Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 13, 2018 | Dec. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EYPT | ||
Entity Registrant Name | EyePoint Pharmaceuticals, Inc. | ||
Entity Central Index Key | 1,314,102 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 74,512,048 | ||
Entity Public Float | $ 48,816,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 38,776 | $ 16,898 |
Accounts and other receivables | 353 | 251 |
Prepaid expenses and other current assets | 780 | 591 |
Total current assets | 39,909 | 17,740 |
Property and equipment, net | 253 | 313 |
Intangible assets, net | 31,358 | 364 |
Other assets | 0 | 110 |
Restricted cash | 150 | 150 |
Total assets | 71,670 | 18,677 |
Current liabilities: | ||
Accounts payable | 2,940 | 1,016 |
Accrued expenses | 3,723 | 4,224 |
Accrued development milestone | 15,000 | 0 |
Deferred revenue | 0 | 50 |
Total current liabilities | 21,663 | 5,290 |
Long-term debt | 17,309 | 0 |
Derivative liability | 19,780 | 0 |
Other long-term liabilities | 1,231 | 51 |
Total liabilities | 59,983 | 5,341 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity: | ||
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 150,000,000 and 120,000,000 shares authorized, 74,512,048 and 39,356,999 shares issued and outstanding, each at June 30, 2018 and 2017, respectively | 74 | 39 |
Additional paid-in capital | 374,766 | 323,284 |
Accumulated deficit | (363,991) | (310,820) |
Accumulated other comprehensive income | 838 | 833 |
Total stockholders' equity | 11,687 | 13,336 |
Total liabilities and stockholders' equity | $ 71,670 | $ 18,677 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | 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 | 150,000,000 | 120,000,000 |
Common stock, shares issued | 74,512,048 | 39,356,999 |
Common stock, shares outstanding | 74,512,048 | 39,356,999 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | |||
Total revenues | $ 2,961 | $ 7,539 | $ 1,620 |
Operating expenses: | |||
Research and development | 16,178 | 14,880 | 14,381 |
Sales and marketing | 1,512 | 0 | 0 |
General and administrative | 11,545 | 11,235 | 9,013 |
Total operating expenses | 29,235 | 26,115 | 23,394 |
Operating loss | (26,274) | (18,576) | (21,774) |
Interest and other income, net | 101 | 91 | 72 |
Interest expense | (720) | 0 | 0 |
Change in fair value of derivative liability | (26,278) | 0 | 0 |
Loss before income taxes | (53,171) | (18,485) | (21,702) |
Income tax benefit | 0 | 0 | 155 |
Net loss | $ (53,171) | $ (18,485) | $ (21,547) |
Net loss per share: | |||
Basic and diluted | $ (1.15) | $ (0.52) | $ (0.68) |
Weighted average common shares outstanding: | |||
Basic and diluted | 46,226 | 35,344 | 31,623 |
Net loss | $ (53,171) | $ (18,485) | $ (21,547) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 5 | (21) | (96) |
Net unrealized gain on marketable securities | 0 | 2 | 3 |
Other comprehensive income (loss) | 5 | (19) | (93) |
Comprehensive loss | (53,166) | (18,504) | (21,640) |
Collaborative Research and Development [Member] | |||
Revenues: | |||
Total revenues | 1,343 | 6,569 | 398 |
Royalty Income [Member] | |||
Revenues: | |||
Total revenues | $ 1,618 | $ 970 | $ 1,222 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Balance at Jun. 30, 2015 | $ 23,368 | $ 29 | $ 293,060 | $ (270,666) | $ 945 |
Balance, shares at Jun. 30, 2015 | 29,412,365 | ||||
Net loss | (21,547) | $ 0 | 0 | (21,547) | 0 |
Other comprehensive income (loss) | (93) | 0 | 0 | 0 | (93) |
Issuance of stock, net of issue costs | 16,500 | $ 5 | 16,495 | 0 | 0 |
Issuance of stock, shares | 4,440,000 | ||||
Exercise of stock options | 490 | $ 0 | 490 | 0 | 0 |
Exercise of stock options, shares | 320,554 | ||||
Stock-based compensation | 2,163 | $ 0 | 2,163 | 0 | 0 |
Balance at Jun. 30, 2016 | 20,881 | $ 34 | 312,208 | (292,213) | 852 |
Balance, shares at Jun. 30, 2016 | 34,172,919 | ||||
Net loss | (18,485) | $ 0 | 0 | (18,485) | 0 |
Other comprehensive income (loss) | (19) | 0 | 0 | 0 | (19) |
Issuance of stock, net of issue costs | 8,404 | $ 5 | 8,399 | 0 | 0 |
Issuance of stock, shares | 5,100,000 | ||||
Exercise of stock options | 99 | $ 0 | 99 | 0 | 0 |
Exercise of stock options, shares | 84,080 | ||||
Stock-based compensation | 2,456 | $ 0 | 2,456 | 0 | 0 |
Balance at Jun. 30, 2017 | $ 13,336 | $ 39 | 323,284 | (310,820) | 833 |
Balance, shares at Jun. 30, 2017 | 39,356,999 | 39,356,999 | |||
Cumulative effect of change in accounting principle (Note 2) | $ 0 | $ 0 | 122 | (122) | 0 |
Net loss | (53,171) | 0 | 0 | (53,171) | 0 |
Other comprehensive income (loss) | 5 | 0 | 0 | 0 | 5 |
Issuance of stock, net of issue costs | 47,982 | $ 35 | 47,947 | 0 | 0 |
Issuance of stock, shares | 34,690,548 | ||||
Fair value of warrants issued | 355 | $ 0 | 355 | 0 | 0 |
Exercise of stock options | 503 | $ 0 | 503 | 0 | 0 |
Exercise of stock options, shares | 310,900 | ||||
Vesting of stock units | (27) | $ 0 | (27) | 0 | 0 |
Vesting of stock units, shares | 153,601 | ||||
Stock-based compensation | 2,704 | $ 0 | 2,704 | 0 | 0 |
Balance at Jun. 30, 2018 | $ 11,687 | $ 74 | $ 374,766 | $ (363,991) | $ 838 |
Balance, shares at Jun. 30, 2018 | 74,512,048 | 74,512,048 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | |||
Net loss | $ (53,171) | $ (18,485) | $ (21,547) |
Adjustments to reconcile net loss to cash flows used in operating activities: | |||
Amortization of intangible assets | 981 | 724 | 756 |
Depreciation of property and equipment | 167 | 91 | 152 |
Amortization of debt discount | 209 | 0 | 0 |
Amortization of bond (discount) premium on marketable securities | 0 | (9) | 87 |
Amortization of noncurrent portion of deferred revenue | 0 | (5,585) | 0 |
Stock-based compensation | 2,704 | 2,456 | 2,163 |
Change in fair value of derivative liability | 26,278 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts and other receivables | 7 | 219 | 116 |
Prepaid expenses and other current assets | (174) | (99) | 187 |
Accounts payable | 1,747 | (346) | 626 |
Accrued expenses | (585) | 650 | 1,036 |
Deferred revenue | (50) | (97) | 103 |
Deferred rent | (20) | (9) | 5 |
Net cash used in operating activities | (21,907) | (20,490) | (16,316) |
Cash flows from investing activities: | |||
Purchases of marketable securities | 0 | (5,052) | (17,517) |
Maturities of marketable securities | 0 | 18,743 | 13,168 |
Acquisition of Icon Bioscience Inc., net of cash acquired | (16,780) | 0 | 0 |
Purchases of property and equipment | (108) | (147) | (113) |
Proceeds from sale of property and equipment | 0 | 33 | 0 |
Net cash (used in) provided by investing activities | (16,888) | 13,577 | (4,462) |
Cash flows from financing activities: | |||
Proceeds from issuance of stock, net of issuance costs | 41,515 | 8,404 | 16,500 |
Proceeds from issuance of long-term debt | 20,000 | 0 | 0 |
Payment of debt issue costs | (1,347) | 0 | 0 |
Proceeds from exercise of stock options | 503 | 99 | 490 |
Net cash provided by financing activities | 60,671 | 8,503 | 16,990 |
Effect of foreign exchange rate changes on cash and cash equivalents | 2 | (5) | (20) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 21,878 | 1,585 | (3,808) |
Cash, cash equivalents and restricted cash at beginning of year | 17,048 | 15,463 | 19,271 |
Cash, cash equivalents and restricted cash at end of year | 38,926 | 17,048 | 15,463 |
Cash interest paid | 258 | 0 | 0 |
Accrued development milestone | 15,000 | 0 | 0 |
Accrued term loan exit fee | 1,200 | 0 | 0 |
Fair value of second tranche purchase liability | 4,734 | 0 | 0 |
Fair value of warrants issued with debt | 355 | 0 | 0 |
Fair value of second tranche warrants | $ 18,165 | $ 0 | $ 0 |
Operations
Operations | 12 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Operations | 1. Operations EyePoint Pharmaceuticals, Inc. (together with its subsidiaries, the “Company”), incorporated in Delaware, is a specialty biopharmaceutical company committed to developing and commercializing innovative ophthalmic products for the treatment of eye diseases. The Company’s lead product, DEXYCU™ (dexamethasone intraocular suspension) 9%, approved by the United States (“U.S.”) Food and Drug Administration (“FDA”) in February 2018 for the treatment of post-operative inflammation, is administered as a single dose at the end of ocular surgery and is the first long-acting intraocular product approved by the FDA for the treatment of post-operative inflammation. DEXYCU utilizes the Company’s proprietary Verisome ® non-erodible non-infectious ILUVIEN ® ® The Company has financed its operations primarily from sales of equity securities, debt 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. During June 2018, the Company closed two financing transactions that consisted of (i) $25.3 million of net proceeds from the sale of 20,184,224 units (each a “Unit”, and collectively, the “Units”), with each Unit consisting of one share of the Company’s common stock (“Common Stock”) and one warrant to purchase one share of Common Stock (each a “Second Tranche Warrant”, and collectively, the “Second Tranche Warrants”), to certain accredited investors on June 25, 2018 (see Note 10) and (ii) $4.9 million of net proceeds from an additional advance under its term loan facility on June 26, 2018 (see Note 9). The Company had cash and cash equivalents of $38.8 million at June 30, 2018. The Company believes that its cash and cash equivalents at June 30, 2018 and expected proceeds from existing collaboration agreements will enable the Company to maintain its current and planned operations (including continuation of its two Phase 3 clinical trials for YUTIQ) into the first quarter of calendar year 2019. In order to extend the Company’s ability to fund its operations beyond then, including its planned U.S. commercial launch of DEXYCU and, if approved, YUTIQ, management’s plans include obtaining additional equity financing from the potential exercise of the Warrants, from the sale of equity securities through an underwritten public offering or the sale of Common Stock through an at-the-market |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and include the accounts of EyePoint Pharmaceuticals, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2018, 2017 and 2016 may be referred to herein as fiscal 2018, fiscal 2017 and fiscal 2016, respectively. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, realization of deferred tax assets and the valuation of stock option and other equity awards. Actual results could differ from these estimates. Foreign Currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates - the U.S. dollar or the Pound Sterling. Assets and liabilities of the Company’s foreign subsidiary are translated at period-end Cash Equivalents Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds. Marketable Securities Marketable securities consist of investments with an original or remaining maturity of greater than three months at the date of purchase. The Company has historically classified its marketable securities as available-for-sale. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive loss. The cost of marketable securities sold is determined by the specific identification method. Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2018, a total of $28.8 million, representing all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. The Company had no investments in marketable securities at June 30, 2018 and 2017. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. Revenues from Alimera accounted for $723,000, or 24% of total revenues in fiscal 2018, $659,000, or 9% of total revenues in fiscal 2017 and $233,000, or 14% of total revenues in fiscal 2016. Revenues from Pfizer accounted for $5.6 million, or 74% of total revenues in fiscal 2017 and were inconsequential in fiscal 2018 and fiscal 2016. Revenues from Bausch & Lomb accounted for approximately $1.0 million, or 35% of total revenues in fiscal 2018, $984,000, or 13% of total revenues in fiscal 2017 and $1.3 million, or 77% of total revenues in fiscal 2016. Revenues from feasibility study agreements accounted for approximately $1.1 million, or 37% of total revenues in fiscal 2018, $211,000, or 3%, of total revenues in fiscal 2017 and were inconsequential in fiscal 2016. Accounts receivable from Bausch & Lomb accounted for $306,000, or 87% of total accounts receivable at June 30, 2018 and $246,000, or 98%, of total accounts receivable at June 30, 2017. 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. The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity. Accounts and Other Receivables Receivables consist primarily of quarterly royalties earned under a license agreement with Bausch & Lomb. Debt and Equity Instruments Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement. Derivative Instruments Derivative financial liabilities are recorded at fair value, with gains and losses arising from changes in fair value recognized in change in fair value of derivative liability within the consolidated statements of comprehensive loss at each period end while such instruments are outstanding. The derivative liabilities are being valued using Monte Carlo simulation models. Refer to Notes 10 and 12 for additional information. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable Leases The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses. The Company recognizes the rent holiday and scheduled rent increases on a straight-line basis over the lease term, with the excess of cumulative rent expense over cash payments recorded as a deferred rent liability. Impairment of Intangible Assets The Company’s finite life intangible assets, which have historically included its Durasert and Tethadur™ patented technologies, also include the DEXYCU product (utilizing the Verisome technology) following the March 2018 acquisition of Icon. The previous intangible assets were amortized on a straight-line basis over twelve years and were fully amortized as of December 31, 2017. The DEXYCU intangible asset is being amortized on a straight-line basis over its estimated useful life of thirteen years. The intangible asset lives were determined based upon the anticipated period that the Company would derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured as the amount by which the carrying value of the asset exceeds its estimated fair value. Revenue Recognition Collaborative Research and Development and Multiple-Deliverable Arrangements The Company enters into collaborative arrangements with strategic partners for the development and commercialization of products and product candidates utilizing the Company’s technologies. The terms of these agreements have typically included multiple deliverables by the Company (for example, license rights, research and development services and manufacturing of clinical materials) in exchange for consideration to the Company of some combination of non-refundable Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable, and collection is reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price method using management’s best estimate of the standalone selling price of deliverables when vendor-specific objective evidence or third-party evidence of selling price is not available. Allocated consideration is recognized as revenue upon application of the appropriate revenue recognition principles to each unit. When the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized. The Company estimates its performance period used for revenue recognition based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Significant management judgment may be required to determine the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up Royalties Royalty income is recognized upon the sale of the related products, provided that the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and the Company has no remaining performance obligations under the arrangement. Such revenues are included as royalty income. If royalties are received when the Company has remaining performance obligations, the royalty payments would be attributed to the services being provided under the arrangement and therefore revenue would be recognized as such performance obligations are performed. Any such revenues are included as collaborative research and development revenues. Reimbursement of Costs The Company may provide research and development services and incur maintenance costs of licensed patents under collaboration arrangements to assist in advancing the development of licensed products. The Company acts primarily as a principal in these transactions and, accordingly, reimbursement amounts received are classified as a component of revenue to be recognized consistent with the revenue recognition policy summarized above. The Company records the expenses incurred and reimbursed on a gross basis. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current Research and Development Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical Stock-Based Compensation The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. In the fourth quarter of fiscal 2017, the Company early adopted ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting paid-in 2016-09, Compensation cost related to such share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of restricted stock units based on the observed grant date fair value of the underlying Common Stock. Net Loss per Share Basic net loss per share is computed by dividing 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 weighted-average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Potential Common Stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Year Ended June 30, 2018 2017 2016 Options outstanding 7,750,244 6,895,685 4,981,421 Warrants outstanding 20,671,036 623,605 623,605 Restricted stock units outstanding 1,398,129 948,500 — Performance stock units outstanding 466,668 210,000 — Deferred stock units 35,001 — — 30,321,078 8,677,790 5,605,026 Comprehensive Loss Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale Income Tax The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax benefit. Recently Adopted and Recently Issued Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that the impact of recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2015-14, 2014-09 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, Leases right-of-use 2016-02 In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business 2017-01”), 2017-01 In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting 2018-07 |
