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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2018	Sep. 13, 2018	Dec. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	EYPT
Entity Registrant Name	EyePoint Pharmaceuticals, Inc.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		74,512,048
Entity Public Float			$ 48,816,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 38,776	$ 16,898
Accounts and other receivables	353	251
Prepaid expenses and other current assets	780	591
Total current assets	39,909	17,740
Property and equipment, net	253	313
Intangible assets, net	31,358	364
Other assets	0	110
Restricted cash	150	150
Total assets	71,670	18,677
Current liabilities:
Accounts payable	2,940	1,016
Accrued expenses	3,723	4,224
Accrued development milestone	15,000	0
Deferred revenue	0	50
Total current liabilities	21,663	5,290
Long-term debt	17,309	0
Derivative liability	19,780	0
Other long-term liabilities	1,231	51
Total liabilities	59,983	5,341
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 150,000,000 and 120,000,000 shares authorized, 74,512,048 and 39,356,999 shares issued and outstanding, each at June 30, 2018 and 2017, respectively	74	39
Additional paid-in capital	374,766	323,284
Accumulated deficit	(363,991)	(310,820)
Accumulated other comprehensive income	838	833
Total stockholders' equity	11,687	13,336
Total liabilities and stockholders' equity	$ 71,670	$ 18,677

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Jun. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	120,000,000
Common stock, shares issued	74,512,048	39,356,999
Common stock, shares outstanding	74,512,048	39,356,999

Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Total revenues	$ 2,961	$ 7,539	$ 1,620
Operating expenses:
Research and development	16,178	14,880	14,381
Sales and marketing	1,512	0	0
General and administrative	11,545	11,235	9,013
Total operating expenses	29,235	26,115	23,394
Operating loss	(26,274)	(18,576)	(21,774)
Interest and other income, net	101	91	72
Interest expense	(720)	0	0
Change in fair value of derivative liability	(26,278)	0	0
Loss before income taxes	(53,171)	(18,485)	(21,702)
Income tax benefit	0	0	155
Net loss	$ (53,171)	$ (18,485)	$ (21,547)
Net loss per share:
Basic and diluted	$ (1.15)	$ (0.52)	$ (0.68)
Weighted average common shares outstanding:
Basic and diluted	46,226	35,344	31,623
Net loss	$ (53,171)	$ (18,485)	$ (21,547)
Other comprehensive income (loss):
Foreign currency translation adjustments	5	(21)	(96)
Net unrealized gain on marketable securities	0	2	3
Other comprehensive income (loss)	5	(19)	(93)
Comprehensive loss	(53,166)	(18,504)	(21,640)
Collaborative Research and Development [Member]
Revenues:
Total revenues	1,343	6,569	398
Royalty Income [Member]
Revenues:
Total revenues	$ 1,618	$ 970	$ 1,222

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Jun. 30, 2015	$ 23,368	$ 29	$ 293,060	$ (270,666)	$ 945
Balance, shares at Jun. 30, 2015		29,412,365
Net loss	(21,547)	$ 0	0	(21,547)	0
Other comprehensive income (loss)	(93)	0	0	0	(93)
Issuance of stock, net of issue costs	16,500	$ 5	16,495	0	0
Issuance of stock, shares		4,440,000
Exercise of stock options	490	$ 0	490	0	0
Exercise of stock options, shares		320,554
Stock-based compensation	2,163	$ 0	2,163	0	0
Balance at Jun. 30, 2016	20,881	$ 34	312,208	(292,213)	852
Balance, shares at Jun. 30, 2016		34,172,919
Net loss	(18,485)	$ 0	0	(18,485)	0
Other comprehensive income (loss)	(19)	0	0	0	(19)
Issuance of stock, net of issue costs	8,404	$ 5	8,399	0	0
Issuance of stock, shares		5,100,000
Exercise of stock options	99	$ 0	99	0	0
Exercise of stock options, shares		84,080
Stock-based compensation	2,456	$ 0	2,456	0	0
Balance at Jun. 30, 2017	$ 13,336	$ 39	323,284	(310,820)	833
Balance, shares at Jun. 30, 2017	39,356,999	39,356,999
Cumulative effect of change in accounting principle (Note 2)	$ 0	$ 0	122	(122)	0
Net loss	(53,171)	0	0	(53,171)	0
Other comprehensive income (loss)	5	0	0	0	5
Issuance of stock, net of issue costs	47,982	$ 35	47,947	0	0
Issuance of stock, shares		34,690,548
Fair value of warrants issued	355	$ 0	355	0	0
Exercise of stock options	503	$ 0	503	0	0
Exercise of stock options, shares		310,900
Vesting of stock units	(27)	$ 0	(27)	0	0
Vesting of stock units, shares		153,601
Stock-based compensation	2,704	$ 0	2,704	0	0
Balance at Jun. 30, 2018	$ 11,687	$ 74	$ 374,766	$ (363,991)	$ 838
Balance, shares at Jun. 30, 2018	74,512,048	74,512,048

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (53,171)	$ (18,485)	$ (21,547)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization of intangible assets	981	724	756
Depreciation of property and equipment	167	91	152
Amortization of debt discount	209	0	0
Amortization of bond (discount) premium on marketable securities	0	(9)	87
Amortization of noncurrent portion of deferred revenue	0	(5,585)	0
Stock-based compensation	2,704	2,456	2,163
Change in fair value of derivative liability	26,278	0	0
Changes in operating assets and liabilities:
Accounts and other receivables	7	219	116
Prepaid expenses and other current assets	(174)	(99)	187
Accounts payable	1,747	(346)	626
Accrued expenses	(585)	650	1,036
Deferred revenue	(50)	(97)	103
Deferred rent	(20)	(9)	5
Net cash used in operating activities	(21,907)	(20,490)	(16,316)
Cash flows from investing activities:
Purchases of marketable securities	0	(5,052)	(17,517)
Maturities of marketable securities	0	18,743	13,168
Acquisition of Icon Bioscience Inc., net of cash acquired	(16,780)	0	0
Purchases of property and equipment	(108)	(147)	(113)
Proceeds from sale of property and equipment	0	33	0
Net cash (used in) provided by investing activities	(16,888)	13,577	(4,462)
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs	41,515	8,404	16,500
Proceeds from issuance of long-term debt	20,000	0	0
Payment of debt issue costs	(1,347)	0	0
Proceeds from exercise of stock options	503	99	490
Net cash provided by financing activities	60,671	8,503	16,990
Effect of foreign exchange rate changes on cash and cash equivalents	2	(5)	(20)
Net increase (decrease) in cash, cash equivalents and restricted cash	21,878	1,585	(3,808)
Cash, cash equivalents and restricted cash at beginning of year	17,048	15,463	19,271
Cash, cash equivalents and restricted cash at end of year	38,926	17,048	15,463
Cash interest paid	258	0	0
Accrued development milestone	15,000	0	0
Accrued term loan exit fee	1,200	0	0
Fair value of second tranche purchase liability	4,734	0	0
Fair value of warrants issued with debt	355	0	0
Fair value of second tranche warrants	$ 18,165	$ 0	$ 0

Operations

12 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations

1.	Operations

EyePoint Pharmaceuticals, Inc. (together with its subsidiaries, the “Company”), incorporated in Delaware, is a specialty biopharmaceutical company committed to developing and commercializing innovative ophthalmic products for the treatment of eye diseases. The Company’s lead product, DEXYCU™ (dexamethasone intraocular suspension) 9%, approved by the United States (“U.S.”) Food and Drug Administration (“FDA”) in February 2018 for the treatment of post-operative inflammation, is administered as a single dose at the end of ocular surgery and is the first long-acting intraocular product approved by the FDA for the treatment of post-operative inflammation. DEXYCU utilizes the Company’s proprietary Verisome^® drug-delivery platform, which allows for a single intraocular injection that releases dexamethasone, a corticosteroid, over time. There are approximately four million cataract surgeries performed annually in the U.S. and the Company plans to launch DEXYCU in the U.S. in the first half of calendar year 2019 with a primary focus on its use following cataract surgery. The Company acquired DEXYCU in connection with its acquisition of Icon Bioscience, Inc. (“Icon”) in March 2018. The Company’s lead product candidate is YUTIQ™, a three-year non-erodible fluocinolone acetonide insert for the treatment of non-infectious posterior uveitis (“NIPU”). 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 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, the Company expects to launch YUTIQ in the first half of calendar year 2019.

ILUVIEN^® for diabetic macular edema (“DME”), the Company’s lead licensed product, is sold directly in the U.S. and several European Union (“EU”) countries by Alimera Sciences, Inc. (“Alimera”). Retisert^®, one of the Company’s earlier generation products, was approved in 2005 by the FDA for the treatment of posterior segment uveitis and is sold in the U.S. by Bausch & Lomb Incorporated (“Bausch & Lomb”). The Company’s development programs are focused primarily on developing sustained release products that utilize its Durasert and Verisome technology platforms to deliver approved drugs to treat chronic diseases. The Company’s strategy includes developing products independently while continuing to leverage its technology platforms through collaborations and license agreements.

The Company has financed its operations primarily from sales of equity securities, debt and the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners. The Company has a history of operating losses and, to date, has not had significant recurring cash inflows from revenue. The Company’s anticipated recurring use of cash to fund operations, in combination with no probable source of additional capital, raises substantial doubt about its ability to continue as a going concern for one year from the issuance of its financial statements. During June 2018, the Company closed two financing transactions that consisted of (i) $25.3 million of net proceeds from the sale of 20,184,224 units (each a “Unit”, and collectively, the “Units”), with each Unit consisting of one share of the Company’s common stock (“Common Stock”) and one warrant to purchase one share of Common Stock (each a “Second Tranche Warrant”, and collectively, the “Second Tranche Warrants”), to certain accredited investors on June 25, 2018 (see Note 10) and (ii) $4.9 million of net proceeds from an additional advance under its term loan facility on June 26, 2018 (see Note 9). The Company had cash and cash equivalents of $38.8 million at June 30, 2018. The Company believes that its cash and cash equivalents at June 30, 2018 and expected proceeds from existing collaboration agreements will enable the Company to maintain its current and planned operations (including continuation of its two Phase 3 clinical trials for YUTIQ) into the first quarter of calendar year 2019. In order to extend the Company’s ability to fund its operations beyond then, including its planned U.S. commercial launch of DEXYCU and, if approved, YUTIQ, management’s plans include obtaining additional equity financing from the potential exercise of the Warrants, from the sale of equity securities through an underwritten public offering or the sale of Common Stock through an at-the-market (“ATM”) program or from other sources and/or additional debt financing and/or, as applicable, reducing or deferring operating expenses. The timing and extent of the Company’s implementation of these plans is expected to depend on the amount and timing of cash receipts from existing or any future collaborations or other agreements and/or proceeds from any financing transactions. 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 that it will receive proceeds from the exercise of the Warrants.

Significant Accounting Policies

12 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and include the accounts of EyePoint Pharmaceuticals, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2018, 2017 and 2016 may be referred to herein as fiscal 2018, fiscal 2017 and fiscal 2016, respectively.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the consolidated financial statements and the reported amounts and disclosure of revenues and expenses during the reporting periods. Significant management estimates and assumptions include, among others, those related to revenue recognition for multiple-deliverable arrangements, recognition of expense in outsourced clinical trial agreements, realization of deferred tax assets and the valuation of stock option and other equity awards. Actual results could differ from these estimates.

Foreign Currency

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates - the U.S. dollar or the Pound Sterling.

Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the consolidated statements of comprehensive loss and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity in the consolidated balance sheets. The balance of accumulated other comprehensive income attributable to foreign currency translation was $838,000 at June 30, 2018 and $833,000 at June 30, 2017. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in interest and other income, net in the consolidated statements of comprehensive loss and were not significant for all periods presented.

Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds.

Marketable Securities

Marketable securities consist of investments with an original or remaining maturity of greater than three months at the date of purchase. The Company has historically classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. As of June 30, 2018 and 2017, there were no investments in marketable securities. During fiscal 2017, $5.1 million of marketable securities were purchased and $18.7 million matured.

The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest and other income, net in the consolidated statements of comprehensive loss. The cost of marketable securities sold is determined by the specific identification method.

Concentrations of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2018, a total of $28.8 million, representing all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. The Company had no investments in marketable securities at June 30, 2018 and 2017. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.

Revenues from Alimera accounted for $723,000, or 24% of total revenues in fiscal 2018, $659,000, or 9% of total revenues in fiscal 2017 and $233,000, or 14% of total revenues in fiscal 2016. Revenues from Pfizer accounted for $5.6 million, or 74% of total revenues in fiscal 2017 and were inconsequential in fiscal 2018 and fiscal 2016. Revenues from Bausch & Lomb accounted for approximately $1.0 million, or 35% of total revenues in fiscal 2018, $984,000, or 13% of total revenues in fiscal 2017 and $1.3 million, or 77% of total revenues in fiscal 2016. Revenues from feasibility study agreements accounted for approximately $1.1 million, or 37% of total revenues in fiscal 2018, $211,000, or 3%, of total revenues in fiscal 2017 and were inconsequential in fiscal 2016.

Accounts receivable from Bausch & Lomb accounted for $306,000, or 87% of total accounts receivable at June 30, 2018 and $246,000, or 98%, of total accounts receivable at June 30, 2017.

Fair Value Measurements

The Company accounts for certain assets and liabilities at fair value. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•

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

•

Level 2 – Inputs are directly or indirectly observable in the marketplace, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities with insufficient volume or infrequent transaction (less active markets).

•

Level 3 – Inputs are unobservable estimates that are supported by little or no market activity and require the Company to develop its own assumptions about how market participants would price the assets or liabilities.

The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables

Receivables consist primarily of quarterly royalties earned under a license agreement with Bausch & Lomb.

Debt and Equity Instruments

Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement.

Derivative Instruments

Derivative financial liabilities are recorded at fair value, with gains and losses arising from changes in fair value recognized in change in fair value of derivative liability within the consolidated statements of comprehensive loss at each period end while such instruments are outstanding. The derivative liabilities are being valued using Monte Carlo simulation models. Refer to Notes 10 and 12 for additional information.

Property and Equipment

Property and equipment are recorded at cost and depreciated over their estimated useful lives (generally three to five years) using the straight-line method. Leasehold improvements are amortized on a straight-line basis over the shorter of the remaining non-cancellable lease term or their estimated useful lives. Repair and maintenance costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are derecognized from the respective accounts and any gain or loss is recognized.

Leases

The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses. The Company recognizes the rent holiday and scheduled rent increases on a straight-line basis over the lease term, with the excess of cumulative rent expense over cash payments recorded as a deferred rent liability.

Impairment of Intangible Assets

The Company’s finite life intangible assets, which have historically included its Durasert and Tethadur™ patented technologies, also include the DEXYCU product (utilizing the Verisome technology) following the March 2018 acquisition of Icon. The previous intangible assets were amortized on a straight-line basis over twelve years and were fully amortized as of December 31, 2017. The DEXYCU intangible asset is being amortized on a straight-line basis over its estimated useful life of thirteen years. The intangible asset lives were determined based upon the anticipated period that the Company would derive future cash flows from the intangible assets, considering the effects of legal, regulatory, contractual, competitive and other economic factors. The Company continually monitors whether events or circumstances have occurred that indicate that the remaining estimated useful life of its intangible assets may warrant revision. The Company assesses potential impairments to its intangible assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized when the future undiscounted net cash flows expected to result from the use of an asset are less than its carrying value. If the Company considers an asset to be impaired, the impairment charge to be recognized is measured as the amount by which the carrying value of the asset exceeds its estimated fair value.

