Immunomedics (IMMU) 10-Q 7 Nov 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2018	Nov. 05, 2018
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Trading Symbol	IMMU
Entity Registrant Name	IMMUNOMEDICS INC
Entity Central Index Key	722,830
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		190,019,435

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Current Assets:
Cash and cash equivalents	$ 580,594	$ 612,057
Marketable securities	4,941	26,745
Accounts receivable, net of allowances of $0 at September 30, 2018 and June 30, 2018, respectively	0	46
Other current assets	8,479	9,532
Total current assets	594,014	648,380
Property and equipment, net of accumulated depreciation of $31,449 thousand and $30,858 thousand at September 30, 2018 and June 30, 2018, respectively	18,587	15,733
Other long-term assets	61	60
Total Assets	612,662	664,173
Current Liabilities:
Accounts payable and accrued expenses	33,710	31,664
Liability related to sale of future royalties - current	4,482	3,009
Warrant liabilities	5,979	8,973
Deferred revenues	0	94
Total current liabilities	44,171	43,740
Convertible senior notes, net	19,799	19,763
Liability related to sale of future royalties - non-current	207,280	198,998
Other long-term liabilities	2,097	1,986
Total Liabilities	273,347	264,487
Commitments and Contingencies (Note 11)
Stockholders' Equity:
Common stock, $0.1 par value; shares authorized 250,000 thousand; shares issued 187,143 thousand and shares outstanding 187,079 thousand at September 30, 2018; shares issued 186,801 thousand and shares outstanding 186,766 thousand at June 30, 2018	1,871	1,868
Capital contributed in excess of par	1,203,025	1,194,998
Treasury stock, at cost: 64 thousand shares at September 30, 2018 and 35 thousand shares at June 30, 2018	(1,092)	(458)
Accumulated deficit	(859,717)	(795,548)
Accumulated other comprehensive loss	(334)	(353)
Total Immunomedics, Inc. stockholders' equity	343,753	400,507
Noncontrolling interest in subsidiary	(4,438)	(821)
Total stockholder's equity	339,315	399,686
Total Liabilities and Stockholders' Equity	$ 612,662	$ 664,173

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 0	$ 0
Property and equipment, accumulated depreciation	$ 31,449	$ 30,858
Common stock (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	187,143,000	186,801,000
Common stock, shares outstanding (in shares)	187,079,000	186,766,000
Treasury stock, shares (in shares)	64,000	35,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Total revenues	$ 0	$ 690
Costs and Expenses:
Costs of goods sold	0	70
Research and development	38,239	17,342
Sales and marketing	5,799	226
General and administrative	13,131	4,650
Total costs and expenses	57,169	22,288
Operating loss	(57,169)	(21,598)
Changes in fair market value of warrant liabilities	1,218	(86,378)
Loss on induced exchanges of debt	0	(13,005)
Interest expense	(10,142)	(2,647)
Interest and other income	1,694	416
Insurance reimbursement	190	4,366
Foreign currency transaction gain, net	0	84
Loss before income tax	(64,209)	(118,762)
Income tax (expense) benefit	0	0
Net loss	(64,209)	(118,762)
Net loss attributable to noncontrolling interest	(40)	(17)
Net loss attributable to Immunomedics, Inc. stockholders	$ (64,169)	$ (118,745)
Loss per common share attributable to Immunomedics, Inc. stockholders (basic and diluted) (in usd per share)	$ (0.34)	$ (0.97)
Weighted average shares used to calculated loss per common share (basic and diluted) (in shares)	186,937	122,550
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	$ 4	$ (73)
Unrealized gain on securities available for sale	15	32
Other comprehensive income (loss), net of tax:	19	(41)
Comprehensive loss	(64,190)	(118,803)
Comprehensive loss attributable to noncontrolling interest	(40)	(17)
Comprehensive loss attributable to Immunomedics, Inc. stockholders	(64,150)	(118,786)
Product sales
Total revenues	0	526
License fee and other revenues
Total revenues	0	1
Research and development
Total revenues	$ 0	$ 163

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net loss	$ (64,209)	$ (118,762)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in fair value of warrant liabilities	(1,218)	86,378
Depreciation and amortization	591	213
Loss on induced exchanges of debt	0	13,005
Amortization of deferred revenue	(94)	(17)
Amortization of bond premiums	3	(14)
Amortization of debt issuance costs	36	1,569
Amortization of deferred rent	109	(9)
(Decrease) increase in allowance for doubtful accounts	0	3
Non-cash expense related to stock compensation	1,734	584
Changes in operating assets and liabilities	13,396	(3,520)
Net cash used in operating activities	(49,652)	(20,570)
Cash flows from investing activities
Purchases of marketable securities	0	(245)
Proceeds from sales/maturities of marketable securities	21,818	15,124
Purchases of property and equipment	(3,184)	(789)
Net cash provided by investing activities	18,634	14,090
Cash flows from financing activities:
Exercise of stock options	131	612
Exercise of warrants	375	0
Sale of common stock and warrants, net of related expenses	0	5,906
Direct cost of raising equity	0	(419)
Tax withholding payments for stock compensation	(167)	(51)
Net cash provided by financing activities	339	6,048
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	4	(2)
Net decrease in cash, cash equivalents and restricted cash	(30,675)	(434)
Cash, cash equivalents and restricted cash beginning of period	612,582	43,393
Cash, cash equivalents and restricted cash end of period	581,907	42,959
Supplemental disclosure of cash flow information:
Interest paid	475	2,375
Schedule for non-cash investing and financing activities:
Issuance of common shares for debt conversion	0	80,000
Accrued capital expenditures	2,449	0
Shares received in cashless exercise	634	0
Non-cash component of warrant exercise	1,776	11,242
Total cash, cash equivalents and restricted cash	$ 612,582	$ 43,393