Acquisition of Icon Bioscience,
Acquisition of Icon Bioscience, Inc. | 12 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Icon Bioscience, Inc. | 3. Acquisition of Icon Bioscience, Inc. On March 28, 2018, the Company and its newly-created wholly-owned subsidiary, Oculus Merger Sub, Inc., acquired Icon, a specialty biopharmaceutical company, through a reverse triangular merger (the “Icon Acquisition”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) among the Company, Icon, and Shareholder Representative Services LLC (“SRS”), solely in its capacity as representative of Icon’s securityholders. The Icon Acquisition has been accounted for as an asset acquisition because substantially all of the fair value of the gross assets acquired were deemed to be concentrated in a group of similar identifiable assets related to Icon’s lead product, DEXYCU. A portion of the Icon Acquisition was funded by an equity financing and a debt financing, both of which closed concurrently with the Icon Acquisition (see Notes 10 and 9, respectively). Pursuant to the Merger Agreement, the Company made a closing payment of $15.0 million to SRS, net of an estimated $127,000 working capital adjustment, and is obligated to pay certain post-closing contingent cash payments upon the achievement of specified milestones and based upon certain net sales and partnering revenue standards, in each case subject to the terms and conditions set forth in the Merger Agreement. These include but are not limited to (i) a one-time earn-out earn-out earn-out earn-out The purchase price on the date of the Icon Acquisition was $32.0 million, comprised of the closing consideration of $15.0 million, including the assumption of an estimated $127,000 of net current liabilities of Icon, the contingent development milestone payment of $15.0 million and transaction costs of approximately $2.0 million. Through June 30, 2018, cash paid for the acquisition totaled $16.8 million, which consisted of $14.9 million at closing and approximately $1.9 million of transaction costs, net of $38,000 of cash acquired. Given the stage of development of DEXYCU, the Company has determined these payments do not represent research and development costs. The contingent consideration in the form of sales milestones will be capitalized as additional intangible assets when any such consideration becomes probable and can be reasonably estimated. Sales-based royalty payments will be expensed as incurred. The $32.0 million purchase price was allocated to a single finite-lived intangible asset with an expected amortization life of approximately 13 years (see Note 5). The acquisition did not have a net tax impact due to a full valuation allowance against the acquired net deferred tax assets. |
License and Collaboration Agree
License and Collaboration Agreements | 12 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
License and Collaboration Agreements | 4. 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 for DME, 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 were generally recognized as revenue upon receipt or at such earlier date, if applicable, on which any such amounts were both fixed and determinable and reasonably assured of collectability. In instances when payments were received and subject to a contingency, revenue was deferred until such contingency was resolved. Revenue under the Prior Alimera Agreement, including all patent reimbursements, totaled $148,000 for fiscal 2018, $659,000 for fiscal 2017 and $233,000 for fiscal 2016, which are included in collaborative research and development revenues in the accompanying consolidated statements of comprehensive loss. These revenues included (i) $50,000 and $585,000 of net profit share earned in fiscal 2018 and 2017, respectively, of which fiscal 2017 included $136,000 recognized in connection with an arbitration settlement related to calendar year 2014 reporting by Alimera; and (ii) $157,000 of non-royalty 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) expanded the license to Alimera to the Company’s proprietary Durasert sustained-release drug delivery technology platform to include uveitis, including NIPU, in Europe, the Middle East and Africa and (ii) converted the net profit share arrangement for each licensed product (including ILUVIEN) under the Prior Alimera Agreement 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 started at the rate of 2%. Commencing January 1, 2019 (or earlier under certain circumstances), the sales-based royalty will increase to 6% on aggregate calendar year net sales up to $75 million and to 8% on any calendar years sales in excess of $75 million. Alimera’s share of contingently recoverable accumulated ILUVIEN commercialization losses under the original net profit share arrangement, capped at $25 million, are to be reduced as follows: (i) $10.0 million was cancelled in lieu of an upfront license fee on the effective date of the Amended Alimera Agreement; (ii) for calendar years 2019 and 2020, 50% of earned sales-based royalties in excess of 2% will be offset against the quarterly royalty payments otherwise due from Alimera; (iii) on January 1, 2020, another $5 million will be cancelled, provided, however, that such date of cancellation may be extended under certain circumstances related to Alimera’s regulatory approval process for ILUVIEN for posterior uveitis, with such extension, if any, subject to mutual agreement by the parties; and (iv) commencing in calendar year 2021, 20% of earned sales-based royalties in excess of 2% will be offset against the quarterly royalty payments due from Alimera until such time as the balance of the original $25 million of recoverable commercialization losses has been fully recouped. Revenue under the Amended Alimera Agreement totaled $575,000 in fiscal 2018 and was recorded as royalty income in the accompanying consolidated statements of comprehensive loss. Following consummation of the Amended Alimera Agreement, the Company withdrew its previously filed EU marketing approval application (“MAA”) and its orphan drug designation for posterior uveitis, and Alimera became responsible for filing a Type II variation for ILUVIEN for the treatment of NIPU in the 17 EU countries where ILUVIEN is currently approved for the treatment of DME. In January 2018, Alimera received validation of a Type II variation submitted in December 2017 in all seventeen European countries in which it previously received regulatory approval for ILUVIEN for DME. Alimera has reported that it expects to receive regulatory approval for the Type II variation in the first half of calendar year 2019. If the variation is approved, Alimera plans to commercialize the three-year NIPU indication under its ILUVIEN trademark. Pfizer In June 2011, the Company and Pfizer entered into an Amended and Restated Collaborative Research and License agreement (the “Restated Pfizer Agreement”) to focus solely on the development of a sustained-release bioerodible micro-insert injected into the subconjunctiva designed to deliver latanoprost for human ophthalmic disease or conditions other than uveitis (the “Latanoprost Product”). Pfizer made an upfront payment of $2.3 million and the Company agreed to provide Pfizer options under various circumstances for an exclusive, worldwide license to develop and commercialize the Latanoprost Product. The estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million was partially recognized as collaborative research and development revenue over the expected performance period using the proportional performance method with costs associated with developing the Latanoprost Product reflected in operating expenses in the period in which they were incurred. No collaborative research and development revenue was recorded during each of fiscal 2017 and fiscal 2016. On October 25, 2016, the Company notified Pfizer that it had discontinued development of the Latanoprost Product, which provided Pfizer a 60-day 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 approximately $1.0 million in fiscal 2018, $970,000 in fiscal 2017 and approximately $1.2 million in fiscal 2016. Accounts receivable from Bausch & Lomb totaled $306,000 at June 30, 2018 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 previously developed product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 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 Feasibility Study 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 feasibility study agreement. Revenues under feasibility study agreements totaled $1.1 million in fiscal 2018, $211,000 in fiscal 2017 and $33,000 in fiscal 2016. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets The reconciliation of intangible assets for the years ended June 30, 2018 and 2017 was as follows (in thousands): June 30, 2018 2017 Patented technologies Gross carrying amount at beginning of year $ 35,610 $ 36,196 Acquisition of Icon Bioscience Inc. 31,973 — Foreign currency translation adjustments 739 (586 ) Gross carrying amount at end of year 68,322 35,610 Accumulated amortization at beginning of year (35,246 ) (35,094 ) Amortization expense (981 ) (724 ) Foreign currency translation adjustments (737 ) 572 Accumulated amortization at end of year (36,964 ) (35,246 ) Net book value at end of year $ 31,358 $ 364 The net book value of the Company’s intangible assets at June 30, 2018 and 2017 is summarized as follows (in thousands): June 30, Estimated 2018 2017 (Years) Patented technologies DEXYCU / Verisome $ 31,358 — 12.75 Durasert — 265 — Tethadur — 99 — $ 31,358 $ 364 The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense for intangible assets totaled $981,000 in fiscal 2018, $724,000 in fiscal 2017 and $756,000 in fiscal 2016. In connection with the Icon Acquisition (see Note 3), the initial purchase price of $32.0 million was attributed to the DEXYCU product intangible asset. This finite-lived intangible asset is being amortized on a straight-line basis over its expected useful life estimated to be 13 years at the rate of approximately $2.5 million per year. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 6. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, 2018 2017 Property and equipment $ 805 $ 698 Leasehold improvements 101 101 Gross property and equipment 906 799 Accumulated depreciation and amortization (653 ) (486 ) $ 253 $ 313 Depreciation expense totaled $167,000 in fiscal 2018, $91,000 in fiscal 2017 and $152,000 in fiscal 2016. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consisted of the following (in thousands): June 30, 2018 2017 Clinical trial costs $ 742 $ 1,984 Personnel costs 1,763 1,632 Professional fees 926 590 Interest 254 — Other 38 18 $ 3,723 $ 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 |
Restructuring
Restructuring | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 8. Restructuring In July 2016, the Company announced its plan to consolidate all research and development activities in its U.S. facility. Following employee consultations under local U.K. law, the Company determined to close its U.K. research facility and terminated the employment of its U.K. employees. The U.K. facility lease, set to expire on August 31, 2016, was extended through November 30, 2016 to facilitate an orderly transition and the required restoration of the premises. A summary reconciliation of the restructuring costs is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 73 (113 ) — Other 29 126 (155 ) — $ 187 $ 472 $ (659 ) $ — The Company recorded approximately $472,000 of restructuring costs during fiscal 2017 to research and development expense. These costs consisted of (i) $273,000 of additional employee severance for discretionary termination benefits upon notification of the affected employees in accordance with ASC 420, Exit or Disposal Cost Obligations In addition, for the first quarter of fiscal 2017, the Company recorded $99,000 of non-cash non-vested The Company paid all of the restructuring costs associated with the plan of consolidation as of March 31, 2017. |
Term Loan Agreement
Term Loan Agreement | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Term Loan Agreement | 9. Term Loan Agreement On March 28, 2018 (the “Closing Date”), the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, as borrower, SWK Funding LLC, as agent (the “Agent”), and the lenders party thereto from time to time (the “Lenders”), providing for a senior secured term loan of up to $20 million (the “Loan”). On the Closing Date, $15 million of the Loan was advanced (the “Initial Advance”). The remaining $5 million of the Loan was advanced on June 26, 2018 following satisfaction of the Minimum Capital Raise (as defined in the Credit Agreement) (the “Additional Advance”). The Loan may be increased by $10 million upon the request of the Company, subject to the Agent obtaining additional loan commitments and satisfaction of certain conditions in the Credit Agreement. The Loan is due and payable on March 27, 2023 (the “Maturity Date”). The Loan bears interest at a per annum rate of the three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%. The Credit Agreement permits the Company to pay interest only on the principal amount for the first eight payments (payments are due on a quarterly basis commencing May 15, 2018). Following the interest-only period, the Company will be required to make quarterly payments of interest, plus repayments of the principal in an aggregate amount of up to $1.67 million per quarter (the “Quarterly Principal Repayment Cap”). Subject to the Quarterly Principal Repayment Cap, the amount of any quarterly principal payments during any fiscal year of the Company is based on (x) a percentage of the year-to-date Upon the occurrence of a bankruptcy-related event of default, all amounts outstanding with respect to the Loan become due and payable immediately and upon the occurrence of any other Event of Default (as defined in the Credit Agreement), all or any amounts outstanding with respect to the Loan may become due and payable upon request of the Agent or majority Lenders. Additionally, subject to certain exceptions, the Company is required to make mandatory prepayments of the Loan with the proceeds of asset sales and insurance proceeds. The Company may make a voluntary prepayment of the Loan, in whole, but not in part, at any time on or after the first anniversary of the Closing Date. All mandatory and voluntary prepayments of the Loan are subject to the payment of prepayment premiums as follows: (i) in the case of mandatory prepayments, if prepayment occurs prior to the first anniversary of the Closing Date, a customary make-whole amount equal to the amount of interest that would have accrued on the principal amount so prepaid had it remained outstanding through the first anniversary of the Closing Date, (ii) if prepayment occurs on or after the first anniversary of the Closing Date, but prior to the second anniversary of the Closing Date, 6% of the aggregate amount of the principal prepaid and (iii) if prepayment occurs on or after the second anniversary of the Closing Date, but prior to the third anniversary of the Closing Date, an amount equal to 1% of the principal prepaid. No prepayment premium is due on any principal prepaid on or after the third anniversary of the Closing Date. In connection with the Loan, the Company issued a warrant (the “SWK Warrant”) to the Agent to purchase (a) 409,091 shares of Common Stock (the “Initial Advance Warrant Shares”) at an exercise price equal of $1.10 per share and (b) 77,721 shares of Common Stock (the “Additional Advance Warrant Shares”) at an exercise price of $1.93 per share. The SWK Warrant is exercisable (i) with respect to the Initial Advance Warrant Shares, any time on or after the Closing Date until the close of business on the 7-year 7-year The Additional Advance Warrant Shares were recorded as a liability at the Closing Date and were remeasured at fair value at each reporting period until the date of the Additional Advance. The aggregate fair value of the Additional Advance Warrant Shares at the Closing Date was $69,000. The Initial Advance Warrant Shares were recorded as equity on the Company’s balance sheet at their relative fair value of $284,000. The remaining $14.6 million of the proceeds received were allocated to the Initial Advance term loan. Upon the closing of the Additional Advance, the Additional Advance Warrant Shares were re-valued The total debt discount related to the Initial Advance was $2.1 million and was comprised of (1) $1.8 million which included the 1.5% upfront fee, the Exit Fee and legal and other transaction costs, which were ratably allocated to each of the two tranches of the Loan based upon the total principal amount available to the Company under each tranche and (2) $353,000 related to the aggregate fair value of the Initial Advance Warrant Shares and the Additional Advance Warrant Shares. This amount is being amortized as additional interest expense over the term of the Loan using the effective interest method. The total debt issue costs related to the Additional Advance was $299,000 and was comprised of the allocated portions of the 1.5% upfront fee and the Exit Fee. This amount was recorded as a prepaid expense to be amortized ratably from the Closing Date through December 31, 2018. Through the date of the Additional Advance, $97,000 was amortized and the remaining balance of $202,000 was reclassified to debt discount. Together with the 6% Exit Fee on the Additional Advance and other transaction costs, total debt discount of $652,000 associated with the Additional Advance will be amortized over the remaining life of the Additional Advance portion of the Loan using the effective interest method. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity 2018 Equity Financing On the Closing Date, the Company entered into a Securities Purchase Agreement (the “First Tranche Securities Purchase Agreement”) with EW Healthcare Partners, L.P. and EW Healthcare Partners-A, On the Closing Date, the Company entered into a Second Securities Purchase Agreement (the “Second Tranche Securities Purchase Agreement” and together with the First Tranche Securities Purchase Agreement, the “Securities Purchase Agreements”) with the First Tranche Investors and certain other accredited investors (collectively, the “Second Tranche Investors”), pursuant to which the Company, subject to the approval of the Company’s stockholders, would offer and sell to the Second Tranche Investors an aggregate of approximately $25.5 million of Units, subject to a maximum of 27,250,000 Units, with each Unit consisting of (a) one share of Common Stock and (b) one warrant to purchase a share of Common Stock (the “Second Tranche Transaction” and together with the First Tranche Transaction, the “Equity Transactions”). The purchase price for each share of Common Stock issuable in the Second Tranche Transaction was defined as the lower of (a) $1.265 (which is a 15% premium to the First Tranche Purchase Price) and (b) a 20% discount to the volume weighted average price (“VWAP”) of the shares of Common Stock on the Nasdaq Stock Market for the 20 trading days immediately prior to the closing of the Second Tranche Transaction; provided, however, that the purchase price could not be lower than $0.88, which is a 20% discount to the First Tranche Purchase Price. At a special meeting of stockholders held on June 22, 2018, the Company’s stockholders approved the Second Tranche Transaction, following which, on June 25, 2018, the Company sold to the Second Tranche Investors an aggregate of 20,184,224 Units at a purchase price of $1.265 per Unit for gross proceeds of approximately $25.5 million, not including any proceeds that would be received from an exercise of the warrants. In addition, the stockholders approved the adoption of an amendment to the Company’s Certificate of Incorporation, as amended, to increase the number of authorized shares of Common Stock from 120,000,000 shares to 150,000,000 shares. The Second Tranche Warrants are exercisable any time until on or prior to the close of business on the 15th business day following the date on which the holders of the Second Tranche Warrants receive written notice from the Company that CMS has announced that a new C-Code C-code The Company determined that the shares of Common Stock issued in the First Tranche Transaction and the future obligation to issue Units in the Second Tranche Transaction were freestanding instruments. The Common Stock issued in the First Tranche Transaction was recorded as equity on the Company’s Balance Sheet. The future obligation to issue Units in the Second Tranche Transaction was recorded as a liability on the Company’s Balance Sheet, subject to remeasurement at fair value at each reporting period until settled. The Company determined that the First Tranche Transaction and the Second Tranche Transaction should be accounted for as a single transaction. Accordingly, the total consideration received on the Closing Date of $9.5 million was first allocated to the future obligation to issue Units in the Second Tranche Transaction at fair value as of the Closing Date, with the residual amount allocated to the Common Stock issued in the First Tranche Transaction. Further, issuance costs of $343,000 were allocated to each of the freestanding instruments on the basis of relative fair value. A net amount of approximately $4.6 million was allocated to the Common Stock issued in the First Tranche Transaction and the future obligation to issue Units in the Second Tranche Transaction, respectively, as of the Closing Date. As of March 31, 2018, the fair value of the Second Tranche Transaction liability was approximately $6.9 million and the Company recorded the $2.2 million change in fair value for the quarter ended March 31, 2018. The future obligation to issue Units in the second tranche transaction was revalued immediately prior to the Second Tranche Transaction and resulted in a change in fair value of approximately $22.2 million. Upon consummation of the Second Tranche Transaction, the resulting derivative liability balance of approximately $29.1 million was reclassified to equity. The Company determined that the Second Tranche Warrants are considered puttable warrants that represent an obligation that is indexed to repurchasing the Company’s shares and may require a transfer of assets that require classification as liabilities. The initial valuation of the Second Tranche Warrants on June 25, 2018 of approximately $18.2 million was re-measured ATM Facility In February 2017, the Company entered into an ATM program pursuant to which, under its Form S-3 12-month During fiscal 2017 (from March 2017 through May 9, 2017), the Company sold 5,100,000 shares of Common Stock under the ATM program (“ATM Shares Sold”) at a weighted average price of $1.74 per share for gross proceeds of approximately $8.9 million. Share issue costs, including sales agent commissions, totaled $244,000 during fiscal 2017. At a special meeting of stockholders held on June 27, 2017, the Company’s stockholders ratified the ATM Shares Sold, thereby refreshing the Company’s capacity to issue shares of Common Stock without prior stockholder approval under the ASX listing rules. In addition, the stockholders approved the adoption of an amendment to the Company’s Certificate of Incorporation, as amended, to increase the number of authorized shares of Common Stock from 60,000,000 shares to 120,000,000 shares. During fiscal 2018 (from July 2017 through November 7, 2017), the Company sold 5,900,000 shares of Common Stock under the ATM program at a weighted average price of $1.23 per share for gross proceeds of approximately $7.3 million. Share issue costs, including sales agent commissions, totaled $239,000 during fiscal 2018. Share Offering In January 2016, the Company sold 4,440,000 shares of Common Stock in an underwritten public offering at a price of $4.00 per share for gross proceeds of $17.8 million. Underwriter discounts and commissions and other share issue costs totaled approximately $1.3 million. Warrants to Purchase Common Shares In connection with the sale of the Units in the Second Tranche Transaction, the Company issued the Second Tranche Warrants on June 25, 2018 to the Second Tranche Investors. The Second Tranche Warrants are exercisable at any time until on or prior to the close of business on the 15th business day following the date on which the holders of the Second Tranche Warrants receive written notice from the Company that CMS has announced that a new C-code C-code Based on the above price formula, if exercised in full the aggregate gross proceeds from the Second Tranche Warrants will range from a minimum of approximately $17.8 million to a maximum of approximately $28.9 million. The following table provides a reconciliation of fixed price warrants to purchase Common Stock for the years ended June 30, 2018 and 2017, which excludes the Second Tranche Warrants that are subject to a variable exercise price: Year Ended June 30, 2018 2017 Number Weighted Number Weighted Balance at beginning of year 623,605 $ 2.50 623,605 $ 2.50 Issued 486,812 1.23 — — Expired (623,605 ) 2.50 — — Balance and exercisable at end of year 486,812 $ 1.23 623,605 $ 2.50 In connection with the Loan (see Note 9), the Company issued warrants (i) to purchase 409,091 shares of Common Stock on March 28, 2018 at an exercise price of $1.10 per share with a seven-year term and (ii) to purchase 77,721 shares of Common Stock on June 26, 2018 at an exercise price of $1.93 per share with a seven-year term. On August 7, 2017, previously issued 5-year |
Share-Based Payment Awards
Share-Based Payment Awards | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payment Awards | 11. Share-Based Payment Awards Equity Incentive Plans 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 June 30, 2018, a total of 1,497,528 shares were available for new awards. Stock Options The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans for the year ended June 30, 2018: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 6,045,685 $ 3.34 Granted 2,609,814 1.90 Exercised (310,900 ) 1.62 Forefeited (1,884,355 ) 3.54 Outstanding at June 30, 2018 6,460,244 $ 2.79 7.28 $ 700 Exercisable at June 30, 2018 2,906,334 $ 3.23 4.91 $ 321 During the year ended June 30, 2018, the Company granted 2,109,813 options to employees with ratable annual vesting over 3 years, 240,001 options to non-executive 1-year non-executive non-executive non-executive 10-year In determining the grant date fair value of option awards under the equity incentive plans, the Company applied the Black-Scholes option pricing model. Based upon limited option exercise history, the Company has generally used the “simplified” method outlined in SEC Staff Accounting Bulletin No. 110 to estimate the expected life of stock option grants. Management believes that the historical volatility of the Company’s stock price on Nasdaq best represents the expected volatility over the estimated life of the option. The risk-free interest rate is based upon published U.S. Treasury yield curve rates at the date of grant corresponding to the expected life of the stock option. An assumed dividend yield of zero reflects the fact that the Company has never paid cash dividends and has no intentions to pay dividends in the foreseeable future. The key assumptions used to apply the option pricing model for options granted under the 2016 Plan during the years ended June 30, 2018, 2017 and 2016 were as follows: 2018 2017 2016 Option life (in years) 5.50 - 6.00 5.50 - 6.25 5.50 - 6.25 Stock volatility 59% - 64% 70% - 72% 76% - 80% Risk-free 2.18% - 2.89% 1.23% - 2.08% 1.47% - 1.97% Expected dividends 0.0% 0.0% 0.0% The following table summarizes information about employee and director stock options under the Company’s equity incentive plans for the years ended June 30, 2018, 2017 and 2016 (in thousands except per share amounts): 2018 2017 2016 Weighted-average grant date fair value per share $ 1.06 $ 1.95 $ 2.74 Total cash received from exercise of stock options 503 99 490 Total intrinsic value of stock options exercised 152 53 967 Time-Vested Restricted Stock Units Time-vested 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 Common Stock on the date of grant. In connection with retention bonus agreements entered into in January 2017 (see Note 7), a total of 305,616 RSUs were issued on December 22, 2017 subject to one-year The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended June 30, 2018: Number of Weighted Nonvested at July 1, 2017 248,500 $ 1.77 Granted 802,459 1.52 Vested (107,830 ) 1.53 Forfeited (45,000 ) 1.77 Nonvested at June 30, 2018 898,129 $ 1.58 The weighted-average remaining vesting term of the RSUs at June 30, 2018 was 1.34 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 YUTIQ for review on or before March 31, 2018 and (b) for two-thirds The following table provides a reconciliation of PSU activity under the 2016 Plan for the year ended June 30, 2018: Number of Weighted Outstanding at July 1, 2017 210,000 $ 1.77 Granted 115,000 1.13 Vested (48,332 ) 1.52 Forfeited (35,000 ) 1.77 Outstanding at June 30, 2018 241,668 $ 1.52 The weighted-average remaining vesting term of the PSUs associated with the first performance condition at June 30, 2018 was approximately 8.6 months. Deferred Stock Units A total of 67,500 deferred stock units (“DSUs”) were issued to incumbent non-executive one-year The following table provides a reconciliation of DSU activity under the 2016 Plan for the year ended June 30, 2018: Number of Weighted Outstanding at July 1, 2017 — $ — Granted 102,501 1.41 Vested (67,500 ) 1.13 Outstanding at June 30, 2018 35,001 $ 1.95 At June 30, 2018, the weighted-average remaining vesting term of the DSUs was approximately 11.7 months. Market-Based Restricted Stock Units The following table provides a reconciliation of market-based restricted stock units for the year ended June 30, 2018: Number of Market-Based Restricted Weighted Outstanding at July 1, 2017 700,000 $ 1.35 Forfeited (200,000 ) 1.09 Outstanding at June 30, 2018 500,000 $ 1.45 At June 30, 2017, there were 700,000 market-based Restricted Stock Units (“market-based RSUs”) outstanding, which included 500,000 issued as an inducement award to the Company’s President and CEO and 200,000 issued to another employee under the 2008 Plan. At June 30, 2018, there were 500,000 market-based RSUs outstanding due to a forfeiture of 200,000 market-based RSUs upon the other employee’s resignation. Subject to a service condition, the number of shares underlying the one remaining market-based RSU vests based upon a relative percentile rank of the 3-year Other Inducement Award Grants In connection with the September 15, 2016 hire of the Company’s President and CEO, the Company granted 850,000 options to purchase Common Stock with ratable annual vesting over 4 years, an exercise price of $3.63 per share and a 10-year In connection with the May 14, 2018 hire of the Company’s Executive Vice President and General Manager, US, the Company granted 375,000 options to purchase Common Stock with ratable annual vesting over 3 years, 65,000 options with 1-year 10-year 3-year two-thirds one-third The following table provides a reconciliation of the Company’s inducement stock option awards for the year ended June 30, 2018: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 850,000 $ 3.63 Granted 440,000 1.95 Outstanding at June 30, 2018 1,290,000 $ 3.06 8.78 $ 57 Exercisable at June 30, 2018 212,500 $ 3.63 8.22 $ — Stock-Based Compensation Expense The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands): Year Ended June 30, 2018 2017 2016 Compensation expense included in: Research and development $ 1,252 $ 1,109 $ 702 Sales and marketing 50 — — General and administrative 1,402 1,347 1,461 $ 2,704 $ 2,456 $ 2,163 In connection with termination benefits provided to the Company’s former Chief Executive Officer, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through September 14, 2017, and all remaining non-vested non-vested In connection with termination benefits provided to the Company’s former Vice President, Corporate Affairs and General Counsel, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through June 26, 2018 and all remaining non-vested At June 30, 2018, there