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

The Company enters into collaborative arrangements with strategic partners for the development and commercialization of products and product candidates utilizing the Company’s technologies. The terms of these agreements have typically included multiple deliverables by the Company (for example, license rights, research and development services and manufacturing of clinical materials) in exchange for consideration to the Company of some combination of non-refundable license fees, research and development funding, payments based upon achievement of clinical development or other milestones and royalties in the form of a designated percentage of product sales.

Revenue is recognized when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable, and collection is reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, are analyzed to determine whether the deliverables can be separated or whether they must be accounted for as a single unit of accounting. When deliverables are separable, consideration received is allocated to the separate units of accounting based on the relative selling price method using management’s best estimate of the standalone selling price of deliverables when vendor-specific objective evidence or third-party evidence of selling price is not available. Allocated consideration is recognized as revenue upon application of the appropriate revenue recognition principles to each unit. When the Company determines that an arrangement should be accounted for as a single unit of accounting, it must determine the period over which the performance obligations will be performed and revenue will be recognized.

The Company estimates its performance period used for revenue recognition based on the specific terms of each agreement, and adjusts the performance periods, if appropriate, based on the applicable facts and circumstances. Significant management judgment may be required to determine the level of effort required under an arrangement and the period over which the Company is expected to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method.

Royalties

Royalty income is recognized upon the sale of the related products, provided that the royalty amounts are fixed or determinable, collection of the related receivable is reasonably assured and the Company has no remaining performance obligations under the arrangement. Such revenues are included as royalty income.

If royalties are received when the Company has remaining performance obligations, the royalty payments would be attributed to the services being provided under the arrangement and therefore revenue would be recognized as such performance obligations are performed. Any such revenues are included as collaborative research and development revenues.

Reimbursement of Costs

The Company may provide research and development services and incur maintenance costs of licensed patents under collaboration arrangements to assist in advancing the development of licensed products. The Company acts primarily as a principal in these transactions and, accordingly, reimbursement amounts received are classified as a component of revenue to be recognized consistent with the revenue recognition policy summarized above. The Company records the expenses incurred and reimbursed on a gross basis.

Deferred Revenue

Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized within one year following the balance sheet date are classified as non-current deferred revenue.

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinicalprograms, regulatory and medical affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates.

Stock-Based Compensation

The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. In the fourth quarter of fiscal 2017, the Company early adopted ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, pursuant to which it elected to account for forfeitures as they occur. As a result, the Company recorded an adjustment of $122,000 to accumulated deficit and additional paid-in capital as of July 1, 2016. Prior to the adoption of ASU 2016-09, the Company recognized compensation expense for only the portion of share-based payment awards that were expected to vest. Based on historical trends, the Company applied estimated forfeiture rates to determine the number of awards that were expected to vest. Additional expense was recorded if the actual forfeiture rate for each tranche of option grants was lower than estimated, and a recovery of prior expense was recorded if the actual forfeiture rate was higher than estimated.

Compensation cost related to such share-based payment awards is based on the fair value of the instrument on the grant date and is recognized on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards.

The Company may also grant share-based payment awards that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based awards begins at such time as it becomes probable that the respective performance conditions will be achieved. The Company continues to recognize the grant date fair value of performance-based awards through the vesting date of the respective awards so long as it remains probable that the related performance conditions will be satisfied.

The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model and the fair value of restricted stock units based on the observed grant date fair value of the underlying Common Stock.

Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the weighted-average number of common shares outstanding the average number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive.

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


	Year Ended June 30,
	2018		2017		2016
Options outstanding		7,750,244		6,895,685		4,981,421
Warrants outstanding		20,671,036		623,605		623,605
Restricted stock units outstanding		1,398,129		948,500		—
Performance stock units outstanding		466,668		210,000		—
Deferred stock units		35,001		—		—

		30,321,078		8,677,790		5,605,026

Comprehensive Loss

Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

The Company accounts for income taxes under the asset and liability method. Deferred income tax assets and liabilities are computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future benefit to be derived from tax credits and loss carry forwards. Such deferred income tax computations are measured based on enacted tax laws and rates applicable to the years in which these temporary differences are expected to be recovered or settled. A valuation allowance is provided against net deferred tax assets if, based on the available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the uncertainty. The Company accounts for interest and penalties related to uncertain tax positions as part of its income tax benefit.

Recently Adopted and Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (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 became 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 applicable under the standard. The Company adopted the new standard effective July 1, 2018 using the modified retrospective method. The adoption did not have an impact on the recorded amounts in the current balance sheet and income statement based on its existing collaboration agreements. Additional disclosures will be made in future periods related to the recognition of amounts as a result of adopting the new standard.

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 November 2016, the FASB issued ASU No. 2016-18, Restricted Cash. The standard addresses the classification and presentation of restricted cash and restricted cash equivalents within the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard during the quarter ended June 30, 2018. As a result of the adoption of this standard, the Company combined restricted cash balances of $150,000 at each of June 30, 2018, 2017 and 2016 with cash and cash equivalents when reconciling the beginning and ending balances within the consolidated statements of cash flows for fiscal 2018, 2017 and 2016. As of June 30, 2018, cash, cash equivalents and restricted cash of $38.9 million, as reported within the consolidated statements of cash flows, included $38.8 million of cash and cash equivalents and $150,000 of restricted cash, as reported within the consolidated balance sheets.

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 (see Note 3).

In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. The standard aligns the measurement and classification guidance for share-based payments to nonemployees with the guidance for share-based payments to employees, with certain exceptions. Under the new guidance, the measurement of equity-classified nonemployee awards will be fixed at the grant date. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, but not before an entity adopts the new revenue guidance. The Company does not expect ASU 2018-07 to have a significant impact on its financial statements.

Acquisition of Icon Bioscience, Inc.

12 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Acquisition of Icon Bioscience, Inc.

3.	Acquisition of Icon Bioscience, Inc.

On March 28, 2018, the Company and its newly-created wholly-owned subsidiary, Oculus Merger Sub, Inc., acquired Icon, a specialty biopharmaceutical company, through a reverse triangular merger (the “Icon Acquisition”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) among the Company, Icon, and Shareholder Representative Services LLC (“SRS”), solely in its capacity as representative of Icon’s securityholders. The Icon Acquisition has been accounted for as an asset acquisition because substantially all of the fair value of the gross assets acquired were deemed to be concentrated in a group of similar identifiable assets related to Icon’s lead product, DEXYCU. A portion of the Icon Acquisition was funded by an equity financing and a debt financing, both of which closed concurrently with the Icon Acquisition (see Notes 10 and 9, respectively).

Pursuant to the Merger Agreement, the Company made a closing payment of $15.0 million to SRS, net of an estimated $127,000 working capital adjustment, and is obligated to pay certain post-closing contingent cash payments upon the achievement of specified milestones and based upon certain net sales and partnering revenue standards, in each case subject to the terms and conditions set forth in the Merger Agreement. These include but are not limited to (i) a one-time development milestone of $15.0 million payable in cash upon the first commercial sale of DEXYCU in the U.S., (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 (“CMS”) 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 U.S., 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. Through June 30, 2018, cash paid for the acquisition totaled $16.8 million, which consisted of $14.9 million at closing and approximately $1.9 million of transaction costs, net of $38,000 of cash acquired. Given the stage of development of DEXYCU, the Company has determined these payments do not represent research and development costs. The contingent consideration in the form of sales milestones will be capitalized as additional intangible assets when any such consideration becomes probable and can be reasonably estimated. Sales-based royalty payments will be expensed as incurred.

The $32.0 million purchase price was allocated to a single finite-lived intangible asset with an expected amortization life of approximately 13 years (see Note 5). The acquisition did not have a net tax impact due to a full valuation allowance against the acquired net deferred tax assets.

License and Collaboration Agreements

12 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Collaboration Agreements

4.	License and Collaboration Agreements

Alimera

Under a collaboration agreement with Alimera, as amended in March 2008 (the “Prior Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN for DME, and Alimera assumed all financial responsibility for the development of licensed products. In addition, the Company was entitled to receive 20% of any net profits (as defined) on sales of each licensed product (including ILUVIEN) by Alimera, measured on a quarter-by-quarter 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-royaltyconsideration 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 has no remaining performance obligations under the Prior Alimera Agreement, all amounts received from Alimera were generally recognized as revenue upon receipt or at such earlier date, if applicable, on which any such amounts were both fixed and determinable and reasonably assured of collectability. In instances when payments were received and subject to a contingency, revenue was deferred until such contingency was resolved.

Revenue under the Prior Alimera Agreement, including all patent reimbursements, totaled $148,000 for fiscal 2018, $659,000 for fiscal 2017 and $233,000 for fiscal 2016, which are included in collaborative research and development revenues in the accompanying consolidated statements of comprehensive loss. These revenues included (i) $50,000 and $585,000 of net profit share earned in fiscal 2018 and 2017, respectively, of which fiscal 2017 included $136,000 recognized in connection with an arbitration settlement related to calendar year 2014 reporting by Alimera; and (ii) $157,000 of non-royalty sublicense consideration earned in fiscal 2016. The remainder of Alimera revenues included in collaborative research and development for each year consisted principally of patent fee reimbursements.

On July 10, 2017, the Company entered into a further amended and restated collaboration agreement (the “Amended Alimera Agreement”), pursuant to which the Company (i) expanded the license to Alimera to the Company’s proprietary Durasert sustained-release drug delivery technology platform to include uveitis, including NIPU, in Europe, the Middle East and Africa and (ii) converted the net profit share arrangement for each licensed product (including ILUVIEN) under the Prior Alimera Agreement to a sales-based royalty on a calendar quarter basis commencing July 1, 2017, with payments from Alimera due 60 days following the end of each quarter.

Sales-based royalties started at the rate of 2%. Commencing January 1, 2019 (or earlier under certain circumstances), the sales-based royalty will increase to 6% on aggregate calendar year net sales up to $75 million and to 8% on any calendar years sales in excess of $75 million. Alimera’s share of contingently recoverable accumulated ILUVIEN commercialization losses under the original net profit share arrangement, capped at $25 million, are to be reduced as follows: (i) $10.0 million was cancelled in lieu of an upfront license fee on the effective date of the Amended Alimera Agreement; (ii) for calendar years 2019 and 2020, 50% of earned sales-based royalties in excess of 2% will be offset against the quarterly royalty payments otherwise due from Alimera; (iii) on January 1, 2020, another $5 million will be cancelled, provided, however, that such date of cancellation may be extended under certain circumstances related to Alimera’s regulatory approval process for ILUVIEN for posterior uveitis, with such extension, if any, subject to mutual agreement by the parties; and (iv) commencing in calendar year 2021, 20% of earned sales-based royalties in excess of 2% will be offset against the quarterly royalty payments due from Alimera until such time as the balance of the original $25 million of recoverable commercialization losses has been fully recouped.

Revenue under the Amended Alimera Agreement totaled $575,000 in fiscal 2018 and was recorded as royalty income in the accompanying consolidated statements of comprehensive loss.

Following consummation of the Amended Alimera Agreement, the Company withdrew its previously filed EU marketing approval application (“MAA”) and its orphan drug designation for posterior uveitis, and Alimera became responsible for filing a Type II variation for ILUVIEN for the treatment of NIPU in the 17 EU countries where ILUVIEN is currently approved for the treatment of DME. In January 2018, Alimera received validation of a Type II variation submitted in December 2017 in all seventeen European countries in which it previously received regulatory approval for ILUVIEN for DME. Alimera has reported that it expects to receive regulatory approval for the Type II variation in the first half of calendar year 2019. If the variation is approved, Alimera plans to commercialize the three-year NIPU indication under its ILUVIEN trademark.

Pfizer

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

The estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million was partially recognized as collaborative research and development revenue over the expected performance period using the proportional performance method with costs associated with developing the Latanoprost Product reflected in operating expenses in the period in which they were incurred. No collaborative research and development revenue was recorded during each of fiscal 2017 and fiscal 2016.

On October 25, 2016, the Company notified Pfizer that it had discontinued development of the Latanoprost Product, which provided Pfizer a 60-day 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. Per the terms of the Restricted Pfizer Agreement, the Company has retained the right to develop and commercialize the Latanoprost Product on its own or with a partner.

Bausch & Lomb

Pursuant to a licensing and development agreement, as amended, Bausch & Lomb has a worldwide exclusive license to make and sell Retisert in return for royalties based on sales. Royalty income totaled approximately $1.0 million in fiscal 2018, $970,000 in fiscal 2017 and approximately $1.2 million in fiscal 2016. Accounts receivable from Bausch & Lomb totaled $306,000 at June 30, 2018 and $246,000 at June 30, 2017.

OncoSil Medical

The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with OncoSil Medical UK Limited (f/k/a Enigma Therapeutics Limited), a wholly-owned subsidiary of OncoSil Medical Ltd (“OncoSil”) for the development of BrachySil, the Company’s previously developed product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 2017. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee sales-based royalties earned, but only to the extent such amounts, in the aggregate, exceed the $100,000 annual license maintenance fee. As of June 30, 2018, OncoSil has not received regulatory approval in any jurisdiction, although an application for CE Mark approval in Europe continues to be 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 in each of fiscal 2018, fiscal 2017 and fiscal 2016. At June 30, 2018, no deferred revenue was recorded for this agreement.

Feasibility Study Agreements

The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the feasibility study agreement. Revenues under feasibility study agreements totaled $1.1 million in fiscal 2018, $211,000 in fiscal 2017 and $33,000 in fiscal 2016.

Intangible Assets

12 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5.	Intangible Assets

The reconciliation of intangible assets for the years ended June 30, 2018 and 2017 was as follows (in thousands):


	June 30,
	2018			2017
Patented technologies
Gross carrying amount at beginning of year	$	35,610		$	36,196
Acquisition of Icon Bioscience Inc.		31,973			—
Foreign currency translation adjustments		739			(586	)

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

Accumulated amortization at beginning of year		(35,246	)		(35,094	)
Amortization expense		(981	)		(724	)
Foreign currency translation adjustments		(737	)		572

Accumulated amortization at end of year		(36,964	)		(35,246	)

Net book value at end of year	$	31,358		$	364

The net book value of the Company’s intangible assets at June 30, 2018 and 2017 is summarized as follows (in thousands):


	June 30,				Estimated Remaining Useful Life at June 30, 2018
	2018		2017		(Years)
Patented technologies
DEXYCU / Verisome	$	31,358		—		12.75
Durasert		—		265		—
Tethadur		—		99		—

	$	31,358	$	364

The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense for intangible assets totaled $981,000 in fiscal 2018, $724,000 in fiscal 2017 and $756,000 in fiscal 2016.

In connection with the Icon Acquisition (see Note 3), the initial purchase price of $32.0 million was attributed to the DEXYCU product intangible asset. This finite-lived intangible asset is being amortized on a straight-line basis over its expected useful life estimated to be 13 years at the rate of approximately $2.5 million per year.

Property and Equipment, Net

12 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6.	Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30,
	2018			2017
Property and equipment	$	805		$	698
Leasehold improvements		101			101

Gross property and equipment		906			799
Accumulated depreciation and amortization		(653	)		(486	)

	$	253		$	313

Depreciation expense totaled $167,000 in fiscal 2018, $91,000 in fiscal 2017 and $152,000 in fiscal 2016.