Business Overview, Basis of Pre

Business Overview, Basis of Presentation and Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview, Basis of Presentation and Recent Accounting Pronouncements	Business Overview, Basis of Presentation and Recent Accounting Pronouncements Business Overview Immunomedics, Inc., a Delaware corporation (“Immunomedics” or the “Company”), is a clinical-stage biopharmaceutical company that develops monoclonal antibody-based products for the targeted treatment of cancer. Immunomedics manages its operations as one line of business of researching, developing, manufacturing and marketing biopharmaceutical products, particularly antibody-based products for patients with difficult to treat solid tumor and blood cancers. The Company currently reports as a single industry segment with substantially all business conducted in the United States ("United States"). Immunomedics conducts its research activities in the United States and runs its development studies in the United States and selected European countries. Our corporate objective is to become a fully-integrated biopharmaceutical company and a leader in the field of antibody-drug conjugates (“ADCs”). To that end, our immediate priority is to commercialize our most advanced ADC product candidate, sacituzumab govitecan (“IMMU-132”), beginning in the United States, with metastatic triple-negative breast cancer (“mTNBC”) as the first indication. On May 21, 2018, we submitted a Biologics License Application (“BLA”) to the FDA for sacituzumab govitecan for the treatment of patients with mTNBC who have received at least two prior therapies for metastatic disease. On July 18, 2018, we received notification from the Food and Drug Administration ("FDA") that the BLA was accepted for filing and granted Priority Review with a PDUFA target action date of January 18, 2019. If approved, sacituzumab govitecan would be the first and only ADC approved for the treatment of mTNBC. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Immunomedics, which incorporate our subsidiaries, have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), for interim financial information and the instructions to the Quarterly Report on Form 10‑Q and Regulation S‑X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete annual financial statements. With respect to the financial information for the interim periods included in this Quarterly Report on Form 10-Q, which is unaudited, management believes that all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation of the results for such interim periods have been included. Operating results for the three-month period ended September 30, 2018, are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2019, or any other period. The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Recent Accounting Pronouncements Accounting Pronouncements adopted during the year: In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash.” The amendments in this update require that cash and cash equivalent balances in a statement of cash flows include those amounts deemed to be restricted cash and restricted cash equivalents. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. We adopted the amendments in this accounting standard update in the first quarter of fiscal 2019 on a retrospective basis resulting in an immaterial impact to our condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Clarification of Certain Cash Receipts and Cash Payments,” which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, and early adoption is permitted. ASU 2016-15 provides for retrospective application for all periods presented. ASU 2016-15 was effective for us in our first quarter of fiscal 2019 and did not result in any changes to the presentation of our Consolidated Statement of Cash Flows upon adoption. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and has subsequently issued a number of amendments to Topic 606. On July 1, 2018, we adopted Topic 606 using the modified retrospective method. The adoption of Topic 606 did not have a material impact to our condensed consolidated financial statements. Accounting Pronouncements yet to be adopted: In August 2018, the FASB issued ASU 2018-13, "Fair Value measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," to no longer require public companies to disclose transfers between Level 1 and Level 2 of the fair value hierarchy, and to require disclosure about the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. We are currently assessing the impact of ASU 2018-13. In June 2018, the FASB issued ASU 2018-07, "Compensation-Stock Compensation," to improve the usefulness of information provided to users of financial statements while reducing cost and complexity in financial reporting and provide guidance aligning the measurement and classification for share-based payments to nonemployees with the guidance for share-based payments to employees. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date. This standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. We are currently assessing the impact of ASU 2018-07. In February 2016, the FASB issued ASU 2016-02, “Leases,” and issued subsequent amendments to the initial guidance contained within ASU 2017-13. This standard requires a lessee to record the assets and liabilities for the rights and obligations created by lease terms of more than 12 months on the balance sheet. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early application is permitted. We are currently assessing the impact of ASU 2016-02.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Pursuant to Topic 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, Topic 606 includes provisions within a five step model that includes i) identifying the contract with a customer, ii) identifying the performance obligations in the contract, iii) determining the transaction price, iv) allocating the transaction price to the performance obligations, and v) recognizing revenue when, or as, an entity satisfies a performance obligation. At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied.

Marketable Securities

Marketable Securities	3 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities Immunomedics considers all of its current investments to be available-for-sale. Marketable securities at September 30, 2018 consisted of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ — $ 4,941 Maturities of debt securities classified as available-for-sale were as follows at September 30, 2018 (in thousands): Fair Value Net Carrying Amount Due after one year through five years $ 4,941 $ 4,954 Marketable securities at June 30, 2018 consisted of the following (in thousands): Amortized Gross Gross Fair Value U.S. Treasury Bonds $ 9,641 $ — $ (9 ) $ 9,632 Certificate of Deposits 5,610 — — 5,610 U.S. Government Sponsored Agencies 6,751 — (2 ) 6,749 Corporate Debt Securities 4,510 — (5 ) 4,505 Commercial Paper 249 — — 249 $ 26,761 $ — $ (16 ) $ 26,745 Maturities of debt securities classified as available-for-sale were as follows at June 30, 2018 (in thousands): Fair Value Net Carrying Due within one year $ 21,745 $ 21,860 Due after one year through five years 5,000 5,009 $ 26,745 $ 26,869

