 | 13,132 | 13,528 |
Loss from operations | (5,808) | (94) | (11,814) | (7,280) |
Interest and other income | 26 | 27 | 49 | 51 |
Net loss | $ (5,782) | $ (67) | $ (11,765) | $ (7,229) |
Net loss per common share: | ||||
Basic and diluted | $ (0.13) | $ 0 | $ (0.28) | $ (0.21) |
Weighted average common shares: | ||||
Basic and diluted | 44,530 | 34,177 | 41,980 | 34,176 |
Net loss | $ (5,782) | $ (67) | $ (11,765) | $ (7,229) |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (1) | (15) | 3 | (30) |
Net unrealized gain on marketable securities | 0 | 0 | 0 | 1 |
Other comprehensive (loss) income | (1) | (15) | 3 | (29) |
Comprehensive loss | $ (5,783) | $ (82) | $ (11,762) | $ (7,258) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Balance at Jun. 30, 2016 | $ 20,881 | $ 34 | $ 312,208 | $ (292,213) | $ 852 |
Balance, shares at Jun. 30, 2016 | 34,172,919 | ||||
Net loss | (7,229) | (7,229) | |||
Other comprehensive income (loss) | (29) | (29) | |||
Exercise of stock options | 9 | 9 | |||
Exercise of stock options, shares | 4,080 | ||||
Stock-based compensation | 1,130 | 1,130 | |||
Balance at Dec. 31, 2016 | 14,762 | $ 34 | 313,347 | (299,442) | 823 |
Balance, shares at Dec. 31, 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 | $ (11,765) | (11,765) | |||
Other comprehensive income (loss) | 3 | 3 | |||
Issuance of stock, net of issue costs | 7,044 | $ 6 | 7,038 | ||
Issuance of stock, shares | 5,900,000 | ||||
Stock-based compensation | 1,287 | 1,287 | |||
Balance at Dec. 31, 2017 | $ 9,905 | $ 45 | $ 331,609 | $ (322,585) | $ 836 |
Balance, shares at Dec. 31, 2017 | 45,256,999 | 45,256,999 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (11,765) | $ (7,229) |
Adjustments to reconcile net loss to cash flows from operating activities: | ||
Amortization of intangible assets | 366 | 363 |
Depreciation of property and equipment | 83 | 32 |
Stock-based compensation expense | 1,287 | 1,130 |
Amortization of bond discount on marketable securities | 0 | (7) |
Amortization of noncurrent portion of deferred revenue | 0 | (5,585) |
Changes in current assets and liabilities: | ||
Accounts receivable and other current assets | 74 | (44) |
Accounts payable and accrued expenses | (1,497) | (141) |
Deferred revenue | 455 | (11) |
Deferred rent | (9) | (3) |
Net cash used in operating activities | (11,006) | (11,495) |
Cash flows from investing activities: | ||
Purchases of marketable securities | 0 | (5,053) |
Maturities of marketable securities | 0 | 12,893 |
Purchases of property and equipment | (64) | (5) |
Proceeds from sale of property and equipment | 0 | 33 |
Net cash (used in) provided by investing activities | (64) | 7,868 |
Cash flows from financing activities: | ||
Proceeds from issuance of stock, net of issuance costs | 7,044 | 0 |
Exercise of stock options | 0 | 9 |
Net cash provided by financing activities | 7,044 | 9 |
Effect of foreign exchange rate changes on cash and cash equivalents | 4 | (10) |
Net decrease in cash and cash equivalents | (4,022) | (3,628) |
Cash and cash equivalents at beginning of period | 16,898 | 15,313 |
Cash and cash equivalents at end of period | $ 12,876 | $ 11,685 |
Operations and Basis of Present
Operations and Basis of Presentation | 6 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations and Basis of Presentation | 1. Operations and Basis of Presentation The accompanying condensed consolidated financial statements of pSivida Corp. and subsidiaries (the “Company”) as of December 31, 2017 and for the three and six months ended December 31, 2017 and 2016 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 (“fiscal 2017”). In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2017, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods indicated. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three and six months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period. The Company develops sustained-release drug delivery products primarily for the treatment of chronic eye diseases. The Company’s approved products and product candidates deliver drugs at a controlled and steady rate for months or years. In January 2018, the Company filed a new drug application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for its lead product candidate, Durasert™ three-year non-erodible fluocinolone acetonide (“FA”) insert for posterior segment uveitis (“Durasert three-year uveitis”). The FDA typically informs a company whether its NDA is complete and acceptable for review within sixty days after submission of the NDA. The Company has previously developed three of the four sustained-release products approved by the FDA for treatment of back-of-the-eye diseases. 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 constant (zero order release) 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. Statistical significance for efficacy and encouraging safety results were maintained through 12 months of follow-up in both Phase 3 clinical trials. In Europe, the Company filed a marketing authorization application (“MAA”) in June 2017 and subsequently withdrew the application after out-licensing the European rights for Durasert three-year uveitis to Alimera. In January 2018, Alimera received validation of a Type II variation submitted under its existing ILUVIEN MAA in all seventeen European countries in which it previously received regulatory approval for ILUVIEN for DME. If the variation is approved, Alimera plans to commercialize the uveitis indication under its ILUVIEN trademark. 