Accrued Expenses

12 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Accrued Expenses

7.	Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,
	2018		2017
Clinical trial costs	$	742	$	1,984
Personnel costs		1,763		1,632
Professional fees		926		590
Interest		254		—
Other		38		18

	$	3,723	$	4,224

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

Restructuring

12 Months Ended

Jun. 30, 2018

Restructuring and Related Activities [Abstract]

Restructuring

8.	Restructuring

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


	Balance at June 30, 2016		Charged to Expense		Payments			Balance at June 30, 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 fiscal 2017 to research and development expense. These costs consisted of (i) $273,000 of additional employee severance for discretionary termination benefits upon notification of the affected employees in accordance with ASC 420, Exit or Disposal Cost Obligations; and (ii) $199,000 of professional fees, travel and lease extension costs.

In addition, for the first quarter of fiscal 2017, the Company recorded $99,000 of non-cash stock-based compensation expense in connection with the extension, through June 30, 2017, of the exercise period 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

12 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Term Loan Agreement

9.	Term Loan Agreement

On March 28, 2018 (the “Closing Date”), the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, as borrower, SWK Funding LLC, as agent (the “Agent”), and the lenders party thereto from time to time (the “Lenders”), providing for a senior secured term loan of up to $20 million (the “Loan”). On the Closing Date, $15 million of the Loan was advanced (the “Initial Advance”). The remaining $5 million of the Loan was advanced on June 26, 2018 following satisfaction of the Minimum Capital Raise (as defined in the Credit Agreement) (the “Additional Advance”). The Loan may be increased by $10 million upon the request of the Company, subject to the Agent obtaining additional loan commitments and satisfaction of certain conditions in the Credit Agreement.

The Loan is due and payable on March 27, 2023 (the “Maturity Date”). The Loan bears interest at a per annum rate of the three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%. The Credit Agreement permits the Company to pay interest only on the principal amount for the first eight payments (payments are due on a quarterly basis commencing May 15, 2018). Following the interest-only period, the Company will be required to make quarterly payments of interest, plus repayments of the principal in an aggregate amount of up to $1.67 million per quarter (the “Quarterly Principal Repayment Cap”). Subject to the Quarterly Principal Repayment Cap, the amount of any quarterly principal payments during any fiscal year of the Company is based on (x) a percentage of the year-to-date 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”), which amount is included in other long-term liabilities in the accompanying consolidated balance sheet.

Upon the occurrence of a bankruptcy-related event of default, all amounts outstanding with respect to the Loan become due and payable immediately and upon the occurrence of any other Event of Default (as defined in the Credit Agreement), all or any amounts outstanding with respect to the Loan may become due and payable upon request of the Agent or majority Lenders. Additionally, subject to certain exceptions, the Company is required to make mandatory prepayments of the Loan with the proceeds of asset sales and insurance proceeds. The Company may make a voluntary prepayment of the Loan, in whole, but not in part, at any time on or after the first anniversary of the Closing Date. All mandatory and voluntary prepayments of the Loan are subject to the payment of prepayment premiums as follows: (i) in the case of mandatory prepayments, if prepayment occurs prior to the first anniversary of the Closing Date, a customary make-whole amount equal to the amount of interest that would have accrued on the principal amount so prepaid had it remained outstanding through the first anniversary of the Closing Date, (ii) if prepayment occurs on or after the first anniversary of the Closing Date, but prior to the second anniversary of the Closing Date, 6% of the aggregate amount of the principal prepaid and (iii) if prepayment occurs on or after the second anniversary of the Closing Date, but prior to the third anniversary of the Closing Date, an amount equal to 1% of the principal prepaid. No prepayment premium is due on any principal prepaid on or after the third anniversary of the Closing Date.

In connection with the Loan, the Company issued a warrant (the “SWK Warrant”) to the Agent to purchase (a) 409,091 shares of Common Stock (the “Initial Advance Warrant Shares”) at an exercise price equal of $1.10 per share and (b) 77,721 shares of Common Stock (the “Additional Advance Warrant Shares”) at an exercise price of $1.93 per share. The SWK Warrant is exercisable (i) with respect to the Initial Advance Warrant Shares, any time on or after the Closing Date until the close of business on the 7-year 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 were recorded as a liability at the Closing Date and were remeasured at fair value at each reporting period until the date of the Additional Advance. The aggregate fair value of the Additional Advance Warrant Shares at the Closing Date was $69,000. The Initial Advance Warrant Shares were recorded as equity on the Company’s balance sheet at their relative fair value of $284,000. The remaining $14.6 million of the proceeds received were allocated to the Initial Advance term loan. Upon the closing of the Additional Advance, the Additional Advance Warrant Shares were re-valued at $87,000 and reclassified to equity.

The total debt discount related to the Initial Advance was $2.1 million and was comprised of (1) $1.8 million which included the 1.5% upfront fee, the Exit Fee and legal and other transaction costs, which were ratably allocated to each of the two tranches of the Loan based upon the total principal amount available to the Company under each tranche and (2) $353,000 related to the aggregate fair value of the Initial Advance Warrant Shares and the Additional Advance Warrant Shares. This amount is being amortized as additional interest expense over the term of the Loan using the effective interest method.

The total debt issue costs related to the Additional Advance was $299,000 and was comprised of the allocated portions of the 1.5% upfront fee and the Exit Fee. This amount was recorded as a prepaid expense to be amortized ratably from the Closing Date through December 31, 2018. Through the date of the Additional Advance, $97,000 was amortized and the remaining balance of $202,000 was reclassified to debt discount. Together with the 6% Exit Fee on the Additional Advance and other transaction costs, total debt discount of $652,000 associated with the Additional Advance will be amortized over the remaining life of the Additional Advance portion of the Loan using the effective interest method.

Stockholders' Equity

12 Months Ended

Jun. 30, 2018

Federal Home Loan Banks [Abstract]

Stockholders' Equity

10.

Stockholders’ Equity

2018 Equity Financing

On the Closing Date, the Company entered into a Securities Purchase Agreement (the “First Tranche Securities Purchase Agreement”) with EW Healthcare Partners, L.P. and EW Healthcare Partners-A, 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 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 certain other accredited investors (collectively, the “Second Tranche Investors”), pursuant to which the Company, subject to the approval of the Company’s stockholders, would offer and sell to the Second Tranche Investors an aggregate of approximately $25.5 million of Units, subject to a maximum of 27,250,000 Units, with each Unit consisting of (a) one share of Common Stock and (b) one warrant to purchase a share of Common Stock (the “Second Tranche Transaction” and together with the First Tranche Transaction, the “Equity Transactions”).

The purchase price for each share of Common Stock issuable in the Second Tranche Transaction was defined as the lower of (a) $1.265 (which is a 15% premium to the First Tranche Purchase Price) and (b) a 20% discount to the volume weighted average price (“VWAP”) of the shares of Common Stock on the Nasdaq Stock Market for the 20 trading days immediately prior to the closing of the Second Tranche Transaction; provided, however, that the purchase price could not be lower than $0.88, which is a 20% discount to the First Tranche Purchase Price.

At a special meeting of stockholders held on June 22, 2018, the Company’s stockholders approved the Second Tranche Transaction, following which, on June 25, 2018, the Company sold to the Second Tranche Investors an aggregate of 20,184,224 Units at a purchase price of $1.265 per Unit for gross proceeds of approximately $25.5 million, not including any proceeds that would be received from an exercise of the warrants. In addition, the stockholders approved the adoption of an amendment to the Company’s Certificate of Incorporation, as amended, to increase the number of authorized shares of Common Stock from 120,000,000 shares to 150,000,000 shares.

The Second Tranche Warrants are exercisable any time until on or prior to the close of business on the 15th business day following the date on which the holders of the Second Tranche Warrants receive written notice from the Company that CMS has announced that a new C-Code has been established for DEXYCU and will be effective at the start of the first calendar quarter after such notice. CMS has approved transitional pass-through status and reimbursement through a C-code with an effective date of October 1, 2018. Following written notice of such approval to the holders of the Second Tranche Warrants on September 7, 2018, the Second Tranche Warrants are exercisable until the close of business on September 28, 2018. The exercise price of each Second Tranche Warrant issued in the Second Tranche Transaction is an amount equal to the lower of (a) $1.43 (a 30% premium to the First Tranche Purchase Price) and (b) a 20% discount to the VWAP of the shares of Common Stock on the Nasdaq Stock Market for the 20 trading days immediately prior to the exercise of a Second Tranche Warrant; provided, however, that the exercise price cannot be lower than $0.88, which is a 20% discount to the First Tranche Purchase Price.

The Company determined that the shares of Common Stock issued in the First Tranche Transaction and the future obligation to issue Units in the Second Tranche Transaction were freestanding instruments. The Common Stock issued in the First Tranche Transaction was recorded as equity on the Company’s Balance Sheet. The future obligation to issue Units in the Second Tranche Transaction was recorded as a liability on the Company’s Balance Sheet, subject to remeasurement at fair value at each reporting period until settled.

The Company determined that the First Tranche Transaction and the Second Tranche Transaction should be accounted for as a single transaction. Accordingly, the total consideration received on the Closing Date of $9.5 million was first allocated to the future obligation to issue Units in the Second Tranche Transaction at fair value as of the Closing Date, with the residual amount allocated to the Common Stock issued in the First Tranche Transaction. Further, issuance costs of $343,000 were allocated to each of the freestanding instruments on the basis of relative fair value. A net amount of approximately $4.6 million was allocated to the Common Stock issued in the First Tranche Transaction and the future obligation to issue Units in the Second Tranche Transaction, respectively, as of the Closing Date. As of March 31, 2018, the fair value of the Second Tranche Transaction liability was approximately $6.9 million and the Company recorded the $2.2 million change in fair value for the quarter ended March 31, 2018.

The future obligation to issue Units in the second tranche transaction was revalued immediately prior to the Second Tranche Transaction and resulted in a change in fair value of approximately $22.2 million. Upon consummation of the Second Tranche Transaction, the resulting derivative liability balance of approximately $29.1 million was reclassified to equity.

The Company determined that the Second Tranche Warrants are considered puttable warrants that represent an obligation that is indexed to repurchasing the Company’s shares and may require a transfer of assets that require classification as liabilities. The initial valuation of the Second Tranche Warrants on June 25, 2018 of approximately $18.2 million was re-measured at the balance sheet date, resulting in a change in fair value of derivative of approximately $1.6 million and a derivative liability balance of $19.8 million at June 30, 2018.

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 pays the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. The Company incurred approximately $223,000 of legal, accounting and other costs to establish and activate the ATM program. Prior to the Company’s delisting from the Australian Securities Exchange (“ASX”) in May 2018, the Company’s ability to sell shares under the ATM program was subject to ASX listing rules, as defined, limiting the number of shares the Company could issue in any 12-month period without stockholder approval, as well as other applicable rules and regulations of the ASX and Nasdaq Stock Market.

During fiscal 2017 (from March 2017 through May 9, 2017), the Company sold 5,100,000 shares of Common Stock under the ATM program (“ATM Shares Sold”) at a weighted average price of $1.74 per share for gross proceeds of approximately $8.9 million. Share issue costs, including sales agent commissions, totaled $244,000 during fiscal 2017. At a special meeting of stockholders held on June 27, 2017, the Company’s stockholders ratified the ATM Shares Sold, thereby refreshing the Company’s capacity to issue shares of Common Stock without prior stockholder approval under the ASX listing rules. In addition, the stockholders approved the adoption of an amendment to the Company’s Certificate of Incorporation, as amended, to increase the number of authorized shares of Common Stock from 60,000,000 shares to 120,000,000 shares.

During fiscal 2018 (from July 2017 through November 7, 2017), the Company sold 5,900,000 shares of Common Stock under the ATM program at a weighted average price of $1.23 per share for gross proceeds of approximately $7.3 million. Share issue costs, including sales agent commissions, totaled $239,000 during fiscal 2018.

Share Offering

In January 2016, the Company sold 4,440,000 shares of Common Stock in an underwritten public offering at a price of $4.00 per share for gross proceeds of $17.8 million. Underwriter discounts and commissions and other share issue costs totaled approximately $1.3 million.

Warrants to Purchase Common Shares

In connection with the sale of the Units in the Second Tranche Transaction, the Company issued the Second Tranche Warrants on June 25, 2018 to the Second Tranche Investors. The Second Tranche Warrants are exercisable at any time until on or prior to the close of business on the 15th business day following the date on which the holders of the Second Tranche Warrants receive written notice from the Company that CMS has announced that a new C-code has been established for DEXYCU and will be effective at the start of the first calendar quarter after such notice. CMS has approved transitional pass-through status and reimbursement through a C-code with an effective date of October 1, 2018. Following written notice of such approval to the holders of the Second Tranche Warrants on September 7, 2018, the Second Tranche Warrants are exercisable until the close of business on September 28, 2018. 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 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.

Based on the above price formula, if exercised in full the aggregate gross proceeds from the Second Tranche Warrants will range from a minimum of approximately $17.8 million to a maximum of approximately $28.9 million.

The following table provides a reconciliation of fixed price warrants to purchase Common Stock for the years ended June 30, 2018 and 2017, which excludes the Second Tranche Warrants that are subject to a variable exercise price:


	Year Ended June 30,
	2018					2017
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of year		623,605		$	2.50		623,605	$	2.50
Issued		486,812			1.23		—		—
Expired		(623,605	)		2.50		—		—

Balance and exercisable at end of year		486,812		$	1.23		623,605	$	2.50

In connection with the Loan (see Note 9), the Company issued warrants (i) to purchase 409,091 shares of Common Stock on March 28, 2018 at an exercise price of $1.10 per share with a seven-year term and (ii) to purchase 77,721 shares of Common Stock on June 26, 2018 at an exercise price of $1.93 per share with a seven-year term.

On August 7, 2017, previously issued 5-year investor warrants expired unexercised.

Share-Based Payment Awards

12 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Payment Awards

11.

Share-Based Payment Awards

Equity Incentive Plans

The 2016 Long-Term Incentive Plan (the “2016 Plan”), approved by the Company’s stockholders on December 12, 2016 (the “Adoption Date”), provides for the issuance of up to 3,000,000 shares of Common Stock reserved for issuance under the 2016 Plan plus any additional shares of Common Stock that were available for grant under the 2008 Incentive Plan (the “2008 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan. At June 30, 2018, a total of 1,497,528 shares were available for new awards.

Stock Options

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans for the year ended June 30, 2018:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2017		6,045,685		$	3.34
Granted		2,609,814			1.90
Exercised		(310,900	)		1.62
Forefeited		(1,884,355	)		3.54

Outstanding at June 30, 2018		6,460,244		$	2.79		7.28	$	700

Exercisable at June 30, 2018		2,906,334		$	3.23		4.91	$	321

During the year ended June 30, 2018, the Company granted 2,109,813 options to employees with ratable annual vesting over 3 years, 240,001 options to non-executive directors with 1-year cliff vesting, 120,000 options to two newly appointed non-executive directors with ratable annual vesting over 3 years, 40,000 additional options to one non-executive director appointed the previous year in connection with such director’s offer letter with ratable annual vesting over 2 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 the Company’s delisting from ASX, 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.

In determining the grant date fair value of option awards under the equity incentive plans, the Company applied the Black-Scholes option pricing model. Based upon limited option exercise history, the Company has generally used the “simplified” method outlined in SEC Staff Accounting Bulletin No. 110 to estimate the expected life of stock option grants. Management believes that the historical volatility of the Company’s stock price on Nasdaq best represents the expected volatility over the estimated life of the option. The risk-free interest rate is based upon published U.S. Treasury yield curve rates at the date of grant corresponding to the expected life of the stock option. An assumed dividend yield of zero reflects the fact that the Company has never paid cash dividends and has no intentions to pay dividends in the foreseeable future.