Debt

Debt	3 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Liability related to sale of future royalties: On January 7, 2018, the Company entered into a funding agreement with RPI Finance Trust, a Delaware statutory trust ("RPI"), under which we sold a portion of our right to receive royalties on potential net sales of the ADC sacituzumab govitecan, in exchange for $175.0 million in cash. Concurrently, we entered into a common stock purchase agreement with RPI through which RPI purchased 4.4 million shares of the Company's common stock for $75.0 million (the "Financing"). The Company concluded that there were two units of accounting in the transaction: (1) the Liability related to the sale of future royalties and (2) the "Financing". We allocated the consideration of $250.0 million on a relative fair value basis to the liability for $182.2 million and the common stock for $67.8 million . We continue to accrete the Liability related to the sale of future royalties using the interest method with an annual interest rate of approximately 19.3% . As of June 30, 2018, we determined the fair value at $202.0 million . During the three months ended September 30, 2018, the Company recognized $9.8 million in interest expense. Convertible Senior Notes: In February 2015, the Company issued $100.0 million of Convertible Senior Notes (the "Convertible Senior Notes") (net proceeds of approximately $96.3 million after deducting the initial purchasers’ fees and offering expenses) in a private offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon Rule 144A under the Securities Act. The Convertible Senior Notes will mature on February 15, 2020, unless earlier purchased or converted. The debt issuance costs of approximately $3.7 million , primarily consisting of underwriting, legal and other professional fees, are amortized over the term of the Convertible Senior Notes. The Convertible Senior Notes are senior unsecured obligations of the Company. Interest at 4.75% is payable semiannually on February 15 and August 15 of each year. The effective interest rate on the Convertible Senior Notes was 5.48% for the period from the date of issuance through September 30, 2018. The Convertible Senior Notes are convertible at the option of holders into approximately 19.6 million shares of common stock at any time prior to the close of business on the day immediately preceding the maturity date. The exchange rate will initially be 195.8336 shares of common stock per $1,000 principal amount of Convertible Senior Notes (equivalent to an initial conversion price of approximately $5.11 per share of common stock). If the Company undergoes a fundamental change (as defined in the indenture governing the Convertible Senior Notes), holders may require Immunomedics to purchase for cash all or part of the Convertible Senior Notes at a purchase price equal to 100% of the principal amount of the Convertible Senior Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date, subject to certain exceptions. In addition, if certain make-whole fundamental changes (as defined in the indenture governing the Convertible Senior Notes) occur, Immunomedics will, in certain circumstances, increase the conversion rate for any Convertible Note converted in connection with such make-whole fundamental change. The indenture does not limit the amount of debt which may be issued by the Company under the indenture or otherwise, does not contain any financial covenants or restrict the Company from paying dividends, selling or disposing of assets, or issuing or repurchasing its other securities, provided that such event is not deemed to be a fundamental change (as defined in the indenture governing the Convertible Senior Notes). The indenture contains customary terms and covenants and events of default. If an event of default with respect to the Convertible Senior Notes occurs, holders may, upon satisfaction of certain conditions, accelerate the principal amount of the Convertible Senior Notes plus premium, if any, and accrued and unpaid interest, if any. In addition, the principal amount of the Convertible Senior Notes plus premium, if any, and accrued and unpaid interest, if any, will automatically become due and payable in the case of certain types of bankruptcy or insolvency events of default involving the Company. On September 21, 2017, the Company entered into separate, privately negotiated exchange agreements, (the "September 2017 Exchange Agreements") with certain holders of the Convertible Senior Notes. Under the September 2017 Exchange Agreements, such holders agreed to convert an aggregate $80.0 million of Convertible Senior Notes held by them. In total, the Company issued an aggregate 16.8 million shares of common stock in the September 2017 Exchange Agreements. The shares represent an aggregate of 1.1 million shares more than the number of shares into which the exchanged Convertible Senior Notes were convertible under their original terms. As a result of the September 2017 Exchange Agreements, the Company recognized a loss on induced exchanges of debt of $13.0 million representing the fair value of the incremental consideration paid to induce the holders to exchange their Convertible Senior Notes for equity (i.e., 1.1 million shares of common stock), based on the closing market price of the Company's Common Stock on the date of the September 2017 Exchange Agreements. On October 2, 2018, the Company entered into privately negotiated exchange agreements (the "October 2018 Exchange Agreements"), with a limited number of holders of the Convertible Senior Notes. Under the October 2018 Exchange Agreements, the Company exchanged, in a private placement, $12.9 million in aggregate principal amount of the Convertible Senior Notes held by such holders for 2.6 million newly issued shares of the Company's common stock, par value $0.01 per share. As a result of the October 2018 Exchange Agreements, the outstanding aggregate principal amount of the Convertible Senior notes was reduced to $7.1 million in the second quarter of fiscal 2019. Total interest expense for the Convertible Senior Notes for the three months ended September 30, 2018 and 2017 was $0.2 million and $2.6 million , respectively. Included in interest expense was an immaterial amount of amortization of debt issuance costs for the three months ended September 30, 2018, and $1.6 million for the three months ended September 30, 2017 (which included $1.4 million of accelerated amortization of debt issuance costs associated with the $80.0 million exchange of Convertible Senior Notes in September 2017 for the three months ended September 30, 2017).

Share-based Compensation

Share-based Compensation	3 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation	Share-based Compensation Stock Incentive Plan The Company has a stock incentive plan, the Immunomedics, Inc. 2014 Long-Term Incentive Plan (the “Plan”) that provides for the granting of stock options, restricted stock units (RSUs), performance stock options (PSOs) and other stock-based awards to eligible individuals on the terms and subject to the conditions set forth in the Plan. There have been no significant modifications to the Plan during the three months ended September 30, 2018 or 2017. The following table summarizes the components of share-based compensation expense in the condensed consolidated statements of comprehensive loss (in thousands): Three Months Ended September 30, 2018 2017 Research and development $ 620 $ 350 Sales and marketing 271 — General and administrative 843 233 Total share-based compensation expense $ 1,734 $ 583 The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended September 30, 2018 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 3,549 1,535 538 Changes during the year: Granted 1,279 15 — Exercised (219 ) (30 ) — Expired or forfeited (23 ) — — Equity awards outstanding, end of period 4,586 1,520 538 As of September 30, 2018, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands): Stock Options RSUs PSOs Unrecognized compensation cost $ 25,959 $ 405 $ 3,228 Expected weighted-average period in years of compensation cost to be recognized 3.7 1.3 3.3

Estimated Fair Value of Financi

Estimated Fair Value of Financial Instruments	3 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Estimated Fair Value of Financial Instruments	Estimated Fair Value of Financial Instruments Cash equivalents and marketable securities: ($ in thousands) September 30, 2018 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 324,375 $ — $ — $ 324,375 Marketable Securities: U.S. Government Sponsored Agencies 4,941 — — 4,941 Total $ 329,316 $ — $ — $ 329,316 ($ in thousands) June 30, 2018 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 300,865 $ — $ — $ 300,865 Marketable Securities: U.S. Treasury Bonds 9,632 — — 9,632 Certificate of Deposits 5,610 — — 5,610 U.S. Government Sponsored Agencies 6,749 — — 6,749 Corporate Debt Securities 4,505 — — 4,505 Commercial Paper 249 — — 249 Total $ 327,610 $ — $ — $ 327,610 (a) Level 1 - Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the company has the ability to access at the measurement date. (b) Level 2 - Financial instruments whose value are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. (c) Level 3 - Financial instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset. (d) The money market funds noted above are included in cash and cash equivalents. Convertible Senior Notes The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows (in thousands): As of September 30, 2018 As of June 30, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Convertible Senior Notes $ 19,799 $ 79,424 $ 19,763 $ 89,436 The fair value of the Convertible Senior Notes, which differs from their carrying values, is influenced by interest rates, the Company’s stock price and stock price volatility and is determined by prices for the Convertible Senior Notes observed in market trading which are Level 2 inputs (see Note 4). Warrant Liabilities The Company has determined its warrant liabilities to be a Level 2 fair value measurement and used the Black Scholes valuation model to calculate the fair value. At the measurement dates, the Company estimated the fair value for the warrants based on a Black-Scholes valuation model and using the following assumptions: September 30, 2018 (2) June 30, 2018 (2) June 30, 2017 (1) June 30, 2017 (2) February 10, 2017 October 11, 2016 Risk-free interest rate 2.12% 1.95% 1.14% 1.38% 1.47% 0.87% Expected remaining term 0.03 years 0.3 years 0.5 years 1.3 years 3.0 years 2.0 years Expected volatility 60.00% 60.00% 69.34% 73.85% 71.42% 75.00% Dividend yield —% —% —% —% —% —% (1) Represents the fair value assumptions for the warrants issued in connection with February 10, 2017 stock purchase agreement. (2) Represents the fair value assumptions for the warrants issued in connection with October 11, 2016 public offering. The following table sets forth the warrant activity, including transfers of warrant liabilities to equity upon exercise, for the year ended September 30, 2018 (in thousands): Number of Warrants Estimated Fair Value Level 2 (in thousands) Fair value - June 30, 2018 450 $ 8,973 Warrants exercised (100 ) (1,776 ) Changes in fair market value of warrant liabilities — (1,218 ) Fair value - September 30, 2018 350 $ 5,979