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, in the U.S. and Portugal since 2015, and in Austria and Ireland beginning in 2017, and also has marketing approvals in 12 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 macular degeneration, glaucoma, osteoarthritis and other diseases. A sustained release implant, surgically administered in an outpatient procedure, delivering a corticosteroid to treat pain associated with severe knee osteoarthritis, was jointly developed by the Company and Hospital for Special Surgery (“HSS”). In December 2017, the Company and HSS reported positive data from a Phase I investigator-sponsored safety and tolerability study conducted by HSS. 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 $12.9 million at December 31, 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 second 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 its at-the-market (“ATM”) program or other equity or debt financing transactions and/or, as applicable, reducing or deferring operating expenses. At the Company’s annual meeting of stockholders held on December 15, 2017, stockholders approved proposals that, pursuant to applicable Australian Securities Exchange (“ASX”) Listing Rules, permit the Company to issue up to 25% of its then issued and outstanding capital without any further stockholder approval in the next 12 months, unless such stockholder approval is required by applicable law, other rules of the ASX, the rules of the Nasdaq Stock Market (“Nasdaq”) or the rules of another stock exchange on which the Company’s securities may be listed at the time. 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 Durasert three-year uveitis or ILUVIEN or obtain financing from any other sources. New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases |
License and Collaboration Agree
License and Collaboration Agreements | 6 Months Ended |
Dec. 31, 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 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 were 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 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. 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 was responsible for filing a Type II variation for ILUVIEN for the treatment of posterior segment uveitis. In January 2018, Alimera received validation of a Type II variation submitted in December 2017 under its existing approved ILUVIEN MAA in seventeen European countries. If the variation is approved, Alimera plans to commercialize the uveitis indication under its ILUVIEN trademark. Revenue under the Prior Alimera Agreement and/or the Amended Alimera Agreement totaled $200,000 and $14,000 for the three months ended December 31, 2017 and 2016, respectively, and $290,000 and $34,000 for the six months ended December 31, 2017 and 2016, respectively. In addition to patent fee reimbursements in both periods, the Company earned (i) $196,000 of sales-based royalties in the three months ended December 31, 2017 attributable to the first quarter of fiscal 2018 (recorded as royalty income under the Amended Alimera Agreement) and (ii) $50,000 of net profits in the three months ended September 30, 2017 attributable to the fourth quarter of fiscal 2017 (recorded as collaborative research and development revenue under the Prior Alimera Agreement). 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 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. 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 $276,000 and $269,000 for the three months ended December 31, 2017 and 2016, respectively, and $521,000 and $512,000 for the six months ended December 31, 2017 and 2016, respectively. Accounts receivable from Bausch & Lomb totaled $277,000 at December 31, 2017 and $246,000 at 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 2017. 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. To date, OncoSil has not received regulatory approval in any jurisdiction, although an application for CE Mark approval in Europe is pending. 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 OncoSil agreement totaled $100,000 for the three and six-month periods ended December 31, 2017 and 2016, respectively. As of December 31, 2017, no deferred revenue was recorded for this agreement. Evaluation Agreements The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the evaluation agreement. Revenues under evaluation agreements totaled $355,000 and $3,000 for the three months ended December 31, 2017 and 2016, respectively, and $405,000 and $11,000 for the six months ended December 31, 2017 and 2016, respectively. Deferred revenue for these agreements totaled $505,000 and $50,000 at December 31, 2017 and June 30, 2017, respectively. During the quarter ended December 31, 2017, the Company received $850,000 in connection with two new feasibility study agreements. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 3. Intangible Assets The reconciliation of intangible assets for the six months ended December 31, 2017 and for the year ended June 30, 2017 was as follows (in thousands): Six Months Ended Year Ended December 31, 2017 June 30, 2017 Patented technologies Gross carrying amount at beginning of period $ 35,610 $ 36,196 Foreign currency translation adjustments 739 (586 ) Gross carrying amount at end of period 36,349 35,610 Accumulated amortization at beginning of period (35,246 ) (35,094 ) Amortization expense (366 ) (724 ) Foreign currency translation adjustments (737 ) 572 Accumulated amortization at end of period (36,349 ) (35,246 ) Net book value at end of period $ — $ 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 $183,000 and $180,000 for the three months ended December 31, 2017 and 2016, respectively, and $366,000 and $363,000 for the six months ended December 31, 2017 and 2016, respectively. At December 31, 2017, the carrying value of each of the Durasert and Tethadur intangible assets was amortized to zero. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 2017 and June 30, 2017 by valuation hierarchy (in thousands): December 31, 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 $ 10,572 $ 10,572 $ — $ — $ 10,572 $ 10,572 $ — $ — 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 | 6 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following at December 31, 2017 and June 30, 2017 (in thousands): December 31, June 30, Clinical trial costs $ 823 $ 1,984 Personnel costs 823 1,632 Professional fees 594 590 Other 22 18 $ 2,262 $ 4,224 In January 2017, the Company entered into retention bonus agreements with five employees. Under these agreements (a) cash payments totaling $319,000 were made on December 22, 2017 and (b) subject to continuing employment, a total of 305,616 restricted stock units (“RSUs”) of an equal value were granted at that date based on a closing share price of $1.045 per share with a one-year vesting period. Included in personnel costs in the above table were $0 and $160,000 at December 31, 2017 and June 30, 2017, respectively, representing pro rata accrual of the cash bonus component. |
Restructuring
Restructuring | 6 Months Ended |
Dec. 31, 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 six months ended December 31, 2016 is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 73 (73 ) 40 Other 29 126 (155 ) — $ 187 $ 472 $ (619 ) $ 40 The Company recorded approximately $472,000 of restructuring costs during the six months ended December 31, 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 stock-based compensation expense in connection with the extension of the exercise period through June 30, 2017 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 | 6 Months Ended |
Dec. 31, 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 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’s ability to sell shares under the ATM program is subject to 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. During the three and six months ended December 31, 2017, the Company sold 5,056,216 and 5,900,000 shares of common stock, respectively, under the ATM program, each at a weighted average price of $1.23 per share, for gross proceeds of approximately $6.2 million and $7.3 million, respectively. Share issue costs, including sales agent commissions, totaled $158,000 and $239,000 for the three and six months ended December 31, 2017, respectively. At the Company’s annual meeting of stockholders held on December 15, 2017, stockholders approved two proposals that, pursuant to applicable ASX Listing Rules, permit the Company to issue up to 25% of its then issued and outstanding capital without any further stockholder approval in the next 12 months, unless such stockholder approval is required by applicable law, other rules of the ASX, the rules of Nasdaq 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 six months ended December 31, 2017 and 2016: Six Months Ended December 31, 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 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 subsequent termination or forfeiture of awards under the 2008 Plan. At December 31, 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 six months ended December 31, 2017. At December 31, 2017, a total of 3,005,361 shares were available for new awards. Stock Options The following table provides a reconciliation of stock option activity under the 2016 Plan for the six months ended December 31, 2017: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 482,000 $ 1.77 Granted 505,000 1.59 Outstanding at December 31, 2017 987,000 $ 1.68 9.54 $ 3 Exercisable at December 31, 2017 — $ — — $ — During the six months ended December 31, 2017, the Company granted 265,000 options to employees with ratable annual vesting over 3 years, 100,000 options to non-executive directors with 1-year cliff vesting, 40,000 options to a newly appointed non-executive director with ratable annual vesting over 3 years and 100,000 options to an external consultant with 6.5 months cliff vesting at June 30, 2018. In accordance with ASX Listing Rules, all equity awards authorized by the Compensation Committee of the Board to the Company’s executive and non-executive directors are subject to stockholder approval, with the grant date fair value measured at the stockholder approval date and vesting measured from the Compensation Committee authorization date. All option grants have a 10-year term. The weighted-average grant date fair value of these options was $0.56 per share. In determining the grant date fair value of option awards under the 2016 Plan during the six months ended December 31, 2017, the Company applied the Black-Scholes option pricing model based on the following key assumptions: Option life (in years) 5.50 – 6.00 Stock volatility 59.5% – 64.4% Risk-free interest rate 2.18% – 2.22% Expected dividends 0% Time-Vested Restricted Stock Units Time-vested restricted stock unit awards (“RSUs”) issued to date under the 2016 Plan generally vest on a ratable annual basis over 3 years. The related stock-based compensation expense is recorded over the requisite service period, which is the vesting period. The fair value of all time-vested RSUs is based on the closing share price of the Company’s common stock on the date of grant. In connection with retention bonus agreements