was approximately $5.4 million of unrecognized compensation expense related to outstanding equity awards under the 2016 Plan, the 2008 Plan and inducement awards that is expected to be recognized as expense over a weighted-average period of approximately 1.7 years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements The following tables summarize the Company’s assets and liabilities carried at fair value measured on a recurring basis at June 30, 2018 and 2017 by valuation hierarchy (in thousands): June 30, 2018 Description Total Carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 28,826 $ 28,826 $ — $ — $ 28,826 $ 28,826 $ — $ — Liabilities: Derivative liabilities $ 19,780 $ — $ — $ 19,780 $ 19,780 $ — $ — $ 19,780 June 30, 2017 Description Total Carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 13,521 $ 13,521 $ — $ — $ 13,521 $ 13,521 $ — $ — Financial instruments that potentially subject the Company to concentrations of credit risk have historically consisted principally of cash and cash equivalents. At June 30, 2018 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 Second Tranche Transaction was determined to be liability classified (see Note 10), which required that the liability be measured at fair value each period with changes in fair value recorded as a component of non-operating March 28, 2018 June 25, 2018 Volatility 54.20 % N/A Risk free interest rate 1.70 % N/A Estimated date of stockholder approval June 2018 N/A Estimated number of units issuable 26,900,000 20,184,224 Valuation date stock price $ 1.07 $ 1.93 The Additional Advance Warrants were initially determined to be liability classified (see Note 9), which required that the liability be measured at fair value each period with changes in fair value being recorded as a component of non-operating expense in the consolidated statement of comprehensive loss. This valuation was determined to be a level 3 valuation because it includes unobservable inputs. The Additional Advance Warrant liability was valued using a Monte Carlo simulation valuation model. This model incorporated several inputs including the Common Stock price on the date of valuation, the historical volatility of the price of the Common Stock, the risk-free interest rate and management’s assessments of the probability of the Additional Advance being drawn upon. Upon the closing of the Second Tranche Transaction in June 2018, the Additional Advance Warrants no longer met the criteria to be classified as a liability. The Company remeasured the Additional Advance Warrants immediately prior to the close of the Second Tranche Transaction and reclassified the liability balance to equity. Significant assumptions used to value this liability were as follows: March 28, 2018 June 25, 2018 Volatility 55.20 % 55.10 % Risk free interest rate 1.70 % 2.80 % Term (in years) 7 7 Dividend rate 0 % 0 % Valuation date stock price $ 1.07 $ 1.93 Probability of issuance 80 % 100 % Upon the closing of the Second Tranche Transaction, the Company issued the Second Tranche Warrants, which were determined to be liability classified, which requires that the liability be measured at fair value each period with changes in fair value being recorded as a component of non-operating expense in the consolidated statement of comprehensive loss. This valuation was determined to be a level 3 valuation because it includes unobservable inputs. The Second Tranche Warrants were valued using a Monte Carlo simulation valuation model. This model incorporated several inputs, including the Common Stock price on the date of valuation, the historical volatility of the price of the Common Stock and the risk-free interest rate. Significant assumptions used to value this liability are as follows: June 25, 2018 June 30, 2018 Volatility 81.00 % 85.40 % Risk free interest rate 2.10 % 2.10 % Term (in years) 0.5 0.5 Dividend rate 0 % 0 % Valuation date stock price $ 2.00 $ 2.08 Probability of issuance 100 % 100 % The following table sets forth a summary of changes in the fair value of the Company’s derivative liabilities for which fair value is determined by Level 3 inputs (in thousands): Second Tranche Additional Second Total Balance at June 30, 2017 $ — $ — $ — $ — Initial fair value of derivative liability 4,734 69 18,165 22,968 Change in fair value 24,319 18 1,615 25,952 Reclassification to equity — (87 ) — (87 ) Settlement (29,053 ) — — (29,053 ) Balance at June 30, 2018 $ — $ — $ 19,780 $ 19,780 Also included in the change in fair value was $326,000 of transaction costs that were expensed in connection with the issuance of the derivative liabilities. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 13. Retirement Plans The Company operates a defined contribution plan intended to qualify under Section 401(k) of the U.S. Internal Revenue Code. Participating U.S. employees may contribute a portion of their pre-tax The Company operated a defined contribution pension plan for U.K. employees pursuant to which the Company made contributions on behalf of employees plus a matching percentage of elective employee contributions. This pension plan was terminated in the quarter ending September 30, 2016 following termination of employment of all U.K. employees. The Company contributed a total of $220,000 for fiscal 2018, $193,000 for fiscal 2017 and $209,000 for fiscal 2016 in connection with these retirement plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The components of income tax benefit are as follows (in thousands): Year Ended June 30, 2018 2017 2016 U.S. operations: Current income tax expense $ — $ — $ 4 Deferred income tax benefit — — — — — 4 Non-U.S. Current income tax benefit — — (159 ) Deferred income tax benefit — — — — — (159 ) Income tax benefit $ — $ — $ (155 ) During the fiscal year ended June 30, 2016, the Company recognized a current income tax benefit of $159,000 related to foreign research and development tax credits earned by its U.K. subsidiary. The components of loss before income taxes are as follows (in thousands): Year Ended June 30, 2018 2017 2016 U.S. operations $ (53,000 ) $ (17,566 ) $ (19,780 ) Non-U.S. (171 ) (919 ) (1,922 ) Loss before income taxes $ (53,171 ) $ (18,485 ) $ (21,702 ) On December 22, 2017, the Tax Cuts and Jobs Act Year Ended June 30, 2018 2017 2016 Income tax benefit at statutory rate $ (14,622 ) $ (6,284 ) $ (7,379 ) State income taxes, net of federal benefit (1,552 ) (928 ) (1,044 ) Non-U.S. (66 ) (121 ) 778 Change in fair value of derivative 7,227 — — Change in federal tax rate 14,673 — — Research and development tax credits (284 ) (242 ) (397 ) Permanent items (15 ) (9 ) 216 Changes in valuation allowance (5,385 ) 7,489 6,789 Other, net 24 95 882 Income tax benefit $ — $ — $ (155 ) In addition to the $5.4 million change in valuation allowance in the above table, the Company recorded a deferred tax asset of $6.2 million and a valuation allowance of the same amount in connection with the Icon acquisition. The significant components of deferred income taxes are as follows (in thousands): June 30, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 47,774 $ 39,439 Deferred revenue — 20 Stock-based compensation 4,241 5,107 Tax credits 3,463 1,727 Other 185 186 Total deferred tax assets 55,663 46,479 Deferred tax liabilities: Intangible assets 8,542 123 Deferred tax assets, net 47,121 46,356 Valuation allowance 47,121 46,356 Total deferred tax liability $ — $ — The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduces the value of such attributes to the more-likely-than-not re-measurement year-end The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. Including approximately $49.3 million related to the Icon acquisition, at June 30, 2018 the Company had U.S. federal net operating loss carry forwards of approximately $165.1 million, which expire at various dates between calendar years 2023 and 2038. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2018, the Company had state net operating loss carry forwards of approximately $123.5 million, which expire between 2033 and 2038, as well as U.S. federal and state research and development tax credit carry forwards of approximately $2.9 million, which expire at various dates between calendar years 2018 and 2038. In addition, at June 30, 2018 the Company had net operating loss carry forwards in the U.K. of £21.1 million (approximately $27.9 million), which are not subject to any expiration dates. The Company’s U.S. federal income tax returns for calendar years 2003 through 2017 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal years 2006 through 2017 remain subject to examination. Through June 30, 2018, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive loss and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2018 or 2017. As of June 30, 2018 and 2017, the Company had no accrued penalties or interest related to uncertain tax positions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Operating Leases On May 17, 2018, the Company entered into a Second Amendment (the “Second Amendment”) to its Lease, dated November 1, 2013, as amended (the “Lease”), with Whetstone Riverworks Holdings, LLC (as successor-in-interest Commencing July 1, 2017, the Company leases approximately 3,000 square feet of office space in Liberty Corner, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In June 2018, the Company subleased an additional 1,381 square feet of adjoining space from Caladrius Biosciences, Inc. (“Caladrius”) through May 2022. The Chief Executive Officer of Caladrius is a director of the Company. At June 30, 2018, the Company’s total future minimum lease payments under non-cancellable Fiscal Year: 2019 $ 548 2020 870 2021 886 2022 892 2023 and beyond 2,324 $ 5,520 Rent expense related to the Company’s real estate and other operating leases charged to operations was approximately $508,000 for fiscal 2018, $442,000 for fiscal 2017 and $485,000 for fiscal 2016. 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. |
Segment and Geographic Area Inf
Segment and Geographic Area Information | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment and Geographic Area Information | 16. Segment and Geographic Area Information Business Segment The Company operates in only one business segment, being the biotechnology sector. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment. Geographic Area Information The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands): Revenues Long-lived assets, net 2018 2017 2016 2018 2017 U.S. $ 2,861 $ 7,439 $ 1,520 $ 253 $ 313 U.K. 100 100 100 — — Consolidated $ 2,961 $ 7,539 $ 1,620 $ 253 $ 313 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 17. Quarterly Financial Data (unaudited) The following table summarizes the quarterly results of operations for the years ended June 30, 2018 and 2017 (in thousands except per share amounts): Fiscal Year 2018 First Quarter Second Quarter Third Quarter Fourth Quarter June 30, 2018 Year Ended (1) (1) Total revenues $ 385 $ 933 $ 928 $ 715 $ 2,961 Operating loss (6,006 ) (5,808 ) (4,678 ) (9,782 ) (26,274 ) Net loss (5,983 ) (5,782 ) (6,978 ) (34,428 ) (53,171 ) Net loss per share—basic and diluted $ (0.15 ) $ (0.13 ) $ (0.15 ) $ (0.62 ) $ (1.15 ) Weighted average common shares—basic and diluted 39,430 44,530 45,644 55,387 46,226 Fiscal Year 2017 First Quarter Second Quarter Third Quarter Fourth Quarter June 30, 2017 Year Ended (2) Total revenues $ 277 $ 5,971 $ 590 $ 701 $ 7,539 Operating loss (7,186 ) (94 ) (5,160 ) (6,136 ) (18,576 ) Net loss (7,162 ) (67 ) (5,140 ) (6,116 ) (18,485 ) Net loss per share—basic and diluted $ (0.21 ) $ — $ (0.15 ) $ (0.16 ) $ (0.52 ) Weighted average common shares—basic and diluted 34,175 34,177 34,366 38,673 35,344 (1) Results for the third and fourth quarters of fiscal 2018 included $2.3 million and $24.0 million, respectively, of change in fair value of derivative liability in connection with the Second Tranche Transaction (see Notes 10 and 12). The fourth quarter of fiscal 2018 includes an out-of-period expense of $1.2 million reflecting the increase in the fair value of the Company’s derivative liability which occurred, but was not recorded, in the third quarter of fiscal 2018. (2) Results for the second quarter of fiscal 2017 included $5.6 million of revenue recognized as a result of the December 2016 termination of the Company’s Restated Pfizer Agreement (see Note 4). |
Significant Accounting Polici24
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and include the accounts of EyePoint Pharmaceuticals, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2018, 2017 and 2016 may be referred to herein as fiscal 2018, fiscal 2017 and fiscal 2016, respectively. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, realization of deferred tax assets and the valuation of stock option and other equity awards. Actual results could differ from these estimates. |
Foreign Currency | Foreign Currency The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates - the U.S. dollar or the Pound Sterling. Assets and liabilities of the Company’s foreign subsidiary are translated at period-end |
Cash Equivalents | Cash Equivalents Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds. |
Marketable Securities | Marketable Securities Marketable securities consist of investments with an original or remaining maturity of greater than three months at the date of purchase. The Company has historically classified its marketable securities as available-for-sale. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive loss. The cost of marketable securities sold is determined by the specific identification method. |
Concentrations of Risk | Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2018, a total of $28.8 million, representing all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. The Company had no investments in marketable securities at June 30, 2018 and 2017. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity. Revenues from Alimera accounted for $723,000, or 24% of total revenues in fiscal 2018, $659,000, or 9% of total revenues in fiscal 2017 and $233,000, or 14% of total revenues in fiscal 2016. Revenues from Pfizer accounted for $5.6 million, or 74% of total revenues in fiscal 2017 and were inconsequential in fiscal 2018 and fiscal 2016. Revenues from Bausch & Lomb accounted for approximately $1.0 million, or 35% of total revenues in fiscal 2018, $984,000, or 13% of total revenues in fiscal 2017 and $1.3 million, or 77% of total revenues in fiscal 2016. Revenues from feasibility study agreements accounted for approximately $1.1 million, or 37% of total revenues in fiscal 2018, $211,000, or 3%, of total revenues in fiscal 2017 and were inconsequential in fiscal 2016. Accounts receivable from Bausch & Lomb accounted for $306,000, or 87% of total accounts receivable at June 30, 2018 and $246,000, or 98%, of total accounts receivable at June 30, 2017. |
Fair Value Measurements | 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. The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity. |
Accounts and Other Receivables | Accounts and Other Receivables Receivables consist primarily of quarterly royalties earned under a license agreement with Bausch & Lomb. |
Debt and Equity Instruments | Debt and Equity Instruments Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement. |
Derivative Instruments | Derivative Instruments Derivative financial liabilities are recorded at fair value, with gains and losses arising from changes in fair value recognized in change in fair value of derivative liability within the consolidated statements of comprehensive loss at each period end while such instruments are outstanding. The derivative liabilities are being valued using Monte Carlo simulation models. Refer to Notes 10 and 12 for additional information. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable |
Leases | Leases The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses. The Company recognizes the rent holiday and scheduled rent increases on a straight-line basis over the lease term, with the excess of cumulative rent expense over cash payments recorded as a deferred rent liability. |
Impairment of Intangible Assets | Impairment of Intangible Assets The Company’s finite life intangible assets, which have historically included its Durasert and Tethadur™ patented technologies, also include the DEXYCU product (utilizing the Verisome technology) following the March 2018 acquisition of Icon. The previous intangible assets were amortized on a straight-line basis over twelve years and were fully amortized as of December 31, 2017. The DEXYCU intangible asset is being amortized on a straight-line basis over its estimated useful life of thirteen years. The intangible asset lives were determined based upon the anticipated period that the Company would derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured as the amount by which the carrying value of the asset exceeds its estimated fair value. |