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On October 11, 2016, the Company completed an underwritten public offering of 10 million shares of its common stock and accompanying warrants to purchase 10 million shares of common stock at a purchase price of $3.00 per unit, comprised of one share of common stock and one warrant. The Company received gross and net proceeds of $30.0 million and approximately $28.6 million , respectively, after deducting the underwriting discounts and commissions as well as estimated expenses related to the offering. The warrants became exercisable nine months following the date of issuance and will expire on the second anniversary of the date of issuance and have an exercise price of $3.75 . On the date of issuance, the fair value of these warrants was determined to be $7.3 million and recognized as a liability. The warrants under certain situations require cash settlement by the Company. During the three months ended September 30, 2018, there were 100,000 warrants exercised. The fair value of the 100,000 exercised warrants decreased $0.2 million from June 30, 2018, to the dates of exercise which has been recognized in the accompanying consolidated statements of comprehensive loss. The $1.8 million fair value of the warrants as of the exercise dates was reclassified to capital contributed in excess of par. As of September 30, 2018, there were 350,000 warrants outstanding. During October 2018, the remaining warrants were exercised. No warrants remain outstanding. Treasury Stock During the three months ended September 30, 2018, there were 29,428 shares received in connection with a non-cash equity transaction related to the Company's Plan.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows (in thousands): Currency Translation Adjustments Net Unrealized Gains (Losses) on Available- for-Sale Securities Accumulated Other Comprehensive Loss Balance, July 1, 2018 $ (339 ) $ (14 ) $ (353 ) Other comprehensive income before reclassifications 4 15 19 Net current-period other comprehensive income 4 15 19 Balance, September 30, 2018 $ (335 ) $ 1 $ (334 ) Balance, July 1, 2017 $ (234 ) $ (69 ) $ (303 ) Other comprehensive (loss) income before reclassifications (73 ) 32 (41 ) Net current-period other comprehensive (loss) income (73 ) 32 (41 ) Balance, September 30, 2017 $ (307 ) $ (37 ) $ (344 ) There were no amounts reclassified from accumulated other comprehensive income (loss). All components of accumulated other comprehensive loss are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On January 8, 2018, Morris Rosenberg joined the Company as Chief Technology Officer and became a full-time employee. Between May 5, 2017 and January 7, 2018, Mr. Rosenberg was engaged by the Company as an independent consultant pursuant to a consulting agreement between the Company and Mr. Rosenberg’s consulting company, M Rosenberg BioPharma Consulting LLC. The Company paid M Rosenberg BioPharma Consulting LLC $555 thousand during this time and Morris Rosenberg was also granted stock options to purchase 45,000 shares of the Company's common stock pursuant to the Immunomedics, Inc. 2014 Long-Term Incentive Plan. From July 1, 2018 through September 30, 2018, the Company paid M Rosenberg BioPharma $347 thousand for services agreed upon prior to Mr. Rosenberg becoming a full-time employee. As part of his employment contract, 50% of the 45,000 shares granted to Mr. Rosenberg as a consultant were forfeited, and the remaining 50% continue to vest. Mr. Rosenberg received 104,389 stock options and was permitted to continue to provide certain limited outside consulting services through M Rosenberg BioPharma Consulting LLC based on certain restrictions outlined in the contract. Additionally, during his employment period, except with the prior written consent of the Board, Mr. Rosenberg is not permitted to enter into any contract, agreement or other transaction arrangement to provide goods and/ or services to the Company through M Rosenberg BioPharma Consulting LLC.