entered into in January 2017 (see Note 5), a total of 305,616 RSUs were issued on December 22, 2017 subject to one-year cliff vesting. The following table provides a reconciliation of RSU activity under the 2016 Plan for the six months ended December 31, 2017: Number of Weighted Nonvested at July 1, 2017 248,500 $ 1.77 Granted 425,616 1.07 Nonvested at December 31, 2017 674,116 $ 1.33 At December 31, 2017, the weighted average remaining vesting term of the RSUs was 1.35 years. Performance-Based Stock Units Performance Stock Units (“PSUs”) have been awarded 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, in each case subject to continued employment through such date. At September 30, 2017 and December 31, 2017, the first performance condition associated with the PSUs was deemed probable of achievement and, accordingly, stock-based compensation was recorded for that portion of the PSUs during the six months ended December 31, 2017. The following table provides a reconciliation of PSU activity under the 2016 Plan for the six months ended December 31, 2017: Number of Weighted Outstanding at July 1, 2017 210,000 $ 1.77 Granted 115,000 1.13 Outstanding at December 31, 2017 325,000 $ 1.54 Assuming that the first performance condition is achieved, at December 31, 2017 the weighted average remaining vesting term of the PSUs was 10.5 months. Deferred Stock Units A total of 67,500 deferred stock units (“DSUs”) were issued to incumbent non-executive directors and ratified at the December 15, 2017 annual meeting of stockholders. The DSUs vest on June 27, 2018. Subsequent to vesting, the DSUs will be settled in shares of the Company’s common stock upon the earliest to occur of (i) each director’s termination of service on the Company’s Board of Directors and (ii) the occurrence of a change of control as defined in the award agreement. The weighted average grant date fair value of the DSUs was $1.13. At December 31, 2017, the weighted average remaining vesting term of the DSUs was 6 months. 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 six months ended December 31, 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 six months ended December 31, 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 December 31, 2017 4,408,155 $ 3.36 5.30 $ — Exercisable at December 31, 2017 3,205,063 $ 3.36 4.15 $ — All option grants have a 10-year term. A total of 643,942 options vested during the six months ended December 31, 2017. Inducement Option Grant At June 30, 2017 and December 31, 2017, there were 850,000 stock options outstanding that were issued as an inducement award to the Company’s President and CEO in September 2016. The options have an exercise price of $3.63 per share, a 10-year term and are subject to pro rata annual vesting over 4 years. 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. A total of 212,500 of these options vested during the six months ended December 31, 2017. Market-Based Restricted Stock Units At June 30, 2017 and December 31, 2017, there were 700,000 market-based Restricted Stock Units (“market-based RSUs”) outstanding to two employees, which included 500,000 issued as an inducement award 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. The Company estimated the fair value of the market-based RSUs using a Monte Carlo valuation model on the respective dates of grant. Stock-Based Compensation Expense The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the three and six months ended December 31, 2017 and 2016, as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Compensation expense included in: Research and development $ 288 $ 300 $ 592 $ 536 General and administrative 318 96 695 594 $ 606 $ 396 $ 1,287 $ 1,130 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 six months ended December 31, 2016 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 non-vested options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through June 26, 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 $117,000 reduction of stock-based compensation expense included in general and administrative expense for the three and six months ended December 31, 2016 in the table above. At December 31, 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, PSU awards and DSU awards issued under the 2016 Plan, which is expected to be recognized as expense over a weighted-average period of approximately 1.57 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 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 and six months ended December 31, 2017 and 2016. For the three and six months ended December 31, 2017 and 2016, the Company had no significant unrecognized tax benefits. At December 31, 2017 and June 30, 2017, the Company had no accrued penalties or interest related to uncertain tax positions. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted which, amongst other corporate and individual tax law changes, lowered the federal corporate income tax rate to 21% effective January 1, 2018. During the six-month period ended December 31, 2017, although the Company’s U.S. federal tax net operating loss carryforwards increased by approximately $10.0 million to a cumulative total of $102.6 million, the re-measurement of the Company’s net deferred tax assets in accordance with the Tax Act resulted in a decrease of approximately $10.0 million and a corresponding decrease in the valuation allowance of the same amount. At June 30, 2017 and December 31, 2017, the net deferred tax assets related to such U.S. tax loss carryforwards totaled approximately $31.5 million and $21.5 million, respectively. Because the Company provides a full valuation allowance for all of its net deferred tax assets, there is no effect of the Tax Act on the Company’s consolidated financial statements as of and for the three and six months ended December 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 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 | 6 Months Ended |