Revenue Recognition | Revenue Recognition Collaborative Research and Development and Multiple-Deliverable Arrangements The Company enters into collaborative arrangements with strategic partners for the development and commercialization of products and product candidates utilizing the Company’s technologies. The terms of these agreements have typically included multiple deliverables by the Company (for example, license rights, research and development services and manufacturing of clinical materials) in exchange for consideration to the Company of some combination of non-refundable Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable, and collection is reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price method using management’s best estimate of the standalone selling price of deliverables when vendor-specific objective evidence or third-party evidence of selling price is not available. Allocated consideration is recognized as revenue upon application of the appropriate revenue recognition principles to each unit. When the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized. The Company estimates its performance period used for revenue recognition based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Significant management judgment may be required to determine the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up Royalties Royalty income is recognized upon the sale of the related products, provided that the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and the Company has no remaining performance obligations under the arrangement. Such revenues are included as royalty income. If royalties are received when the Company has remaining performance obligations, the royalty payments would be attributed to the services being provided under the arrangement and therefore revenue would be recognized as such performance obligations are performed. Any such revenues are included as collaborative research and development revenues. Reimbursement of Costs The Company may provide research and development services and incur maintenance costs of licensed patents under collaboration arrangements to assist in advancing the development of licensed products. The Company acts primarily as a principal in these transactions and, accordingly, reimbursement amounts received are classified as a component of revenue to be recognized consistent with the revenue recognition policy summarized above. The Company records the expenses incurred and reimbursed on a gross basis. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current |
Research and Development | Research and Development Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical |
Stock-Based Compensation | Stock-Based Compensation The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. In the fourth quarter of fiscal 2017, the Company early adopted ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting paid-in 2016-09, Compensation cost related to such share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards. The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied. The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of restricted stock units based on the observed grant date fair value of the underlying Common Stock. |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing 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 weighted-average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Potential Common Stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows: Year Ended June 30, 2018 2017 2016 Options outstanding 7,750,244 6,895,685 4,981,421 Warrants outstanding 20,671,036 623,605 623,605 Restricted stock units outstanding 1,398,129 948,500 — Performance stock units outstanding 466,668 210,000 — Deferred stock units 35,001 — — 30,321,078 8,677,790 5,605,026 |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale |
Income Tax | Income Tax The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax benefit. |
Recently Adopted and Recently Issued Accounting Pronouncements | Recently Adopted and Recently Issued Accounting Pronouncements New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that the impact of recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2015-14, 2014-09 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, Leases right-of-use 2016-02 In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business 2017-01”), 2017-01 In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting 2018-07 |
Significant Accounting Polici25
Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [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: Year Ended June 30, 2018 2017 2016 Options outstanding 7,750,244 6,895,685 4,981,421 Warrants outstanding 20,671,036 623,605 623,605 Restricted stock units outstanding 1,398,129 948,500 — Performance stock units outstanding 466,668 210,000 — Deferred stock units 35,001 — — 30,321,078 8,677,790 5,605,026 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Reconciliation of Intangible Assets | The reconciliation of intangible assets for the years ended June 30, 2018 and 2017 was as follows (in thousands): June 30, 2018 2017 Patented technologies Gross carrying amount at beginning of year $ 35,610 $ 36,196 Acquisition of Icon Bioscience Inc. 31,973 — Foreign currency translation adjustments 739 (586 ) Gross carrying amount at end of year 68,322 35,610 Accumulated amortization at beginning of year (35,246 ) (35,094 ) Amortization expense (981 ) (724 ) Foreign currency translation adjustments (737 ) 572 Accumulated amortization at end of year (36,964 ) (35,246 ) Net book value at end of year $ 31,358 $ 364 |
Schedule of Net Book Value of Intangible Assets | he net book value of the Company’s intangible assets at June 30, 2018 and 2017 is summarized as follows (in thousands): June 30, Estimated 2018 2017 (Years) Patented technologies DEXYCU / Verisome $ 31,358 — 12.75 Durasert — 265 — Tethadur — 99 — $ 31,358 $ 364 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net consisted of the following (in thousands): June 30, 2018 2017 Property and equipment $ 805 $ 698 Leasehold improvements 101 101 Gross property and equipment 906 799 Accumulated depreciation and amortization (653 ) (486 ) $ 253 $ 313 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): June 30, 2018 2017 Clinical trial costs $ 742 $ 1,984 Personnel costs 1,763 1,632 Professional fees 926 590 Interest 254 — Other 38 18 $ 3,723 $ 4,224 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of Reconciliation of Restructuring Costs | A summary reconciliation of the restructuring costs is as follows (in thousands): Balance at Charged to Payments Balance at Termination benefits $ 118 $ 273 $ (391 ) $ — Facility closure 40 73 (113 ) — Other 29 126 (155 ) — $ 187 $ 472 $ (659 ) $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
Summary of Reconciliation of Warrants to Purchase Common Stock | The following table provides a reconciliation of fixed price warrants to purchase Common Stock for the years ended June 30, 2018 and 2017, which excludes the Second Tranche Warrants that are subject to a variable exercise price: Year Ended June 30, 2018 2017 Number Weighted Number Weighted Balance at beginning of year 623,605 $ 2.50 623,605 $ 2.50 Issued 486,812 1.23 — — Expired (623,605 ) 2.50 — — Balance and exercisable at end of year 486,812 $ 1.23 623,605 $ 2.50 |
Share-Based Payment Awards (Tab
Share-Based Payment Awards (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Schedule of Key Assumptions Used | The key assumptions used to apply the option pricing model for options granted under the 2016 Plan during the years ended June 30, 2018, 2017 and 2016 were as follows: 2018 2017 2016 Option life (in years) 5.50 - 6.00 5.50 - 6.25 5.50 - 6.25 Stock volatility 59% - 64% 70% - 72% 76% - 80% Risk-free 2.18% - 2.89% 1.23% - 2.08% 1.47% - 1.97% Expected dividends 0.0% 0.0% 0.0% |
Summary of Information about Stock Options | The following table summarizes information about employee and director stock options under the Company’s equity incentive plans for the years ended June 30, 2018, 2017 and 2016 (in thousands except per share amounts): 2018 2017 2016 Weighted-average grant date fair value per share $ 1.06 $ 1.95 $ 2.74 Total cash received from exercise of stock options 503 99 490 Total intrinsic value of stock options exercised 152 53 967 |
Summary of Restricted Stock Unit Activity | The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended June 30, 2018: Number of Weighted Nonvested at July 1, 2017 248,500 $ 1.77 Granted 802,459 1.52 Vested (107,830 ) 1.53 Forfeited (45,000 ) 1.77 Nonvested at June 30, 2018 898,129 $ 1.58 |
Summary of Performance Stock Unit Activity | The following table provides a reconciliation of PSU activity under the 2016 Plan for the year ended June 30, 2018: Number of Weighted Outstanding at July 1, 2017 210,000 $ 1.77 Granted 115,000 1.13 Vested (48,332 ) 1.52 Forfeited (35,000 ) 1.77 Outstanding at June 30, 2018 241,668 $ 1.52 |
Summary of Deferred Stock Unit Activity | The following table provides a reconciliation of DSU activity under the 2016 Plan for the year ended June 30, 2018: Number of Weighted Outstanding at July 1, 2017 — $ — Granted 102,501 1.41 Vested (67,500 ) 1.13 Outstanding at June 30, 2018 35,001 $ 1.95 |
Summary of Market-Based Restricted Stock Unit Activity | The following table provides a reconciliation of market-based restricted stock units for the year ended June 30, 2018: Number of Market-Based Restricted Weighted Outstanding at July 1, 2017 700,000 $ 1.35 Forfeited (200,000 ) 1.09 Outstanding at June 30, 2018 500,000 $ 1.45 |
Compensation Expense from Stock-Based Payment Awards | The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands): Year Ended June 30, 2018 2017 2016 Compensation expense included in: Research and development $ 1,252 $ 1,109 $ 702 Sales and marketing 50 — — General and administrative 1,402 1,347 1,461 $ 2,704 $ 2,456 $ 2,163 |
2016 Long Term Incentive Plan [Member] | |
Stock Option Activity Under Plan | The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans for the year ended June 30, 2018: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 6,045,685 $ 3.34 Granted 2,609,814 1.90 Exercised (310,900 ) 1.62 Forefeited (1,884,355 ) 3.54 Outstanding at June 30, 2018 6,460,244 $ 2.79 7.28 $ 700 Exercisable at June 30, 2018 2,906,334 $ 3.23 4.91 $ 321 |
2008 Incentive Plan [Member] | |
Stock Option Activity Under Plan | The following table provides a reconciliation of the Company’s inducement stock option awards for the year ended June 30, 2018: Number of Weighted Weighted Aggregate (in years) (in thousands) Outstanding at July 1, 2017 850,000 $ 3.63 Granted 440,000 1.95 Outstanding at June 30, 2018 1,290,000 $ 3.06 8.78 $ 57 Exercisable at June 30, 2018 212,500 $ 3.63 8.22 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following tables summarize the Company’s assets and liabilities carried at fair value measured on a recurring basis at June 30, 2018 and 2017 by valuation hierarchy (in thousands): June 30, 2018 Description Total Carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 28,826 $ 28,826 $ — $ — $ 28,826 $ 28,826 $ — $ — Liabilities: Derivative liabilities $ 19,780 $ — $ — $ 19,780 $ 19,780 $ — $ — $ 19,780 June 30, 2017 Description Total Carrying Quoted prices in Significant other Significant Assets: Cash equivalents $ 13,521 $ 13,521 $ — $ — $ 13,521 $ 13,521 $ — $ — |
Summary of Changes in the Fair Value of the Company's Derivative Liabilities | The following table sets forth a summary of changes in the fair value of the Company’s derivative liabilities for which fair value is determined by Level 3 inputs (in thousands): Second Tranche Additional Second Total Balance at June 30, 2017 $ — $ — $ — $ — Initial fair value of derivative liability 4,734 69 18,165 22,968 Change in fair value 24,319 18 1,615 25,952 Reclassification to equity — (87 ) — (87 ) Settlement (29,053 ) — — (29,053 ) Balance at June 30, 2018 $ — $ — $ 19,780 $ 19,780 |
Second Tranche Transaction [Member] | |
Schedule of Assumptions Used to Value Liability | Significant assumptions used to value this liability were as follows: March 28, 2018 June 25, 2018 Volatility 54.20 % N/A Risk free interest rate 1.70 % N/A Estimated date of stockholder approval June 2018 N/A Estimated number of units issuable 26,900,000 20,184,224 Valuation date stock price $ 1.07 $ 1.93 |
Second Tranche Warrants [Member] | |
Schedule of Assumptions Used to Value Liability | Significant assumptions used to value this liability were as follows: March 28, 2018 June 25, 2018 Volatility 55.20 % 55.10 % Risk free interest rate 1.70 % 2.80 % Term (in years) 7 7 Dividend rate 0 % 0 % Valuation date stock price $ 1.07 $ 1.93 Probability of issuance 80 % 100 % |
Additional Advance [Member] | |
Schedule of Assumptions Used to Value Liability | Significant assumptions used to value this liability were as follows: March 28, 2018 June 25, 2018 Volatility 55.20 % 55.10 % Risk free interest rate 1.70 % 2.80 % Term (in years) 7 7 Dividend rate 0 % 0 % Valuation date stock price $ 1.07 $ 1.93 Probability of issuance 80 % 100 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Benefit | The components of income tax benefit are as follows (in thousands): Year Ended June 30, 2018 2017 2016 U.S. operations: Current income tax expense $ — $ — $ 4 Deferred income tax benefit — — — — — 4 Non-U.S. Current income tax benefit — — (159 ) Deferred income tax benefit — — — — — (159 ) Income tax benefit $ — $ — $ (155 ) |
Components of Loss Before Income Taxes | The components of loss before income taxes are as follows (in thousands): Year Ended June 30, 2018 2017 2016 U.S. operations $ (53,000 ) $ (17,566 ) $ (19,780 ) Non-U.S. (171 ) (919 ) (1,922 ) Loss before income taxes $ (53,171 ) $ (18,485 ) $ (21,702 ) |
Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit | The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 27.5% for fiscal 2018 and 34% for each of fiscal 2017 and fiscal 2016 to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands): Year Ended June 30, 2018 2017 2016 Income tax benefit at statutory rate $ (14,622 ) $ (6,284 ) $ (7,379 ) State income taxes, net of federal benefit (1,552 ) (928 ) (1,044 ) Non-U.S. (66 ) (121 ) 778 Change in fair value of derivative 7,227 — — Change in federal tax rate 14,673 — — Research and development tax credits (284 ) (242 ) (397 ) Permanent items (15 ) (9 ) 216 Changes in valuation allowance (5,385 ) 7,489 6,789 Other, net 24 95 882 Income tax benefit $ — $ — $ (155 ) |
Significant Components of Deferred Income Taxes | The significant components of deferred income taxes are as follows (in thousands): June 30, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 47,774 $ 39,439 Deferred revenue — 20 Stock-based compensation 4,241 5,107 Tax credits 3,463 1,727 Other 185 186 Total deferred tax assets 55,663 46,479 Deferred tax liabilities: Intangible assets 8,542 123 Deferred tax assets, net 47,121 46,356 Valuation allowance 47,121 46,356 Total deferred tax liability $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under Non-Cancellable Operating Leases | At June 30, 2018, the Company’s total future minimum lease payments under non-cancellable Fiscal Year: 2019 $ 548 2020 870 2021 886 2022 892 2023 and beyond 2,324 $ 5,520 |
Segment and Geographic Area I35
Segment and Geographic Area Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area | The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands): Revenues Long-lived assets, net 2018 2017 2016 2018 2017 U.S. $ 2,861 $ 7,439 $ 1,520 $ 253 $ 313 U.K. 100 100 100 — — Consolidated $ 2,961 $ 7,539 $ 1,620 $ 253 $ 313 |
Quarterly Financial Data (una36
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | The following table summarizes the quarterly results of operations for the years ended June 30, 2018 and 2017 (in thousands except per share amounts): Fiscal Year 2018 First Quarter Second Quarter Third Quarter Fourth Quarter June 30, 2018 Year Ended (1) (1) Total revenues $ 385 $ 933 $ 928 $ 715 $ 2,961 Operating loss (6,006 ) (5,808 ) (4,678 ) (9,782 ) (26,274 ) Net loss (5,983 ) (5,782 ) (6,978 ) (34,428 ) (53,171 ) Net loss per share—basic and diluted $ (0.15 ) $ (0.13 ) $ (0.15 ) $ (0.62 ) $ (1.15 ) Weighted average common shares—basic and diluted 39,430 44,530 45,644 55,387 46,226 Fiscal Year 2017 First Quarter Second Quarter Third Quarter Fourth Quarter June 30, 2017 Year Ended (2) Total revenues $ 277 $ 5,971 $ 590 $ 701 $ 7,539 Operating loss (7,186 ) (94 ) (5,160 ) (6,136 ) (18,576 ) Net loss (7,162 ) (67 ) (5,140 ) (6,116 ) (18,485 ) Net loss per share—basic and diluted $ (0.21 ) $ — $ (0.15 ) $ (0.16 ) $ (0.52 ) Weighted average common shares—basic and diluted 34,175 34,177 34,366 38,673 35,344 (1) Results for the third and fourth quarters of fiscal 2018 included $2.3 million and $24.0 million, respectively, of change in fair value of derivative liability in connection with the Second Tranche Transaction (see Notes 10 and 12). The fourth quarter of fiscal 2018 includes an out-of-period expense of $1.2 million reflecting the increase in the fair value of the Company’s derivative liability which occurred, but was not recorded, in the third quarter of fiscal 2018. (2) Results for the second quarter of fiscal 2017 included $5.6 million of revenue recognized as a result of the December 2016 termination of the Company’s Restated Pfizer Agreement (see Note 4). |