Collaboration Agreement

Collaboration Agreement	3 Months Ended
	Sep. 30, 2018
Collaboration Agreement
Collaboration Agreement	Collaboration Agreement AstraZeneca/MedImmune In June 2018, the Company entered into a clinical collaboration with AstraZeneca and its global biologics research and development arm, MedImmune, to evaluate in Phase 1/2 studies the safety and efficacy of combining AstraZeneca’s Imfinzi ® (durvalumab), a human monoclonal antibody directed against PD-L1, with sacituzumab govitecan as a treatment of patients with triple-negative breast cancer (“TNBC”) and UC. Part one of the two-part Phase 1/2 studies will be co-funded by the two companies. Immunomedics will supply the study drug and AstraZeneca will utilize its existing clinical trial infrastructure to accelerate the enrollment of the sacituzumab govitecan and durvalumab combination. The trial design allows for rapid transition into randomized Phase 2 studies should the first part of these studies show promising data and the companies agree to proceed based on efficacy and safety results obtained. The collaboration terminates thirty days following the expiration of the study periods end-date. Either party may early terminate the collaboration by providing thirty days written notice.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and Contingencies a. Legal Matters Patent litigation: Immunomedics filed a first amended complaint on October 22, 2015 and a second amended complaint on January 14, 2016 in the United States District Court for the District of New Jersey, against Roger Williams Medical Center (“RWMC”), Richard P. Junghans, M.D., Ph.D. and Steven C. Katz, M.D. seeking lost profits, unjust enrichment damages and compensatory damages resulting from the infringement of its patents. The second amended complaint alleges that RWMC and Dr. Junghans breached a Material Transfer Agreement (“MTA”) through which it provided to them a monoclonal antibody known as MN-14 and related materials. Defendants are alleged to have breached the MTA and to have been negligent by, among other things, using the materials beyond the agreed-upon Research Project, sharing confidential information, failing to provide Immunomedics with a right of first refusal, failing to notify Immunomedics of intended publications prior to publishing, and refusing to return the materials upon request. Immunomedics also asserts defendants: claims of conversion, tortious interference, unjust enrichment, and infringement of three patents owned by Immunomedics. On January 28, 2016, defendants filed an Answer to the Second Amended Complaint. On October 12, 2016, Immunomedics filed a Third Amended Complaint, and further added as defendants Sorrento Therapeutics, Inc. and its subsidiaries TNK Therapeutics, Inc., BDL Products, Inc., and CARgenix Holdings, LLC. Defendants Junghans, Katz, and RWMC subsequently moved to dismiss for failure to state a claim on November 14, 2016, but this motion was denied on January 4, 2017. On December 2, 2016, Sorrento, TNK, BDL, and CARgenix moved to dismiss for lack of personal jurisdiction over them in New Jersey. The court granted this motion on January 25, 2017. On January 20, 2017, the court held a Markman hearing to construe the claims in the patents in suit. On February 28, 2017, the court issued an opinion and order finding, inter alia, that the term “effective amount” in the patents in suit is not indefinite and should be given its plain and order meaning, as proposed by Immunomedics, of “an amount capable of producing the claim result.” On May 11, 2017, the court entered an order referring the matter to mediation and designating Garrett E. Brown, Jr. (ret.) as the mediator. The mediation did not result in a settlement. On October 25, 2018, the Company entered into a Settlement Agreement with the defendants in this action, agreeing to dismiss all claims with prejudice in exchange for a settlement payment of $2.4 million . Stockholder complaints: Class Action Stockholder Federal Securities Cases Two purported class action cases were filed in the United States District Court for the District of New Jersey; namely, Fergus v. Immunomedics, Inc., et al., No. 2:16-cv-03335, filed June 9, 2016; and Becker v. Immunomedics, Inc., et al., No. 2:16-cv-03374, filed June 10, 2016. These cases arise from the same alleged facts and circumstances, and seek class certification on behalf of purchasers of our common stock between April 20, 2016 and June 2, 2016 (with respect to the Fergus matter) and between April 20, 2016 and June 3, 2016 (with respect to the Becker matter). These cases concern the Company’s statements in press releases, investor conference calls, and SEC filings beginning in April 2016 that the Company would present updated information regarding its IMMU-132 breast cancer drug at the 2016 American Society of Clinical Oncology (“ASCO”) conference in Chicago, Illinois. The complaints allege that these statements were false and misleading in light of June 2, 2016 reports that ASCO had canceled the presentation because it contained previously reported information. The complaints further allege that these statements resulted in artificially inflated prices for our common stock, and that the Company and certain of its officers are thus liable under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. An order of voluntary dismissal without prejudice was entered on November 10, 2016 in the Becker matter. An order granting motion to consolidate cases, appoint lead plaintiff, and approve lead and liaison counsel was entered on February 7, 2017 in the Fergus matter. A consolidated complaint was filed on October 4, 2017. The Company filed a motion to dismiss the consolidated complaint on January 26, 2018 and the motion was fully briefed as of April 4, 2018. Oral arguments have not yet been scheduled. Stockholder Claim in the Court of Chancery of the State of Delaware On February 13, 2017, venBio commenced an action captioned venBio Select Advisor LLC v. Goldenberg, et al., C.A. No. 2017-0108-VCL (Del. Ch.) (the “venBio Action”), alleging that Company’s Board breached their fiduciary duties when the Board (i) amended the Company’s Amended and Restated By-laws (the “By-Laws”) to call for a plurality voting regime for the election of directors instead of majority voting, and providing for mandatory advancement of attorneys’ fees and costs for the Company’s directors and officers, (ii) rescheduled the Company’s 2016 Annual Meeting of Stockholders (the “2016 Annual Meeting”) from December 14, 2016 to February 16, 2017, and then again to March 3, 2017, and (iii) agreed to the proposed Licensing Transaction with Seattle Genetics. venBio also named Seattle Genetics as a defendant and sought an injunction preventing the Company from closing the licensing transaction with Seattle Genetics. On March 6, 2017, venBio amended its complaint, adding further allegations. The Court of Chancery entered a temporary restraining order on March 9, 2017, enjoining the closing of the Licensing Transaction. venBio amended its complaint a second time on April 19, 2017, this time adding Greenhill & Co. Inc. and Greenhill & Co. LLC (together “Greenhill”), the Company’s financial advisor on the Licensing Transaction, as an additional defendant. On May 3, 2017, venBio and the Company and individual defendants Dr. Goldenberg, Ms. Sullivan and Mr. Brian A. Markison, a director of the Company (collectively, the “Individual Defendants”) entered into the Initial Term Sheet. On June 8, 2017, venBio the Company and Greenhill entered into the Greenhill Term Sheet. On February 9, 2018, the Court of Chancery approved the Settlement, and entered an order and partial judgment releasing all claims that were asserted by venBio against the Individual Defendents and Greenhill in the venBio Action and awarding venBio fees and expenses. On May 24, 2018 the remaining parties to the venBio Action participated in a mediation of the claims against Geoff Cox, Robert Forrester, Bob Oliver, and Jason Aryeh. The mediation was unsuccessful. Geoff Cox, Robert Forrester, Bob Oliver, and Jason Aryeh have submitted motions to dismiss the claims against them in the venBio Action, which remain pending in the Court of Chancery. b. Other matters: Immunomedics is also a party to various claims and litigation arising in the normal course of business, which includes some or all of certain of its patents. While it is not possible to determine the outcome of these matters, the Company believes that the resolution of all such matters will not have a material adverse effect on its consolidated financial position or liquidity, but could possibly be material to its consolidated results of operations in any one accounting period. c. Purchase Obligations: On September 11, 2018, we entered into a Master Services Agreement (the “MSA”) with Samsung BioLogics Co., Ltd. (“Samsung”), pursuant to which Samsung will provide the Company with certain biologics manufacturing and development services in accordance with one or more product specific agreements. In connection with the MSA, on September 11, 2018, we also entered into a product specific agreement with Samsung (the "PSA") for the production of hRS7, the antibody used in the Company’s lead antibody drug conjugate candidate, sacituzumab govitecan. As a result of entering into the PSA with Samsung, our purchase commitments increased during the quarter. Our total commitments and purchase obligations for manufacturing and consulting services now total $40.0 million in 2019, $31.6 million in 2020 and $10.4 million in 2021.