Dec. 31, 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 and six months ended December 31, 2017 and 2016 as their inclusion would be anti-dilutive. Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Options outstanding 6,245,155 6,907,891 6,245,155 6,907,891 Warrants outstanding — 623,605 — 623,605 Restricted stock units outstanding 1,374,116 700,000 1,374,116 700,000 Performance stock units outstanding 325,000 — 325,000 — Deferred stock units outstanding 67,500 — 67,500 — 8,011,771 8,231,496 8,011,771 8,231,496 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of Intangible Assets | The reconciliation of intangible assets for the six months ended December 31, 2017 and for the year ended June 30, 2017 was as follows (in thousands): Six Months Ended Year Ended December 31, 2017 June 30, 2017 Patented technologies Gross carrying amount at beginning of period $ 35,610 $ 36,196 Foreign currency translation adjustments 739 (586 ) Gross carrying amount at end of period 36,349 35,610 Accumulated amortization at beginning of period (35,246 ) (35,094 ) Amortization expense (366 ) (724 ) Foreign currency translation adjustments (737 ) 572 Accumulated amortization at end of period (36,349 ) (35,246 ) Net book value at end of period $ — $ 364 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Carried at Fair Value Measured on Recurring Basis | 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 December 31, 2017 and June 30, 2017 by valuation hierarchy (in thousands): December 31, 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 $ 10,572 $ 10,572 $ — $ — $ 10,572 $ 10,572 $ — $ — 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) | 6 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at December 31, 2017 and June 30, 2017 (in thousands): December 31, June 30, Clinical trial costs $ 823 $ 1,984 Personnel costs 823 1,632 Professional fees 594 590 Other 22 18 $ 2,262 $ 4,224 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Summary of Reconciliation of Restructuring Costs | A summary reconciliation of the restructuring costs for the six months ended December 31, 2016 is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 73 (73 ) 40 Other 29 126 (155 ) — $ 187 $ 472 $ (619 ) $ 40 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Summary of Reconciliation of Warrants to Purchase Common Stock | The following table provides a reconciliation of warrants to purchase common stock for the six months ended December 31, 2017 and 2016: Six Months Ended December 31, 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 consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the three and six months ended December 31, 2017 and 2016, as follows (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Compensation expense included in: Research and development $ 288 $ 300 $ 592 $ 536 General and administrative 318 96 695 594 $ 606 $ 396 $ 1,287 $ 1,130 |
2016 Long Term Incentive Plan [Member] | |
Stock Option Activity Under Plan | The following table provides a reconciliation of stock option activity under the 2016 Plan for the six months ended December 31, 2017: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 482,000 $ 1.77 Granted 505,000 1.59 Outstanding at December 31, 2017 987,000 $ 1.68 9.54 $ 3 Exercisable at December 31, 2017 — $ — — $ — |
Schedule of Key Assumptions Used | In determining the grant date fair value of option awards under the 2016 Plan during the six months ended December 31, 2017, the Company applied the Black-Scholes option pricing model based on the following key assumptions: Option life (in years) 5.50 – 6.00 Stock volatility 59.5% – 64.4% Risk-free interest rate 2.18% – 2.22% Expected dividends 0% |
Summary of Restricted Stock Unit Activity | The following table provides a reconciliation of RSU activity under the 2016 Plan for the six months ended December 31, 2017: Number of Weighted Nonvested at July 1, 2017 248,500 $ 1.77 Granted 425,616 1.07 Nonvested at December 31, 2017 674,116 $ 1.33 |
Summary of Performance Stock Unit Activity | The following table provides a reconciliation of PSU activity under the 2016 Plan for the six months ended December 31, 2017: Number of Weighted Outstanding at July 1, 2017 210,000 $ 1.77 Granted 115,000 1.13 Outstanding at December 31, 2017 325,000 $ 1.54 |
2008 Incentive Plan [Member] | |
Stock Option Activity Under Plan | The following table provides a reconciliation of stock option activity under the 2008 Plan for the six months ended December 31, 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 December 31, 2017 4,408,155 $ 3.36 5.30 $ — Exercisable at December 31, 2017 3,205,063 $ 3.36 4.15 $ — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares | Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Options outstanding 6,245,155 6,907,891 6,245,155 6,907,891 Warrants outstanding — 623,605 — 623,605 Restricted stock units outstanding 1,374,116 700,000 1,374,116 700,000 Performance stock units outstanding 325,000 — 325,000 — Deferred stock units outstanding 67,500 — 67,500 — 8,011,771 8,231,496 8,011,771 8,231,496 |
Operations and Basis of Prese23
Operations and Basis of Presentation - Additional Information (Detail) $ in Thousands | Dec. 15, 2017 | Dec. 31, 2017USD ($)Country | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) |
