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Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Mar. 13, 2019	Jun. 29, 2018
Document Information [Line Items]
Document Type	10-KT
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	EyePoint Pharmaceuticals, Inc.
Trading Symbol	EYPT
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Voluntary Filers	No
Entity Public Float			$ 101,471,000
Entity Common Stock, Shares Outstanding		95,374,236
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 45,261	$ 38,776	$ 16,898
Accounts and other receivables	627	353	251
Prepaid expenses and other current assets	1,434	780	591
Inventory	279	0	0
Total current assets	47,601	39,909	17,740
Property and equipment, net	288	253	313
Intangible assets, net	30,129	31,358	364
Other assets	0	0	110
Restricted cash	150	150	150
Total assets	78,168	71,670	18,677
Current liabilities:
Accounts payable	2,640	2,940	1,016
Accrued expenses	3,789	3,723	4,224
Accrued development milestone	15,000	15,000	0
Deferred revenue	30	0	50
Total current liabilities	21,459	21,663	5,290
Long-term debt	17,621	17,309	0
Derivative liability	0	19,780	0
Other long-term liabilities	1,455	1,231	51
Total liabilities	40,535	59,983	5,341
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0	0
Common stock, $.001 par value, 150,000,000 shares authorized at December 31, 2018 and June 30, 2018 and 120,000,000 shares authorized at June 30, 2017; 95,372,236, 74,512,048 and 39,356,999 shares issued and outstanding at December 31, 2018, June 30, 2018 and June 30, 2017, respectively	95	74	39
Additional paid-in capital	445,192	374,766	323,284
Accumulated deficit	(408,493)	(363,991)	(310,820)
Accumulated other comprehensive income	839	838	833
Total stockholders' equity	37,633	11,687	13,336
Total liabilities and stockholders' equity	$ 78,168	$ 71,670	$ 18,677

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000	120,000,000
Common stock, shares issued	95,372,236	74,512,048	39,356,999
Common stock, shares outstanding	95,372,236	74,512,048	39,356,999

Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Total revenues	$ 2,928	$ 2,961	$ 7,539	$ 1,620
Operating expenses:
Research and development	10,412	16,178	14,880	14,381
Sales and marketing	8,174	1,512	0	0
General and administrative	8,901	11,545	11,235	9,013
Total operating expenses	27,487	29,235	26,115	23,394
Operating loss	(24,559)	(26,274)	(18,576)	(21,774)
Interest and other income, net	367	101	91	72
Interest expense	(1,642)	(720)	0	0
Change in fair value of derivative liability	(18,886)	(26,278)	0	0
Loss before income taxes	(44,720)	(53,171)	(18,485)	(21,702)
Income tax benefit	0	0	0	155
Net loss	$ (44,720)	$ (53,171)	$ (18,485)	$ (21,547)
Net loss per share:
Basic and diluted	$ (0.53)	$ (1.15)	$ (0.52)	$ (0.68)
Weighted average common shares outstanding:
Basic and diluted	85,057	46,226	35,344	31,623
Net loss	$ (44,720)	$ (53,171)	$ (18,485)	$ (21,547)
Other comprehensive income (loss):
Foreign currency translation adjustments	1	5	(21)	(96)
Net unrealized gain on marketable securities	0	0	2	3
Other comprehensive income (loss)	1	5	(19)	(93)
Comprehensive loss	(44,719)	(53,166)	(18,504)	(21,640)
Collaborative Research and Development [Member]
Revenues:
Total revenues	1,883	1,343	6,569	398
Royalty Income [Member]
Revenues:
Total revenues	$ 1,045	$ 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, net of issue costs, 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, net of issue costs, 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 adjustment for adoption of new 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, net of issue costs, 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
Net loss	$ (44,720)	$ 0	0	(44,720)	0
Other comprehensive income (loss)	1	0	0	0	1
Exercise of warrants	28,863	$ 21	28,842	0	0
Exercise of warrants, shares		20,184,224
Exercise of stock options	536	$ 0	536	0	0
Exercise of stock options, shares		362,291
Vesting of stock units	(168)	$ 0	(168)	0	0
Vesting of stock units, shares		313,673
Settlement of derivative liability	38,666	$ 0	38,666	0	0
Settlement of derivative liability, shares		0
Stock-based compensation	2,550	$ 0	2,550	0	0
Balance at Dec. 31, 2018	$ 37,633	$ 95	445,192	(408,493)	839
Balance, shares at Dec. 31, 2018	95,372,236	95,372,236
Cumulative effect adjustment for adoption of new accounting principle (Note 2)	$ 218	$ 0	$ 0	$ 218	$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (44,720)	$ (53,171)	$ (18,485)	$ (21,547)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization of intangible assets	1,229	981	724	756
Depreciation of property and equipment	97	167	91	152
Amortization of debt discount	312	209	0	0
Amortization of bond (discount) premium on marketable securities	0	0	(9)	87
Amortization of noncurrent portion of deferred revenue	0	0	(5,585)	0
Stock-based compensation	2,550	2,704	2,456	2,163
Change in fair value of derivative liability	18,886	26,278	0	0
Changes in operating assets and liabilities:
Accounts and other receivables	(59)	7	219	116
Prepaid expenses and other current assets	(652)	(174)	(99)	187
Inventory	(279)	0	0	0
Accounts payable	(298)	1,747	(346)	626
Accrued expenses	94	(585)	650	1,036
Deferred revenue	30	(50)	(97)	103
Deferred rent	224	(20)	(9)	5
Net cash used in operating activities	(22,586)	(21,907)	(20,490)	(16,316)
Cash flows from investing activities:
Purchases of marketable securities	0	0	(5,052)	(17,517)
Maturities of marketable securities	0	0	18,743	13,168
Acquisition of Icon Bioscience Inc., net of cash acquired	0	(16,780)	0	0
Purchases of property and equipment	(132)	(108)	(147)	(113)
Proceeds from sale of property and equipment	0	0	33	0
Net cash (used in) provided by investing activities	(132)	(16,888)	13,577	(4,462)
Cash flows from financing activities:
Proceeds from exercise of warrants	28,863	0	0	0
Proceeds from issuance of stock, net of issuance costs	0	41,515	8,404	16,500
Proceeds from issuance of long-term debt	0	20,000	0	0
Payment of debt issue costs	0	(1,347)	0	0
Net settlement of stock units to satisfy statutory tax withholding	(195)	0	0	0
Proceeds from exercise of stock options	536	503	99	490
Net cash provided by financing activities	29,204	60,671	8,503	16,990
Effect of foreign exchange rate changes on cash and cash equivalents	(1)	2	(5)	(20)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,485	21,878	1,585	(3,808)
Cash, cash equivalents and restricted cash at beginning of year	38,926	17,048	15,463	19,271
Cash, cash equivalents and restricted cash at end of year	45,411	38,926	17,048	15,463
Supplemental cash flow information:
Cash interest paid	1,241	258	0	0
Supplemental disclosure of non-cash investing and financing activities:
Accrued development milestone	0	15,000	0	0
Accrued term loan exit fee	0	1,200	0	0
Fair value of second tranche purchase liability	0	4,734	0	0
Fair value of warrants issued with debt	0	355	0	0
Fair value of second tranche warrants	$ 0	$ 18,165	$ 0	$ 0

Operations

6 Months Ended

Dec. 31, 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 has two products, YUTIQ™ and DEXYCU™, which were approved by the United States (“U.S.”) Food and Drug Administration (“FDA”) in 2018.

YUTIQ, a three-year non-erodible fluocinolone acetonide insert for the treatment of non-infectious posterior uveitis (“NIPU”), was approved by the FDA in October 2018 and launched directly in the U.S. in February 2019. Injected into the eye in an office visit, YUTIQ is a 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. 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. NIPU is the third leading cause of blindness in the U.S. and affects between 55,000 to 120,000 people.

DEXYCU™ (dexamethasone intraocular suspension) 9%, approved by the FDA in February 2018 for the treatment of post-operative ocular 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

this indication.

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

4.8

million cataract surgeries performed annually in the U.S. and the Company launched DEXYCU directly in the U.S. in March 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.

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 NIPU 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, long-term 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 had cash and cash equivalents of $45.3 million at December 31, 2018.

In February 2019, the Company refinanced its existing $20.0 million term loan (see Note 10) and made an initial draw of $

35.0

million from a new term loan agreement (the “CRG Loan Agreement”) with CRG Servicing LLC (“CRG”) (see Note 18), resulting in incremental net proceeds of approximately $11.4 million.

Subsequent to the refinancing, the Company had cash and cash equivalents of $48.5 million at February 28, 2019.

Pursuant to the CRG Loan Agreement, the Company has an option to draw up to an additional $15.0 million on or before June 30, 2019.

An additional $

10.0

million is available subject to the achievement of $

25.0

million of 3-month trailing product net sales on or before March 31, 2020.

During the first quarter of calendar 2019, the Company began selling its two products, YUTIQ and DEXYCU. The cash flows related to these two commercialized products are dependent on the amount and timing of cash receipts from the sales of YUTIQ and DEXYCU. The Company has limited history of direct commercialization of its products and there is inherent uncertainty associated with the cash flows related to these two newly commercialized products.