Business Overview, Basis of P_2

Business Overview, Basis of Presentation and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent accounting pronouncements	Recent Accounting Pronouncements Accounting Pronouncements adopted during the year: In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash.” The amendments in this update require that cash and cash equivalent balances in a statement of cash flows include those amounts deemed to be restricted cash and restricted cash equivalents. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. We adopted the amendments in this accounting standard update in the first quarter of fiscal 2019 on a retrospective basis resulting in an immaterial impact to our condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Clarification of Certain Cash Receipts and Cash Payments,” which eliminates the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. ASU 2016-15 is effective for annual and interim reporting periods beginning after December 15, 2017, and early adoption is permitted. ASU 2016-15 provides for retrospective application for all periods presented. ASU 2016-15 was effective for us in our first quarter of fiscal 2019 and did not result in any changes to the presentation of our Consolidated Statement of Cash Flows upon adoption. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and has subsequently issued a number of amendments to Topic 606. On July 1, 2018, we adopted Topic 606 using the modified retrospective method. The adoption of Topic 606 did not have a material impact to our condensed consolidated financial statements. Accounting Pronouncements yet to be adopted: In August 2018, the FASB issued ASU 2018-13, "Fair Value measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," to no longer require public companies to disclose transfers between Level 1 and Level 2 of the fair value hierarchy, and to require disclosure about the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. We are currently assessing the impact of ASU 2018-13. In June 2018, the FASB issued ASU 2018-07, "Compensation-Stock Compensation," to improve the usefulness of information provided to users of financial statements while reducing cost and complexity in financial reporting and provide guidance aligning the measurement and classification for share-based payments to nonemployees with the guidance for share-based payments to employees. Under the guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date. This standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. We are currently assessing the impact of ASU 2018-07. In February 2016, the FASB issued ASU 2016-02, “Leases,” and issued subsequent amendments to the initial guidance contained within ASU 2017-13. This standard requires a lessee to record the assets and liabilities for the rights and obligations created by lease terms of more than 12 months on the balance sheet. The amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early application is permitted. We are currently assessing the impact of ASU 2016-02.
Revenue recognition	Pursuant to Topic 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, Topic 606 includes provisions within a five step model that includes i) identifying the contract with a customer, ii) identifying the performance obligations in the contract, iii) determining the transaction price, iv) allocating the transaction price to the performance obligations, and v) recognizing revenue when, or as, an entity satisfies a performance obligation. At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable securities	Marketable securities at September 30, 2018 consisted of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ — $ 4,941 Marketable securities at June 30, 2018 consisted of the following (in thousands): Amortized Gross Gross Fair Value U.S. Treasury Bonds $ 9,641 $ — $ (9 ) $ 9,632 Certificate of Deposits 5,610 — — 5,610 U.S. Government Sponsored Agencies 6,751 — (2 ) 6,749 Corporate Debt Securities 4,510 — (5 ) 4,505 Commercial Paper 249 — — 249 $ 26,761 $ — $ (16 ) $ 26,745
Schedule of maturities of available-for-sale debt securities	Maturities of debt securities classified as available-for-sale were as follows at September 30, 2018 (in thousands): Fair Value Net Carrying Amount Due after one year through five years $ 4,941 $ 4,954 Maturities of debt securities classified as available-for-sale were as follows at June 30, 2018 (in thousands): Fair Value Net Carrying Due within one year $ 21,745 $ 21,860 Due after one year through five years 5,000 5,009 $ 26,745 $ 26,869

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share-based compensation expense	The following table summarizes the components of share-based compensation expense in the condensed consolidated statements of comprehensive loss (in thousands): Three Months Ended September 30, 2018 2017 Research and development $ 620 $ 350 Sales and marketing 271 — General and administrative 843 233 Total share-based compensation expense $ 1,734 $ 583
Schedule of stock option activity	The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended September 30, 2018 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 3,549 1,535 538 Changes during the year: Granted 1,279 15 — Exercised (219 ) (30 ) — Expired or forfeited (23 ) — — Equity awards outstanding, end of period 4,586 1,520 538
Schedule of RSU and PSU activity	The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended September 30, 2018 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 3,549 1,535 538 Changes during the year: Granted 1,279 15 — Exercised (219 ) (30 ) — Expired or forfeited (23 ) — — Equity awards outstanding, end of period 4,586 1,520 538
Schedule of compensation cost related to unvested awards	As of September 30, 2018, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands): Stock Options RSUs PSOs Unrecognized compensation cost $ 25,959 $ 405 $ 3,228 Expected weighted-average period in years of compensation cost to be recognized 3.7 1.3 3.3

Estimated Fair Value of Finan_2

Estimated Fair Value of Financial Instruments (Tables)	3 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of cash equivalents and marketable securities	Cash equivalents and marketable securities: ($ in thousands) September 30, 2018 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 324,375 $ — $ — $ 324,375 Marketable Securities: U.S. Government Sponsored Agencies 4,941 — — 4,941 Total $ 329,316 $ — $ — $ 329,316 ($ in thousands) June 30, 2018 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 300,865 $ — $ — $ 300,865 Marketable Securities: U.S. Treasury Bonds 9,632 — — 9,632 Certificate of Deposits 5,610 — — 5,610 U.S. Government Sponsored Agencies 6,749 — — 6,749 Corporate Debt Securities 4,505 — — 4,505 Commercial Paper 249 — — 249 Total $ 327,610 $ — $ — $ 327,610 (a) Level 1 - Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the company has the ability to access at the measurement date. (b) Level 2 - Financial instruments whose value are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. (c) Level 3 - Financial instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset. (d) The money market funds noted above are included in cash and cash equivalents.
Schedule of convertible senior notes	The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows (in thousands): As of September 30, 2018 As of June 30, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Convertible Senior Notes $ 19,799 $ 79,424 $ 19,763 $ 89,436
Schedule of warrant liability	The Company has determined its warrant liabilities to be a Level 2 fair value measurement and used the Black Scholes valuation model to calculate the fair value. At the measurement dates, the Company estimated the fair value for the warrants based on a Black-Scholes valuation model and using the following assumptions: September 30, 2018 (2) June 30, 2018 (2) June 30, 2017 (1) June 30, 2017 (2) February 10, 2017 October 11, 2016 Risk-free interest rate 2.12% 1.95% 1.14% 1.38% 1.47% 0.87% Expected remaining term 0.03 years 0.3 years 0.5 years 1.3 years 3.0 years 2.0 years Expected volatility 60.00% 60.00% 69.34% 73.85% 71.42% 75.00% Dividend yield —% —% —% —% —% —% (1) Represents the fair value assumptions for the warrants issued in connection with February 10, 2017 stock purchase agreement. (2) Represents the fair value assumptions for the warrants issued in connection with October 11, 2016 public offering. The following table sets forth the warrant activity, including transfers of warrant liabilities to equity upon exercise, for the year ended September 30, 2018 (in thousands): Number of Warrants Estimated Fair Value Level 2 (in thousands) Fair value - June 30, 2018 450 $ 8,973 Warrants exercised (100 ) (1,776 ) Changes in fair market value of warrant liabilities — (1,218 ) Fair value - September 30, 2018 350 $ 5,979

