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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 07, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Trading Symbol	EYPT
Entity Registrant Name	EyePoint Pharmaceuticals, Inc.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		54,029,917

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 16,346	$ 16,898
Accounts and other receivables	478	251
Prepaid expenses and other current assets	851	591
Total current assets	17,675	17,740
Property and equipment, net	250	313
Intangible assets, net	31,973	364
Other assets	110	110
Restricted cash	150	150
Total assets	50,158	18,677
Current liabilities:
Accounts payable	2,760	1,016
Accrued expenses	3,215	4,224
Accrued development milestone	15,000	0
Deferred revenue	240	50
Total current liabilities	21,215	5,290
Long-term debt	12,850	0
Derivative liability	6,957	0
Other long-term liabilities	938	51
Total liabilities	41,960	5,341
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $.001 par value, 120,000,000 shares authorized, 53,909,917 and 39,356,999 shares issued and outstanding at March 31, 2018 and June 30, 2017, respectively	54	39
Additional paid-in capital	336,870	323,284
Accumulated deficit	(329,563)	(310,820)
Accumulated other comprehensive income	837	833
Total stockholders' equity	8,198	13,336
Total liabilities and stockholders' equity	$ 50,158	$ 18,677

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 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	120,000,000	120,000,000
Common stock, shares issued	53,909,917	39,356,999
Common stock, shares outstanding	53,909,917	39,356,999

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Collaborative research and development	$ 524	$ 372	$ 1,125	$ 6,108
Royalty income	404	218	1,121	730
Total revenues	928	590	2,246	6,838
Operating expenses:
Research and development	3,325	3,324	11,413	10,667
General and administrative	2,281	2,426	7,325	8,611
Total operating expenses	5,606	5,750	18,738	19,278
Loss from operations	(4,678)	(5,160)	(16,492)	(12,440)
Interest and other income	25	20	74	71
Change in fair value of derivative liability	(2,325)	0	(2,325)	0
Net loss	$ (6,978)	$ (5,140)	$ (18,743)	$ (12,369)
Net loss per common share:
Basic and diluted	$ (0.15)	$ (0.15)	$ (0.43)	$ (0.36)
Weighted average common shares:
Basic and diluted	45,644	34,366	43,184	34,238
Net loss	$ (6,978)	$ (5,140)	$ (18,743)	$ (12,369)
Other comprehensive income (loss):
Foreign currency translation adjustments	1	0	4	(30)
Net unrealized gain on marketable securities	0	1	0	2
Other comprehensive income (loss)	1	1	4	(28)
Comprehensive loss	$ (6,977)	$ (5,139)	$ (18,739)	$ (12,397)

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Jun. 30, 2016	$ 20,881	$ 34	$ 312,208	$ (292,213)	$ 852
Balance, shares at Jun. 30, 2016		34,172,919
Net loss	(12,369)			(12,369)
Other comprehensive income (loss)	(28)				(28)
Issuance of stock, net of issue costs	2,153	$ 1	2,152
Issuance of stock, shares		1,411,686
Exercise of stock options	99		99
Exercise of stock options, shares		84,080
Stock-based compensation	1,774		1,774
Balance at Mar. 31, 2017	12,510	$ 35	316,233	(304,582)	824
Balance, shares at Mar. 31, 2017		35,668,685
Balance at Jun. 30, 2017	$ 13,336	$ 39	323,284	(310,820)	833
Balance, shares at Jun. 30, 2017	39,356,999	39,356,999
Net loss	$ (18,743)			(18,743)
Other comprehensive income (loss)	4				4
Issuance of stock, net of issue costs	11,605	$ 15	11,590
Issuance of stock, shares		14,506,324
Fair value of warrant issued	268		268
Vesting of performance stock units	(2)		(2)
Vesting of performance stock units, shares		46,594
Stock-based compensation	1,730		1,730
Balance at Mar. 31, 2018	$ 8,198	$ 54	$ 336,870	$ (329,563)	$ 837
Balance, shares at Mar. 31, 2018	53,909,917	53,909,917

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (18,743)	$ (12,369)
Adjustments to reconcile net loss to cash flows from operating activities:
Amortization of intangible assets	366	542
Depreciation of property and equipment	126	59
Stock-based compensation expense	1,730	1,774
Change in fair value of derivative liability	2,325	0
Amortization of bond discount on marketable securities	0	(9)
Amortization of noncurrent portion of deferred revenue	0	(5,584)
Changes in current assets and liabilities:
Accounts receivable and other current assets	(175)	(131)
Accounts payable and accrued expenses	(1,632)	(424)
Deferred revenue	190	109
Deferred rent	(13)	(5)
Net cash used in operating activities	(15,826)	(16,038)
Cash flows from investing activities:
Purchases of marketable securities	0	(5,052)
Maturities of marketable securities	0	16,243
Acquisition of Icon Bioscience Inc., net of cash acquired	(15,072)	0
Purchases of property and equipment	(63)	(21)
Proceeds from sale of property and equipment	0	33
Net cash (used in) provided by investing activities	(15,135)	11,203
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs	16,310	2,305
Proceeds from issuance of long-term debt	15,000	0
Payment of debt issue costs	(905)	0
Exercise of stock options	0	99
Net cash provided by financing activities	30,405	2,404
Effect of foreign exchange rate changes on cash and cash equivalents	4	(11)
Net decrease in cash and cash equivalents	(552)	(2,442)
Cash and cash equivalents at beginning of period	16,898	15,313
Cash and cash equivalents at end of period	16,346	12,871
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment	0	22
Accrued acquisition costs	1,737	0
Accrued development milestone	15,000	0
Stock issuance costs	143	152
Debt issue costs	307	0
Accrued term loan exit fee	900	0
Fair value of second tranche purchase liability	4,734	0
Fair value of warrants issued with debt	$ 360	$ 0

Operations and Basis of Presentation

9 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and Basis of Presentation

1.	Operations and Basis of Presentation

The accompanying condensed consolidated financial statements of EyePoint Pharmaceuticals, Inc. (formerly pSivida Corp.) and subsidiaries (collectively, the “Company”) as of March 31, 2018 and for the three and nine months ended March 31, 2018 and 2017 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 (“fiscal 2017”). In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2017, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods indicated. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period.

The Company 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%, was approved by the U.S. Food and Drug Administration (“FDA”) in February 2018 for the treatment of post-operative inflammation. DEXYCU 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^® drug-delivery platform, which allows for a single injection that releases drug over time. There are over four million cataract surgeries performed annually in the United States (“U.S.”) and the Company plans to launch DEXYCU in the U.S. in the first half of 2019 with a primary focus on its use following cataract surgery. The Company’s lead product candidate is YUTIQ™ for the treatment of non-infectious uveitis affecting the posterior segment of the eye (“three-year uveitis”). Injected into the eye in an office visit, YUTIQ is a tiny micro-insert that delivers a micro-dose of a corticosteroid to the back of the eye on a sustained constant (zero order release) basis for approximately three years. On March 19, 2018, the FDA accepted the Company’s New Drug Application (“NDA”) for YUTIQ and it has set an FDA Prescription Drug User Fee Act (“PDUFA”) action date of November 5, 2018. YUTIQ is based on the Company’s proprietary Durasert™ sustained-release drug delivery technology platform, which can deliver drugs for predetermined periods of time ranging from months to years. Posterior segment uveitis is the third leading cause of blindness in the U.S. and affects between 55,000 to 120,000 people. If approved in November 2018, we expect to launch YUTIQ in the U.S. in the first half of 2019.

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. The Company believes that its cash and cash equivalents of $16.3 million at March 31, 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 and commercial launch of DEXYCU and, if approved, YUTIQ) through approximately the third quarter of calendar year 2018. 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, the Company has filed a preliminary proxy statement for a special meeting of stockholders to be held on June 22, 2018 for the purpose of approving, among other things, the issuance of up to approximately $25.5 million of units (each, a “Unit”), with each Unit consisting of (i) one share of the Company’s common stock and (ii) one warrant to purchase one share of the Company’s common stock (the “Second Tranche Transaction”). The Company may also draw down an additional $5.0 million pursuant to a credit agreement among the Company, as borrower, SWK Funding LLC, as agent, and the lenders party thereto from time to time, subject to a minimum capital raise of at least $20 million of net cash proceeds from an additional equity offering, which would be satisfied by the Second Tranche Transaction, or permitted subordinated debt financing (“Minimum Capital Raise”). There is no assurance that the Company will receive significant revenues from its planned commercialization of DEXYCU or, if approved, YUTIQ, or from its product license revenues under existing collaboration agreements or be able to obtain financing from any other sources. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

New accounting pronouncements are issued periodically by the Financial Accounting Standards Board (“FASB”) and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, which officially deferred the effective date of ASU 2014-09 by one year, while also permitting early adoption. As a result, ASU 2014-09 will become effective on July 1, 2018. The Company has initiated an assessment of the potential changes from adopting ASU 2014-09 and two revenue streams are expected to be impacted under the standard. The Company plans to adopt the new standard effective July 1, 2018 using the modified retrospective method. The Company is still evaluating aspects of ASU 2014-09 and has not determined how it may impact its consolidated financial statements or related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. As a result, ASU 2016-02 will become effective on July 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact the adoption of this standard will have on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), to clarify the definition of a business by adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets versus businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard early to account for the acquisition of Icon Bioscience, Inc. (“Icon”) (see Note 3).

Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

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.

Impairment of Intangible Assets

The Company’s finite life intangible assets include its newly acquired DEXYCU product and its previously acquired Durasert and Tethadur™ patented technologies. The Durasert and Tethadur intangible assets were amortized on a straight-line basis over twelve years and became fully amortized as of December 31, 2017. The DEXYCU intangible asset is being amortized based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. 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 by the amount by which the carrying value of the asset exceeds its estimated fair value.

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 operations and 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 8 and 9 for additional information.

Acquisition of Icon Bioscience, Inc.

9 Months Ended

Mar. 31, 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”) between the Company, Icon, and Shareholder Representative Services LLC (“SRS”), solely in its capacity as representative of Icon’s securityholders. The Icon Acquisition will be 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 8 and 9).

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 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.

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. 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. The amortization expense will be based on the pattern in which the economic benefits of the intangible asset are expected to be consumed. 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 Agreements

9 Months Ended

Mar. 31, 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 diabetic macular edema (“DME”), and Alimera assumed all financial responsibility for the development of the licensed products. In addition, the Company was entitled to receive 20% of any net profits (as defined) on sales of each licensed product (including ILUVIEN) by Alimera, measured on a quarter-by-quarter and country-by-country basis. Alimera was entitled to recover 20% of previously incurred and unapplied net losses (as defined) for commercialization of each product in a country, but only by an offset of up to 4% of the net profits earned in that country each quarter, reducing the Company’s net profit share to 16% in each country until those net losses were recouped. In the event that Alimera sublicensed commercialization in any country, the Company was entitled to 20% of royalties and 33% of non-royalty consideration received by Alimera, less certain permitted deductions. The Company was also entitled to reimbursement of certain patent maintenance costs with respect to the patents licensed to Alimera.

Because the Company had 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.

On July 10, 2017, the Company entered into a further amended and restated collaboration agreement (the “Amended Alimera Agreement”), pursuant to which the Company (i) licensed its Durasert three-year uveitis product candidate (called YUTIQ in the U.S. and planned to be called ILUVIEN in Europe, the Middle East and Africa (“EMEA”)) to Alimera for the EMEA 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 start at the rate of 2%. Commencing January 1, 2019 (or earlier under certain circumstances), the sales-based royalty will increase to 6% on aggregate calendar year net sales up to $75 million and 8% in excess of $75 million. Alimera’s share of contingently recoverable accumulated ILUVIEN commercialization losses under the Prior Alimera Agreement, 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 three-year 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.

Following the completion of the Amended Alimera Agreement, the Company withdrew its previously filed EU marketing approval application and its EU orphan drug designation for three-year uveitis, and Alimera was responsible for filing a Type II variation for ILUVIEN for the treatment of three-year uveitis. 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. If the variation is approved, Alimera plans to commercialize the three-year uveitis indication under its ILUVIEN trademark.

Revenue under the Prior Alimera Agreement and/or the Amended Alimera Agreement totaled $234,000 and $290,000 for the three months ended March 31, 2018 and 2017, respectively, and $524,000 and $325,000 for the nine months ended March 31, 2018 and 2017, respectively. In addition to patent fee reimbursements in both periods, the Company earned (i) $378,000 of sales-based royalties for the nine months ended March 31, 2018 attributable to the first and second quarters of fiscal 2018 (recorded as royalty income under the Amended Alimera Agreement) and (ii) $50,000 of net profits in the three months ended September 30, 2017 attributable to the fourth quarter of fiscal 2017 (recorded as collaborative research and development revenue under the Prior Alimera Agreement).

Pfizer

In June 2011, the Company and Pfizer, Inc. (“Pfizer”) entered into an Amended and Restated Collaborative Research and License Agreement (the “Restated Pfizer Agreement”) to focus solely on the development of a sustained-release bioerodible micro-insert injected into the subconjunctiva designed to deliver latanoprost for human ophthalmic disease or conditions other than uveitis (the “Latanoprost Product”). Pfizer made an upfront payment of $2.3 million and the Company agreed to provide Pfizer options under various circumstances for an exclusive, worldwide license to develop and commercialize the Latanoprost Product.

The estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million was partially recognized as collaborative research and development revenue over the estimated performance period using the proportional performance method with costs associated with developing the Latanoprost Product reflected in operating expenses in the period in which they have been incurred. No collaborative research and development revenue was recorded during the three months ended September 30, 2016.

On October 25, 2016, the Company notified Pfizer that it had discontinued development of the Latanoprost Product, which provided Pfizer a 60-day option to acquire a worldwide license in return for a $10.0 million payment and potential sales-based royalties and development, regulatory and sales performance milestone payments. Pfizer did not exercise its option and the Restated Pfizer Agreement automatically terminated on December 26, 2016. The remaining deferred revenue balance of $5.6 million was recognized as revenue in the three-month period ended December 31, 2016.

Bausch & Lomb

Pursuant to a licensing and development agreement, as amended, Bausch & Lomb has a worldwide exclusive license to make and sell Retisert in return for royalties based on sales. Royalty income totaled $221,000 and $218,000 for the three months ended March 31, 2018 and 2017, respectively, and $742,000 and $730,000 for the nine months ended March 31, 2018 and 2017, respectively. Accounts receivable from Bausch & Lomb totaled $223,000 at March 31, 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 BioSilicon product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 2017. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee sales-based royalties earned, but only to the extent such amounts, in the aggregate, exceed the $100,000 annual license maintenance fee. As of March 31, 2018, OncoSil has not received regulatory approval in any jurisdiction, although an application for CE Mark approval in Europe is pending. The Company has no consequential performance obligations under the OncoSil license agreement and, accordingly, any amounts to which the Company is entitled under the agreement are recognized as revenue on the earlier of receipt or when collectability is reasonably assured. Revenue related to the OncoSil agreement totaled $100,000 for the three and nine-month periods ended March 31, 2018 and 2017, respectively. As of March 31, 2018, no deferred revenue was recorded for this agreement.

Evaluation Agreements

The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized by the Company as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the evaluation agreement. Revenues under evaluation agreements totaled $470,000 and $80,000 for the three months ended March 31, 2018 and 2017, respectively, and $875,000 and $91,000 for the nine months ended March 31, 2018 and 2017, respectively. Deferred revenue for these agreements totaled $240,000 and $50,000 at March 31, 2018 and June 30, 2017, respectively.

Intangible Assets

9 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5.	Intangible Assets

The reconciliation of intangible assets for the nine months ended March 31, 2018 and for the year ended June 30, 2017 was as follows (in thousands):


	Nine Months Ended March 31, 2018			Year Ended June 30, 2017
Patented technologies
Gross carrying amount at beginning of period	$	35,610		$	36,196
Acquisition of Icon Bioscience		31,973			—
Foreign currency translation adjustments		739			(586	)

Gross carrying amount at end of period		68,322			35,610

Accumulated amortization at beginning of period		(35,246	)		(35,094	)
Amortization expense		(366	)		(724	)
Foreign currency translation adjustments		(737	)		572

Accumulated amortization at end of period		(36,349	)		(35,246	)

Net book value at end of period	$	31,973		$	364

The Company historically amortized its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization of intangible assets totaled $0 and $180,000 for the three months ended March 31, 2018 and 2017, respectively, and $366,000 and $542,000 for the nine months ended March 31, 2018 and 2017, respectively. At March 31, 2018, the carrying value of each of the Durasert and Tethadur intangible assets was amortized to zero.

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 will be amortized proportionate to projected DEXYCU product revenues over its expected useful life. No amortization expense was recorded related to DEXYCU for the three months ended March 31, 2018 and no amortization is expected for the remainder of fiscal year 2018 or until such time as the commercial sales of the product are commenced.