A combination of the Company’s limited currently available cash, cash equivalents and available borrowings, together with its history of losses, absence of recurring inflows of cash from operations and the uncertainty in timing of cash receipts from its newly launched products raises substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of these financial statements.

In addition to the cash flows related to the launch of the Company’s products, management’s plans to extend the Company’s ability to fund its operations include obtaining additional financing from the sale of equity securities through an underwritten public offering and/or the sale of shares of the Company’s common stock (the “Common Stock”) through its existing at-the-market (“ATM”) program or from other sources or, as applicable, reducing or deferring operating expenses.

Significant Accounting Policies

6 Months Ended

Dec. 31, 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.

In November 2018, the Company amended its by-laws to change its fiscal year from June 30 to December 31 of each year. Accordingly, these financial statements contain six-month transitional financial statements as of and for the period ended December 31, 2018 and will become calendar year financial statements thereafter. Any amounts shown as of and for the six months ended December 31, 2017 are unaudited. 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 derivative liabilities, stock options and other equity awards. Actual results could differ from these and other 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 $839,000 at December 31, 2018, $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.

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 December 31, 2018, a total of $43.2 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 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 December 31, 2018 or at each of 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.

Total collaborative research and development revenue and royalty income from customers that accounted for greater than 10% of total revenues for the six months ended December 31, 2018 and for the years ended June 30, 2018, 2017 and 2016 are summarized in the following table:

	Six Months Ended
	December 31,			Year Ended June 30,
Customer / Category	2018			2018			2017			2016
Ocumension Therapeutics		59	%		*			*			*
Alimera Sciences		21	%		24	%		*			14	%
Bausch & Lomb		16	%		35	%		13	%		77	%
Feasibility studies		*			36	%		*			*
Pfizer		*			*			74	%		*

*	Less than 10%

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 license agreements with Alimera and Bausch & Lomb.

Inventory

Inventory is stated at the lower of cost or net realizable value, net on a first-in, first-out (“FIFO”) basis. The inventory costs for YUTIQ include purchases of various components and the active pharmaceutical ingredient (“API”) and internal labor and overhead for the product manufactured in the Company’s Watertown, MA facility. The inventory costs for DEXYCU include purchased components, the API and third-party manufacturing and assembly.

Capitalization of inventory costs begins after FDA approval of the product. Prior thereto, inventory costs of products and product candidates are recorded as research and development expense, even if this inventory may later be sold as commercial product.

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 Company’s derivative liabilities from certain financing transactions were primarily valued using Monte Carlo simulation models. Refer to Notes 10, 11 and 13 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 historically included its Durasert and Tethadur™ patented technologies, also includes 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

The Company adopted Accounting Standards Codification No. 606,

Revenue from Contracts with Customers

(“ASC 606”), as of July 1, 2018. The adoption of ASC 606 represents a change in accounting principle that more closely aligns revenue recognition with the delivery of the Company’s services. The Company applied ASC 606 using the modified retrospective method. The cumulative effect of initially applying the new revenue standard resulted in a $218,000 reduction to the opening balance of accumulated deficit at July 1, 2018.

Revenue

is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that are within the scope of ASC

606

, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC

606

, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Prior to the adoption of ASC 606, revenue was recognized under ASC 605, Revenue Recognition. Under the prior standard, revenue was recognized when there was persuasive evidence that an arrangement existed, delivery had occurred, the price was fixed and determinable, and collection was reasonably assured. Multiple-deliverable arrangements, such as license and development agreements, were analyzed to determine whether the deliverables could be separated or whether they must be accounted for as a single unit of accounting. When deliverables were separable, consideration received was 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 was not available. Allocated consideration was recognized as revenue upon application of the appropriate revenue recognition principles to each unit. When the Company determined that an arrangement should be accounted for as a single unit of accounting, it determined the period over which the performance obligations would be performed and revenue would be recognized.

Collaborative research and development revenue

— The Company analyzes each element of its collaborative arrangements to determine the appropriate revenue recognition. The terms of the license agreement may include payment to the Company of non-refundable up-front license fees, milestone payments if specified objectives are achieved, and/or royalties on product sales. The Company recognizes revenue from upfront payments at a point in time, typically upon fulfilling the delivery of the associated intellectual property to the customer.

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations.