Operations [Line Items] | |||||
Cash and cash equivalents | $ | $ 12,876 | $ 16,898 | $ 11,685 | $ 15,313 | |
Percentage of issued and outstanding capital that can be issued under ASX Listing Rules in the next 12 months without stockholder approval | 25.00% | ||||
Europe [Member] | ILUVIEN [Member] | |||||
Operations [Line Items] | |||||
Number of countries in which lead product received regulatory approval | 17 | ||||
Number of countries in which approved lead products not sold directly | 12 |
License and Collaboration Agr24
License and Collaboration Agreements - Additional Information (Detail) | Jan. 01, 2021 | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Jul. 10, 2017USD ($) | Oct. 25, 2016USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2013USD ($) | Jun. 30, 2011USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)Country | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($) |
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||
Collaborative research and development revenue | $ 461,000 | $ 5,702,000 | $ 601,000 | $ 5,736,000 | |||||||||||
Royalty income | 472,000 | 269,000 | 717,000 | $ 512,000 | |||||||||||
Accounts receivable | $ 288,000 | 288,000 | $ 288,000 | $ 251,000 | |||||||||||
ILUVIEN [Member] | Europe [Member] | |||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||
Number of countries in which lead product received regulatory approval | Country | 17 | ||||||||||||||
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% | ||||||||||||||
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 | ||||||||||||||
Proceeds received from earned sales-based royalties | 196,000 | $ 196,000 | |||||||||||||
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] | |||||||||||||||
Upfront cash payment received under collaboration agreement | $ 2,300,000 | ||||||||||||||
Estimated selling price of the deliverables for revenue recognition | $ 6,700,000 | ||||||||||||||
Collaborative research and development revenue | 5,600,000 | $ 0 | |||||||||||||
Option period to acquire license | 60 days | ||||||||||||||
License option upfront payment upon exercise | $ 10,000,000 | ||||||||||||||
Bausch and Lomb [Member] | |||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||
Royalty income | 276,000 | 269,000 | 521,000 | $ 512,000 | |||||||||||
Accounts receivable | 277,000 | 277,000 | $ 277,000 | 246,000 | |||||||||||
OncoSil Medical UK Limited [Member] | |||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||
Percentage of non-royalty consideration received from sublicense | 20.00% | ||||||||||||||
Royalty percentage earned from sales of product | 8.00% | ||||||||||||||
Collaborative research and development revenue | 100,000 | 100,000 | $ 100,000 | 100,000 | |||||||||||
License agreement commencement date | 2012-12 | ||||||||||||||
Receipt of upfront license fee | $ 100,000 | ||||||||||||||
Payment of annual license maintenance fee | 100,000 | ||||||||||||||
Deferred revenue | 0 | 0 | $ 0 | ||||||||||||
Feasibility Study Agreement [Member] | |||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||
Upfront cash payment received under collaboration agreement | 850,000 | ||||||||||||||
Collaborative research and development revenue | 355,000 | 3,000 | 405,000 | 11,000 | |||||||||||
Deferred revenue | $ 505,000 | 505,000 | 505,000 | $ 50,000 | |||||||||||
Prior Alimera Agreement and/or Amended Alimera Agreement [Member] | |||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||
Total revenues earned from Alimera | $ 200,000 | $ 14,000 | $ 290,000 | $ 34,000 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 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 | 739 | (586) | |||
Gross carrying amount at end of period | $ 36,349 | 36,349 | 35,610 | ||
Accumulated amortization at beginning of period | (35,246) | (35,094) | (35,094) | ||
Amortization expense | (183) | $ (180) | (366) | $ (363) | (724) |
Foreign currency translation adjustments | (737) | 572 | |||
Accumulated amortization at end of period | (36,349) | (36,349) | (35,246) | ||
Net book value at end of period | $ 0 | $ 0 | $ 364 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 183,000 | $ 180,000 | $ 366,000 | $ 363,000 | $ 724,000 |
Intangible assets, net | 0 | 0 | $ 364,000 | ||
Durasert [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net | 0 | 0 | |||
Tethadur [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Assets: | ||
Cash equivalents | $ 10,572 | $ 13,521 |
Total cash equivalents | 10,572 | 13,521 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Cash equivalents | 10,572 | 13,521 |
Total cash equivalents | 10,572 | 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 | Dec. 31, 2017 | Jun. 30, 2017 |
Payables and Accruals [Abstract] | ||
Clinical trial costs | $ 823 | $ 1,984 |
Personnel costs | 823 | 1,632 |
Professional fees | 594 | 590 |
Other | 22 | 18 |
Accrued expenses | $ 2,262 | $ 4,224 |
Accrued Expenses - Additional I
Accrued Expenses - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule Of Accrued Expenses [Line Items] | |||
Retention bonuses paid under agreements | $ 319,000 | ||
Personnel costs | $ 823,000 | $ 1,632,000 | |
Closing share price | $ 1.045 | ||
RSU [Member] | |||
Schedule Of Accrued Expenses [Line Items] | |||
Restricted stock awards | 305,616 | ||
Vesting period of equity awards | 1 year | ||
Accrual of Cash Retention Bonus Component [Member] | |||
Schedule Of Accrued Expenses [Line Items] | |||
Personnel costs | $ 0 | $ 160,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost [Line Items] | ||