Operations - Additional Informa
Operations - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 26, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Operations [Line Items] | |||
Cash and cash equivalents | $ 38,776 | $ 16,898 | |
Sale of stock description | The Company closed two financing transactions that consisted of (i) $25.3 million of net proceeds from the sale of 20,184,224 units (“Units”), with each Unit consisting of one share of the Company’s common stock (“Common Stock”) and one warrant to purchase one share of Common Stock (the “Warrants”) | ||
Two Thousand and Eighteen Equity Financing [Member] | |||
Operations [Line Items] | |||
Proceeds from sale of units, net of issue costs | $ 25,300 | ||
Number of units issued in Tranche 2 Financing | 20,184,224 | ||
Senior Secured Term Loan [Member] | |||
Operations [Line Items] | |||
Net proceeds from additional advance | $ 4,900 |
Significant Accounting Polici38
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Accumulated other comprehensive income is attributable to both foreign currency translation and unrealized gain on marketable securities | $ 838,000 | $ 833,000 | $ 838,000 | $ 833,000 | |||||||
Marketable securities purchased | 0 | 5,052,000 | $ 17,517,000 | ||||||||
Marketable securities matured | 0 | 18,743,000 | 13,168,000 | ||||||||
Investments in significant unrealized loss position | 0 | 0 | 0 | 0 | |||||||
Interest-bearing cash equivalent | 28,800,000 | 28,800,000 | |||||||||
Marketable securities | 0 | 0 | 0 | 0 | |||||||
Revenues | 715,000 | $ 928,000 | $ 933,000 | $ 385,000 | 701,000 | $ 590,000 | $ 5,971,000 | $ 277,000 | 2,961,000 | 7,539,000 | 1,620,000 |
Accounts receivable | 353,000 | 251,000 | $ 353,000 | 251,000 | |||||||
Minimum [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives of assets | 3 years | ||||||||||
Maximum [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Estimated useful lives of assets | 5 years | ||||||||||
Pfizer Inc. [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Revenues | $ 5,600,000 | ||||||||||
Pfizer Inc. [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of concentration risk | 74.00% | ||||||||||
Bausch and Lomb [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Revenues | $ 1,000,000 | $ 984,000 | $ 1,300,000 | ||||||||
Accounts receivable | $ 306,000 | $ 246,000 | $ 306,000 | $ 246,000 | |||||||
Bausch and Lomb [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of concentration risk | 35.00% | 13.00% | 77.00% | ||||||||
Bausch and Lomb [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of concentration risk | 87.00% | 98.00% | |||||||||
Feasibility Study Agreement [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Revenues | $ 1,100,000 | $ 211,000 | |||||||||
Feasibility Study Agreement [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of concentration risk | 37.00% | 3.00% | |||||||||
Alimera [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Revenues | $ 723,000 | $ 659,000 | $ 233,000 | ||||||||
Alimera [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||||||
Percentage of concentration risk | 24.00% | 9.00% | 14.00% |
Significant Accounting Polici39
Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 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 | 30,321,078 | 8,677,790 | 5,605,026 |
Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation | 7,750,244 | 6,895,685 | 4,981,421 |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation | 20,671,036 | 623,605 | 623,605 |
RSU [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation | 1,398,129 | 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 | 466,668 | 210,000 | 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 | 35,001 | 0 | 0 |
Acquisition of Icon Bioscienc40
Acquisition of Icon Bioscience, Inc - Additional Information (Detail) - USD ($) | Mar. 28, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Business Acquisition [Line Items] | ||||
Cash payment at closing, net of cash acquired, plus payment of transaction costs | $ 16,780,000 | $ 0 | $ 0 | |
DEXYCU [Member] | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset expected amortization life | 12 years 9 months | |||
Icon Bioscience Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition date | Mar. 28, 2018 | |||
Consideration payment at closing | $ 15,000,000 | |||
Estimated working capital adjustment at closing | (127,000) | |||
Development milestone payment due upon first commercial sales of DEXYCU | 15,000,000 | |||
Maximum of potential sales milestone payments | $ 95,000,000 | |||
Quarterly percentage earn-out on product net sales | 12.00% | |||
Increased percentage earn-out on product net sales if net sales and partnering revenue exceed $200 million in a given year | 16.00% | |||
Contingent cash payments, description | These include but are not limited to (i) a one-time development milestone of $15.0 million payable in cash upon the first commercial sale of DEXYCU in the United States, (ii) sales milestone payments totaling up to $95.0 million upon the achievement of certain sales thresholds and subject to certain Centers for Medicare & Medicaid Services reimbursement conditions set forth in the Merger Agreement, (iii) quarterly earn-out payments equal to 12% on net sales of DEXYCU in a given year, which earn-out payments will increase to 16% of net sales of DEXYCU in such year beginning in the calendar quarter for such year to the extent aggregate annual consideration of DEXYCU exceeds $200.0 million in such year, (iv) quarterly earn-out payments equal to 20% of partnering revenue received by the Company for DEXYCU outside of the United States, and (v) single-digit percentage quarterly earn-out payments with respect to net sales and/or partnering income, if any, resulting from future clinical development, regulatory approval and commercialization of any other product candidates the Company acquired in the Icon Acquisition. | |||
Purchase price of acquisition | $ 32,000,000 | |||
Transaction costs | 2,000,000 | |||
Cash payment at closing, net of cash acquired, plus payment of transaction costs | $ 16,800,000 | |||
Cash payment at closing | 14,900,000 | |||
Transaction costs paid | $ 1,900,000 | |||
Business combination, cash acquired | 38,000 | |||
Icon Bioscience Inc [Member] | DEXYCU [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price of acquisition | $ 32,000,000 | |||
Finite-lived intangible asset expected amortization life | 13 years | |||
Icon Bioscience Inc [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Threshold level of annual aggregate consideration above which the 16% royalty on net sales applies in any given year | $ 200,000,000 | |||
Icon Bioscience Inc [Member] | Non-US [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of partnering income received to be paid quarterly as earn-out consideration | 20.00% |
License and Collaboration Agr41
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 ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2018USD ($)Country | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Revenue | $ 715,000 | $ 928,000 | $ 933,000 | $ 385,000 | $ 701,000 | $ 590,000 | $ 5,971,000 | $ 277,000 | $ 2,961,000 | $ 7,539,000 | $ 1,620,000 | ||||||||
Accounts receivable | 353,000 | 251,000 | 353,000 | 251,000 | |||||||||||||||
Collaborative Research and Development [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Revenue | $ 1,343,000 | 6,569,000 | 398,000 | ||||||||||||||||
ILUVIEN [Member] | Europe [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Number of countries in which lead licensed product received regulatory approval | Country | 17 | ||||||||||||||||||
Royalty Income [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Revenue | $ 1,618,000 | 970,000 | 1,222,000 | ||||||||||||||||
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% | ||||||||||||||||||
License agreement commencement date | 2012-12 | ||||||||||||||||||
Receipt of upfront license fee | $ 100,000 | ||||||||||||||||||
Deferred revenue | 0 | $ 0 | |||||||||||||||||
OncoSil Medical UK Limited [Member] | Collaborative Research and Development [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Revenue | $ 100,000 | $ 100,000 | 100,000 | 100,000 | |||||||||||||||
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 | ||||||||||||||||||
Option period to acquire license | 60 days | ||||||||||||||||||
License option upfront payment upon exercise | $ 10,000,000 | ||||||||||||||||||
Pfizer Collaboration Agreement [Member] | Collaborative Research and Development [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Revenue | $ 5,600,000 | 0 | 0 | ||||||||||||||||
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% | ||||||||||||||||||
Total revenues earned from Alimera | $ 148,000 | 659,000 | 233,000 | ||||||||||||||||
Amount received, profit share from sale of licensed products | $ 50,000 | 585,000 | |||||||||||||||||
Recognition of deferred revenue from arbitration settlement | 136,000 | ||||||||||||||||||
Non-royalty consideration received from sublicense | 157,000 | ||||||||||||||||||
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 | $ 575,000 | ||||||||||||||||||
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% | ||||||||||||||||||
Bausch and Lomb [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Accounts receivable | $ 306,000 | $ 246,000 | 306,000 | 246,000 | |||||||||||||||
Bausch and Lomb [Member] | Royalty Income [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Revenue | 1,000,000 | 970,000 | 1,200,000 | ||||||||||||||||
Feasibility Study Agreement [Member] | Collaborative Research and Development [Member] | |||||||||||||||||||
Collaborative Agreements And Contracts [Line Items] | |||||||||||||||||||
Revenue | $ 1,100,000 | $ 211,000 | $ 33,000 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross carrying amount at beginning of year | $ 35,610 | $ 36,196 | |
Acquisition of Icon Bioscience Inc. | 31,973 | 0 | |
Foreign currency translation adjustments | 739 | (586) | |
Gross carrying amount at end of year | 68,322 | 35,610 | $ 36,196 |
Accumulated amortization at beginning of year | (35,246) | (35,094) | |
Amortization expense | (981) | (724) | (756) |
Foreign currency translation adjustments | (737) | 572 | |
Accumulated amortization at end of year | (36,964) | (35,246) | $ (35,094) |
Net book value at end of year | $ 31,358 | $ 364 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Intangible Assets [Line Items] | ||
Net book value of intangible assets | $ 31,358 | $ 364 |
DEXYCU [Member] | ||
Intangible Assets [Line Items] | ||
Net book value of intangible assets | $ 31,358 | 0 |
Finite lived intangible assets remaining amortization period | 12 years 9 months | |
Durasert [Member] | ||
Intangible Assets [Line Items] | ||
Net book value of intangible assets | $ 0 | 265 |
Finite lived intangible assets remaining amortization period | 0 years | |
Tethadur [Member] | ||
Intangible Assets [Line Items] | ||
Net book value of intangible assets | $ 0 | $ 99 |
Finite lived intangible assets remaining amortization period | 0 years |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 28, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 981 | $ 724 | $ 756 | |
DEXYCU [Member] | Icon Bioscience Inc [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Initial purchase price | $ 32,000 | |||
Annual amortization expense | $ 2,500 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 906 | $ 799 |
Accumulated depreciation and amortization | (653) | (486) |
Property and equipment, net | 253 | 313 |
Property and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 805 | 698 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 101 | $ 101 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property Plant and Equipment Useful Life and Values [Abstract] | |||
Depreciation of property and equipment | $ 167 | $ 91 | $ 152 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Payables and Accruals [Abstract] | ||
Clinical trial costs | $ 742 | $ 1,984 |
Personnel costs | 1,763 | 1,632 |
Professional fees | 926 | 590 |
Interest | 254 | 0 |
Other | 38 | 18 |
Accrued expenses | $ 3,723 | $ 4,224 |
Accrued Expenses - Additional I
Accrued Expenses - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Jun. 30, 2017 |
Schedule Of Accrued Expenses [Line Items] | ||
Retention bonuses paid under agreements | $ 319,000 | |
Closing share price | $ 1.045 | |
RSU [Member] | ||
Schedule Of Accrued Expenses [Line Items] | ||
Granted | 305,616 | |
Vesting period of equity awards | 1 year | |
Accrual of Cash Retention Bonus Component [Member] | ||
Schedule Of Accrued Expenses [Line Items] | ||
Personnel costs | $ 160,000 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | |
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 | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | $ 187 |
Charged to Expense | 472 |
Payments | (659) |
Ending Balance | 0 |
Termination Benefits [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 118 |
Charged to Expense | 273 |
Payments | (391) |
Ending Balance | 0 |
Facility Closure [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 40 |
Charged to Expense | 73 |
Payments | (113) |
Ending Balance | 0 |
Other [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Beginning Balance | 29 |
Charged to Expense | 126 |
Payments | (155) |
Ending Balance | $ 0 |
Term Loan Agreement - Additiona
Term Loan Agreement - Additional Information (Detail) | Jun. 26, 2018USD ($)$ / sharesshares | Mar. 28, 2018USD ($)PaymentsTranches$ / sharesshares | Jun. 30, 2018USD ($)$ / shares | Jun. 30, 2017$ / shares | Jun. 30, 2016$ / shares |
Shares Issued And Outstanding [Line Items] | |||||
Exercise price of issued warrants | $ / shares | $ 1.23 | $ 2.50 | $ 2.50 | ||
Senior Secured Term Loan [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Upfront loan origination fee percentage | 1.50% | ||||
Debt issue costs | $ 1,800,000 | ||||
Cost allocated tranches, number | Tranches | 2 | ||||
Aggregate Fairvalue of warrants | $ 353,000 | ||||
Senior Secured Term Loan [Member] | Initial Advance [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Exit fee percentage | 6.00% | ||||
Proceeds from issuance of term loan, net of allocation to the debt warrant | $ 14,600,000 | ||||
Debt discount | 2,100,000 | ||||
Senior Secured Term Loan [Member] | Additional Advance [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Debt issue costs | $ 299,000 | ||||
Debt discount | $ 652,000 | ||||
Amortized cost | $ 97,000 | ||||
Debt issuance costs remaining balance reclassified to debt discount | $ 202,000 | ||||
Senior Secured Term Loan [Member] | Warrants [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Warrants exercise period | 7 years | 7 years | |||
Senior Secured Term Loan [Member] | Warrants [Member] | Initial Advance [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Warrants issued in connection with loan | shares | 409,091 | ||||
Exercise price of issued warrants | $ / shares | $ 1.10 | ||||
Fair value of warrants issued | $ 284,000 | ||||
Senior Secured Term Loan [Member] | Warrants [Member] | Additional Advance [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Warrants issued in connection with loan | shares | 77,721 | ||||
Exercise price of issued warrants | $ / shares | $ 1.93 | ||||
Warrants, contingent issuance fair value | $ 69,000 | ||||
Warrants re-valued and reclassified to equity | $ 87,000 | ||||
Senior Secured Term Loan [Member] | SWK Funding LLC [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Agreement date | Mar. 28, 2018 | ||||
Senior secured term loan | $ 20,000,000 | ||||
Senior secured term loan, initial advance | 15,000,000 | ||||
Senior secured term loan, additional advance available subject to certain conditions | 5,000,000 | ||||
Potential future increase in the credit facility, subject to certain condition | $ 10,000,000 | ||||
Maturity date | Mar. 27, 2023 | ||||
Number of interest | Payments | 8 | ||||
Loan repayment basis | Quarterly | ||||
Date of first interest only payment | May 15, 2018 | ||||
Maximum amount of quarterly repayment of loan principal | $ 1,670,000 | ||||
Upfront loan origination fee percentage | 1.50% | ||||
Exit fee percentage | 6.00% | ||||
Senior Secured Term Loan [Member] | SWK Funding LLC [Member] | Prepayment After First Anniversary And On Or Prior To Second Anniversary [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Principal prepayment premium percentage | 6.00% | ||||