The key assumptions used to apply the option pricing model for options granted under the 2016 Plan during the years ended June 30, 2018, 2017 and 2016 were as follows:


	2018	2017	2016
Option life (in years)	5.50 - 6.00	5.50 - 6.25	5.50 - 6.25
Stock volatility	59% - 64%	70% - 72%	76% - 80%
Risk-free interest rate	2.18% - 2.89%	1.23% - 2.08%	1.47% - 1.97%
Expected dividends	0.0%	0.0%	0.0%

The following table summarizes information about employee and director stock options under the Company’s equity incentive plans for the years ended June 30, 2018, 2017 and 2016 (in thousands except per share amounts):


	2018		2017		2016
Weighted-average grant date fair value per share	$	1.06	$	1.95	$	2.74
Total cash received from exercise of stock options		503		99		490
Total intrinsic value of stock options exercised		152		53		967

Time-Vested Restricted Stock Units

Time-vested RSUs issued to date under the 2016 Plan generally vest on a ratable annual basis over 3 years. The related stock-based compensation expense is recorded over the requisite service period, which is the vesting period. The fair value of all time-vested RSUs is based on the closing share price of the Common Stock on the date of grant.

In connection with retention bonus agreements entered into in January 2017 (see Note 7), a total of 305,616 RSUs were issued on December 22, 2017 subject to one-year cliff vesting.

The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended June 30, 2018:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at July 1, 2017		248,500		$	1.77
Granted		802,459			1.52
Vested		(107,830	)		1.53
Forfeited		(45,000	)		1.77

Nonvested at June 30, 2018		898,129		$	1.58

The weighted-average remaining vesting term of the RSUs at June 30, 2018 was 1.34 years.

Performance-Based Stock Units

Performance Stock Units (“PSUs”) have been awarded to certain employees. The performance conditions associated with the PSU awards are as follows: (a) for one third of the PSUs, upon an FDA acceptance of the Company’s NDA submission of YUTIQ for review on or before March 31, 2018 and (b) for two-thirds 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 vest at the achievement date and 50% 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 June 30, 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 year ended June 30, 2018.

The following table provides a reconciliation of PSU activity under the 2016 Plan for the year ended June 30, 2018:


	Number of Performance Stock Units			Weighted Average Grant Date 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 June 30, 2018		241,668		$	1.52

The weighted-average remaining vesting term of the PSUs associated with the first performance condition at June 30, 2018 was approximately 8.6 months.

Deferred Stock Units

A total of 67,500 deferred stock units (“DSUs”) were issued to incumbent non-executive directors and ratified at the December 15, 2017 annual meeting of stockholders with a vesting date of June 27, 2018 and a grant date fair value of $1.13 per share. A total of 35,001 DSUs were issued to incumbent directors on June 21, 2018 with one-year cliff vesting and a grant date fair value of $1.95 per share. Subsequent to vesting, the DSUs will be settled in shares of 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. James Barry’s termination of service on the Company’s Board of Directors on May 7, 2018, all of Dr. Barry’s 12,500 DSUs vested in full and were settled in shares.

The following table provides a reconciliation of DSU activity under the 2016 Plan for the year ended June 30, 2018:


	Number of Deferred Stock Units			Weighted Average Grant Date Fair Value
Outstanding at July 1, 2017		—		$	—
Granted		102,501			1.41
Vested		(67,500	)		1.13

Outstanding at June 30, 2018		35,001		$	1.95

At June 30, 2018, the weighted-average remaining vesting term of the DSUs was approximately 11.7 months.

Market-Based Restricted Stock Units

The following table provides a reconciliation of market-based restricted stock units for the year ended June 30, 2018:


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

Outstanding at June 30, 2018		500,000		$	1.45

At June 30, 2017, there were 700,000 market-based Restricted Stock Units (“market-based RSUs”) outstanding, which included 500,000 issued as an inducement award to the Company’s President and CEO and 200,000 issued to another employee under the 2008 Plan. At June 30, 2018, there were 500,000 market-based RSUs outstanding due to a forfeiture of 200,000 market-based RSUs upon the other employee’s resignation. Subject to a service condition, the number of shares underlying the one remaining market-based RSU vests based upon a relative percentile rank of the 3-year change in the closing price of the Company’s Common Stock compared to that of the companies that make up the Nasdaq Biotechnology Index through September 15, 2019. The Company estimated the fair value of the market-based RSUs using a Monte Carlo valuation model on the respective dates of grant.

Other Inducement Award Grants

In connection with the September 15, 2016 hire of the Company’s President and CEO, the Company granted 850,000 options to purchase Common Stock with ratable annual vesting over 4 years, an exercise price of $3.63 per share and a 10-year term. 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.

In connection with the May 14, 2018 hire of the Company’s Executive Vice President and General Manager, US, the Company granted 375,000 options to purchase Common Stock with ratable annual vesting over 3 years, 65,000 options with 1-year cliff vesting and 225,000 PSUs. The options have an exercise price of $1.95 per share and a 10-year term and, although not awarded under the 2016 Plan, are subject to and governed by the terms and conditions of the 2016 Plan. The PSUs are subject to proportional vesting based on cumulative measurement for the 3-yearperiod ending June 30, 2021, with two-thirds of the award based upon defined amounts of the Company’s product revenues and one-third upon measurement of the net present value of certain business development transactions that are consummated by the Company.

The following table provides a reconciliation of the Company’s inducement stock option awards for the year ended June 30, 2018:


	Number of options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
					(in years)		(in thousands)
Outstanding at July 1, 2017		850,000	$	3.63
Granted		440,000		1.95

Outstanding at June 30, 2018		1,290,000	$	3.06		8.78	$	57

Exercisable at June 30, 2018		212,500	$	3.63		8.22	$	—

Stock-Based Compensation Expense

The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):


	Year Ended June 30,
	2018		2017		2016
Compensation expense included in:
Research and development	$	1,252	$	1,109	$	702
Sales and marketing		50		—		—
General and administrative		1,402		1,347		1,461

	$	2,704	$	2,456	$	2,163

In connection with termination benefits provided to the Company’s former Chief Executive Officer, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through September 14, 2017, and all remaining non-vested 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 year ended June 30, 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 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 $104,000 reduction of stock-based compensation expense included in general and administrative expense for the year ended June 30, 2017 in the table above.

At June 30, 2018, there was approximately $5.4 million of unrecognized compensation expense related to outstanding equity awards under the 2016 Plan, the 2008 Plan and inducement awards that is expected to be recognized as expense over a weighted-average period of approximately 1.7 years.

Fair Value Measurements

12 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

12.

Fair Value Measurements

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


	June 30, 2018
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	28,826	$	28,826	$	—	$	—

	$	28,826	$	28,826	$	—	$	—

Liabilities:
Derivative liabilities	$	19,780	$	—	$	—	$	19,780

	$	19,780	$	—	$	—	$	19,780


	June 30, 2017
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (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 June 30, 2018 and June 30, 2017, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. These deposits may be redeemed upon demand and, therefore, generally have minimal risk. The Company’s cash equivalents are classified within Level 1 on the basis of valuations using quoted market prices.

The Second Tranche Transaction was determined to be liability classified (see Note 10), which required that the liability be measured at fair value each period with changes in fair value recorded as a component of non-operating expense in the consolidated statement of comprehensive loss. This valuation was determined to be a level 3 valuation because it includes unobservable inputs. The Second Tranche Transaction liability was valued using a Monte Carlo simulation valuation model. This model incorporated several inputs, including the Common Stock price on the date of valuation, the historical volatility of the price of 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. The Second Tranche Transaction liability was settled upon the closing of the Second Tranche Transaction in June 2018. The Company remeasured the Second Tranche Transaction liability to fair value immediately prior to settlement. This valuation at settlement was calculated as the excess of the sum of (i) the fair value of the Second Tranche Warrants and (ii) the fair value of the shares of Common Stock issued to settle the liability over the cash proceeds received by the Company for the Units. Significant assumptions used to value this liability were as follows:


	March 28, 2018 (Date of Issuance)			June 25, 2018 (Date of Settlement)
Volatility		54.20	%		N/A
Risk free interest rate		1.70	%		N/A
Estimated date of stockholder approval		June 2018			N/A
Estimated number of units issuable		26,900,000			20,184,224
Valuation date stock price	$	1.07		$	1.93

The Additional Advance Warrants were initially determined to be liability classified (see Note 9), which required that the liability be measured at fair value each period with changes in fair value being recorded as a component of non-operating expense in the consolidated statement of comprehensive loss. This valuation was determined to be a level 3 valuation because it includes unobservable inputs. The Additional Advance Warrant liability was valued using a Monte Carlo simulation valuation model. This model incorporated several inputs including the Common Stock price on the date of valuation, the historical volatility of the price of the Common Stock, the risk-free interest rate and management’s assessments of the probability of the Additional Advance being drawn upon. Upon the closing of the Second Tranche Transaction in June 2018, the Additional Advance Warrants no longer met the criteria to be classified as a liability. The Company remeasured the Additional Advance Warrants immediately prior to the close of the Second Tranche Transaction and reclassified the liability balance to equity. Significant assumptions used to value this liability were as follows:


	March 28, 2018 (Date of Issuance)			June 25, 2018 (Date of Reclassification to Equity)
Volatility		55.20	%		55.10	%
Risk free interest rate		1.70	%		2.80	%
Term (in years)		7			7
Dividend rate		0	%		0	%
Valuation date stock price	$	1.07		$	1.93
Probability of issuance		80	%		100	%

Upon the closing of the Second Tranche Transaction, the Company issued the Second Tranche Warrants, which were determined to be liability classified, which requires that the liability be measured at fair value each period with changes in fair value being recorded as a component of non-operating expense in the consolidated statement of comprehensive loss. This valuation was determined to be a level 3 valuation because it includes unobservable inputs. The Second Tranche Warrants were valued using a Monte Carlo simulation valuation model. This model incorporated several inputs, including the Common Stock price on the date of valuation, the historical volatility of the price of the Common Stock and the risk-free interest rate. Significant assumptions used to value this liability are as follows:


	June 25, 2018 (Date of issuance)			June 30, 2018
Volatility		81.00	%		85.40	%
Risk free interest rate		2.10	%		2.10	%
Term (in years)		0.5			0.5
Dividend rate		0	%		0	%
Valuation date stock price	$	2.00		$	2.08
Probability of issuance		100	%		100	%

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


	Second Tranche Liability			Additional Advance Warrant Liability			Second Tranche Warrants		Total
Balance at June 30, 2017	$	—		$	—		$	—	$	—
Initial fair value of derivative liability		4,734			69			18,165		22,968
Change in fair value		24,319			18			1,615		25,952
Reclassification to equity		—			(87	)		—		(87	)
Settlement		(29,053	)		—			—		(29,053	)

Balance at June 30, 2018	$	—		$	—		$	19,780	$	19,780

Also included in the change in fair value was $326,000 of transaction costs that were expensed in connection with the issuance of the derivative liabilities.

- 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

Retirement Plans

12 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Retirement Plans

13.

Retirement Plans

The Company operates a defined contribution plan intended to qualify under Section 401(k) of the U.S. Internal Revenue Code. Participating U.S. employees may contribute a portion of their pre-tax compensation, as defined, subject to statutory maximums. The Company matches employee contributions up to 5% of eligible compensation, subject to a stated calendar year Internal Revenue Service maximum.

The Company operated a defined contribution pension plan for U.K. employees pursuant to which the Company made contributions on behalf of employees plus a matching percentage of elective employee contributions. This pension plan was terminated in the quarter ending September 30, 2016 following termination of employment of all U.K. employees.

The Company contributed a total of $220,000 for fiscal 2018, $193,000 for fiscal 2017 and $209,000 for fiscal 2016 in connection with these retirement plans.

Income Taxes

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

14.

Income Taxes

The components of income tax benefit are as follows (in thousands):


	Year Ended June 30,
	2018		2017		2016
U.S. operations:
Current income tax expense	$	—	$	—	$	4
Deferred income tax benefit		—		—		—

		—		—		4

Non-U.S. operations:
Current income tax benefit		—		—		(159	)
Deferred income tax benefit		—		—		—

		—		—		(159	)

Income tax benefit	$	—	$	—	$	(155	)

During the fiscal year ended June 30, 2016, the Company recognized a current income tax benefit of $159,000 related to foreign research and development tax credits earned by its U.K. subsidiary.

The components of loss before income taxes are as follows (in thousands):


	Year Ended June 30,
	2018			2017			2016
U.S. operations	$	(53,000	)	$	(17,566	)	$	(19,780	)
Non-U.S. operations		(171	)		(919	)		(1,922	)

Loss before income taxes	$	(53,171	)	$	(18,485	)	$	(21,702	)

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law, making significant changes to the federal tax law. Amongst other things, the Tax Act reduces the federal corporate tax rate from 34% to 21% effective for tax years beginning after December 31, 2017 and has resulted in a remeasurement of the Company’s deferred tax assets included in the Company’s fiscal 2018 rate reconciliation. The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 27.5% for fiscal 2018 and 34% for each of fiscal 2017 and fiscal 2016 to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):


	Year Ended June 30,
	2018			2017			2016
Income tax benefit at statutory rate	$	(14,622	)	$	(6,284	)	$	(7,379	)
State income taxes, net of federal benefit		(1,552	)		(928	)		(1,044	)
Non-U.S. income tax rate differential		(66	)		(121	)		778
Change in fair value of derivative		7,227			—			—
Change in federal tax rate		14,673			—			—
Research and development tax credits		(284	)		(242	)		(397	)
Permanent items		(15	)		(9	)		216
Changes in valuation allowance		(5,385	)		7,489			6,789
Other, net		24			95			882

Income tax benefit	$	—		$	—		$	(155	)

In addition to the $5.4 million change in valuation allowance in the above table, the Company recorded a deferred tax asset of $6.2 million and a valuation allowance of the same amount in connection with the Icon acquisition.

The significant components of deferred income taxes are as follows (in thousands):


	June 30,
	2018		2017
Deferred tax assets:
Net operating loss carryforwards	$	47,774	$	39,439
Deferred revenue		—		20
Stock-based compensation		4,241		5,107
Tax credits		3,463		1,727
Other		185		186

Total deferred tax assets		55,663		46,479

Deferred tax liabilities:
Intangible assets		8,542		123

Deferred tax assets, net		47,121		46,356
Valuation allowance		47,121		46,356

Total deferred tax liability	$	—	$	—

The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduces the value of such attributes to the more-likely-than-not realizable amount. Management assessed the available positive and negative evidence to estimate if sufficient taxable income will be generated to use the existing net deferred tax assets. Based on a weighting of the objectively verifiable negative evidence in the form of cumulative operating losses over the three-year period ended June 30, 2018, management believes that it is not more likely than not that the deferred tax assets will be realized and, accordingly, a full valuation allowance has been established. The valuation allowance increased $765,000, $7.5 million and $6.8 million during the fiscal years ended June 30, 2018, 2017 and 2016, respectively, with such increases attributed to the re-measurement of the net deferred tax assets at the year-end dates. The valuation allowance decreased by $5.4 million from current year activity, including the impact of the 2017 Tax Act, offset by an increase of $6.2 million related to the Icon acquisition.

The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. Including approximately $49.3 million related to the Icon acquisition, at June 30, 2018 the Company had U.S. federal net operating loss carry forwards of approximately $165.1 million, which expire at various dates between calendar years 2023 and 2038. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2018, the Company had state net operating loss carry forwards of approximately $123.5 million, which expire between 2033 and 2038, as well as U.S. federal and state research and development tax credit carry forwards of approximately $2.9 million, which expire at various dates between calendar years 2018 and 2038. In addition, at June 30, 2018 the Company had net operating loss carry forwards in the U.K. of £21.1 million (approximately $27.9 million), which are not subject to any expiration dates.