Accrued Expenses

9 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Accrued Expenses

6.	Accrued Expenses

Accrued expenses consisted of the following at March 31, 2018 and June 30, 2017 (in thousands):


	March 31, 2018		June 30, 2017
Clinical trial costs	$	722	$	1,984
Personnel costs		1,144		1,632
Professional fees		1,282		590
Other		67		18

	$	3,215	$	4,224

In January 2017, the Company entered into retention bonus agreements with five employees. Under these agreements (a) cash payments totaling $319,000 were made on December 22, 2017 and (b) subject to continuing employment, a total of 305,616 restricted stock units (“RSUs”) of an equal value were granted at that date based on a closing share price of $1.045 per share with a one-year vesting period. Included in personnel costs in the above table were $0 and $160,000 at March 31, 2018 and June 30, 2017, respectively, representing pro rata accrual of the cash bonus component.

At March 31, 2018, approximately $858,000 of accrued professional fees were directly attributable to services rendered in the Icon Acquisition, the Equity Transactions (as defined in Note 9) and the transactions contemplated by the Credit Agreement (as defined in Note 8).

Restructuring

9 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring

7.	Restructuring

In July 2016, the Company announced its plan to consolidate its research and development activities in its U.S. facility. Following employee consultations under local U.K. law, the Company determined to close its U.K. research facility and terminated the employment of its U.K. employees. The U.K. facility lease, set to expire on August 31, 2016, was extended through November 30, 2016 to facilitate an orderly transition and the required restoration of the premises. A summary reconciliation of the restructuring costs for the nine months ended March 31, 2017 is as follows (in thousands):


	Balance at		Charged to					Balance at
	June 30, 2016		Expense		Payments			March 31, 2017
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 the nine months ended March 31, 2017. 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; and (ii) $199,000 of professional fees, travel and lease extension costs.

In addition, for the three months ended September 30, 2016, the Company recorded $99,000 of non-cash stock-based compensation expense in connection with the extension of the exercise period through June 30, 2017 for all vested stock options held by the U.K. employees at July 31, 2016 and a $133,000 credit to stock-based compensation expense to account for forfeitures of all non-vested stock options at that date.

The Company paid all of the restructuring costs associated with the plan of consolidation as of March 31, 2017.

Term Loan Agreement

9 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Term Loan Agreement

8.	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 may be advanced between the Closing Date and December 31, 2018, subject to satisfying the Minimum Capital Raise (the “Additional Advance”). The Loan may be increased by $10 million upon the request of the Company, subject to 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 $1,250,000 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 net revenue of the Company through the end of such quarter less (y) any prior quarterly principal and interest payments made during such fiscal year. In addition, the Company paid an upfront fee of 1.5% of the aggregate principal amount of the Loan. The Company is required to pay an exit fee equal to 6% of the aggregate principal amount advanced under the Credit Agreement (the “Exit Fee”). The portion of the Exit Fee on the Initial Advance, which is included in other long-term liabilities in the accompanying condensed consolidated balance sheet, is being accrued as interest expense over the term of the Loan using the effective interest method.

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 assets 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 Company common stock (the “Initial Advance Warrant Shares”) at an exercise price equal to $1.10 and (b) an aggregate number of shares of the Company’s common stock determined by multiplying the Additional Advance by 3% and then dividing such number by the consolidated closing bid price of a share of the Company’s common stock on Nasdaq immediately preceding the closing of the Additional Advance (the “Additional Advance Warrant Shares”). The exercise price for the Additional Advance Warrant Shares shall be equal to the consolidated closing bid price of the Company’s common stock on Nasdaq immediately preceding the closing of the Additional Advance. 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 anniversary of the Initial Advance and (ii) with respect to the Additional Advance Warrant Shares, any time on or after the closing of the Additional Advance until the close of business on the 7-year anniversary of the Additional Advance. The Agent may exercise the SWK Warrant on a cashless basis at any time. In the event the Agent exercises the SWK Warrant on a cashless basis the Company will not receive any proceeds.

The Additional Advance Warrant Shares is recorded as a liability on the Company’s Condensed Consolidated Balance Sheet and will be remeasured at fair value at each reporting period. The aggregate fair value of the Additional Advance Warrant Shares at the issuance date was $69,000. The Initial Advance warrants 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.

In addition to the discount created from the allocation of proceeds and the 1.5% upfront fee, the Company incurred legal and other transaction costs in connection with obtaining the Loan. The upfront fee, the Exit Fee and the legal costs, for an aggregate of $2.1 million, 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. Total debt discount at the issuance date of $1.8 million related to the Initial Advance consists of the fair value of the Initial Advance Warrant Shares, plus the upfront fee, Exit Fee and legal costs allocated to the Initial Advance. This amount is being amortized as additional interest expense over the term of the Loan using the effective interest method. Total debt discount on the issuance date of $299,000 related to the Additional Advance consists of the fair value of the Additional Advance Warrant Shares, plus the fair value of the embedded derivative, the upfront fee, and legal costs allocated to the Additional Advance. This amount was recorded as a prepaid expense and is being amortized ratably from the Closing Date through December 31, 2018. Upon a drawdown of the Additional Advance, the remaining unamortized costs will be reclassified to debt discount and will be amortized over the remaining life of the Additional Advance term loan using the effective interest method.

Stockholders' Equity

9 Months Ended

Mar. 31, 2018

Equity [Abstract]

Stockholders' Equity

9.	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, L.P. (collectively, the “First Tranche Investors”), pursuant to which the Company offered and sold to the First Tranche Investors an aggregate of 8,606,324 shares of the Company’s common stock at a purchase price of $1.10 per share (the “First Tranche Purchase Price”) for aggregate gross proceeds of approximately $9.5 million (the “First Tranche Transaction”).

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 another accredited investor (collectively, the “Second Tranche Investors”), pursuant to which the Company will, subject to the approval of the Company’s stockholders, 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 the Company’s common stock and (b) one warrant to purchase a share of the Company’s common stock (the “Second Tranche Transaction” and together with the First Tranche Transaction, the “Equity Transactions”). The First Tranche Investors have the option at any time prior to the closing of the Second Tranche Transaction to allocate the purchase of up to 50% of the Units being issued and sold to them in the Second Tranche Transaction to one or more accredited investors, subject to certain conditions set forth in the Second Securities Purchase Agreement.

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.

The warrants to be issued in the Second Tranche Transaction (each a “Second Tranche Warrant,” and collectively, the “Second Tranche Warrants”) will be exercisable any time on or after the closing of the Second Tranche Transaction 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 the Centers for Medicare & Medicaid Services (“Medicare”) has announced that a new C-Code has been established for DEXYCU and will be effective at the start of the first calendar quarter after such notice. The exercise price of each Second Tranche Warrant to be issued in the Second Tranche Transaction will be 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 the Company’s common stock on Nasdaq 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.

The aggregate gross proceeds from the Second Tranche Transaction are expected to be approximately $25.5 million, not including any proceeds from the exercise of the Second Tranche Warrants.

The Company has determined that the Company’s common stock issued in the First Tranche Transaction and the future obligation to issue Units in the Second Tranche Transaction are freestanding instruments. The Company’s common stock issued in the First Tranche Transaction is recorded to equity on the Company’s Balance Sheet and will not be measured at fair value at each reporting period. The future obligation to issue Units in the Second Tranche Transaction is recorded as a liability on the Company’s Balance Sheet and will be remeasured at fair value at each reporting period.

The Company has 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 issuance 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 issuance date, with the residual amount allocated to the Company’s 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 Company’s common stock issued in the First Tranche Transaction and the future obligation to issue Units in the Second Tranche Transaction, respectively, as of the issuance 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 in the Consolidated Statement of Comprehensive Loss.

ATM Facility

In February 2017, the Company entered into an ATM program pursuant to which, under its Form S-3 shelf registration statement, the Company may, at its option, offer and sell shares of its common stock from time to time for an aggregate offering price of up to $20.0 million. The Company will pay the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. The Company’s ability to sell shares under the ATM program was subject to the listing rules of the Australian Securities Exchange (“ASX”) prior to the Company’s removal from the official list of the ASX on May 7, 2018 (“ASX Delisting”), which limited the number of shares the Company may issue in any 12-month period without stockholder approval, as well as other applicable rules and regulations of Nasdaq. During the three months ended March 31, 2017, the Company incurred $223,000 of legal, accounting and other costs to establish and activate the ATM program.

During the nine months ended March 31, 2018, the Company sold 5,900,000 shares of its 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 for the nine months ended March 31, 2018. The Company did not sell any shares of its common stock pursuant to the ATM program during the three months ended March 31, 2018. During the three and nine months ended March 31, 2017, the Company sold 1,411,686 shares of its common stock under the ATM program at a weighted price of $1.74 for gross proceeds of $2.45 million. Share issue costs, including sales agent commissions, totaled $76,000.