Senior Secured Term Loan [Member] | SWK Funding LLC [Member] | Prepayment After Second Anniversary And On Or Prior To Third Anniversary [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Principal prepayment premium percentage | 1.00% | ||||
Senior Secured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | SWK Funding LLC [Member] | |||||
Shares Issued And Outstanding [Line Items] | |||||
Interest rate | Three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%. | ||||
LIBOR rate floor | 1.50% | ||||
Interest rate (subject to floor rate) | 10.50% |
Stockholders' Equity - 2018 Equ
Stockholders' Equity - 2018 Equity Financing - Additional Information (Detail) - USD ($) | Jun. 26, 2018 | Jun. 22, 2018 | Mar. 28, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 25, 2018 | Jun. 21, 2018 | Dec. 22, 2017 |
Class of Stock [Line Items] | |||||||||||
Common stock price per share | $ 1.045 | ||||||||||
Common stock, shares authorized | 120,000,000 | 150,000,000 | 150,000,000 | 120,000,000 | 60,000,000 | ||||||
Exercise price of warrants | $ 1.23 | $ 1.23 | $ 2.50 | $ 2.50 | |||||||
Proceeds from issuance of stock, net of issuance costs | $ 41,515,000 | $ 8,404,000 | $ 16,500,000 | ||||||||
Fair value of derivative liability | $ 19,780,000 | 19,780,000 | 0 | ||||||||
Change in fair value of derivative liability | 1,200,000 | $ 26,278,000 | $ 0 | $ 0 | |||||||
Second Tranche Warrants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Warrant purchase price description | The exercise price of each Second Tranche Warrant issued in the Second Tranche Transaction is an amount equal to the lower of (a) $1.43 (a 30% premium to the First Tranche Purchase Price) and (b) a 20% discount to the VWAP of the shares of Common Stock on the Nasdaq Stock Market for the 20 trading days immediately prior to the exercise of a Second Tranche Warrant; provided, however, that the exercise price cannot be lower than $0.88, which is a 20% discount to the First Tranche Purchase Price. | ||||||||||
Maximum [Member] | Second Tranche Warrants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Percentage of premium to first tranche share purchase price | 30.00% | ||||||||||
Exercise price of warrants | $ 1.43 | ||||||||||
Minimum [Member] | Second Tranche Warrants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Percentage discount to volume weighted average price for 20 days immediately preceding the warrant exercise date | 20.00% | ||||||||||
Exercise price of warrants | $ 0.88 | ||||||||||
Percentage discount to First Tranche Share Purchase Price | 20.00% | ||||||||||
Second Tranche Transaction [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Change in fair value of derivative liability | 24,000,000 | $ 2,300,000 | |||||||||
First Tranche Securities Purchase Agreement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock issued to investors | 8,606,324 | ||||||||||
Common stock price per share | $ 1.10 | ||||||||||
Gross proceeds from issuance of common stock | $ 9,500,000 | ||||||||||
Portion of First Tranche net proceeds allocated to equity | 4,600,000 | ||||||||||
Second Securities Purchase Agreement [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Estimated gross proceeds to be received from issuance of common shares, subject to stockholder approval | $ 25,500,000 | ||||||||||
Second Securities Purchase Agreement [Member] | Maximum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Maximum number of shares that could be issued | 27,250,000 | ||||||||||
Two Thousand and Eighteen Equity Financing [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock issued to investors | 20,184,224 | ||||||||||
Common stock, shares authorized | 120,000,000 | ||||||||||
Share issuance costs | 343,000 | $ 343,000 | |||||||||
Two Thousand and Eighteen Equity Financing [Member] | Second Tranche Warrants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Change in fair value of derivative liability | 1,600,000 | 1,600,000 | |||||||||
Derivative Liabilities | $ 19,800,000 | 19,800,000 | $ 18,200,000 | ||||||||
Two Thousand and Eighteen Equity Financing [Member] | Maximum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock, shares authorized | 150,000,000 | ||||||||||
Two Thousand and Eighteen Equity Financing [Member] | Second Tranche Transaction [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock issued to investors | 20,184,224 | ||||||||||
Common stock price per share | $ 1.265 | ||||||||||
Gross proceeds from issuance of common stock | $ 25,500,000 | ||||||||||
Percentage discount to volume weighted average price for 20 days immediately preceding the warrant exercise date | 20.00% | ||||||||||
Common stock purchase price, description | The purchase price for each share of the Company’s common stock to be issued in the Second Tranche Transaction will be an amount equal to the lower of (a) $1.265 (which is a 15% premium to the First Tranche Purchase Price) and (b) a 20% discount to the volume weighted average price (“VWAP”) of the shares of the Company’s common stock on Nasdaq for the 20 trading days immediately prior to the closing of the Second Tranche Transaction; provided, however, that the purchase price cannot be lower than $0.88, which is a 20% discount to the First Tranche Purchase Price. | ||||||||||
Proceeds from issuance of stock, net of issuance costs | $ 9,500,000 | ||||||||||
Fair value of derivative liability | 6,900,000 | ||||||||||
Change in fair value of derivative liability | $ 2,200,000 | 22,200,000 | |||||||||
Reclassification of the derivative liability balance to equity upon closing of the Second Tranche Transaction | $ 29,100,000 | ||||||||||
Two Thousand and Eighteen Equity Financing [Member] | Second Tranche Transaction [Member] | Maximum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock price per share | $ 1.265 | ||||||||||
Percentage of premium to first tranche share purchase price | 15.00% | ||||||||||
Two Thousand and Eighteen Equity Financing [Member] | Second Tranche Transaction [Member] | Minimum [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Common stock price per share | $ 0.88 | ||||||||||
Percentage of discount to share purchase price | 20.00% |
Stockholders' Equity - ATM Faci
Stockholders' Equity - ATM Facility & Share Offering - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017 | Jan. 31, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 22, 2018 | Jun. 21, 2018 | |
Class of Stock [Line Items] | ||||||
Legal, accounting and other costs | $ 223,000 | |||||
Common stock, shares authorized | 150,000,000 | 120,000,000 | 120,000,000 | 60,000,000 | ||
At-the-Market Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock shares maximum aggregate offering price | $ 20,000,000 | |||||
Stock issuances, sales agent commission maximum percentage | 3.00% | |||||
Common stock issued to investors | 5,900,000 | 5,100,000 | ||||
Weighted average common stock price per share | $ 1.23 | $ 1.74 | ||||
Gross proceeds from issuance of common stock | $ 7,300,000 | $ 8,900,000 | ||||
Share issuance costs | $ 239,000 | $ 244,000 | ||||
Share Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock issued to investors | 4,440,000 | |||||
Gross proceeds from issuance of common stock | $ 17,800,000 | |||||
Share issuance costs | $ 1,300,000 | |||||
Common stock price per share | $ 4 |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 26, 2018 | Mar. 28, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Class of Stock [Line Items] | |||||
Exercise price of warrants | $ 1.23 | $ 2.50 | $ 2.50 | ||
Warrants issued in connection with term loan facility | 486,812 | 0 | |||
Exercise price of issued warrants | $ 1.23 | $ 0 | |||
Second Tranche Warrants [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Exercise price of warrants | $ 1.43 | ||||
Percentage of premium to first tranche share purchase price | 30.00% | ||||
Proceeds from issuance of warrants | $ 28.9 | ||||
Second Tranche Warrants [Member] | Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Exercise price of warrants | $ 0.88 | ||||
Percentage discount to First Tranche Share Purchase Price | 20.00% | ||||
Percentage discount to volume weighted average price for 20 days immediately preceding the warrant exercise date | 20.00% | ||||
Proceeds from issuance of warrants | $ 17.8 | ||||
Senior Secured Term Loan [Member] | Warrants [Member] | |||||
Class of Stock [Line Items] | |||||
Warrants issued in connection with term loan facility | 77,721 | 409,091 | |||
Exercise price of issued warrants | $ 1.93 | $ 1.10 | |||
Warrants exercise period | 7 years | 7 years |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Share of the Company's Common Stock (Detail) - $ / shares | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Common Stock Warrants [Abstract] | ||
Number of Warrants, Outstanding and exercisable, Beginning balance | 623,605 | 623,605 |
Number of Warrants, Issued | 486,812 | 0 |
Number of Warrants, Expired | (623,605) | 0 |
Number of Warrants, Outstanding and exercisable, Ending balance | 486,812 | 623,605 |
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 2.50 | $ 2.50 |
Weighted Average Exercise Price, Issued | 1.23 | 0 |
Weighted Average Exercise Price, Expired | 2.50 | 0 |
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance | $ 1.23 | $ 2.50 |
Share-Based Payment Awards - Eq
Share-Based Payment Awards - Equity Incentive Plans - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares | Jun. 30, 2018 | Dec. 12, 2016 |
Class of Stock [Line Items] | ||
Number of common stock, authorized for issuance | 3,000,000 | |
Shares available for grant under the Long Term Incentive Plan, including available and forfeited shares transferred from the 2008 Incentive Plan | 1,497,528 |
Share-Based Payment Awards - St
Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plans [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate Intrinsic Value Outstanding, Ending balance | $ 700 |
Aggregate Intrinsic Value, Exercisable at June 30, 2018 | $ 321 |
Weighted Average Remaining Contractual Life Outstanding, Ending balance | 7 years 3 months 10 days |
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2018 | 4 years 10 months 28 days |
Weighted Average Exercise Price Outstanding, beginning balance | $ 3.34 |
Weighted Average Exercise Price, Granted | 1.90 |
Weighted Average Exercise Price, Exercised | 1.62 |
Weighted Average Exercise Price, Forfeited | 3.54 |
Weighted Average Exercise Price Outstanding, ending balance | 2.79 |
Weighted Average Exercise Price, Exercisable at June 30,2018 | $ 3.23 |
Number of options outstanding, beginning balance | 6,045,685 |
Number of Options, Granted | 2,609,814 |
Number of Options, Exercised | (310,900) |
Number of Options, Forfeited | (1,884,355) |
Number of Options Outstanding, Ending balance | 6,460,244 |
Number of Options, Exercisable at June 30 , 2018 | 2,906,334 |
Share-Based Payment Awards - 58
Share-Based Payment Awards - Stock Options - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares | Jun. 30, 2018 | Jun. 30, 2018 |
Class of Stock [Line Items] | ||
Contractual life of option grants | 10 years | |
Employees [Member] | ||
Class of Stock [Line Items] | ||
Options granted | 2,109,813 | |
Vesting period of equity awards | 3 years | |
Non-executive Directors [Member] | ||
Class of Stock [Line Items] | ||
Options granted | 240,001 | |
Vesting period of equity awards | 1 year | |
Newly Appointed Non-executive Director [Member] | ||
Class of Stock [Line Items] | ||
Options granted | 120,000 | |
Vesting period of equity awards | 3 years | |
Non Executive Directors One [Member] | ||
Class of Stock [Line Items] | ||
Options granted | 40,000 | |
Vesting period of equity awards | 2 years | |
External consultant [Member] | ||
Class of Stock [Line Items] | ||
Options granted | 100,000 | |
Vesting period of equity awards | 6 months 15 days |
Share-Based Payment Awards - Ke
Share-Based Payment Awards - Key Assumptions Used to Apply Option Pricing Model For Options Granted (2016 Long Term Incentive Plan) (Detail) - 2016 Long Term Incentive Plan [Member] | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock volatility, minimum | 59.00% | 70.00% | 76.00% |
Stock volatility, maximum | 64.00% | 72.00% | 80.00% |
Risk-free interest rate, minimum | 2.18% | 1.23% | 1.47% |
Risk-free interest rate, maximum | 2.89% | 2.08% | 1.97% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option life (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option life (in years) | 6 years | 6 years 3 months | 6 years 3 months |
Share-Based Payment Awards - Su
Share-Based Payment Awards - Summary of Information about Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total cash received from exercise of stock options | $ 503 | $ 99 | $ 490 |
Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value per share | $ 1.06 | $ 1.95 | $ 2.74 |
Total cash received from exercise of stock options | $ 503 | $ 99 | $ 490 |
Total intrinsic value of stock options exercised | $ 152 | $ 53 | $ 967 |
Share-Based Payment Awards - Ti
Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - RSU [Member] - shares | Dec. 22, 2017 | Jun. 30, 2018 |
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 | 802,459 | |
Weighted average remaining vesting term | 1 year 4 months 2 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 |
Share-Based Payment Awards - 62
Share-Based Payment Awards - Summary of Restricted Stock Unit Activity (Detail) - RSU [Member] - $ / shares | Dec. 22, 2017 | Jun. 30, 2018 |
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 | 802,459 | |
Vested | (107,830) | |
Stock units forfeited | (45,000) | |
Number of Stock Units Outstanding, Ending Balance | 898,129 | |
Weighted Average Grant Date Fair Value Nonvested, Beginning balance | $ 1.77 | |
Weighted average grant date fair value, granted | 1.52 | |
Vested | 1.53 | |
Weighted Average Grant Date Fair value, Forfeited | 1.77 | |
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ 1.58 |
Share-Based Payment Awards - Pe
Share-Based Payment Awards - Performance-Based Stock Units - Additional Information (Detail) - Performance Stock Units [Member] - shares | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 19, 2018 | Jun. 30, 2018 |
Class of Stock [Line Items] | |||||
Weighted average remaining vesting term | 8 months 18 days | ||||
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% | ||||
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 | ||||
Number of Performance-Based Stock Units, vested | 48,332 | ||||
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 | ||||
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% | ||||
Number of performance-based stock units subject to service-based vesting of one year from performance condition achievement date | 48,332 | ||||
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% |
Share-Based Payment Awards - 64
Share-Based Payment Awards - Summary of Performance Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Performance Stock Units [Member] | 12 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Stock Units Outstanding, Beginning Balance | shares | 210,000 |
Number of stock units, granted | shares | 115,000 |
Number of stock units, vested | shares | (48,332) |
Number of Stock Units, Forfeited | shares | (35,000) |
Number of Stock Units Outstanding, Ending Balance | shares | 241,668 |
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, Vested | $ / shares | 1.52 |
Weighted Average Grant Date Fair value, Forfeited | $ / shares | 1.77 |
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ / shares | $ 1.52 |
Share-Based Payment Awards - De
Share-Based Payment Awards - Deferred Stock Units - Additional Information (Detail) - Deferred Stock Units [Member] - $ / shares | Jun. 21, 2018 | May 07, 2018 | Jun. 30, 2018 |
Class of Stock [Line Items] | |||
Weighted average remaining vesting term | 11 months 21 days | ||
Non-executive Directors [Member] | |||
Class of Stock [Line Items] | |||
Granted | 35,001 | 67,500 | |
Deferred stock units vested | 12,500 | ||
Grand Date Fair Value | $ 1.95 | ||
Number of deferred stock units, vesting date | Jun. 27, 2018 | ||
Weighted average grant date fair value, granted | $ 1.13 | ||
Number of deferred stock units, cliff vesting period | 1 year |
Share-Based Payment Awards - 66
Share-Based Payment Awards - Summary of Deferred Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Deferred Stock Units [Member] | 12 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Stock Units Outstanding, Beginning Balance | shares | 0 |
Number of stock units, granted | shares | 102,501 |
Number of stock units, vested | shares | (67,500) |
Number of Stock Units Outstanding, Ending Balance | shares | 35,001 |
Weighted Average Grant Date Fair Value Nonvested, Beginning balance | $ / shares | $ 0 |
Weighted average grant date fair value, granted | $ / shares | 1.41 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 1.13 |
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ / shares | $ 1.95 |