The Company’s U.S. federal income tax returns for calendar years 2003 through 2017 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal years 2006 through 2017 remain subject to examination.

Through June 30, 2018, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive loss and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2018 or 2017.

As of June 30, 2018 and 2017, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

15.

Commitments and Contingencies

Operating Leases

On May 17, 2018, the Company entered into a Second Amendment (the “Second Amendment”) to its Lease, dated November 1, 2013, as amended (the “Lease”), with Whetstone Riverworks Holdings, LLC (as successor-in-interest to Farley White Aetna Mills, LLC) (the “Landlord”). The Lease was initially for approximately 13,650 square feet of rentable area (the “Existing Space”) of the building located at 480 Pleasant Street, Watertown, MA 02472 (the “Premises”) and was set to expire in April 2019. Under the Second Amendment, the Company will lease an additional 6,590 square feet of rentable area (the “Additional Space”, and together with the Existing Space, the “Total Space”) on the Premises, commencing on September 10, 2018 (the “Additional Space Effective Time”). The Landlord has agreed to provide the Company a construction allowance of up to $670,750 to be applied toward the aggregate work to be conducted on the Total Space. The Second Amendment also extended the term of the Lease, which will now expire 80 calendar months after the Additional Space Effective Time; provided, however, that the base rent for the Total Space will be abated during the first four months following the Additional Space Effective Time. The Company also has an option to extend the term of the Lease for one additional five-year period. The Company will also be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises.

Commencing July 1, 2017, the Company leases approximately 3,000 square feet of office space in Liberty Corner, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In June 2018, the Company subleased an additional 1,381 square feet of adjoining space from Caladrius Biosciences, Inc. (“Caladrius”) through May 2022. The Chief Executive Officer of Caladrius is a director of the Company.

At June 30, 2018, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands):


Fiscal Year:
2019	$	548
2020		870
2021		886
2022		892
2023 and beyond		2,324

	$	5,520

Rent expense related to the Company’s real estate and other operating leases charged to operations was approximately $508,000 for fiscal 2018, $442,000 for fiscal 2017 and $485,000 for fiscal 2016.

Legal Proceedings

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

Segment and Geographic Area Information

12 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment and Geographic Area Information

16.

Segment and Geographic Area Information

Business Segment

The Company operates in only one business segment, being the biotechnology sector. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment.

Geographic Area Information

The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands):


	Revenues						Long-lived assets, net
	2018		2017		2016		2018		2017
U.S.	$	2,861	$	7,439	$	1,520	$	253	$	313
U.K.		100		100		100		—		—

Consolidated	$	2,961	$	7,539	$	1,620	$	253	$	313

Quarterly Financial Data (unaudited)

12 Months Ended

Jun. 30, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

17.

Quarterly Financial Data (unaudited)

The following table summarizes the quarterly results of operations for the years ended June 30, 2018 and 2017 (in thousands except per share amounts):


	Fiscal Year 2018
	First Quarter Ended September 30, 2017			Second Quarter Ended December 31, 2017			Third Quarter Ended March 31, 2018			Fourth Quarter Ended June 30, 2018			Year Ended June 30, 2018
							(1)			(1)
Total revenues	$	385		$	933		$	928		$	715		$	2,961
Operating loss		(6,006	)		(5,808	)		(4,678	)		(9,782	)		(26,274	)
Net loss		(5,983	)		(5,782	)		(6,978	)		(34,428	)		(53,171	)

Net loss per share—basic and diluted	$	(0.15	)	$	(0.13	)	$	(0.15	)	$	(0.62	)	$	(1.15	)

Weighted average common shares—basic and diluted		39,430			44,530			45,644			55,387			46,226


	Fiscal Year 2017
	First Quarter Ended September 30, 2016			Second Quarter Ended December 31, 2016			Third Quarter Ended March 31, 2017			Fourth Quarter Ended June 30, 2017			Year Ended June 30, 2017
				(2)
Total revenues	$	277		$	5,971		$	590		$	701		$	7,539
Operating loss		(7,186	)		(94	)		(5,160	)		(6,136	)		(18,576	)
Net loss		(7,162	)		(67	)		(5,140	)		(6,116	)		(18,485	)

Net loss per share—basic and diluted	$	(0.21	)	$	—		$	(0.15	)	$	(0.16	)	$	(0.52	)

Weighted average common shares—basic and diluted		34,175			34,177			34,366			38,673			35,344

(1)

Results for the third and fourth quarters of fiscal 2018 included $2.3 million and $24.0 million, respectively, of change in fair value of derivative liability in connection with the Second Tranche Transaction (see Notes 10 and 12). The fourth quarter of fiscal 2018 includes an out-of-period expense of $1.2 million reflecting the increase in the fair value of the Company’s derivative liability which occurred, but was not recorded, in the third quarter of fiscal 2018.

(2)	Results for the second quarter of fiscal 2017 included $5.6 million of revenue recognized as a result of the December 2016 termination of the Company’s Restated Pfizer Agreement (see Note 4).

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Foreign Currency

Foreign Currency

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which each such entity operates - the U.S. dollar or the Pound Sterling.

Cash Equivalents

Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of three months or less at the date of purchase, principally consisting of institutional money market funds.

Marketable Securities

Marketable Securities

Concentrations of Risk

Concentrations of Risk

Accounts receivable from Bausch & Lomb accounted for $306,000, or 87% of total accounts receivable at June 30, 2018 and $246,000, or 98%, of total accounts receivable at June 30, 2017.

Fair Value Measurements

Fair Value Measurements

•

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

•

The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of their short-term maturity.

Accounts and Other Receivables

Accounts and Other Receivables

Receivables consist primarily of quarterly royalties earned under a license agreement with Bausch & Lomb.

Debt and Equity Instruments

Debt and Equity Instruments

Debt and equity instruments are classified as either liabilities or equity in accordance with the substance of the contractual arrangement.

Derivative Instruments

Derivative Instruments

Property and Equipment

Property and Equipment

Leases

Leases

Impairment of Intangible Assets

Impairment of Intangible Assets

Revenue Recognition

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

Royalties

Reimbursement of Costs

Deferred Revenue

Research and Development

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory and medical affairs, external consultants, and other operational costs related to the Company’s research and development of its product candidates.

Stock-Based Compensation

Stock-Based Compensation

Net Loss per Share

Net Loss per Share

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


	Year Ended June 30,
	2018		2017		2016
Options outstanding		7,750,244		6,895,685		4,981,421
Warrants outstanding		20,671,036		623,605		623,605
Restricted stock units outstanding		1,398,129		948,500		—
Performance stock units outstanding		466,668		210,000		—
Deferred stock units		35,001		—		—

		30,321,078		8,677,790		5,605,026

Comprehensive Loss

Comprehensive Loss

Comprehensive loss is comprised of net loss, foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities.

Income Tax

Income Tax

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted and Recently Issued Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

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

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


	Year Ended June 30,
	2018		2017		2016
Options outstanding		7,750,244		6,895,685		4,981,421
Warrants outstanding		20,671,036		623,605		623,605
Restricted stock units outstanding		1,398,129		948,500		—
Performance stock units outstanding		466,668		210,000		—
Deferred stock units		35,001		—		—

		30,321,078		8,677,790		5,605,026

Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

The reconciliation of intangible assets for the years ended June 30, 2018 and 2017 was as follows (in thousands):


	June 30,
	2018			2017
Patented technologies
Gross carrying amount at beginning of year	$	35,610		$	36,196
Acquisition of Icon Bioscience Inc.		31,973			—
Foreign currency translation adjustments		739			(586	)

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

Accumulated amortization at beginning of year		(35,246	)		(35,094	)
Amortization expense		(981	)		(724	)
Foreign currency translation adjustments		(737	)		572

Accumulated amortization at end of year		(36,964	)		(35,246	)

Net book value at end of year	$	31,358		$	364

Schedule of Net Book Value of Intangible Assets

he net book value of the Company’s intangible assets at June 30, 2018 and 2017 is summarized as follows (in thousands):


	June 30,				Estimated Remaining Useful Life at June 30, 2018
	2018		2017		(Years)
Patented technologies
DEXYCU / Verisome	$	31,358		—		12.75
Durasert		—		265		—
Tethadur		—		99		—

	$	31,358	$	364

Property and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	June 30,
	2018			2017
Property and equipment	$	805		$	698
Leasehold improvements		101			101

Gross property and equipment		906			799
Accumulated depreciation and amortization		(653	)		(486	)

	$	253		$	313

Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,
	2018		2017
Clinical trial costs	$	742	$	1,984
Personnel costs		1,763		1,632
Professional fees		926		590
Interest		254		—
Other		38		18

	$	3,723	$	4,224

Restructuring (Tables)

12 Months Ended

Jun. 30, 2018

Restructuring and Related Activities [Abstract]

Summary of Reconciliation of Restructuring Costs

A summary reconciliation of the restructuring costs is as follows (in thousands):


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

	$	187	$	472	$	(659	)	$	—

Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2018

Federal Home Loan Banks [Abstract]

Summary of Reconciliation of Warrants to Purchase Common Stock


	Year Ended June 30,
	2018					2017
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of year		623,605		$	2.50		623,605	$	2.50
Issued		486,812			1.23		—		—
Expired		(623,605	)		2.50		—		—

Balance and exercisable at end of year		486,812		$	1.23		623,605	$	2.50

- 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

Share-Based Payment Awards (Tables)

12 Months Ended

Jun. 30, 2018

Schedule of Key Assumptions Used

The key assumptions used to apply the option pricing model for options granted under the 2016 Plan during the years ended June 30, 2018, 2017 and 2016 were as follows:


	2018	2017	2016
Option life (in years)	5.50 - 6.00	5.50 - 6.25	5.50 - 6.25
Stock volatility	59% - 64%	70% - 72%	76% - 80%
Risk-free interest rate	2.18% - 2.89%	1.23% - 2.08%	1.47% - 1.97%
Expected dividends	0.0%	0.0%	0.0%

Summary of Information about Stock Options


	2018		2017		2016
Weighted-average grant date fair value per share	$	1.06	$	1.95	$	2.74
Total cash received from exercise of stock options		503		99		490
Total intrinsic value of stock options exercised		152		53		967

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended June 30, 2018:


	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at July 1, 2017		248,500		$	1.77
Granted		802,459			1.52
Vested		(107,830	)		1.53
Forfeited		(45,000	)		1.77

Nonvested at June 30, 2018		898,129		$	1.58

Summary of Performance Stock Unit Activity

The following table provides a reconciliation of PSU activity under the 2016 Plan for the year ended June 30, 2018:


	Number of Performance Stock Units			Weighted Average Grant Date 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 June 30, 2018		241,668		$	1.52

Summary of Deferred Stock Unit Activity

The following table provides a reconciliation of DSU activity under the 2016 Plan for the year ended June 30, 2018:


	Number of Deferred Stock Units			Weighted Average Grant Date Fair Value
Outstanding at July 1, 2017		—		$	—
Granted		102,501			1.41
Vested		(67,500	)		1.13

Outstanding at June 30, 2018		35,001		$	1.95

Summary of Market-Based Restricted Stock Unit Activity

The following table provides a reconciliation of market-based restricted stock units for the year ended June 30, 2018:


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

Outstanding at June 30, 2018		500,000		$	1.45

Compensation Expense from Stock-Based Payment Awards

The Company’s statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):


	Year Ended June 30,
	2018		2017		2016
Compensation expense included in:
Research and development	$	1,252	$	1,109	$	702
Sales and marketing		50		—		—
General and administrative		1,402		1,347		1,461

	$	2,704	$	2,456	$	2,163

2016 Long Term Incentive Plan [Member]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans for the year ended June 30, 2018:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2017		6,045,685		$	3.34
Granted		2,609,814			1.90
Exercised		(310,900	)		1.62
Forefeited		(1,884,355	)		3.54

Outstanding at June 30, 2018		6,460,244		$	2.79		7.28	$	700

Exercisable at June 30, 2018		2,906,334		$	3.23		4.91	$	321

2008 Incentive Plan [Member]

Stock Option Activity Under Plan

The following table provides a reconciliation of the Company’s inducement stock option awards for the year ended June 30, 2018:


	Number of options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
					(in years)		(in thousands)
Outstanding at July 1, 2017		850,000	$	3.63
Granted		440,000		1.95

Outstanding at June 30, 2018		1,290,000	$	3.06		8.78	$	57

Exercisable at June 30, 2018		212,500	$	3.63		8.22	$	—

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2018

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

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


	June 30, 2018
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	28,826	$	28,826	$	—	$	—

	$	28,826	$	28,826	$	—	$	—

Liabilities:
Derivative liabilities	$	19,780	$	—	$	—	$	19,780

	$	19,780	$	—	$	—	$	19,780


	June 30, 2017
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (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 Liabilities

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


	Second Tranche Liability			Additional Advance Warrant Liability			Second Tranche Warrants		Total
Balance at June 30, 2017	$	—		$	—		$	—	$	—
Initial fair value of derivative liability		4,734			69			18,165		22,968
Change in fair value		24,319			18			1,615		25,952
Reclassification to equity		—			(87	)		—		(87	)
Settlement		(29,053	)		—			—		(29,053	)

Balance at June 30, 2018	$	—		$	—		$	19,780	$	19,780

Second Tranche Transaction [Member]

Schedule of Assumptions Used to Value Liability

Significant assumptions used to value this liability were as follows:


	March 28, 2018 (Date of Issuance)			June 25, 2018 (Date of Settlement)
Volatility		54.20	%		N/A
Risk free interest rate		1.70	%		N/A
Estimated date of stockholder approval		June 2018			N/A
Estimated number of units issuable		26,900,000			20,184,224
Valuation date stock price	$	1.07		$	1.93

Second Tranche Warrants [Member]

Schedule of Assumptions Used to Value Liability

Significant assumptions used to value this liability were as follows:


	March 28, 2018 (Date of Issuance)			June 25, 2018 (Date of Reclassification to Equity)
Volatility		55.20	%		55.10	%
Risk free interest rate		1.70	%		2.80	%
Term (in years)		7			7
Dividend rate		0	%		0	%
Valuation date stock price	$	1.07		$	1.93
Probability of issuance		80	%		100	%

Additional Advance [Member]

Schedule of Assumptions Used to Value Liability

Significant assumptions used to value this liability were as follows:


	March 28, 2018 (Date of Issuance)			June 25, 2018 (Date of Reclassification to Equity)
Volatility		55.20	%		55.10	%
Risk free interest rate		1.70	%		2.80	%
Term (in years)		7			7
Dividend rate		0	%		0	%
Valuation date stock price	$	1.07		$	1.93
Probability of issuance		80	%		100	%

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit

The components of income tax benefit are as follows (in thousands):


	Year Ended June 30,
	2018		2017		2016
U.S. operations:
Current income tax expense	$	—	$	—	$	4
Deferred income tax benefit		—		—		—

		—		—		4

Non-U.S. operations:
Current income tax benefit		—		—		(159	)
Deferred income tax benefit		—		—		—

		—		—		(159	)

Income tax benefit	$	—	$	—	$	(155	)

Components of Loss Before Income Taxes

The components of loss before income taxes are as follows (in thousands):


	Year Ended June 30,
	2018			2017			2016
U.S. operations	$	(53,000	)	$	(17,566	)	$	(19,780	)
Non-U.S. operations		(171	)		(919	)		(1,922	)