Warrants to Purchase Common Shares

The following table provides a reconciliation of warrants to purchase shares of the Company’s common stock for the nine months ended March 31, 2018 and 2017:


	Nine Months Ended March 31,
	2018					2017
				Weighted				Weighted
				Average				Average
	Number of			Exercise		Number of		Exercise
	Warrants			Price		Warrants		Price
Balance at beginning of period		623,605		$	2.50		623,605	$	2.50
Issued		409,091			1.10		—		—
Expired		(623,605	)		2.50		—		—

Balance and exercisable at end of period		409,091		$	1.10		623,605	$	2.50

In connection with the Loan (see Note 8), the Company (i) issued a warrant to purchase 409,091 shares of the Company’s common stock at an exercise price of $1.10 per share with a seven-year term and (ii) has contingently issuable warrants that are issuable in the event the Company draws down the additional tranche of debt. This contingently issuable warrant has been classified as a liability as the settlement amount is predominantly based upon a fixed dollar amount with a variable number of shares.

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 the Company’s common stock reserved for issuance under the 2016 Plan plus any additional shares of the Company’s 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 March 31, 2018, a total of 5,483,977 shares of the Company’s common stock were authorized for issuance under the 2016 Plan, which included 1,380,530 stock options and 200,000 restricted stock units that were forfeited under the 2008 Plan during the nine months ended March 31, 2018. At March 31, 2018, a total of 3,575,361 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 nine months ended March 31, 2018:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Life		Value
						(in years)		(in thousands)
Outstanding at July 1, 2017		6,045,685		$	3.34
Granted		530,000			1.58
Forfeited		(1,470,530	)		3.48

Outstanding at March 31, 2018		5,105,155		$	3.12		5.54	$	41

Exercisable at March 31, 2018		3,207,063		$	3.36		3.71	$	20

During the nine months ended March 31, 2018, the Company granted 290,000 options to employees with ratable annual vesting over 3 years, 100,000 options to non-executive directors with 1-year cliff vesting, 40,000 options to a newly appointed non-executive director with ratable annual vesting over 3 years and 100,000 options to an external consultant with 6.5 months cliff vesting at June 30, 2018. In accordance with ASX Listing Rules, all equity awards authorized by the Compensation Committee of the Board to the Company’s executive and non-executive directors were subject to stockholder approval prior to ASX Delisting, with the grant date fair value measured at the stockholder approval date and vesting measured from the Compensation Committee authorization date. All option grants have a 10-year term. The weighted-average grant date fair value of these options was $0.56 per share. In determining the grant date fair value of option awards under the 2016 Plan during the nine months ended March 31, 2018, the Company applied the Black-Scholes option pricing model based on the following key assumptions:


Option life (in years)		5.50 - 6.00
Stock volatility		59.5% - 64.4%
Risk-free interest rate		2.18% - 2.68%
Expected dividends		0%

Options to purchase a total of 645,942 shares of the Company’s common stock vested during the nine months ended March 31, 2018.

Time-Vested Restricted Stock Units

Time-vested restricted stock unit awards (“RSUs”) issued to date under the 2016 Plan generally vest on a ratable annual basis over 3 years. The related stock-based compensation expense is recorded over the requisite service period, which is the vesting period. The fair value of all time-vested RSUs is based on the closing share price of the Company’s common stock on the date of grant.

In connection with retention bonus agreements entered into in January 2017 (see Note 6), a total of 305,616 RSUs were issued on December 22, 2017 subject to one-year cliff vesting.

The following table provides a reconciliation of RSU activity under the 2016 Plan for the nine months ended March 31, 2018:


				Weighted
	Number of			Average
	Restricted			Grant Date
	Stock Units			Fair Value
Nonvested at July 1, 2017		248,500		$	1.77
Granted		425,616			1.07
Forfeited		(45,000	)		1.77

Nonvested at March 31, 2018		629,116		$	1.30

At March 31, 2018, the weighted average remaining vesting term of the RSUs was one year.

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 of the PSUs, upon an FDA approval of YUTIQ on or before March 31, 2019. For each performance criteria that is achieved, 50% of the PSUs that are associated with that performance condition will vest at the achievement date and 50% will vest on the first anniversary of such date, in each case subject to continued employment through such date. As a result of the achievement of the first performance condition on March 19, 2018, 48,332 PSUs vested at that date and the other 48,332 PSUs became subject to a service-based condition with a vesting date of March 19, 2019. As of March 31, 2018, the second performance condition associated with the PSUs was not yet deemed probable of achievement and, accordingly, stock-based compensation has not been recorded for that portion of the PSUs during the nine months ended March 31, 2018.

The following table provides a reconciliation of PSU activity under the 2016 Plan for the nine months ended March 31, 2018:


				Weighted
	Number of			Average
	Performance			Grant Date
	Stock Units			Fair Value
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 March 31, 2018		241,668		$	1.52

The weighted average remaining vesting term of the PSUs associated with the first performance condition was approximately 11.6 months.

Deferred Stock Units

A total of 67,500 deferred stock units (“DSUs”) were issued to incumbent non-executive directors and ratified at the December 15, 2017 annual meeting of stockholders. The DSUs vest on June 27, 2018. Subsequent to vesting, the DSUs will be settled in shares of the Company’s common stock upon the earliest to occur of (i) each director’s termination of service on the Company’s Board of Directors and (ii) the occurrence of a change of control as defined in the award agreement. Upon Dr. Barry’s termination of service on the Company’s board of directors on May 7, 2018, all of Dr. Barry’s DSUs (12,500) vested in full.

The weighted average grant date fair value of the DSUs was $1.13. At March 31, 2018, the weighted average remaining vesting term of the DSUs was approximately 3 months.

Inducement Option Grant

At June 30, 2017 and March 31, 2018, there were 850,000 stock options outstanding that were issued as an inducement award to the Company’s President and CEO in September 2016. The options have an exercise price of $3.63 per share, a 10-year term and are subject to pro rata annual vesting over 4 years. Although the stock options were not awarded under the 2008 Plan, the stock options are subject to and governed by the terms and conditions of the 2008 Plan. A total of 212,500 of these options vested during the nine months ended March 31, 2018.

Market-Based Restricted Stock Units

The following table provides a reconciliation of market-based restricted stock units for the nine months ended March 31, 2018:


				Weighted
	Number of			Average
	Market-Based			Grant Date
	Stock Units			Fair Value
Outstanding at July 1, 2017		700,000		$	1.35
Forfeited		(200,000	)		1.09

Outstanding at March 31, 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 March 31, 2018, there were 500,000 market-based RSUs outstanding due to a forfeiture of 200,000 market-based RSUs upon an employee’s resignation. Subject to a service condition, the number of shares underlying the one remaining market-based RSU that vests will be based upon a relative percentile rank of the 3-year change in the closing price of the Company’s common stock compared to that of the companies that make up the Nasdaq Biotechnology Index. The Company estimated the fair value of the market-based RSUs using a Monte Carlo valuation model on the respective dates of grant.

Stock-Based Compensation Expense

The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the three and nine months ended March 31, 2018 and 2017, as follows (in thousands):


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2018		2017		2018		2017
Compensation expense included in:
Research and development	$	315	$	267	$	907	$	803
General and administrative		128		377		823		971

	$	443	$	644	$	1,730	$	1,774

In connection with termination benefits provided to the Company’s former Chief Executive Officer, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through September 14, 2017, and all remaining non-vested options were forfeited. Additionally, in connection with the U.K. restructuring, the exercise period of all vested options held by the former U.K. employees was extended through June 30, 2017 and all non-vested options were forfeited. These option modifications and forfeitures were accounted for in the quarter ended September 30, 2016, the net effect of which resulted in an approximate $274,000 increase of stock-based compensation expense included in general and administrative expense and an approximate $35,000 reduction of stock-based compensation expense included in research and development expense for the nine months ended March 31, 2017 in the table above.

In connection with termination benefits provided to the Company’s former Vice President, Corporate Affairs and General Counsel, the vesting of certain non-vested options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through June 26, 2018 and all remaining non-vested options were forfeited. The option modification and forfeitures were accounted for in the quarter ended December 31, 2016, the net effect of which resulted in an approximate $117,000 reduction of stock-based compensation expense included in general and administrative expense for the nine months ended March 31, 2017 in the table above.

At March 31, 2018, there was approximately $2.4 million of unrecognized compensation expense related to outstanding equity awards under the 2016 Plan, the 2008 Plan and the inducement awards to the Company’s President and CEO that is expected to be recognized as expense over a weighted-average period of approximately 1.42 years.

Fair Value Measurements

9 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

10.