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of components of accumulated other comprehensive loss	The components of accumulated other comprehensive loss were as follows (in thousands): Currency Translation Adjustments Net Unrealized Gains (Losses) on Available- for-Sale Securities Accumulated Other Comprehensive Loss Balance, July 1, 2018 $ (339 ) $ (14 ) $ (353 ) Other comprehensive income before reclassifications 4 15 19 Net current-period other comprehensive income 4 15 19 Balance, September 30, 2018 $ (335 ) $ 1 $ (334 ) Balance, July 1, 2017 $ (234 ) $ (69 ) $ (303 ) Other comprehensive (loss) income before reclassifications (73 ) 32 (41 ) Net current-period other comprehensive (loss) income (73 ) 32 (41 ) Balance, September 30, 2017 $ (307 ) $ (37 ) $ (344 )

Marketable Securities - Amortiz

Marketable Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 26,761
Gross Unrealized Gain		0
Gross Unrealized (Loss)		(16)
Fair Value	$ 4,941	26,745
U.S. Treasury Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		9,641
Gross Unrealized Gain		0
Gross Unrealized (Loss)		(9)
Fair Value		9,632
Certificate of Deposits
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		5,610
Gross Unrealized Gain		0
Gross Unrealized (Loss)		0
Fair Value		5,610
U.S. Government Sponsored Agencies
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	4,941	6,751
Gross Unrealized Gain	0	0
Gross Unrealized (Loss)	0	(2)
Fair Value	$ 4,941	6,749
Corporate Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		4,510
Gross Unrealized Gain		0
Gross Unrealized (Loss)		(5)
Fair Value		4,505
Commercial Paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		249
Gross Unrealized Gain		0
Gross Unrealized (Loss)		0
Fair Value		$ 249

Marketable Securities - Maturit

Marketable Securities - Maturity Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Fair value, due within one year		$ 21,745
Fair value, due after one year through five years		5,000
Fair Value		26,745
Net carrying amount, due within one year		21,860
Net carrying amount, due after one year through five years	$ 4,954	5,009
Net Carrying Amount		$ 26,869

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, shares in Millions	Oct. 02, 2018USD ($)$ / sharesshares	Jan. 07, 2018USD ($)shares	Sep. 21, 2017USD ($)shares	Feb. 28, 2015USD ($)$ / sharesshares	Sep. 30, 2018USD ($)$ / shares	Sep. 30, 2017USD ($)	Oct. 03, 2018USD ($)	Jun. 30, 2018USD ($)$ / shares
Debt Instrument [Line Items]
Common stock					$ 1,871,000			$ 1,868,000
Issuance of common shares for debt conversion					$ 0	$ 80,000,000
Common stock (in usd per share) | $ / shares					$ 0.01			$ 0.01
Amortization of debt issuance costs					$ 36,000	1,569,000
4.75% Convertible Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 100,000,000
Proceeds from debt, net of issuance costs				96,300,000
Payments of debt issuance costs				$ 3,700,000
Debt instrument, interest rate, stated percentage				4.75%
Debt instrument, interest rate, effective percentage					5.48%
Convertible preferred stock, shares issued upon conversion (in shares) | shares				19.6
Debt instrument, convertible, conversion ratio (in shares)					195.8336
Debt instrument, convertible, conversion price (in usd per share) | $ / shares				$ 5.11	$ 1,000
Issuance of common shares for debt conversion			$ 80,000,000
Debt conversion, converted instrument (in shares) | shares			16.8
Debt instrument convertible beneficial conversion feature (in shares) | shares			1.1
Induced conversion of convertible debt expense			$ 13,000,000
Interest expense, debt					$ 200,000	2,600,000
Amortization of debt issuance costs						1,600,000
Accelerated amortization of financing costs						$ 1,400,000
RPI Finance Trust | Funding agreement
Debt Instrument [Line Items]
Payments for future royalties		$ 175,000,000
Royalty purchase agreement arrangements consideration		250,000,000
Liability related to sale of future royalties		182,200,000						$ 202,000,000
Common stock		$ 67,800,000
Annual interest rate in calculating liability related to sale of future royalties		19.30%
Interest expense recognized					$ 9,800,000
Private placement | RPI Finance Trust | Funding agreement
Debt Instrument [Line Items]
Stock issued during period (in shares) | shares		4.4
Sale of stock, consideration received on transaction		$ 75,000,000
Subsequent event
Debt Instrument [Line Items]
Common stock (in usd per share) | $ / shares	$ 0.01
Subsequent event | 4.75% Convertible Senior Notes
Debt Instrument [Line Items]
Debt conversion, converted instrument (in shares) | shares	2.6
Induced conversion of convertible debt expense	$ 12,900,000
Senior notes							$ 7,100,000

Debt - Allocation of Fair Value

Debt - Allocation of Fair Value to Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018	Jan. 07, 2018
Debt Instrument [Line Items]
Common stock	$ 1,871	$ 1,868
Funding agreement | RPI Finance Trust
Debt Instrument [Line Items]
Liability related to sale of future royalties		$ 202,000	$ 182,200
Common stock			67,800
Royalty purchase agreement arrangements consideration			$ 250,000

Debt - Deferred Revenue, By Arr

Debt - Deferred Revenue, By Arrangement (Details) - Funding agreement - RPI Finance Trust $ in Millions	3 Months Ended
	Sep. 30, 2018USD ($)
Debt Instrument [Roll Forward]
Liability related to sale of future royalties	$ 202
Interest expense recognized	$ 9.8

Share-based Compensation - Shar

Share-based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 1,734	$ 583
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	620	350
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	271	0
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 843	$ 233

Share-based Compensation - Awar

Share-based Compensation - Award Activity (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2018	Jun. 30, 2018
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Equity awards outstanding, beginning of year	3,549
Granted (in shares)	1,279
Exercised (in shares)	(219)
Expired or forfeited (in shares)	(23)
Equity awards outstanding, end of period	4,586
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Equity awards outstanding, beginning of year	1,520	1,535
Granted (in shares)	15
Exercised (in shares)	(30)
Expired or forfeited (in shares)	0
Equity awards outstanding, end of period	1,520
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Equity awards outstanding, beginning of year	538	538
Granted (in shares)	0
Exercised (in shares)	0
Expired or forfeited (in shares)	0
Equity awards outstanding, end of period	538

Share-based Compensation - Comp

Share-based Compensation - Compensation Cost Related to Unvested Awards (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2018USD ($)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 25,959
Expected weighted-average period in years of compensation cost to be recognized	3 years 8 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 405
Expected weighted-average period in years of compensation cost to be recognized	1 year 3 months 18 days
PSOs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 3,228
Expected weighted-average period in years of compensation cost to be recognized	3 years 3 months 18 days