Restructuring charges | $ 472,000 | |
U.K. [Member] | ||
Restructuring Cost [Line Items] | ||
Extended lease term expiration date | Nov. 30, 2016 | |
Restructuring charges | 472,000 | |
Discretionary termination benefits | 273,000 | |
Other restructuring costs | 199,000 | |
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 | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 187 |
Charged to Expense | 472 |
Payments | (619) |
Ending Balance | 40 |
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 | (73) |
Ending Balance | 40 |
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 ($) | Dec. 15, 2017 | Feb. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 22, 2017 |
Class of Stock [Line Items] | |||||
Common stock price per share | $ 1.045 | ||||
Percentage of issued and outstanding capital that can be issued under ASX Listing Rules in the next 12 months without stockholder approval | 25.00% | ||||
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 | 5,056,216 | 5,900,000 | |||
Common stock price per share | $ 1.23 | $ 1.23 | |||
Gross proceeds from issuance of common stock | $ 6,200,000 | $ 7,300,000 | |||
Share issuance costs | $ 158,000 | $ 239,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Common Stock (Detail) - $ / shares | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 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) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 12, 2017 |
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 | |
Shares available for grant under the Long Term Incentive Plan, including available and forfeited shares transferred from the 2008 Incentive Plan | 3,005,361 | ||
Options granted | 505,000 | ||
Contractual life of option grants | 10 years | ||
Weighted-average grant date fair value, per share | $ 0.56 | ||
2016 Long Term Incentive Plan [Member] | Employees [Member] | |||
Class of Stock [Line Items] | |||
Options granted | 265,000 | ||
Vesting period of equity awards | 3 years | ||
2016 Long Term Incentive Plan [Member] | Non-executive Directors [Member] | |||
Class of Stock [Line Items] | |||
Options granted | 100,000 | ||
Vesting period of equity awards | 1 year | ||
2016 Long Term Incentive Plan [Member] | Newly Appointed Non-executive Director [Member] | |||
Class of Stock [Line Items] | |||
Options granted | 40,000 | ||
Vesting period of equity awards | 3 years | ||
2016 Long Term Incentive Plan [Member] | Scenario, Forecast [Member] | External consultant [Member] | |||
Class of Stock [Line Items] | |||
Options granted | 100,000 | ||
Vesting period of equity awards | 6 months 15 days |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Activity Under Plan (2016 Long-Term Incentive Plan) (Detail) - 2016 Long Term Incentive Plan [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate Intrinsic Value Outstanding, Ending balance | $ | $ 3 |
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | $ | $ 0 |
Weighted Average Remaining Contractual Life Outstanding, Ending balance | 9 years 6 months 14 days |
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2017 | 0 years |
Weighted Average Exercise Price Outstanding, beginning balance | $ / shares | $ 1.77 |
Weighted Average Exercise Price, Granted | $ / shares | 1.59 |
Weighted Average Exercise Price Outstanding, ending balance | $ / shares | 1.68 |
Weighted Average Exercise Price, Exercisable at December 31,2017 | $ / shares | $ 0 |
Number of Options Outstanding, Beginning balance | shares | 482,000 |
Number of Options, Granted | shares | 505,000 |
Number of Options Outstanding, Ending balance | shares | 987,000 |
Number of Options, Exercisable at December 31, 2017 | shares | 0 |
Stockholders' Equity - Key Assu
Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model For Options Granted (2016 Long Term Incentive Plan) (Detail) - 2016 Long Term Incentive Plan [Member] | 6 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock volatility, minimum | 59.50% |
Stock volatility, maximum | 64.40% |
Risk-free interest rate, minimum | 2.18% |
Risk-free interest rate, maximum | 2.22% |
Expected dividends | 0.00% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option life (in years) | 5 years 6 months |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option life (in years) | 6 years |
Stockholders' Equity - Time-Ves
Stockholders' Equity - Time-Vested Restricted Stock Units - Additional Information (Detail) - RSU [Member] - shares | Dec. 22, 2017 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Vesting period of equity awards | 1 year | |
Stock units granted | 305,616 | |
2016 Long Term Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Vesting period of equity awards | 3 years | |
Stock units granted | 425,616 | |
Weighted average remaining vesting term | 1 year 4 months 6 days | |
Retention Bonus [Member] | 2016 Long Term Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Vesting period of equity awards | 1 year | |
Stock units granted | 305,616 |
Stockholders' Equity - Summar38
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail) - RSU [Member] - $ / shares | Dec. 22, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units granted | 305,616 | |
2016 Long Term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Stock Units Outstanding, Beginning Balance | 248,500 | |
Stock units granted | 425,616 | |
Number of Stock Units Outstanding, Ending Balance | 674,116 | |
Weighted Average Grant Date Fair Value Nonvested, Beginning balance | $ 1.77 | |
Weighted Average Grant Date Fair Value, Granted | 1.07 | |
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ 1.33 |