Share-Based Payment Awards - 67
Share-Based Payment Awards - Summary of Market-Based Restricted Stock Unit Activity (Detail) - Market-based RSUs [Member] | 12 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Stock Units Outstanding, Beginning Balance | shares | 700,000 |
Number of Stock Units, Forfeited | shares | (200,000) |
Number of Stock Units Outstanding, Ending Balance | shares | 500,000 |
Weighted Average Grant Date Fair Value Nonvested, Beginning balance | $ / shares | $ 1.35 |
Weighted Average Grant Date Fair value, Forfeited | $ / shares | 1.09 |
Weighted Average Grant Date Fair Value Nonvested, Ending balance | $ / shares | $ 1.45 |
Share-Based Payment Awards - Ma
Share-Based Payment Awards - Market-Based Restricted Stock Units - Additional Information (Detail) - Market-based RSUs [Member] - shares | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Class of Stock [Line Items] | ||
Restricted stock units issued | 700,000 | |
Forfeiture restricted stock units | 200,000 | |
2008 Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Restricted stock units issued | 200,000 | |
President and CEO [Member] | Inducement Award [Member] | ||
Class of Stock [Line Items] | ||
Restricted stock units issued | 500,000 |
Share-Based Payment Awards - Ot
Share-Based Payment Awards - Other Inducement Award Grants - Additional Information (Detail) - $ / shares | May 14, 2018 | Sep. 15, 2016 | Jun. 30, 2018 |
President and CEO [Member] | |||
Class of Stock [Line Items] | |||
Options granted | 850,000 | ||
Vesting period of equity awards | 4 years | ||
Exercise price of option | $ 3.63 | ||
Contractual life of option grants | 10 years | ||
Executive Vice President And General Manager [Member] | Other Inducement Award Grants [Member] | |||
Class of Stock [Line Items] | |||
Options granted | 375,000 | ||
Vesting period of equity awards | 3 years | ||
Exercise price of option | $ 1.95 | ||
Contractual life of option grants | 10 years | ||
Number of performance stock units, granted | 225,000 | ||
Cumulative measurement period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The PSUs are subject to proportional vesting based on cumulative measurement for the 3-year period ending June 30, 2021, with two-thirds of the award based upon defined amounts of the Company’s product revenues and one-third upon measurement of the net present value of certain business development transactions that are consummated by the Company. | ||
Executive Vice President And General Manager [Member] | Other Inducement Award Grants [Member] | Cliff Vesting [Member] | |||
Class of Stock [Line Items] | |||
Options granted | 65,000 | ||
Exercise price of option | $ 1.95 | ||
Contractual life of option grants | 10 years | ||
Vesting period of equity awards | 1 year |
Share-Based Payment Awards - 70
Share-Based Payment Awards - Summary of Other Inducement Award Grants (Detail) - 2016 Long Term Incentive Plan [Member] - Other Inducement Award Grants [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options outstanding, beginning balance | 850,000 |
Number of Options, Granted | 440,000 |
Number of Options Outstanding, Ending balance | 1,290,000 |
Number of options, exercisable at June 30, 2018 | 212,500 |
Weighted Average Exercise Price Outstanding, beginning balance | $ 3.63 |
Weighted Average Exercise Price, Granted | 1.95 |
Weighted Average Exercise Price Outstanding, ending balance | 3.06 |
Weighted Average Exercise Price, Exercisable at June 30, 2018 | $ 3.63 |
Weighted Average Remaining Contractual Life Outstanding, Ending balance | 8 years 9 months 10 days |
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2018 | 8 years 2 months 19 days |
Aggregate Intrinsic Value Outstanding, Ending balance | $ 57 |
Aggregate Intrinsic Value, Exercisable at June 30, 2018 | $ 0 |
Share-Based Payment Awards - Co
Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 2,704 | $ 2,456 | $ 2,163 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 1,252 | 1,109 | 702 |
Sales And Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 50 | 0 | 0 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 1,402 | $ 1,347 | $ 1,461 |
Share-Based Payment Award - Sto
Share-Based Payment Award - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Class of Stock [Line Items] | ||
Unrecognized compensation expense | $ 5,400,000 | |
Unrecognized compensation expense weighted average period | 1 year 8 months 12 days | |
General and Administrative Expense [Member] | ||
Class of Stock [Line Items] | ||
Increase in stock-based compensation expense attributable to option modification to extend exercise period of vested stock options, net of non-vested option forfeitures | $ 274,000 | |
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options | 104,000 | |
Research and Development Expense [Member] | U.K. [Member] | ||
Class of Stock [Line Items] | ||
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options | $ 35,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | $ 28,826 | $ 13,521 |
Total cash equivalents | 28,826 | 13,521 |
Liabilities: | ||
Derivative Liabilities | 19,780 | |
Total derivative liabilities | 19,780 | |
Quoted Prices in Active Markets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 28,826 | 13,521 |
Total cash equivalents | 28,826 | 13,521 |
Liabilities: | ||
Derivative Liabilities | 0 | |
Total derivative liabilities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total cash equivalents | 0 | 0 |
Liabilities: | ||
Derivative Liabilities | 0 | |
Total derivative liabilities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Derivative Liabilities | 19,780 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Total cash equivalents | 0 | $ 0 |
Liabilities: | ||
Derivative Liabilities | 19,780 | |
Total derivative liabilities | $ 19,780 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assumptions Used to Value Liability (Detail) | Jun. 25, 2018yrshares | Mar. 28, 2018yrshares | Jun. 30, 2018yr |
Additional Advance [Member] | Volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0.5510 | 0.5520 | |
Additional Advance [Member] | Risk Free Interest Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0.0280 | 0.0170 | |
Additional Advance [Member] | Stock Price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 1.93 | 1.07 | |
Additional Advance [Member] | Term [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 7 | 7 | |
Additional Advance [Member] | Dividend Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0 | 0 | |
Additional Advance [Member] | Probability of Issuance [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 1 | 0.80 | |
Second Tranche Transaction [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated date of stockholder approval | 2018-06 | ||
Estimated number of units issuable | shares | 20,184,224 | 26,900,000 | |
Second Tranche Transaction [Member] | Volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0.5420 | ||
Second Tranche Transaction [Member] | Risk Free Interest Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0.0170 | ||
Second Tranche Transaction [Member] | Stock Price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 1.93 | 1.07 | |
Second Tranche Warrants [Member] | Volatility [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0.8100 | 0.8540 | |
Second Tranche Warrants [Member] | Risk Free Interest Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0.0210 | 0.0210 | |
Second Tranche Warrants [Member] | Stock Price [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 2 | 2.08 | |
Second Tranche Warrants [Member] | Term [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0.5 | 0.5 | |
Second Tranche Warrants [Member] | Dividend Rate [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 0 | 0 | |
Second Tranche Warrants [Member] | Probability of Issuance [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Measurement input | 1 | 1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of the Company's Derivative Liabilities (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at June 30, 2017 | $ 0 |
Initial fair value of derivative liability | 22,968 |
Change in fair value | 25,952 |
Reclassification to equity | (87) |
Settlement | (29,053) |
Balance at June 30, 2018 | 19,780 |
Second Tranche Warrants [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at June 30, 2017 | 0 |
Initial fair value of derivative liability | 18,165 |
Change in fair value | 1,615 |
Reclassification to equity | 0 |
Settlement | 0 |
Balance at June 30, 2018 | 19,780 |
Second Tranche Transaction [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at June 30, 2017 | 0 |
Initial fair value of derivative liability | 4,734 |
Change in fair value | 24,319 |
Reclassification to equity | 0 |
Settlement | (29,053) |
Balance at June 30, 2018 | 0 |
Additional Advance [Member] | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at June 30, 2017 | 0 |
Initial fair value of derivative liability | 69 |
Change in fair value | 18 |
Reclassification to equity | (87) |
Settlement | 0 |
Balance at June 30, 2018 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |
Transaction costs allocated to Second Trance Liability, Additional Advance Warrant Liability and Second Tranche Warrants included in change in fair value of derivative liability | $ 326,000 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Maximum percentage of eligible compensation matched by employer | 5.00% | ||
Employer contributions to retirement plans | $ 220,000 | $ 193,000 | $ 209,000 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Provision For Income Taxes [Line Items] | |||
Income tax benefit | $ 0 | $ 0 | $ (155) |
U.S. Operations [Member] | |||
Provision For Income Taxes [Line Items] | |||
Current income tax benefit | 0 | 0 | 4 |
Deferred income tax benefit | 0 | 0 | 0 |
Income tax benefit | 0 | 0 | 4 |
Non-U.S. Operations [Member] | |||
Provision For Income Taxes [Line Items] | |||
Current income tax benefit | 0 | 0 | (159) |
Deferred income tax benefit | 0 | 0 | 0 |
Income tax benefit | $ 0 | $ 0 | $ (159) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) £ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018USD ($) | Dec. 31, 2017 | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2018GBP (£) | |
Income Tax [Line Items] | ||||||
Foreign current income tax benefit | $ 159,000 | |||||
Federal corporate income tax rate | 21.00% | 34.00% | 27.50% | 34.00% | 34.00% | |
Changes in valuation allowance | $ (5,385,000) | $ 7,489,000 | $ 6,789,000 | |||
Unrecognized tax benefits | $ 0 | 0 | 0 | |||
Accrued penalties or interest related to uncertain tax positions | 0 | 0 | $ 0 | |||
Icon Bioscience Inc [Member] | ||||||
Income Tax [Line Items] | ||||||
Deferred tax asset | 6,200,000 | 6,200,000 | ||||
Federal and State Research and Development Tax Credit Carryforward [Member] | ||||||
Income Tax [Line Items] | ||||||
Research and development tax credit carry forwards | 2,900,000 | 2,900,000 | ||||
U.S. Federal [Member] | ||||||
Income Tax [Line Items] | ||||||
Operating loss carry forwards | 165,100,000 | $ 165,100,000 | ||||
Operating loss carry forwards, expiration range start dates | 2,023 | |||||
Operating loss carry forwards, expiration range end dates | 2,038 | |||||
Tax years subject to examination | 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | |||||
U.S. Federal [Member] | Icon Bioscience Inc [Member] | ||||||
Income Tax [Line Items] | ||||||
Operating loss carry forwards | 49,300,000 | $ 49,300,000 | ||||
State [Member] | ||||||
Income Tax [Line Items] | ||||||
Operating loss carry forwards | 123,500,000 | $ 123,500,000 | ||||
Federal and State Tax [Member] | ||||||
Income Tax [Line Items] | ||||||
Research and development tax credit carry forwards expiration begin date | 2,018 | |||||
Research and development tax credit carry forwards expiration end date | 2,038 | |||||
United Kingdom Tax Authority [Member] | ||||||
Income Tax [Line Items] | ||||||
Operating loss carry forwards | $ 27,900,000 | $ 27,900,000 | £ 21.1 | |||
Tax years subject to examination | 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $ (53,000) | $ (17,566) | $ (19,780) |
Non-U.S. operations | (171) | (919) | (1,922) |
Loss before income taxes | $ (53,171) | $ (18,485) | $ (21,702) |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit at statutory rate | $ (14,622) | $ (6,284) | $ (7,379) |
State income taxes, net of federal benefit | (1,552) | (928) | (1,044) |
Non-U.S. income tax rate differential | (66) | (121) | 778 |
Change in fair value of derivative | 7,227 | 0 | 0 |
Change in federal tax rate | 14,673 | 0 | 0 |
Research and development tax credits | (284) | (242) | (397) |
Permanent items | (15) | (9) | 216 |
Changes in valuation allowance | (5,385) | 7,489 | 6,789 |
Other, net | 24 | 95 | 882 |
Income tax benefit | $ 0 | $ 0 | $ (155) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 47,774 | $ 39,439 |
Deferred revenue | 0 | 20 |
Stock-based compensation | 4,241 | 5,107 |
Tax credits | 3,463 | 1,727 |
Other | 185 | 186 |
Total deferred tax assets | 55,663 | 46,479 |
Deferred tax liabilities: | ||
Intangible assets | 8,542 | 123 |
Deferred tax assets, net | 47,121 | 46,356 |
Valuation allowance | 47,121 | 46,356 |
Total deferred tax liability | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jun. 11, 2018ft² | Jun. 30, 2018USD ($)ft²Renewal_Options | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Commitments and Contingencies [Line Items] | ||||
Rent expense related to real estate and other operating leases charged to operations | $ | $ 508,000 | $ 442,000 | $ 485,000 | |
Caladrius [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Additional subleased area of office space | 1,381 | |||
MASSACHUSETTS | Whetstone Riverworks Holdings LLC [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Area of leased office and laboratory space | 13,650 | |||
Lease term expiration date | Apr. 30, 2019 | |||
MASSACHUSETTS | Whetstone Riverworks Holdings LLC [Member] | Maximum [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Construction allowance | $ | $ 670,750 | |||
MASSACHUSETTS | Whetstone Riverworks Holdings LLC [Member] | Second Amendment [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Additional Space leased | 6,590 | |||
Lease expiration description | The Second Amendment also extended the term of the Lease, which will now expire 80 calendar months after the Additional Space Effective Time; provided, however, that the base rent for the Total Space will be abated during the first four months following the Additional Space Effective Time. | |||
Lease renewal option period | 5 years | |||
NEW JERSEY | Liberty Corner Office Space [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% |
Commitments and Contingencies84
Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal Year 2019 | $ 548 |
Fiscal Year 2020 | 870 |
Fiscal Year 2021 | 886 |
Fiscal Year 2022 | 892 |
Fiscal Year 2023 and beyond | 2,324 |
Total future minimum lease payments | $ 5,520 |
Segment and Geographic Area I85
Segment and Geographic Area Information - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 1 |
Segment and Geographic Area I86
Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets, net | $ 253 | $ 313 | $ 253 | $ 313 | |||||||
Revenues | 715 | $ 928 | $ 933 | $ 385 | 701 | $ 590 | $ 5,971 | $ 277 | 2,961 | 7,539 | $ 1,620 |
U.S. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets, net | 253 | 313 | 253 | 313 | |||||||
Revenues | 2,861 | 7,439 | 1,520 | ||||||||
U.K. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets, net | $ 0 | $ 0 | 0 | 0 | |||||||
Revenues | $ 100 | $ 100 | $ 100 |
Quarterly Financial Data - Summ
Quarterly Financial Data - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 715 | $ 928 | $ 933 | $ 385 | $ 701 | $ 590 | $ 5,971 | $ 277 | $ 2,961 | $ 7,539 | $ 1,620 |
Operating loss | (9,782) | (4,678) | (5,808) | (6,006) | (6,136) | (5,160) | (94) | (7,186) | (26,274) | (18,576) | (21,774) |
Net loss | $ (34,428) | $ (6,978) | $ (5,782) | $ (5,983) | $ (6,116) | $ (5,140) | $ (67) | $ (7,162) | $ (53,171) | $ (18,485) | $ (21,547) |
Net loss per share-basic and diluted | $ (0.62) | $ (0.15) | $ (0.13) | $ (0.15) | $ (0.16) | $ (0.15) | $ 0 | $ (0.21) | $ (1.15) | $ (0.52) | $ (0.68) |
Weighted average common shares-basic and diluted | 55,387 | 45,644 | 44,530 | 39,430 | 38,673 | 34,366 | 34,177 | 34,175 | 46,226 | 35,344 | 31,623 |
Quarterly Financial Data - Su88
Quarterly Financial Data - Summary of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Quarterly Financial Data [Line Items] | ||||||
Change in fair value of derivative liability | $ 1,200 | $ 26,278 | $ 0 | $ 0 | ||
Second Tranche Transaction [Member] | ||||||
Quarterly Financial Data [Line Items] | ||||||
Change in fair value of derivative liability | $ 24,000 | $ 2,300 | ||||
Pfizer [Member] | ||||||
Quarterly Financial Data [Line Items] | ||||||
Revenue recognized upon termination of Pfizer collaboration and license agreement | $ 5,600 |