Loss before income taxes	$	(53,171	)	$	(18,485	)	$	(21,702	)

Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit

The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 27.5% for fiscal 2018 and 34% for each of fiscal 2017 and fiscal 2016 to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):


	Year Ended June 30,
	2018			2017			2016
Income tax benefit at statutory rate	$	(14,622	)	$	(6,284	)	$	(7,379	)
State income taxes, net of federal benefit		(1,552	)		(928	)		(1,044	)
Non-U.S. income tax rate differential		(66	)		(121	)		778
Change in fair value of derivative		7,227			—			—
Change in federal tax rate		14,673			—			—
Research and development tax credits		(284	)		(242	)		(397	)
Permanent items		(15	)		(9	)		216
Changes in valuation allowance		(5,385	)		7,489			6,789
Other, net		24			95			882

Income tax benefit	$	—		$	—		$	(155	)

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows (in thousands):


	June 30,
	2018		2017
Deferred tax assets:
Net operating loss carryforwards	$	47,774	$	39,439
Deferred revenue		—		20
Stock-based compensation		4,241		5,107
Tax credits		3,463		1,727
Other		185		186

Total deferred tax assets		55,663		46,479

Deferred tax liabilities:
Intangible assets		8,542		123

Deferred tax assets, net		47,121		46,356
Valuation allowance		47,121		46,356

Total deferred tax liability	$	—	$	—

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments Under Non-Cancellable Operating Leases

At June 30, 2018, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands):


Fiscal Year:
2019	$	548
2020		870
2021		886
2022		892
2023 and beyond		2,324

	$	5,520

Segment and Geographic Area Information (Tables)

12 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area

The following table summarizes the Company’s revenues and long-lived assets, net by geographic area (in thousands):


	Revenues						Long-lived assets, net
	2018		2017		2016		2018		2017
U.S.	$	2,861	$	7,439	$	1,520	$	253	$	313
U.K.		100		100		100		—		—

Consolidated	$	2,961	$	7,539	$	1,620	$	253	$	313

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Jun. 30, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following table summarizes the quarterly results of operations for the years ended June 30, 2018 and 2017 (in thousands except per share amounts):


	Fiscal Year 2018
	First Quarter Ended September 30, 2017			Second Quarter Ended December 31, 2017			Third Quarter Ended March 31, 2018			Fourth Quarter Ended June 30, 2018			Year Ended June 30, 2018
							(1)			(1)
Total revenues	$	385		$	933		$	928		$	715		$	2,961
Operating loss		(6,006	)		(5,808	)		(4,678	)		(9,782	)		(26,274	)
Net loss		(5,983	)		(5,782	)		(6,978	)		(34,428	)		(53,171	)

Net loss per share—basic and diluted	$	(0.15	)	$	(0.13	)	$	(0.15	)	$	(0.62	)	$	(1.15	)

Weighted average common shares—basic and diluted		39,430			44,530			45,644			55,387			46,226


	Fiscal Year 2017
	First Quarter Ended September 30, 2016			Second Quarter Ended December 31, 2016			Third Quarter Ended March 31, 2017			Fourth Quarter Ended June 30, 2017			Year Ended June 30, 2017
				(2)
Total revenues	$	277		$	5,971		$	590		$	701		$	7,539
Operating loss		(7,186	)		(94	)		(5,160	)		(6,136	)		(18,576	)
Net loss		(7,162	)		(67	)		(5,140	)		(6,116	)		(18,485	)

Net loss per share—basic and diluted	$	(0.21	)	$	—		$	(0.15	)	$	(0.16	)	$	(0.52	)

Weighted average common shares—basic and diluted		34,175			34,177			34,366			38,673			35,344

(1)

(2)	Results for the second quarter of fiscal 2017 included $5.6 million of revenue recognized as a result of the December 2016 termination of the Company’s Restated Pfizer Agreement (see Note 4).

Operations - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Jun. 26, 2018	Jun. 30, 2018	Jun. 30, 2017
Operations [Line Items]
Cash and cash equivalents		$ 38,776	$ 16,898
Sale of stock description		The Company closed two financing transactions that consisted of (i) $25.3 million of net proceeds from the sale of 20,184,224 units (“Units”), with each Unit consisting of one share of the Company’s common stock (“Common Stock”) and one warrant to purchase one share of Common Stock (the “Warrants”)
Two Thousand and Eighteen Equity Financing [Member]
Operations [Line Items]
Proceeds from sale of units, net of issue costs	$ 25,300
Number of units issued in Tranche 2 Financing	20,184,224
Senior Secured Term Loan [Member]
Operations [Line Items]
Net proceeds from additional advance	$ 4,900

Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income is attributable to both foreign currency translation and unrealized gain on marketable securities	$ 838,000				$ 833,000				$ 838,000	$ 833,000
Marketable securities purchased									0	5,052,000	$ 17,517,000
Marketable securities matured									0	18,743,000	13,168,000
Investments in significant unrealized loss position	0				0				0	0
Interest-bearing cash equivalent	28,800,000								28,800,000
Marketable securities	0				0				0	0
Revenues	715,000	$ 928,000	$ 933,000	$ 385,000	701,000	$ 590,000	$ 5,971,000	$ 277,000	2,961,000	7,539,000	1,620,000
Accounts receivable	353,000				251,000				$ 353,000	251,000
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets									3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets									5 years
Pfizer Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues										$ 5,600,000
Pfizer Inc. [Member] \| Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk										74.00%
Bausch and Lomb [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 1,000,000	$ 984,000	$ 1,300,000
Accounts receivable	$ 306,000				$ 246,000				$ 306,000	$ 246,000
Bausch and Lomb [Member] \| Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									35.00%	13.00%	77.00%
Bausch and Lomb [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									87.00%	98.00%
Feasibility Study Agreement [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 1,100,000	$ 211,000
Feasibility Study Agreement [Member] \| Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									37.00%	3.00%
Alimera [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 723,000	$ 659,000	$ 233,000
Alimera [Member] \| Customer Concentration Risk [Member] \| Sales Revenue, Net [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									24.00%	9.00%	14.00%

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	30,321,078	8,677,790	5,605,026
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	7,750,244	6,895,685	4,981,421
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	20,671,036	623,605	623,605
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	1,398,129	948,500	0
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	466,668	210,000	0
Deferred Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	35,001	0	0

Acquisition of Icon Bioscience, Inc - Additional Information (Detail) - USD ($)		12 Months Ended
	Mar. 28, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition [Line Items]
Cash payment at closing, net of cash acquired, plus payment of transaction costs		$ 16,780,000	$ 0	$ 0
DEXYCU [Member]
Business Acquisition [Line Items]
Finite-lived intangible asset expected amortization life		12 years 9 months
Icon Bioscience Inc [Member]
Business Acquisition [Line Items]
Acquisition date	Mar. 28, 2018
Consideration payment at closing	$ 15,000,000
Estimated working capital adjustment at closing	(127,000)
Development milestone payment due upon first commercial sales of DEXYCU	15,000,000
Maximum of potential sales milestone payments	$ 95,000,000
Quarterly percentage earn-out on product net sales	12.00%
Increased percentage earn-out on product net sales if net sales and partnering revenue exceed $200 million in a given year	16.00%
Contingent cash payments, description		These include but are not limited to (i) a one-time development milestone of $15.0 million payable in cash upon the first commercial sale of DEXYCU in the United States, (ii) sales milestone payments totaling up to $95.0 million upon the achievement of certain sales thresholds and subject to certain Centers for Medicare & Medicaid Services reimbursement conditions set forth in the Merger Agreement, (iii) quarterly earn-out payments equal to 12% on net sales of DEXYCU in a given year, which earn-out payments will increase to 16% of net sales of DEXYCU in such year beginning in the calendar quarter for such year to the extent aggregate annual consideration of DEXYCU exceeds $200.0 million in such year, (iv) quarterly earn-out payments equal to 20% of partnering revenue received by the Company for DEXYCU outside of the United States, and (v) single-digit percentage quarterly earn-out payments with respect to net sales and/or partnering income, if any, resulting from future clinical development, regulatory approval and commercialization of any other product candidates the Company acquired in the Icon Acquisition.
Purchase price of acquisition	$ 32,000,000
Transaction costs	2,000,000
Cash payment at closing, net of cash acquired, plus payment of transaction costs		$ 16,800,000
Cash payment at closing	14,900,000
Transaction costs paid		$ 1,900,000
Business combination, cash acquired	38,000
Icon Bioscience Inc [Member] \| DEXYCU [Member]
Business Acquisition [Line Items]
Purchase price of acquisition	$ 32,000,000
Finite-lived intangible asset expected amortization life	13 years
Icon Bioscience Inc [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Threshold level of annual aggregate consideration above which the 16% royalty on net sales applies in any given year	$ 200,000,000
Icon Bioscience Inc [Member] \| Non-US [Member]
Business Acquisition [Line Items]
Percentage of partnering income received to be paid quarterly as earn-out consideration	20.00%

License and Collaboration Agreements - Additional Information (Detail)						1 Months Ended			3 Months Ended								12 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 ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2018 USD ($) Country	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Collaborative Agreements And Contracts [Line Items]
Revenue									$ 715,000	$ 928,000	$ 933,000	$ 385,000	$ 701,000	$ 590,000	$ 5,971,000	$ 277,000	$ 2,961,000	$ 7,539,000	$ 1,620,000
Accounts receivable									353,000				251,000				353,000	251,000
Collaborative Research and Development [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue																	$ 1,343,000	6,569,000	398,000
ILUVIEN [Member] \| Europe [Member]
Collaborative Agreements And Contracts [Line Items]
Number of countries in which lead licensed product received regulatory approval \| Country																	17
Royalty Income [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue																	$ 1,618,000	970,000	1,222,000
OncoSil Medical UK Limited [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of non-royalty consideration received from sublicense																	20.00%
Royalty percentage earned from sales of product																	8.00%
License agreement commencement date																	2012-12
Receipt of upfront license fee							$ 100,000
Deferred revenue									0								$ 0
OncoSil Medical UK Limited [Member] \| Collaborative Research and Development [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue						$ 100,000											$ 100,000	100,000	100,000
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Upfront cash payment received under collaboration agreement								$ 2,300,000
Estimated selling price of the deliverables for revenue recognition								$ 6,700,000
Option period to acquire license					60 days
License option upfront payment upon exercise					$ 10,000,000
Pfizer Collaboration Agreement [Member] \| Collaborative Research and Development [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue															$ 5,600,000			0	0
Prior Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of company's share of net profits																	20.00%
Pre-profitability net losses percentage																	20.00%
Maximum percentage offset of current period net profits against previously incurred and unapplied pre-profitability quarterly net losses																	4.00%
Percentage of net profit share after offset of previously incurred and unapplied pre-profitability net losses																	16.00%
Percentage of royalties received from sublicense																	20.00%
Percentage of non-royalty consideration received from sublicense																	33.00%
Total revenues earned from Alimera																	$ 148,000	659,000	233,000
Amount received, profit share from sale of licensed products																	$ 50,000	585,000
Recognition of deferred revenue from arbitration settlement																		136,000
Non-royalty consideration received from sublicense																			157,000
Amended Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product																	2.00%
Contingently recoverable accumulated commercialization losses				$ 25,000,000
Partial cancellation of contingently recoverable accumulated commercialization losses in lieu of upfront license fee				$ 10,000,000
Proceeds received from earned sales-based royalties																	$ 575,000
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member]
Collaborative Agreements And Contracts [Line Items]
Calendar year net sales threshold for increase in royalty rate			$ 75,000,000
Royalty percentage offset for amounts earned above 2% to be applied against balance of accumulated commercialization losses	20.00%		50.00%
Additional cancellation of contingently recoverable commercialization losses		$ 5,000,000
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member] \| Minimum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			6.00%
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member] \| Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			8.00%
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Accounts receivable									$ 306,000				$ 246,000				306,000	246,000
Bausch and Lomb [Member] \| Royalty Income [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue																	1,000,000	970,000	1,200,000
Feasibility Study Agreement [Member] \| Collaborative Research and Development [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue																	$ 1,100,000	$ 211,000	$ 33,000

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of year	$ 35,610	$ 36,196
Acquisition of Icon Bioscience Inc.	31,973	0
Foreign currency translation adjustments	739	(586)
Gross carrying amount at end of year	68,322	35,610	$ 36,196
Accumulated amortization at beginning of year	(35,246)	(35,094)
Amortization expense	(981)	(724)	(756)
Foreign currency translation adjustments	(737)	572
Accumulated amortization at end of year	(36,964)	(35,246)	$ (35,094)
Net book value at end of year	$ 31,358	$ 364

Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Intangible Assets [Line Items]
Net book value of intangible assets	$ 31,358	$ 364
DEXYCU [Member]
Intangible Assets [Line Items]
Net book value of intangible assets	$ 31,358	0
Finite lived intangible assets remaining amortization period	12 years 9 months
Durasert [Member]
Intangible Assets [Line Items]
Net book value of intangible assets	$ 0	265
Finite lived intangible assets remaining amortization period	0 years
Tethadur [Member]
Intangible Assets [Line Items]
Net book value of intangible assets	$ 0	$ 99
Finite lived intangible assets remaining amortization period	0 years

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Mar. 28, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 981	$ 724	$ 756
DEXYCU [Member] \| Icon Bioscience Inc [Member]
Finite-Lived Intangible Assets [Line Items]
Initial purchase price	$ 32,000
Annual amortization expense	$ 2,500

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 906	$ 799
Accumulated depreciation and amortization	(653)	(486)
Property and equipment, net	253	313
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	805	698
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 101	$ 101

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Property Plant and Equipment Useful Life and Values [Abstract]
Depreciation of property and equipment	$ 167	$ 91	$ 152

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Payables and Accruals [Abstract]
Clinical trial costs	$ 742	$ 1,984
Personnel costs	1,763	1,632
Professional fees	926	590
Interest	254	0
Other	38	18
Accrued expenses	$ 3,723	$ 4,224

Accrued Expenses - Additional Information (Detail) - USD ($)	Dec. 22, 2017	Jun. 30, 2017
Schedule Of Accrued Expenses [Line Items]
Retention bonuses paid under agreements	$ 319,000
Closing share price	$ 1.045
RSU [Member]
Schedule Of Accrued Expenses [Line Items]
Granted	305,616
Vesting period of equity awards	1 year
Accrual of Cash Retention Bonus Component [Member]
Schedule Of Accrued Expenses [Line Items]
Personnel costs		$ 160,000

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017
Restructuring Cost [Line Items]
Restructuring charges			$ 472,000
U.K. [Member]
Restructuring Cost [Line Items]
Extended lease term expiration date		Nov. 30, 2016
Restructuring charges			472,000
Discretionary termination benefits			273,000
Other restructuring costs			$ 199,000
Increase in stock-based compensation expense to account for the extension of the exercise period of all vested stock options	$ 99,000
Reduction of stock-based compensation to account for forfeitures of non-vested stock options	$ 133,000