Stockholders' Equity - Performa
Stockholders' Equity - Performance-Based Stock Units - Additional Information (Detail) - Performance Stock Units [Member] | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||||
Weighted average remaining vesting term | 10 months 15 days | ||||
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 | |||
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 | |||
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% | |||
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% |
Stockholders' Equity - Summar40
Stockholders' Equity - Summary of Performance Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Performance Stock Units [Member] | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Stock Units Outstanding, Beginning Balance | shares | 210,000 |
Number of Performance Stock Units, Granted | shares | 115,000 |
Number of Stock Units Outstanding, Ending Balance | shares | 325,000 |
Weighted Average Grant Date Fair Value Nonvested, Beginning balance | $ / shares | $ 1.77 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 1.13 |
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ / shares | $ 1.54 |
Stockholders' Equity - Deferred
Stockholders' Equity - Deferred Stock Units - Additional Information (Detail) - Deferred Stock Units [Member] | 6 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Class of Stock [Line Items] | |
Weighted average grant date fair value | $ / shares | $ 1.13 |
Weighted average remaining vesting term | 6 months |
Non-executive Directors [Member] | |
Class of Stock [Line Items] | |
Granted | shares | 67,500 |
Stockholders' Equity - 2008 Inc
Stockholders' Equity - 2008 Incentive Plan - Additional Information (Detail) - shares | 6 Months Ended | |
Dec. 31, 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 | 643,942 | |
2016 Long Term Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
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 |
Stockholders' Equity - Stock 43
Stockholders' Equity - Stock Option Activity Under Plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 31, 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 December 31, 2017 | 3,205,063 |
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 December 31, 2017 | $ / shares | $ 3.36 |
Weighted Average Remaining Contractual Life Outstanding, Ending balance | 5 years 3 months 19 days |
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2017 | 4 years 1 month 24 days |
Aggregate Intrinsic Value Outstanding, Ending balance | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | $ | $ 0 |
Stockholders' Equity - Induceme
Stockholders' Equity - Inducement Option Grant - Additional Information (Detail) - President and CEO [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Jun. 30, 2017 | |
Class of Stock [Line Items] | ||
Options granted | 850,000 | 850,000 |
Vesting period of equity awards | 4 years | 4 years |
Exercise price of option | $ 3.63 | $ 3.63 |
Contractual life of option grants | 10 years | 10 years |
Options vested during the period | 212,500 |
Stockholders' Equity - Market-B
Stockholders' Equity - Market-Based Restricted Stock Units - Additional Information (Detail) - Market-based RSUs [Member] - shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 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 |
Stockholders' Equity - Compensa
Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 606 | $ 396 | $ 1,287 | $ 1,130 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 288 | 300 | 592 | 536 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 318 | $ 96 | $ 695 | $ 594 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Unrecognized compensation expense | $ 3,600,000 | ||
Unrecognized compensation expense weighted average period | 1 year 6 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 | ||
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options | $ 117,000 | 117,000 | |
Research and Development Expense [Member] | U.K. [Member] | |||
Class of Stock [Line Items] | |||
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options | $ 35,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | |
Income Tax [Line Items] | ||||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 | $ 0 | ||
Unrecognized tax benefits | 0 | $ 0 | 0 | $ 0 | ||
Accrued penalties or interest related to uncertain tax positions | 0 | 0 | $ 0 | |||
Tax Cuts and Jobs Act [Member] | U.S. Federal [Member] | ||||||
Income Tax [Line Items] | ||||||
Increase in net operating loss carryforwards | 10,000,000 | |||||
Net operating loss carryforwards cumulative total | 102,600,000 | 102,600,000 | ||||
Decrease in net deferred tax asset | 10,000,000 | |||||
Decrease in valuation allowance | 10,000,000 | |||||
Net deferred tax assets related to U.S. tax loss carryforwards | $ 21,500,000 | $ 21,500,000 | $ 31,500,000 | |||
Scenario, Forecast [Member] | ||||||
Income Tax [Line Items] | ||||||
Federal corporate income tax rate | 21.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 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 | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation | 8,011,771 | 8,231,496 | 8,011,771 | 8,231,496 |
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 | 6,245,155 | 6,907,891 | 6,245,155 | 6,907,891 |
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 | 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 | 1,374,116 | 700,000 | 1,374,116 | 700,000 |
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 | 325,000 | 0 | 325,000 | 0 |
Deferred 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 | 67,500 | 0 | 67,500 | 0 |