Fair Value Measurements

The following tables summarize the Company’s assets and liabilities carried at fair value measured on a recurring basis at March 31, 2018 and June 30, 2017 by valuation hierarchy (in thousands):


	March 31, 2018
			Quoted prices in		Significant other		Significant
	Total carrying		active markets		observable inputs		unobservable inputs
	value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	6,800	$	6,800	$	—	$	—

	$	6,800	$	6,800	$	—	$	—

Liabilities:
Derivative liabilities	$	6,957	$	—	$	—	$	6,957

	$	6,957	$	—	$	—	$	6,957


	June 30, 2017
			Quoted prices in		Significant other		Significant
	Total carrying		active markets		observable inputs		unobservable inputs
	value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	13,521	$	13,521	$	—	$	—

	$	13,521	$	13,521	$	—	$	—

Financial instruments that potentially subject the Company to concentrations of credit risk have historically consisted principally of cash and cash equivalents. At March 31, 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 9), which requires that the liability be measured at fair value each period with changes in fair value being recorded as component of net income (loss) in the statement of operations. This valuation was determined to be a level 3 valuation because it includes unobservable inputs. The Second Tranche Transaction liability was valued using a Monte Carlo simulation valuation model. This model incorporated several inputs, including the Company’s common stock price on the date of valuation, the historical volatility of the price of the Company’s common stock, the risk-free interest rate and management’s assessment of the probability and timing of the issuance of the units occurring. A significant fluctuation in the Company’s stock price or the Company’s estimate of the number of units to be issued could result in a material increase or decrease in the fair value of the Second Tranche liability. Significant assumptions used to value this liability are as follows:


	March 28, 2018 (Date of Issuance)	March 31, 2018
Volatility	54.20%	52.50%
Risk free interest rate	1.70%	1.70%
Estimated date of stockholder approval	June 2018	June 2018
Estimated number of units issuable	26,900,000	25,300,000
Valuation date stock price	$1.07	$1.22

The Additional Advance Warrants were determined to be liability classified (see Note 8), which requires that the liability be measured at fair value each period with changes in fair value being recorded as a component of net income (loss) in the condensed consolidated statement of comprehensive income (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 Company’s common stock price on the date of valuation, the historical volatility of the price of the Company’s common stock, the risk-free interest rate and management’s assessments of the probability of the Additional Advance being drawn upon. Significant assumptions used to value this liability are as follows:


	March 28, 2018 (Date of Issuance)			March 31, 2018
Volatility		55.20	%		55.20	%
Risk free interest rate		1.70	%		1.70	%
Term (in years)		7			7
Dividend rate		0	%		0	%
Valuation date stock price	$	1.07		$	1.22
Probability of issuance		80	%		80	%

The following table sets forth a summary of changes in the fair value of the Company’s derivative liability for which fair value is determined by Level 3 inputs (in thousands):


Balance at June 30, 2017	$	—
Initial fair value of warrant liability		4,632
Change in fair value		2,325

Balance at March 31, 2018	$	6,957

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

9 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

The Company recognizes deferred tax assets and liabilities for estimated future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is established if, based on management’s review of both positive and negative evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Because of its historical losses from operations, the Company established a valuation allowance for the net deferred tax assets. The Company did not record any income tax expense or benefit for the three and nine months ended March 31, 2018 and 2017.

For the three and nine months ended March 31, 2018 and 2017, the Company had no significant unrecognized tax benefits. At March 31, 2018 and June 30, 2017, the Company had no accrued penalties or interest related to uncertain tax positions.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted which, amongst other corporate and individual tax law changes, lowered the federal corporate income tax rate to 21% effective January 1, 2018. Because the Company provides a full valuation allowance for all of its net deferred tax assets, there is no effect of the Tax Act on the Company’s consolidated financial statements as of and for the three and nine months ended March 31, 2018.

Commitments and Contingencies

9 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.

Commitments and Contingencies

Operating Leases

The Company leases approximately 13,650 square feet of combined office and laboratory space in Watertown, Massachusetts under a lease with a term from March 2014 through April 2019, with a five-year renewal option at market rates. The Company provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts.

Commencing July 1, 2017, the Company leases approximately 3,000 square feet of office space in Liberty Corner, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts.

Legal Proceedings

The Company is subject to various other routine legal proceedings and claims incidental to its business, which management believes will not have a material effect on the Company’s financial position, results of operations or cash flows.

Net Loss per Share

9 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net Loss per Share

13.

Net Loss per Share

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Potentially dilutive shares were not included in the calculation of diluted net loss per share for each of the three and nine months ended March 31, 2018 and 2017 as their inclusion would be anti-dilutive.

Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2018		2017		2018		2017
Options outstanding		5,955,155		6,797,691		5,955,155		6,797,691
Warrants outstanding		409,091		623,605		409,091		623,605
Restricted stock units outstanding		1,129,116		700,000		1,129,116		700,000
Performance stock units outstanding		241,668		—		241,668		—
Deferred stock units outstanding		67,500		—		67,500		—

		7,802,530		8,121,296		7,802,530		8,121,296

Subsequent Events

9 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

14.

Subsequent Events

On April 26, 2018, the Company filed a preliminary proxy statement with the Securities and Exchange Commission in connection with a special meeting of stockholders to be held on June 22, 2018. The purpose of the special meeting will be to seek (i) stockholder approval of the issuance of a maximum of 27,250,000 Units pursuant to the Second Tranche Securities Purchase Agreement (see Note 9) and (ii) stockholder approval of an amendment of the Company’s Certificate of Incorporation, as amended, to increase the number of authorized shares of the Company’s common stock from 120,000,000 shares to 150,000,000 shares.

The Company was removed from the official list of ASX at the close of trading on May 7, 2018.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Fair Value Measurements

Fair Value Measurements

•

Level 1 – Inputs are quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets and liabilities.

•

Impairment of Intangible Assets

Impairment of Intangible Assets

Derivative Instruments

Derivative Instruments

Intangible Assets (Tables)

9 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

The reconciliation of intangible assets for the nine months ended March 31, 2018 and for the year ended June 30, 2017 was as follows (in thousands):


	Nine Months Ended March 31, 2018			Year Ended June 30, 2017
Patented technologies
Gross carrying amount at beginning of period	$	35,610		$	36,196
Acquisition of Icon Bioscience		31,973			—
Foreign currency translation adjustments		739			(586	)

Gross carrying amount at end of period		68,322			35,610

Accumulated amortization at beginning of period		(35,246	)		(35,094	)
Amortization expense		(366	)		(724	)
Foreign currency translation adjustments		(737	)		572

Accumulated amortization at end of period		(36,349	)		(35,246	)

Net book value at end of period	$	31,973		$	364

Accrued Expenses (Tables)

9 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at March 31, 2018 and June 30, 2017 (in thousands):


	March 31, 2018		June 30, 2017
Clinical trial costs	$	722	$	1,984
Personnel costs		1,144		1,632
Professional fees		1,282		590
Other		67		18

	$	3,215	$	4,224

Restructuring (Tables)

9 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Summary of Reconciliation of Restructuring Costs

A summary reconciliation of the restructuring costs for the nine months ended March 31, 2017 is as follows (in thousands):


	Balance at		Charged to					Balance at
	June 30, 2016		Expense		Payments			March 31, 2017
Termination benefits	$	118	$	273	$	(391	)	$	—
Facility closure		40		73		(113	)		—
Other		29		126		(155	)		—

	$	187	$	472	$	(659	)	$	—

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2018

Summary of Reconciliation of Warrants to Purchase Common Stock

The following table provides a reconciliation of warrants to purchase shares of the Company’s common stock for the nine months ended March 31, 2018 and 2017:


	Nine Months Ended March 31,
	2018					2017
				Weighted				Weighted
				Average				Average
	Number of			Exercise		Number of		Exercise
	Warrants			Price		Warrants		Price
Balance at beginning of period		623,605		$	2.50		623,605	$	2.50
Issued		409,091			1.10		—		—
Expired		(623,605	)		2.50		—		—

Balance and exercisable at end of period		409,091		$	1.10		623,605	$	2.50

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan for the nine months ended March 31, 2018:


				Weighted
	Number of			Average
	Restricted			Grant Date
	Stock Units			Fair Value
Nonvested at July 1, 2017		248,500		$	1.77
Granted		425,616			1.07
Forfeited		(45,000	)		1.77

Nonvested at March 31, 2018		629,116		$	1.30

Summary of Performance Stock Unit Activity

The following table provides a reconciliation of PSU activity under the 2016 Plan for the nine months ended March 31, 2018:


				Weighted
	Number of			Average
	Performance			Grant Date
	Stock Units			Fair Value
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 March 31, 2018		241,668		$	1.52

Summary of Market-Based Restricted Stock Unit Activity

The following table provides a reconciliation of market-based restricted stock units for the nine months ended March 31, 2018:


				Weighted
	Number of			Average
	Market-Based			Grant Date
	Stock Units			Fair Value
Outstanding at July 1, 2017		700,000		$	1.35
Forfeited		(200,000	)		1.09

Outstanding at March 31, 2018		500,000		$	1.45

Compensation Expense from Stock-Based Payment Awards


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2018		2017		2018		2017
Compensation expense included in:
Research and development	$	315	$	267	$	907	$	803
General and administrative		128		377		823		971

	$	443	$	644	$	1,730	$	1,774

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 nine months ended March 31, 2018:


						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Options			Price		Life		Value
						(in years)		(in thousands)
Outstanding at July 1, 2017		6,045,685		$	3.34
Granted		530,000			1.58
Forfeited		(1,470,530	)		3.48

Outstanding at March 31, 2018		5,105,155		$	3.12		5.54	$	41

Exercisable at March 31, 2018		3,207,063		$	3.36		3.71	$	20

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2018

Schedule of Assumptions Used to value of Liability

In determining the grant date fair value of option awards under the 2016 Plan during the nine months ended March 31, 2018, the Company applied the Black-Scholes option pricing model based on the following key assumptions:


Option life (in years)		5.50 - 6.00
Stock volatility		59.5% - 64.4%
Risk-free interest rate		2.18% - 2.68%
Expected dividends		0%

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 March 31, 2018 and June 30, 2017 by valuation hierarchy (in thousands):


	March 31, 2018
			Quoted prices in		Significant other		Significant
	Total carrying		active markets		observable inputs		unobservable inputs
	value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	6,800	$	6,800	$	—	$	—

	$	6,800	$	6,800	$	—	$	—

Liabilities:
Derivative liabilities	$	6,957	$	—	$	—	$	6,957

	$	6,957	$	—	$	—	$	6,957


	June 30, 2017
			Quoted prices in		Significant other		Significant
	Total carrying		active markets		observable inputs		unobservable inputs
	value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	13,521	$	13,521	$	—	$	—

	$	13,521	$	13,521	$	—	$	—

Summary of Changes in the Fair Value of the Company's Derivative Liability

The following table sets forth a summary of changes in the fair value of the Company’s derivative liability for which fair value is determined by Level 3 inputs (in thousands):


Balance at June 30, 2017	$	—
Initial fair value of warrant liability		4,632
Change in fair value		2,325

Balance at March 31, 2018	$	6,957

Percentage of Shares Vest on First Anniversary of Achievement Date [Member]

Schedule of Assumptions Used to value of Liability

Significant assumptions used to value this liability are as follows:


	March 28, 2018 (Date of Issuance)	March 31, 2018
Volatility	54.20%	52.50%
Risk free interest rate	1.70%	1.70%
Estimated date of stockholder approval	June 2018	June 2018
Estimated number of units issuable	26,900,000	25,300,000
Valuation date stock price	$1.07	$1.22

Additional Advance Warrant Shares [Member]

Schedule of Assumptions Used to value of Liability

Significant assumptions used to value this liability are as follows:


	March 28, 2018 (Date of Issuance)			March 31, 2018
Volatility		55.20	%		55.20	%
Risk free interest rate		1.70	%		1.70	%
Term (in years)		7			7
Dividend rate		0	%		0	%
Valuation date stock price	$	1.07		$	1.22
Probability of issuance		80	%		80	%

Net Loss per Share (Tables)

9 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares

Potential common stock equivalents excluded from the calculation of diluted earnings per share because the effect would have been anti-dilutive were as follows:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2018		2017		2018		2017
Options outstanding		5,955,155		6,797,691		5,955,155		6,797,691
Warrants outstanding		409,091		623,605		409,091		623,605
Restricted stock units outstanding		1,129,116		700,000		1,129,116		700,000
Performance stock units outstanding		241,668		—		241,668		—
Deferred stock units outstanding		67,500		—		67,500		—

		7,802,530		8,121,296		7,802,530		8,121,296

Operations and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2018	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016
Operations [Line Items]
Cash and cash equivalents	$ 16,346	$ 16,898	$ 12,871	$ 15,313
Estimated gross proceeds from sale of units in Second Tranche Transaction, each unit consisting of one share of common stock and a warrant to purchase one share of common stock, subject to stockholder approval	25,500
SWK Funding LLC [Member]
Operations [Line Items]
Senior secured term loan, additional advance	5,000
Minimum capital raise required for the right to draw down additional term loan advance	$ 20,000

Acquisition of Icon Bioscience, Inc - Additional Information (Detail) - USD ($)		9 Months Ended
	Mar. 28, 2018	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Cash payment at closing		$ 15,072,000	$ 0
Icon Bioscience Inc [Member]
Business Acquisition [Line Items]
Acquisition date		Mar. 28, 2018
Cash 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
Icon Bioscience Inc [Member] \| DEXYCU [Member]
Business Acquisition [Line Items]
Purchase price of acquisition	$ 32,000,000	$ 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 Agreements - Additional Information (Detail)						1 Months Ended			3 Months Ended					9 Months Ended
	Jan. 01, 2021	Jan. 01, 2020 USD ($)	Jan. 01, 2019 USD ($)	Jul. 10, 2017 USD ($)	Oct. 25, 2016 USD ($)	Dec. 31, 2017 USD ($)	Mar. 31, 2013 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2018 USD ($)	Sep. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Mar. 31, 2018 USD ($) Country	Mar. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue									$ 524,000		$ 372,000			$ 1,125,000	$ 6,108,000
Royalty income									404,000		218,000			1,121,000	730,000
Accounts receivable									478,000					$ 478,000		$ 251,000
ILUVIEN [Member] \| Europe [Member]
Collaborative Agreements And Contracts [Line Items]
Number of countries in which lead licensed product received regulatory approval \| Country														17
Prior Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of company's share of net profits														20.00%
Pre-profitability net losses percentage														20.00%
Maximum percentage offset of current period net profits against previously incurred and unapplied pre-profitability quarterly net losses														4.00%
Percentage of net profit share after offset of previously incurred and unapplied pre-profitability net losses														16.00%
Percentage of royalties received from sublicense														20.00%
Percentage of non-royalty consideration received from sublicense														33.00%
Amount received, profit share from sale of licensed products										$ 50,000
Amended Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product														2.00%
Contingently recoverable accumulated commercialization losses				$ 25,000,000
Partial cancellation of contingently recoverable accumulated commercialization losses in lieu of upfront license fee				$ 10,000,000
Proceeds received from earned sales-based royalties														$ 378,000
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member]
Collaborative Agreements And Contracts [Line Items]
Calendar year net sales threshold for increase in royalty rate			$ 75,000,000
Royalty percentage offset for amounts earned above 2% to be applied against balance of accumulated commercialization losses	20.00%		50.00%
Additional cancellation of contingently recoverable commercialization losses		$ 5,000,000
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member] \| Minimum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			6.00%
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member] \| Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			8.00%
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Upfront cash payment received under collaboration agreement								$ 2,300,000
Estimated selling price of the deliverables for revenue recognition								$ 6,700,000
Collaborative research and development revenue												$ 5,600,000	$ 0
Option period to acquire license					60 days
License option upfront payment upon exercise					$ 10,000,000
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty income									221,000		218,000			742,000	730,000
Accounts receivable									223,000					$ 223,000		246,000
OncoSil Medical UK Limited [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of non-royalty consideration received from sublicense														20.00%
Royalty percentage earned from sales of product														8.00%
Collaborative research and development revenue									100,000		100,000			$ 100,000	100,000
License agreement commencement date														2012-12
Receipt of upfront license fee							$ 100,000
Payment of annual license maintenance fee						$ 100,000
Deferred revenue									0					$ 0
Feasibility Study Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue									470,000		80,000			875,000	91,000
Deferred revenue									240,000					240,000		$ 50,000
Prior Alimera Agreement and/or Amended Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Total revenues earned from Alimera									$ 234,000		$ 290,000			$ 524,000	$ 325,000

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period			$ 35,610	$ 36,196	$ 36,196
Acquisition of Icon Bioscience			31,973		0
Foreign currency translation adjustments			739		(586)
Gross carrying amount at end of period	$ 68,322		68,322		35,610
Accumulated amortization at beginning of period			(35,246)	(35,094)	(35,094)
Amortization expense	0	$ (180)	(366)	$ (542)	(724)
Foreign currency translation adjustments			(737)		572
Accumulated amortization at end of period	(36,349)		(36,349)		(35,246)
Net book value at end of period	$ 31,973		$ 31,973		$ 364