Estimated Fair Value of Finan_3

Estimated Fair Value of Financial Instruments - Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 329,316	$ 327,610
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	329,316	327,610
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	324,375	300,865
Money Market Funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	324,375	300,865
Money Market Funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Money Market Funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		9,632
U.S. Treasury Bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		9,632
U.S. Treasury Bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0
U.S. Treasury Bonds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0
Certificate of Deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		5,610
Certificate of Deposits | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		5,610
Certificate of Deposits | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0
Certificate of Deposits | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0
U.S. Government Sponsored Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	4,941	6,749
U.S. Government Sponsored Agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	4,941	6,749
U.S. Government Sponsored Agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
U.S. Government Sponsored Agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 0	0
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		4,505
Corporate Debt Securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		4,505
Corporate Debt Securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0
Corporate Debt Securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		249
Commercial Paper | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		249
Commercial Paper | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		0
Commercial Paper | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets		$ 0

Estimated Fair Value of Finan_4

Estimated Fair Value of Financial Instruments - Convertible Senior Notes (Details) - Convertible Senior Notes - Level 2 - USD ($) $ in Thousands	Sep. 30, 2018	Jun. 30, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 19,799	$ 19,763
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 79,424	$ 89,436

Estimated Fair Value of Finan_5

Estimated Fair Value of Financial Instruments - Warrant Liability (Details) - USD ($) shares in Thousands, $ in Thousands	Feb. 10, 2017	Oct. 11, 2016	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Estimated Fair Value Level 2
Changes in fair market value of warrant liabilities			$ 1,218	$ (86,378)
Warrant liability
Number of Warrants
Warrants outstanding at beginning of year			450
Reclassification of warrant liability to equity (in shares)			(100)
Warrants outstanding at end of period			350		450
Warrant liability | Level 2
Fair value assumptions for warrants
Risk-free interest rate	1.47%	0.87%	2.12%		1.95%
Expected remaining term	3 years	2 years	11 days		3 months 11 days
Expected volatility	71.42%	75.00%	60.00%		60.00%
Dividend yield	0.00%	0.00%	0.00%		0.00%
Estimated Fair Value Level 2
Fair value at beginning of year			$ 8,973
Warrants exercised			(1,776)
Changes in fair market value of warrant liabilities			(1,218)
Fair value at end of year			$ 5,979		$ 8,973
Warrant liability | February 10, 2017 stock purchase agreement | Level 2
Fair value assumptions for warrants
Risk-free interest rate						1.14%
Expected remaining term						6 months 4 days
Expected volatility						69.34%
Dividend yield						0.00%
Warrant liability | October 11, 2016 public offering | Level 2
Fair value assumptions for warrants
Risk-free interest rate						1.38%
Expected remaining term						1 year 3 months 10 days
Expected volatility						73.85%
Dividend yield						0.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 11, 2016	Sep. 30, 2018	Sep. 30, 2017	Oct. 31, 2018	Oct. 02, 2018	Jun. 30, 2018
Class of Warrant or Right [Line Items]
Common stock (in usd per share)		$ 0.01				$ 0.01
Net proceeds from sale of common stock		$ 0	$ (419)
Reclass to capital contributed in excess of par		$ 1,800
Value of non-cash consideration received (in shares)		29,428
IPO
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)	10,000,000
Common stock (in usd per share)	$ 3
Gross proceeds from sale of common stock	$ 30,000
Net proceeds from sale of common stock	$ 28,600
Exercise price of warrants or rights (in usd per share)	$ 3.75
Decrease in fair value of warrants exercised		$ 200
Warrants outstanding (in shares)		350,000
Securities purchase agreement | IPO
Class of Warrant or Right [Line Items]
Class of warrant or right, fair value	$ 7,300
Warrant liability
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		350,000				450,000
Warrant liability | IPO
Class of Warrant or Right [Line Items]
Options exercised (in shares)		100,000
Subsequent event
Class of Warrant or Right [Line Items]
Common stock (in usd per share)					$ 0.01
Warrants outstanding (in shares)				0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning Balance	$ 399,686,000
Other comprehensive income before reclassifications	19,000	$ (41,000)
Other comprehensive income (loss), net of tax:	19,000	(41,000)
Ending Balance	339,315,000
Reclassification from AOCI	0
Currency Translation Adjustments
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning Balance	(339,000)	(234,000)
Other comprehensive income before reclassifications	4,000	(73,000)
Other comprehensive income (loss), net of tax:	4,000	(73,000)
Ending Balance	(335,000)	(307,000)
Net Unrealized Gains (Losses) on Available- for-Sale Securities
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning Balance	(14,000)	(69,000)
Other comprehensive income before reclassifications	15,000	32,000
Other comprehensive income (loss), net of tax:	15,000	32,000
Ending Balance	1,000	(37,000)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive (Loss) Income [Line Items]
Beginning Balance	(353,000)	(303,000)
Ending Balance	$ (334,000)	$ (344,000)

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended	6 Months Ended	8 Months Ended
	Sep. 30, 2018shares	Jun. 30, 2018USD ($)shares	Jan. 06, 2018USD ($)shares	Jul. 01, 2018
Related Party Transaction [Line Items]
Professional and contract service expense | $			$ 555
Percent of stock-based compensation shares retired				0.50
Percent of stock-based compensation shares that continue to vest	0.50
M Rosenberg Bio Pharma Consulting LLC
Related Party Transaction [Line Items]
Professional and contract service expense | $		$ 347
Employee stock option
Related Party Transaction [Line Items]
Non-qualifed stock options granted (in shares)	1,279,000
Employee stock option | Chief Technology Officer
Related Party Transaction [Line Items]
Stock issued during period, net of forfeitures (in shares)		104,389
Employee stock option | M Rosenberg Bio Pharma Consulting LLC
Related Party Transaction [Line Items]
Non-qualifed stock options granted (in shares)			45,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Oct. 25, 2018	Sep. 30, 2018
Subsequent Event [Line Items]
Manufacturing and consulting services, commitment in fiscal year		$ 40
Manufacturing and consulting services, commitment in year two		31.6
Manufacturing and consulting services, commitment in year three		$ 10.4
Subsequent event
Subsequent Event [Line Items]
Settlement payment	$ 2.4

Uncategorized Items - immu-2018

Label	Element	Value
Restricted Cash, Current	us-gaap_RestrictedCashCurrent	$ 525,000
Restricted Cash, Current	us-gaap_RestrictedCashCurrent	$ 1,313,000