Restructuring - Summary of Reconciliation of Restructuring Costs (Detail) $ in Thousands	12 Months Ended
	Jun. 30, 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)	Jun. 26, 2018 USD ($) $ / shares shares	Mar. 28, 2018 USD ($) Payments Tranches $ / shares shares	Jun. 30, 2018 USD ($) $ / shares	Jun. 30, 2017 $ / shares	Jun. 30, 2016 $ / shares
Shares Issued And Outstanding [Line Items]
Exercise price of issued warrants \| $ / shares			$ 1.23	$ 2.50	$ 2.50
Senior Secured Term Loan [Member]
Shares Issued And Outstanding [Line Items]
Upfront loan origination fee percentage		1.50%
Debt issue costs		$ 1,800,000
Cost allocated tranches, number \| Tranches		2
Aggregate Fairvalue of warrants		$ 353,000
Senior Secured Term Loan [Member] \| Initial Advance [Member]
Shares Issued And Outstanding [Line Items]
Exit fee percentage		6.00%
Proceeds from issuance of term loan, net of allocation to the debt warrant		$ 14,600,000
Debt discount		2,100,000
Senior Secured Term Loan [Member] \| Additional Advance [Member]
Shares Issued And Outstanding [Line Items]
Debt issue costs		$ 299,000
Debt discount	$ 652,000
Amortized cost			$ 97,000
Debt issuance costs remaining balance reclassified to debt discount	$ 202,000
Senior Secured Term Loan [Member] \| Warrants [Member]
Shares Issued And Outstanding [Line Items]
Warrants exercise period	7 years	7 years
Senior Secured Term Loan [Member] \| Warrants [Member] \| Initial Advance [Member]
Shares Issued And Outstanding [Line Items]
Warrants issued in connection with loan \| shares		409,091
Exercise price of issued warrants \| $ / shares		$ 1.10
Fair value of warrants issued		$ 284,000
Senior Secured Term Loan [Member] \| Warrants [Member] \| Additional Advance [Member]
Shares Issued And Outstanding [Line Items]
Warrants issued in connection with loan \| shares	77,721
Exercise price of issued warrants \| $ / shares	$ 1.93
Warrants, contingent issuance fair value		$ 69,000
Warrants re-valued and reclassified to equity	$ 87,000
Senior Secured Term Loan [Member] \| SWK Funding LLC [Member]
Shares Issued And Outstanding [Line Items]
Agreement date		Mar. 28, 2018
Senior secured term loan		$ 20,000,000
Senior secured term loan, initial advance		15,000,000
Senior secured term loan, additional advance available subject to certain conditions		5,000,000
Potential future increase in the credit facility, subject to certain condition		$ 10,000,000
Maturity date		Mar. 27, 2023
Number of interest \| Payments		8
Loan repayment basis		Quarterly
Date of first interest only payment		May 15, 2018
Maximum amount of quarterly repayment of loan principal		$ 1,670,000
Upfront loan origination fee percentage		1.50%
Exit fee percentage		6.00%
Senior Secured Term Loan [Member] \| SWK Funding LLC [Member] \| Prepayment After First Anniversary And On Or Prior To Second Anniversary [Member]
Shares Issued And Outstanding [Line Items]
Principal prepayment premium percentage		6.00%
Senior Secured Term Loan [Member] \| SWK Funding LLC [Member] \| Prepayment After Second Anniversary And On Or Prior To Third Anniversary [Member]
Shares Issued And Outstanding [Line Items]
Principal prepayment premium percentage		1.00%
Senior Secured Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| SWK Funding LLC [Member]
Shares Issued And Outstanding [Line Items]
Interest rate		Three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%.
LIBOR rate floor		1.50%
Interest rate (subject to floor rate)		10.50%

Stockholders' Equity - 2018 Equity Financing - Additional Information (Detail) - USD ($)				3 Months Ended		12 Months Ended
	Jun. 26, 2018	Jun. 22, 2018	Mar. 28, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 25, 2018	Jun. 21, 2018	Dec. 22, 2017
Class of Stock [Line Items]
Common stock price per share											$ 1.045
Common stock, shares authorized		120,000,000		150,000,000		150,000,000	120,000,000			60,000,000
Exercise price of warrants				$ 1.23		$ 1.23	$ 2.50	$ 2.50
Proceeds from issuance of stock, net of issuance costs						$ 41,515,000	$ 8,404,000	$ 16,500,000
Fair value of derivative liability				$ 19,780,000		19,780,000	0
Change in fair value of derivative liability				1,200,000		$ 26,278,000	$ 0	$ 0
Second Tranche Warrants [Member]
Class of Stock [Line Items]
Warrant purchase price description						The exercise price of each Second Tranche Warrant issued in the Second Tranche Transaction is an amount equal to the lower of (a) $1.43 (a 30% premium to the First Tranche Purchase Price) and (b) a 20% discount to the VWAP of the shares of Common Stock on the Nasdaq Stock Market for the 20 trading days immediately prior to the exercise of a Second Tranche Warrant; provided, however, that the exercise price cannot be lower than $0.88, which is a 20% discount to the First Tranche Purchase Price.
Maximum [Member] \| Second Tranche Warrants [Member]
Class of Stock [Line Items]
Percentage of premium to first tranche share purchase price			30.00%
Exercise price of warrants			$ 1.43
Minimum [Member] \| Second Tranche Warrants [Member]
Class of Stock [Line Items]
Percentage discount to volume weighted average price for 20 days immediately preceding the warrant exercise date			20.00%
Exercise price of warrants			$ 0.88
Percentage discount to First Tranche Share Purchase Price			20.00%
Second Tranche Transaction [Member]
Class of Stock [Line Items]
Change in fair value of derivative liability				24,000,000	$ 2,300,000
First Tranche Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Common stock issued to investors			8,606,324
Common stock price per share			$ 1.10
Gross proceeds from issuance of common stock			$ 9,500,000
Portion of First Tranche net proceeds allocated to equity			4,600,000
Second Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Estimated gross proceeds to be received from issuance of common shares, subject to stockholder approval			$ 25,500,000
Second Securities Purchase Agreement [Member] \| Maximum [Member]
Class of Stock [Line Items]
Maximum number of shares that could be issued			27,250,000
Two Thousand and Eighteen Equity Financing [Member]
Class of Stock [Line Items]
Common stock issued to investors	20,184,224
Common stock, shares authorized		120,000,000
Share issuance costs					343,000	$ 343,000
Two Thousand and Eighteen Equity Financing [Member] \| Second Tranche Warrants [Member]
Class of Stock [Line Items]
Change in fair value of derivative liability				1,600,000		1,600,000
Derivative Liabilities				$ 19,800,000		19,800,000			$ 18,200,000
Two Thousand and Eighteen Equity Financing [Member] \| Maximum [Member]
Class of Stock [Line Items]
Common stock, shares authorized		150,000,000
Two Thousand and Eighteen Equity Financing [Member] \| Second Tranche Transaction [Member]
Class of Stock [Line Items]
Common stock issued to investors		20,184,224
Common stock price per share		$ 1.265
Gross proceeds from issuance of common stock		$ 25,500,000
Percentage discount to volume weighted average price for 20 days immediately preceding the warrant exercise date			20.00%
Common stock purchase price, description			The purchase price for each share of the Company’s common stock to be issued in the Second Tranche Transaction will be an amount equal to the lower of (a) $1.265 (which is a 15% premium to the First Tranche Purchase Price) and (b) a 20% discount to the volume weighted average price (“VWAP”) of the shares of the Company’s common stock on Nasdaq for the 20 trading days immediately prior to the closing of the Second Tranche Transaction; provided, however, that the purchase price cannot be lower than $0.88, which is a 20% discount to the First Tranche Purchase Price.
Proceeds from issuance of stock, net of issuance costs			$ 9,500,000
Fair value of derivative liability					6,900,000
Change in fair value of derivative liability					$ 2,200,000	22,200,000
Reclassification of the derivative liability balance to equity upon closing of the Second Tranche Transaction						$ 29,100,000
Two Thousand and Eighteen Equity Financing [Member] \| Second Tranche Transaction [Member] \| Maximum [Member]
Class of Stock [Line Items]
Common stock price per share			$ 1.265
Percentage of premium to first tranche share purchase price			15.00%
Two Thousand and Eighteen Equity Financing [Member] \| Second Tranche Transaction [Member] \| Minimum [Member]
Class of Stock [Line Items]
Common stock price per share			$ 0.88
Percentage of discount to share purchase price			20.00%

Stockholders' Equity - ATM Facility & Share Offering - Additional Information (Detail) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 28, 2017	Jan. 31, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 22, 2018	Jun. 21, 2018
Class of Stock [Line Items]
Legal, accounting and other costs	$ 223,000
Common stock, shares authorized			150,000,000	120,000,000	120,000,000	60,000,000
At-the-Market Offering [Member]
Class of Stock [Line Items]
Common stock shares maximum aggregate offering price	$ 20,000,000
Stock issuances, sales agent commission maximum percentage	3.00%
Common stock issued to investors			5,900,000	5,100,000
Weighted average common stock price per share			$ 1.23	$ 1.74
Gross proceeds from issuance of common stock			$ 7,300,000	$ 8,900,000
Share issuance costs			$ 239,000	$ 244,000
Share Offering [Member]
Class of Stock [Line Items]
Common stock issued to investors		4,440,000
Gross proceeds from issuance of common stock		$ 17,800,000
Share issuance costs		$ 1,300,000
Common stock price per share		$ 4.00

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Jun. 26, 2018	Mar. 28, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Exercise price of warrants			$ 1.23	$ 2.50	$ 2.50
Warrants issued in connection with term loan facility			486,812	0
Exercise price of issued warrants			$ 1.23	$ 0.00
Second Tranche Warrants [Member] \| Maximum [Member]
Class of Stock [Line Items]
Exercise price of warrants		$ 1.43
Percentage of premium to first tranche share purchase price		30.00%
Proceeds from issuance of warrants			$ 28.9
Second Tranche Warrants [Member] \| Minimum [Member]
Class of Stock [Line Items]
Exercise price of warrants		$ 0.88
Percentage discount to First Tranche Share Purchase Price		20.00%
Percentage discount to volume weighted average price for 20 days immediately preceding the warrant exercise date		20.00%
Proceeds from issuance of warrants			$ 17.8
Senior Secured Term Loan [Member] \| Warrants [Member]
Class of Stock [Line Items]
Warrants issued in connection with term loan facility	77,721	409,091
Exercise price of issued warrants	$ 1.93	$ 1.10
Warrants exercise period	7 years	7 years

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Share of the Company's Common Stock (Detail) - $ / shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Common Stock Warrants [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	623,605	623,605
Number of Warrants, Issued	486,812	0
Number of Warrants, Expired	(623,605)	0
Number of Warrants, Outstanding and exercisable, Ending balance	486,812	623,605
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 2.50	$ 2.50
Weighted Average Exercise Price, Issued	1.23	0.00
Weighted Average Exercise Price, Expired	2.50	0.00
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 1.23	$ 2.50

Share-Based Payment Awards - Equity Incentive Plans - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares	Jun. 30, 2018	Dec. 12, 2016
Class of Stock [Line Items]
Number of common stock, authorized for issuance		3,000,000
Shares available for grant under the Long Term Incentive Plan, including available and forfeited shares transferred from the 2008 Incentive Plan	1,497,528

Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plans [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic Value Outstanding, Ending balance	$ 700
Aggregate Intrinsic Value, Exercisable at June 30, 2018	$ 321
Weighted Average Remaining Contractual Life Outstanding, Ending balance	7 years 3 months 10 days
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2018	4 years 10 months 28 days
Weighted Average Exercise Price Outstanding, beginning balance	$ 3.34
Weighted Average Exercise Price, Granted	1.90
Weighted Average Exercise Price, Exercised	1.62
Weighted Average Exercise Price, Forfeited	3.54
Weighted Average Exercise Price Outstanding, ending balance	2.79
Weighted Average Exercise Price, Exercisable at June 30,2018	$ 3.23
Number of options outstanding, beginning balance	6,045,685
Number of Options, Granted	2,609,814
Number of Options, Exercised	(310,900)
Number of Options, Forfeited	(1,884,355)
Number of Options Outstanding, Ending balance	6,460,244
Number of Options, Exercisable at June 30 , 2018	2,906,334

Share-Based Payment Awards - Stock Options - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Class of Stock [Line Items]
Contractual life of option grants		10 years
Employees [Member]
Class of Stock [Line Items]
Options granted		2,109,813
Vesting period of equity awards		3 years
Non-executive Directors [Member]
Class of Stock [Line Items]
Options granted		240,001
Vesting period of equity awards		1 year
Newly Appointed Non-executive Director [Member]
Class of Stock [Line Items]
Options granted		120,000
Vesting period of equity awards		3 years
Non Executive Directors One [Member]
Class of Stock [Line Items]
Options granted		40,000
Vesting period of equity awards		2 years
External consultant [Member]
Class of Stock [Line Items]
Options granted	100,000
Vesting period of equity awards	6 months 15 days

Share-Based Payment Awards - Key Assumptions Used to Apply Option Pricing Model For Options Granted (2016 Long Term Incentive Plan) (Detail) - 2016 Long Term Incentive Plan [Member]	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	59.00%	70.00%	76.00%
Stock volatility, maximum	64.00%	72.00%	80.00%
Risk-free interest rate, minimum	2.18%	1.23%	1.47%
Risk-free interest rate, maximum	2.89%	2.08%	1.97%
Expected dividends	0.00%	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years	6 years 3 months	6 years 3 months

Share-Based Payment Awards - Summary of Information about Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash received from exercise of stock options	$ 503	$ 99	$ 490
Equity Incentive Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value per share	$ 1.06	$ 1.95	$ 2.74
Total cash received from exercise of stock options	$ 503	$ 99	$ 490
Total intrinsic value of stock options exercised	$ 152	$ 53	$ 967

Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - RSU [Member] - shares		12 Months Ended
	Dec. 22, 2017	Jun. 30, 2018
Class of Stock [Line Items]
Vesting period of equity awards	1 year
Stock units granted	305,616
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Vesting period of equity awards		3 years
Stock units granted		802,459
Weighted average remaining vesting term		1 year 4 months 2 days
Retention Bonus [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Vesting period of equity awards	1 year
Stock units granted	305,616

Share-Based Payment Awards - Summary of Restricted Stock Unit Activity (Detail) - RSU [Member] - $ / shares		12 Months Ended
	Dec. 22, 2017	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted	305,616
2016 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance		248,500
Stock units granted		802,459
Vested		(107,830)
Stock units forfeited		(45,000)
Number of Stock Units Outstanding, Ending Balance		898,129
Weighted Average Grant Date Fair Value Nonvested, Beginning balance		$ 1.77
Weighted average grant date fair value, granted		1.52
Vested		1.53
Weighted Average Grant Date Fair value, Forfeited		1.77
Weighted Average Grant Date Fair Value Nonvested, Ending balance		$ 1.58

Share-Based Payment Awards - Performance-Based Stock Units - Additional Information (Detail) - Performance Stock Units [Member] - shares					12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 19, 2018	Jun. 30, 2018
Class of Stock [Line Items]
Weighted average remaining vesting term					8 months 18 days
Performance Condition One [Member]
Class of Stock [Line Items]
Percentage of stock units to vest if stated performance condition is achieved on or before date			50.00%
Portion of stock units subject to an FDA acceptance of the Company's NDA submission of Durasert three-year uveitis for review on or before March 31, 2018					One third
Number of Performance-Based Stock Units, vested				48,332
Performance Condition Two [Member]
Class of Stock [Line Items]
Portion of stock units subject to an FDA approval of Durasert three-year uveitis on or before March 31, 2019					Two-thirds
Scenario, Forecast [Member] \| Performance Condition One [Member]
Class of Stock [Line Items]
Percentage of stock units to vest if stated performance condition is achieved on or before date		50.00%
Number of performance-based stock units subject to service-based vesting of one year from performance condition achievement date		48,332
Scenario, Forecast [Member] \| Performance Condition Two [Member]
Class of Stock [Line Items]
Percentage of stock units to vest if stated performance condition is achieved on or before date	50.00%	50.00%