Intangible Assets - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 28, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 0	$ 180,000	$ 366,000	$ 542,000	$ 724,000
Intangible assets, net		31,973,000		31,973,000		$ 364,000
Icon Bioscience Inc [Member]
Finite-Lived Intangible Assets [Line Items]
Initial purchase price				32,000,000
Durasert [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net		0		0
Tethadur [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net		0		0
DEXYCU [Member] \| Icon Bioscience Inc [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense		0
Initial purchase price	$ 32,000,000			32,000,000
Amortization expense remainder of fiscal year 2018		$ 0		$ 0

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Payables and Accruals [Abstract]
Clinical trial costs	$ 722	$ 1,984
Personnel costs	1,144	1,632
Professional fees	1,282	590
Other	67	18
Accrued expenses	$ 3,215	$ 4,224

Accrued Expenses - Additional Information (Detail) - USD ($)	Dec. 22, 2017	Mar. 31, 2018	Mar. 28, 2018	Jun. 30, 2017
Schedule Of Accrued Expenses [Line Items]
Retention bonuses paid under agreements	$ 319,000
Personnel costs		$ 1,144,000		$ 1,632,000
Closing share price	$ 1.045	$ 1.22	$ 1.07
Accrued professional fees		$ 1,282,000		590,000
Icon Bioscience Inc [Member]
Schedule Of Accrued Expenses [Line Items]
Accrued professional fees		858,000
RSU [Member]
Schedule Of Accrued Expenses [Line Items]
Restricted stock awards	305,616
Vesting period of equity awards	1 year
Accrual of Cash Retention Bonus Component [Member]
Schedule Of Accrued Expenses [Line Items]
Personnel costs		$ 0		$ 160,000

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Mar. 31, 2018	Mar. 31, 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		99,000
Reduction of stock-based compensation to account for forfeitures of non-vested stock options	$ 133,000		$ 133,000

Restructuring - Summary of Reconciliation of Restructuring Costs (Detail) $ in Thousands	9 Months Ended
	Mar. 31, 2017 USD ($)
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 - Additional Information (Detail)		9 Months Ended
Term Loan Agreement - Additional Information (Detail)	Mar. 28, 2018 USD ($) Payments Tranches $ / shares shares	Mar. 31, 2018 $ / shares	Jun. 30, 2017 $ / shares	Mar. 31, 2017 $ / shares	Jun. 30, 2016 $ / shares
Shares Issued And Outstanding [Line Items]
Exercise price of issued warrants \| $ / shares		$ 1.10	$ 2.50	$ 2.50	$ 2.50
Senior Secured Term Loan [Member]
Shares Issued And Outstanding [Line Items]
Upfront loan origination fee percentage	1.50%
Proceeds from issuance of term loan, net of allocation to the debt warrant	$ 14,600,000
Upfront fee, exit Fee and legal costs related to loan	$ 2,100,000
Cost allocated tranches, number \| Tranches	2
Senior Secured Term Loan [Member] \| Initial Advance Warrant Shares [Member]
Shares Issued And Outstanding [Line Items]
Total debt discount at issuance date	$ 1,800,000
Senior Secured Term Loan [Member] \| Additional Advance Warrant Shares [Member]
Shares Issued And Outstanding [Line Items]
Total debt discount at issuance date	$ 299,000
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 Warrant Shares [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 Warrant Shares [Member]
Shares Issued And Outstanding [Line Items]
Warrants issuable as a percentage of additional loan advance	3.00%
Fair value of warrants issued	$ 69,000
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 only repayments \| Payments	8
Loan repayment basis	Quarterly
Loan repayment commencement date	May 15, 2018
Maximum amount of quarterly repayment of loan principal	$ 1,250,000
Upfront loan origination fee percentage	1.50%
Exit fee percentage	6.00%
Prepayment premium due	$ 0
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]
Aggregate amount of the principal prepaid, 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]
Aggregate amount of the principal prepaid, 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 floor rate	1.50%
Interest rate (subject to floor rate)	10.50%

Stockholders' Equity - 2018 Equity Financing - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 28, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 22, 2017	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Common stock price per share	$ 1.07	$ 1.22		$ 1.22		$ 1.045
Exercise price of warrants		$ 1.10	$ 2.50	$ 1.10	$ 2.50		$ 2.50	$ 2.50
Proceeds from issuance of stock, net of issuance costs, including residual net proceeds from first securities purchase agreement treated as equity based upon the second tranche securities purchase obligation				$ 16,310,000	$ 2,305,000
Fair value of derivative liability		$ 6,957,000		6,957,000			$ 0
Change in fair value of derivative liability		$ (2,325,000)	$ 0	$ (2,325,000)	$ 0
Second Tranche Transaction [Member]
Class of Stock [Line Items]
Common stock price per share	$ 1.07	$ 1.22		$ 1.22
Two Thousand And Eighteen Equity Financing [Member]
Class of Stock [Line Items]
Share issuance costs		$ 343,000		$ 343,000
Two Thousand And Eighteen Equity Financing [Member] \| Second Tranche Transaction [Member]
Class of Stock [Line Items]
Estimated gross proceeds to be received from issuance of common shares, subject to stockholder approval	$ 25,500,000
Percentage of discount to volume weighted average price	20.00%
Percentage of discount to share purchase price	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.
Percentage of discount to share purchase price	20.00%
Warrant purchase price description	The exercise price of each Second Tranche Warrant to be issued in the Second Tranche Transaction will be 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 the Company’s common stock on Nasdaq 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.
Fair value of derivative liability		6,900,000		6,900,000
Change in fair value of derivative liability		$ 2,200,000		$ 2,200,000
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	30.00%
Exercise price of warrants	$ 1.43
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 premium to first tranche share purchase price	15.00%
Exercise price of warrants	$ 0.88
Two Thousand And Eighteen Equity Financing [Member] \| 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
Proceeds from issuance of stock, net of issuance costs, including residual net proceeds from first securities purchase agreement treated as equity based upon the second tranche securities purchase obligation	4,600,000
Two Thousand And Eighteen Equity Financing [Member] \| 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
Two Thousand And Eighteen Equity Financing [Member] \| Second Securities Purchase Agreement [Member] \| Maximum [Member]
Class of Stock [Line Items]
Maximum number of shares that could be issued	27,250,000
Percentage of shares to be issued that can be allocated by the first tranche investors (i.e. buyers under the First Securities Purchase Agreement) to other accredited investors	50.00%

Stockholders' Equity - ATM Facility - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 28, 2018	Dec. 22, 2017
Class of Stock [Line Items]
Legal, accounting and other costs		$ 223,000
Common stock price per share			$ 1.22		$ 1.07	$ 1.045
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		1,411,686	5,900,000	1,411,686
Common stock price per share		$ 1.74	$ 1.23	$ 1.74
Gross proceeds from issuance of common stock		$ 2,450,000	$ 7,300,000	$ 2,450,000
Share issuance costs		$ 76,000	$ 239,000	$ 76,000

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Share of the Company's Common Stock (Detail) - $ / shares	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Common Stock Warrants [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	623,605	623,605
Number of Warrants, Issued	409,091	0
Number of Warrants, Expired	(623,605)	0
Number of Warrants, Outstanding and exercisable, Ending balance	409,091	623,605
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 2.50	$ 2.50
Weighted Average Exercise Price, Issued	1.10	0.00
Weighted Average Exercise Price, Expired	2.50	0.00
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 1.10	$ 2.50

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - $ / shares		9 Months Ended
	Mar. 28, 2018	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Warrants issued in connection with term loan facility		409,091	0
Weighted average exercise price of warrant issued		$ 1.10	$ 0.00
Senior Secured Term Loan [Member] \| Warrants [Member]
Class of Stock [Line Items]
Warrants issued in connection with term loan facility		409,091
Weighted average exercise price of warrant issued		$ 1.10
Warrants exercise period	7 years	7 years

Stockholders' Equity - Equity Incentive Plans - Additional Information (Detail) - shares	9 Months Ended
	Mar. 31, 2018	Dec. 12, 2016
Class of Stock [Line Items]
Number of options forfeited	1,380,530
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of common stock, authorized for issuance	5,483,977	3,000,000
Number of options forfeited	1,470,530
Shares available for grant under the Long Term Incentive Plan, including available and forfeited shares transferred from the 2008 Incentive Plan	3,575,361
2016 Long Term Incentive Plan [Member] \| RSU [Member]
Class of Stock [Line Items]
Number of options forfeited	200,000

Stockholders' Equity - Stock Option Activity Under Plan (2016 Long-Term Incentive Plan) (Detail) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Forfeited	(1,380,530)
2016 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic Value Outstanding, Ending balance \| $	$ 41
Aggregate Intrinsic Value, Exercisable at March 31, 2018 \| $	$ 20
Weighted Average Remaining Contractual Life Outstanding, Ending balance	5 years 6 months 14 days
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2018	3 years 8 months 16 days
Weighted Average Exercise Price Outstanding, beginning balance \| $ / shares	$ 3.34
Weighted Average Exercise Price, Granted \| $ / shares	1.58
Weighted Average Exercise Price, Forfeited \| $ / shares	3.48
Weighted Average Exercise Price Outstanding, ending balance \| $ / shares	3.12
Weighted Average Exercise Price, Exercisable at March 31,2018 \| $ / shares	$ 3.36
Number of Options Outstanding, Beginning balance	6,045,685
Number of Options, Granted	530,000
Number of Options, Forfeited	(1,470,530)
Number of Options Outstanding, Ending balance	5,105,155
Number of Options, Exercisable at March 31, 2018	3,207,063

Stockholders' Equity - Stock Options - Additional Information (Detail) - $ / shares		9 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Stock Compensation Plan [Member]
Class of Stock [Line Items]
Common stock vested during the period		645,942
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Options granted		530,000
Contractual life of option grants		10 years
Weighted-average grant date fair value, per share		$ 0.56
Employees [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Options granted		290,000
Vesting period of equity awards		3 years
Non-executive Directors [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Options granted		100,000
Vesting period of equity awards		1 year
Newly Appointed Non-executive Director [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Options granted		40,000
Vesting period of equity awards		3 years
External consultant [Member] \| Scenario, Forecast [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Options granted	100,000
Vesting period of equity awards	6 months 15 days

Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model For Options Granted (2016 Long Term Incentive Plan) (Detail)		9 Months Ended
	Mar. 28, 2018	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	7 years	7 years
Expected dividends	0.00%	0.00%
2016 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum		59.50%
Stock volatility, maximum		64.40%
Risk-free interest rate, minimum		2.18%
Risk-free interest rate, maximum		2.68%
Expected dividends		0.00%
2016 Long Term Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)		5 years 6 months
2016 Long Term Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)		6 years

Stockholders' Equity - Time-Vested Restricted Stock Units - Additional Information (Detail) - RSU [Member] - shares		9 Months Ended
	Dec. 22, 2017	Mar. 31, 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		425,616
Weighted average remaining vesting term		1 year
Retention Bonus [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Vesting period of equity awards	1 year
Stock units granted	305,616

Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail) - RSU [Member] - $ / shares		9 Months Ended
	Dec. 22, 2017	Mar. 31, 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		425,616
Stock units forfeited		(45,000)
Number of Stock Units Outstanding, Ending Balance		629,116
Weighted Average Grant Date Fair Value Nonvested, Beginning balance		$ 1.77
Weighted Average Grant Date Fair Value, Granted		1.07
Weighted Average Grant Date Fair Value, Forfeited		1.77
Weighted Average Grant Date Fair Value Nonvested, Ending balance		$ 1.30

Stockholders' Equity - Performance-Based Stock Units - Additional Information (Detail) - Performance Stock Units [Member] - shares					3 Months Ended	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 19, 2018	Sep. 30, 2017	Mar. 31, 2018
Class of Stock [Line Items]
Weighted average remaining vesting term						11 years 7 months 6 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	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	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%

Stockholders' Equity - Summary of Performance Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Performance Stock Units [Member]	9 Months Ended
	Mar. 31, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	210,000
Number of Performance Stock Units, Granted \| shares	115,000
Number of Performance Stock Units, Vested \| shares	(48,332)
Number of Performance 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

Stockholders' Equity - Deferred Stock Units - Additional Information (Detail) - Deferred Stock Units [Member] - $ / shares		9 Months Ended
	May 07, 2018	Mar. 31, 2018
Class of Stock [Line Items]
Weighted average grant date fair value		$ 1.13
Weighted average remaining vesting term		3 months
Non-executive Directors [Member]
Class of Stock [Line Items]
Granted		67,500
Non-executive Directors [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Deferred stock units vested	12,500

Stockholders' Equity - Inducement Option Grant - Additional Information (Detail) - President and CEO [Member] - $ / shares	9 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Options granted	850,000	850,000
Vesting period of equity awards	4 years	4 years
Exercise price of option	$ 3.63	$ 3.63
Contractual life of option grants	10 years	10 years
Options vested during the period	212,500

Stockholders' Equity - Summary of Market-Based Restricted Stock Unit Activity (Detail) - Market-based RSUs [Member]	9 Months Ended
	Mar. 31, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	700,000
Number of Performance 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

Stockholders' Equity - Market-Based Restricted Stock Units - Additional Information (Detail) - Market-based RSUs [Member] - shares	9 Months Ended	12 Months Ended
	Mar. 31, 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

Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 443	$ 644	$ 1,730	$ 1,774
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	315	267	907	803
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 128	$ 377	$ 823	$ 971

Stockholders' Equity - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Class of Stock [Line Items]
Unrecognized compensation expense	$ 2,400,000
Unrecognized compensation expense weighted average period	1 year 5 months 1 day
General and Administrative Expense [Member]
Class of Stock [Line Items]
Increase in stock-based compensation expense attributable to option modification to extend exercise period of vested stock options, net of non-vested option forfeitures		$ 274,000
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options		117,000
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 - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Assets:
Cash equivalents	$ 6,800	$ 13,521
Total cash equivalents	6,800	13,521
Liabilities:
Derivative liabilities	6,957
Total derivative liabilities	6,957
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	6,800	13,521
Total cash equivalents	6,800	13,521
Liabilities:
Derivative liabilities	0
Total derivative liabilities	0
Significant Other Observable Inputs (Level 2) [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]
Assets:
Cash equivalents	0	0
Total cash equivalents	0	0
Liabilities:
Derivative liabilities	6,957	$ 0
Total derivative liabilities	$ 6,957

Fair Value Measurements - Key Assumptions Used to Apply Option Pricing Model For Options Granted (Detail) - $ / shares		9 Months Ended
	Mar. 28, 2018	Mar. 31, 2018	Dec. 22, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	55.20%	55.20%
Risk free interest rate	1.70%	1.70%
Term (in years)	7 years	7 years
Dividend rate	0.00%	0.00%
Valuation date stock price	$ 1.07	$ 1.22	$ 1.045
Probability of issuance	80.00%	80.00%
Second Tranche Transaction [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	54.20%	52.50%
Risk free interest rate	1.70%	1.70%
Estimated date of stockholder approval	2018-06	2018-06
Estimated number of units issuable	26,900,000	25,300,000
Valuation date stock price	$ 1.07	$ 1.22

Fair Value Measurements - Summary of Changes in Fair Value of the Company's Derivative Liability (Detail) $ in Thousands	9 Months Ended
	Mar. 31, 2018 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at March 31, 2018	$ 6,957
Significant Unobservable Inputs (Level 3) [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 of second tranche transactions liability	4,632
Change in fair value	2,325
Balance at March 31, 2018	$ 6,957

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
Unrecognized tax benefits	0	$ 0	0	$ 0
Accrued penalties or interest related to uncertain tax positions	$ 0		$ 0		$ 0
Federal corporate income tax rate			21.00%

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2018 USD ($) ft² Renewal_Options
Commitments and Contingencies [Line Items]
Irrevocable standby letter of credit \| $	$ 150,000
Watertown [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space	13,650
Lease term expiration date	Apr. 30, 2019
Lease renewal option period	5 years
Liberty Corner [Member]
Commitments and Contingencies [Line Items]
Lease term expiration date	Jun. 30, 2022
Lease renewal option period	5 years
Area of leased office space	3,000
Number of renewal options \| Renewal_Options	2
Lease renewal rate at 95% of market rent at time of renewal	95.00%

Net Loss per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	7,802,530	8,121,296	7,802,530	8,121,296
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	5,955,155	6,797,691	5,955,155	6,797,691
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	409,091	623,605	409,091	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	1,129,116	700,000	1,129,116	700,000
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	241,668	0	241,668	0
Deferred Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	67,500	0	67,500	0

Subsequent Events - Additional Information (Detail) - shares	Apr. 26, 2018	Mar. 31, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Common stock, shares authorized		120,000,000	120,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares authorized	120,000,000
Proposed new total of authorized shares, subject to stockholder approval	150,000,000
Subsequent Event [Member] \| Second Securities Purchase Agreement [Member]
Subsequent Event [Line Items]
Maximum number of shares that could be issued	27,250,000