Share-Based Payment Awards - Summary of Performance Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Performance Stock Units [Member]	12 Months Ended
	Jun. 30, 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 stock units, granted \| shares	115,000
Number of stock units, vested \| shares	(48,332)
Number of Stock Units, Forfeited \| shares	(35,000)
Number of Stock Units Outstanding, Ending Balance \| shares	241,668
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.77
Weighted average grant date fair value, granted \| $ / shares	1.13
Weighted Average Grant Date Fair Value, Vested \| $ / shares	1.52
Weighted Average Grant Date Fair value, Forfeited \| $ / shares	1.77
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.52

Share-Based Payment Awards - Deferred Stock Units - Additional Information (Detail) - Deferred Stock Units [Member] - $ / shares			12 Months Ended
	Jun. 21, 2018	May 07, 2018	Jun. 30, 2018
Class of Stock [Line Items]
Weighted average remaining vesting term			11 months 21 days
Non-executive Directors [Member]
Class of Stock [Line Items]
Granted	35,001		67,500
Deferred stock units vested		12,500
Grand Date Fair Value	$ 1.95
Number of deferred stock units, vesting date			Jun. 27, 2018
Weighted average grant date fair value, granted			$ 1.13
Number of deferred stock units, cliff vesting period	1 year

Share-Based Payment Awards - Summary of Deferred Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Deferred Stock Units [Member]	12 Months Ended
	Jun. 30, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	0
Number of stock units, granted \| shares	102,501
Number of stock units, vested \| shares	(67,500)
Number of Stock Units Outstanding, Ending Balance \| shares	35,001
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 0
Weighted average grant date fair value, granted \| $ / shares	1.41
Weighted Average Grant Date Fair Value, Vested \| $ / shares	1.13
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.95

Share-Based Payment Awards - Summary of Market-Based Restricted Stock Unit Activity (Detail) - Market-based RSUs [Member]	12 Months Ended
	Jun. 30, 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 Stock Units, Forfeited \| shares	(200,000)
Number of Stock Units Outstanding, Ending Balance \| shares	500,000
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.35
Weighted Average Grant Date Fair value, Forfeited \| $ / shares	1.09
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.45

Share-Based Payment Awards - Market-Based Restricted Stock Units - Additional Information (Detail) - Market-based RSUs [Member] - shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Restricted stock units issued		700,000
Forfeiture restricted stock units	200,000
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Restricted stock units issued		200,000
President and CEO [Member] \| Inducement Award [Member]
Class of Stock [Line Items]
Restricted stock units issued		500,000

Share-Based Payment Awards - Other Inducement Award Grants - Additional Information (Detail) - $ / shares			12 Months Ended
	May 14, 2018	Sep. 15, 2016	Jun. 30, 2018
President and CEO [Member]
Class of Stock [Line Items]
Options granted		850,000
Vesting period of equity awards		4 years
Exercise price of option		$ 3.63
Contractual life of option grants		10 years
Executive Vice President And General Manager [Member] \| Other Inducement Award Grants [Member]
Class of Stock [Line Items]
Options granted	375,000
Vesting period of equity awards	3 years
Exercise price of option	$ 1.95
Contractual life of option grants	10 years
Number of performance stock units, granted	225,000
Cumulative measurement period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award			The PSUs are subject to proportional vesting based on cumulative measurement for the 3-year period ending June 30, 2021, with two-thirds of the award based upon defined amounts of the Company’s product revenues and one-third upon measurement of the net present value of certain business development transactions that are consummated by the Company.
Executive Vice President And General Manager [Member] \| Other Inducement Award Grants [Member] \| Cliff Vesting [Member]
Class of Stock [Line Items]
Options granted	65,000
Exercise price of option	$ 1.95
Contractual life of option grants	10 years
Vesting period of equity awards	1 year

Share-Based Payment Awards - Summary of Other Inducement Award Grants (Detail) - 2016 Long Term Incentive Plan [Member] - Other Inducement Award Grants [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options outstanding, beginning balance	850,000
Number of Options, Granted	440,000
Number of Options Outstanding, Ending balance	1,290,000
Number of options, exercisable at June 30, 2018	212,500
Weighted Average Exercise Price Outstanding, beginning balance	$ 3.63
Weighted Average Exercise Price, Granted	1.95
Weighted Average Exercise Price Outstanding, ending balance	3.06
Weighted Average Exercise Price, Exercisable at June 30, 2018	$ 3.63
Weighted Average Remaining Contractual Life Outstanding, Ending balance	8 years 9 months 10 days
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2018	8 years 2 months 19 days
Aggregate Intrinsic Value Outstanding, Ending balance	$ 57
Aggregate Intrinsic Value, Exercisable at June 30, 2018	$ 0

Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,704	$ 2,456	$ 2,163
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,252	1,109	702
Sales And Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	50	0	0
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,402	$ 1,347	$ 1,461

Share-Based Payment Award - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Unrecognized compensation expense	$ 5,400,000
Unrecognized compensation expense weighted average period	1 year 8 months 12 days
General and Administrative Expense [Member]
Class of Stock [Line Items]
Increase in stock-based compensation expense attributable to option modification to extend exercise period of vested stock options, net of non-vested option forfeitures		$ 274,000
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options		104,000
Research and Development Expense [Member] \| U.K. [Member]
Class of Stock [Line Items]
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options		$ 35,000

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents	$ 28,826	$ 13,521
Total cash equivalents	28,826	13,521
Liabilities:
Derivative Liabilities	19,780
Total derivative liabilities	19,780
Quoted Prices in Active Markets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents	28,826	13,521
Total cash equivalents	28,826	13,521
Liabilities:
Derivative Liabilities	0
Total derivative liabilities	0
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	0	0
Liabilities:
Derivative Liabilities	0
Total derivative liabilities	0
Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Derivative Liabilities	19,780	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	0	$ 0
Liabilities:
Derivative Liabilities	19,780
Total derivative liabilities	$ 19,780

Fair Value Measurements - Schedule of Assumptions Used to Value Liability (Detail)	Jun. 25, 2018 yr shares	Mar. 28, 2018 yr shares	Jun. 30, 2018 yr
Additional Advance [Member] \| Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.5510	0.5520
Additional Advance [Member] \| Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0280	0.0170
Additional Advance [Member] \| Stock Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.93	1.07
Additional Advance [Member] \| Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	7	7
Additional Advance [Member] \| Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00	0.00
Additional Advance [Member] \| Probability of Issuance [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.00	0.80
Second Tranche Transaction [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Estimated date of stockholder approval		2018-06
Estimated number of units issuable \| shares	20,184,224	26,900,000
Second Tranche Transaction [Member] \| Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.5420
Second Tranche Transaction [Member] \| Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.0170
Second Tranche Transaction [Member] \| Stock Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.93	1.07
Second Tranche Warrants [Member] \| Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8100		0.8540
Second Tranche Warrants [Member] \| Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0210		0.0210
Second Tranche Warrants [Member] \| Stock Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2.00		2.08
Second Tranche Warrants [Member] \| Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.5		0.5
Second Tranche Warrants [Member] \| Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.00		0.00
Second Tranche Warrants [Member] \| Probability of Issuance [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.00		1.00

Fair Value Measurements - Summary of Changes in Fair Value of the Company's Derivative Liabilities (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	12 Months Ended
	Jun. 30, 2018 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at June 30, 2017	$ 0
Initial fair value of derivative liability	22,968
Change in fair value	25,952
Reclassification to equity	(87)
Settlement	(29,053)
Balance at June 30, 2018	19,780
Second Tranche Warrants [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at June 30, 2017	0
Initial fair value of derivative liability	18,165
Change in fair value	1,615
Reclassification to equity	0
Settlement	0
Balance at June 30, 2018	19,780
Second Tranche Transaction [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at June 30, 2017	0
Initial fair value of derivative liability	4,734
Change in fair value	24,319
Reclassification to equity	0
Settlement	(29,053)
Balance at June 30, 2018	0
Additional Advance [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at June 30, 2017	0
Initial fair value of derivative liability	69
Change in fair value	18
Reclassification to equity	(87)
Settlement	0
Balance at June 30, 2018	$ 0

Fair Value Measurements - Additional Information (Detail)	12 Months Ended
	Jun. 30, 2018 USD ($)
Fair Value Disclosures [Abstract]
Transaction costs allocated to Second Trance Liability, Additional Advance Warrant Liability and Second Tranche Warrants included in change in fair value of derivative liability	$ 326,000

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Retirement Benefits [Abstract]
Maximum percentage of eligible compensation matched by employer	5.00%
Employer contributions to retirement plans	$ 220,000	$ 193,000	$ 209,000

Income Taxes - Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Provision For Income Taxes [Line Items]
Income tax benefit	$ 0	$ 0	$ (155)
U.S. Operations [Member]
Provision For Income Taxes [Line Items]
Current income tax benefit	0	0	4
Deferred income tax benefit	0	0	0
Income tax benefit	0	0	4
Non-U.S. Operations [Member]
Provision For Income Taxes [Line Items]
Current income tax benefit	0	0	(159)
Deferred income tax benefit	0	0	0
Income tax benefit	$ 0	$ 0	$ (159)

Income Taxes - Additional Information (Detail) £ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2018 USD ($)	Dec. 31, 2017	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2018 GBP (£)
Income Tax [Line Items]
Foreign current income tax benefit					$ 159,000
Federal corporate income tax rate	21.00%	34.00%	27.50%	34.00%	34.00%
Changes in valuation allowance			$ (5,385,000)	$ 7,489,000	$ 6,789,000
Unrecognized tax benefits	$ 0		0	0
Accrued penalties or interest related to uncertain tax positions	0		0	$ 0
Icon Bioscience Inc [Member]
Income Tax [Line Items]
Deferred tax asset	6,200,000		6,200,000
Federal and State Research and Development Tax Credit Carryforward [Member]
Income Tax [Line Items]
Research and development tax credit carry forwards	2,900,000		2,900,000
U.S. Federal [Member]
Income Tax [Line Items]
Operating loss carry forwards	165,100,000		$ 165,100,000
Operating loss carry forwards, expiration range start dates			2023
Operating loss carry forwards, expiration range end dates			2038
Tax years subject to examination			2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
U.S. Federal [Member] \| Icon Bioscience Inc [Member]
Income Tax [Line Items]
Operating loss carry forwards	49,300,000		$ 49,300,000
State [Member]
Income Tax [Line Items]
Operating loss carry forwards	123,500,000		$ 123,500,000
Federal and State Tax [Member]
Income Tax [Line Items]
Research and development tax credit carry forwards expiration begin date			2018
Research and development tax credit carry forwards expiration end date			2038
United Kingdom Tax Authority [Member]
Income Tax [Line Items]
Operating loss carry forwards	$ 27,900,000		$ 27,900,000			£ 21.1
Tax years subject to examination			2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
U.S. operations	$ (53,000)	$ (17,566)	$ (19,780)
Non-U.S. operations	(171)	(919)	(1,922)
Loss before income taxes	$ (53,171)	$ (18,485)	$ (21,702)

Income Taxes - Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	$ (14,622)	$ (6,284)	$ (7,379)
State income taxes, net of federal benefit	(1,552)	(928)	(1,044)
Non-U.S. income tax rate differential	(66)	(121)	778
Change in fair value of derivative	7,227	0	0
Change in federal tax rate	14,673	0	0
Research and development tax credits	(284)	(242)	(397)
Permanent items	(15)	(9)	216
Changes in valuation allowance	(5,385)	7,489	6,789
Other, net	24	95	882
Income tax benefit	$ 0	$ 0	$ (155)

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Deferred tax assets:
Net operating loss carryforwards	$ 47,774	$ 39,439
Deferred revenue	0	20
Stock-based compensation	4,241	5,107
Tax credits	3,463	1,727
Other	185	186
Total deferred tax assets	55,663	46,479
Deferred tax liabilities:
Intangible assets	8,542	123
Deferred tax assets, net	47,121	46,356
Valuation allowance	47,121	46,356
Total deferred tax liability	$ 0	$ 0

Commitments and Contingencies - Additional Information (Detail)		12 Months Ended
	Jun. 11, 2018 ft²	Jun. 30, 2018 USD ($) ft² Renewal_Options	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Commitments and Contingencies [Line Items]
Rent expense related to real estate and other operating leases charged to operations \| $		$ 508,000	$ 442,000	$ 485,000
Caladrius [Member]
Commitments and Contingencies [Line Items]
Additional subleased area of office space	1,381
MASSACHUSETTS \| Whetstone Riverworks Holdings LLC [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space		13,650
Lease term expiration date		Apr. 30, 2019
MASSACHUSETTS \| Whetstone Riverworks Holdings LLC [Member] \| Maximum [Member]
Commitments and Contingencies [Line Items]
Construction allowance \| $		$ 670,750
MASSACHUSETTS \| Whetstone Riverworks Holdings LLC [Member] \| Second Amendment [Member]
Commitments and Contingencies [Line Items]
Additional Space leased		6,590
Lease expiration description		The Second Amendment also extended the term of the Lease, which will now expire 80 calendar months after the Additional Space Effective Time; provided, however, that the base rent for the Total Space will be abated during the first four months following the Additional Space Effective Time.
Lease renewal option period		5 years
NEW JERSEY \| Liberty Corner Office Space [Member]
Commitments and Contingencies [Line Items]
Lease term expiration date		Jun. 30, 2022
Lease renewal option period		5 years
Area of leased office space		3,000
Number of renewal options \| Renewal_Options		2
Lease renewal rate at 95% of market rent at time of renewal		95.00%

Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal Year 2019	$ 548
Fiscal Year 2020	870
Fiscal Year 2021	886
Fiscal Year 2022	892
Fiscal Year 2023 and beyond	2,324
Total future minimum lease payments	$ 5,520

Segment and Geographic Area Information - Additional Information (Detail)	12 Months Ended
	Jun. 30, 2018 Segment
Segment Reporting [Abstract]
Number of business segments	1

Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 253				$ 313				$ 253	$ 313
Revenues	715	$ 928	$ 933	$ 385	701	$ 590	$ 5,971	$ 277	2,961	7,539	$ 1,620
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	253				313				253	313
Revenues									2,861	7,439	1,520
U.K. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 0				$ 0				0	0
Revenues									$ 100	$ 100	$ 100

Quarterly Financial Data - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 715	$ 928	$ 933	$ 385	$ 701	$ 590	$ 5,971	$ 277	$ 2,961	$ 7,539	$ 1,620
Operating loss	(9,782)	(4,678)	(5,808)	(6,006)	(6,136)	(5,160)	(94)	(7,186)	(26,274)	(18,576)	(21,774)
Net loss	$ (34,428)	$ (6,978)	$ (5,782)	$ (5,983)	$ (6,116)	$ (5,140)	$ (67)	$ (7,162)	$ (53,171)	$ (18,485)	$ (21,547)
Net loss per share-basic and diluted	$ (0.62)	$ (0.15)	$ (0.13)	$ (0.15)	$ (0.16)	$ (0.15)	$ 0.00	$ (0.21)	$ (1.15)	$ (0.52)	$ (0.68)
Weighted average common shares-basic and diluted	55,387	45,644	44,530	39,430	38,673	34,366	34,177	34,175	46,226	35,344	31,623

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Quarterly Financial Data - Summary of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Quarterly Financial Data [Line Items]
Change in fair value of derivative liability	$ 1,200		$ 26,278	$ 0	$ 0
Second Tranche Transaction [Member]
Quarterly Financial Data [Line Items]
Change in fair value of derivative liability	$ 24,000	$ 2,300
Pfizer [Member]
Quarterly Financial Data [Line Items]
Revenue recognized upon termination of Pfizer collaboration and license agreement						$ 5,600