The Company recognizes sales-based milestone payments as revenue upon the achievement of the cumulative sales amount specified in the contract in accordance with ASC 606-10-55-65. For those milestone payments which are contingent on the occurrence of particular future events, the Company determines that these need to be considered for inclusion in the calculation of total consideration from the contract as a component of variable consideration using the most-likely amount method. As such, the Company assesses each milestone to determine the probability and substance behind achieving each milestone. Given the inherent uncertainty associated with these future events, the Company will not recognize revenue from such milestones until there is a high probability of occurrence, which typically occurs near or upon achievement of the event.

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2018.

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.

Royalties

— The Company recognizes revenue from license arrangements with its commercial partners’ net sales of products. Such revenues are included as royalty income. In accordance with ASC 606-10-55-65, royalties are recognized when the subsequent sale of the commercial partner’s products occurs. The Company’s commercial partners are obligated to report their net product sales and the resulting royalty due to the Company typically within 60 days from the end of each quarter. Based on historical product sales, royalty receipts and other relevant information, the

Company recognizes royalty income each quarter and subsequently

determines a true-up when it receives royalty reports and payment from its commercial partners. Historically, these true-up adjustments have been immaterial.

Feasibility Studies

— The Company recognizes revenue over the term of the statements of work under any funded feasibility study agreements. 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.

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.

Please refer to Note 4 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized during the six months ended December 31, 2018 and for prior fiscal year periods.

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including

cash and stock-based

compensation and benefits for research, clinical development, quality assurance, quality control, operations and medical affairs 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

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 Accounting Standards Update

(“ASU”)

No. 2016-09 (“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 performance stock units, restricted stock units and deferred 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.

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

	Six Months
	Ended
	December 31,		Year Ended June 30,
	2018		2018		2017		2016
Stock options		8,139,377		7,750,244		6,895,685		4,981,421
Warrants		486,812		20,671,036		623,605		623,605
Restricted stock units		1,090,213		1,398,129		948,500		—
Performance stock units		370,000		466,668		210,000		—
Deferred stock units		35,418		35,001		—		—
		10,121,820		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 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 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 such 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. Based on the change in the Company’s fiscal year, ASU 2016-02 became effective on January 1, 2019. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact the adoption of this standard will have on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01,

Business Combinations (Topic 805): Clarifying the Definition of a Business

, 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).

Acquisition of Icon Bioscience, Inc.

6 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

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 11 and 10, 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 the Company’s

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. 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 6). The intangible asset is being amortized on a straight-line basis over that period. 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

6 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Collaboration Agreements

4.	License and Collaboration Agreements

Alimera

Under a collaboration agreement with Alimera, as amended in March 2008 (the “Prior Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN for 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-royalty consideration received by Alimera, less certain permitted deductions. The Company was also entitled to reimbursement of certain patent maintenance costs with respect to the patents licensed to Alimera.

Revenue under the Prior Alimera Agreement, as well as all patent fee reimbursements, totaled $

39,000

for the six months ended December 31, 2018,

$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 the fiscal 2017 total 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) licensed its Durasert for NIPU product to Alimera for Europe, the Middle East and Africa (the “EMEA”) and (ii) converted the net profit share arrangement for each licensed product (including ILUVIEN) under the Prior Alimera Agreement to a sales-based royalty on a calendar quarter basis commencing July 1, 2017, with payments from Alimera due 60 days following the end of each quarter.

Sales-based royalties started at the rate of 2%. Commencing

December 12, 2018,

the sales-based royalty increased to 6% on aggregate calendar year net sales up to $75 million and to 8% on any calendar year sales in excess of $75 million. Alimera’s share of contingently recoverable accumulated ILUVIEN commercialization losses under the original net profit share arrangement, capped at $25 million, are to be reduced as follows: (i) $10 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,

% 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 NIPU, 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.

Royalty income

under the Amended Alimera Agreement totaled $588,000 in the six months ended December 31, 2018 and $575,000 in fiscal 2018.

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.

Prior to the July 1, 2018 adoption of ASC 606, the Company had recorded royalties earned from Alimera one quarter in arrears upon receipt of payment. Under ASC 606, the Company is required

to recognize royalty

income based on an estimate of royalties earned in each fiscal quarter. As a result, $218,000 of royalties earned for the quarter ended June 30, 2018 that would have been recorded as royalty income in the three months ended September 30, 2018 have been accounted for as a cumulative effect adjustment to beginning accumulated deficit at July 1, 2018.

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

fiscal 2016 and through the first quarter

of fiscal 2017.

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 Restated 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 $456,000 in the six months ended December 31, 2018, 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 $253,000 at December 31, 2018, $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 previous 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 2018. 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 December 31, 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 the six months ended December 31, 2018,

and in each of

fiscal 2018, fiscal 2017 and fiscal 2016. At December 31, 2018, no deferred revenue was recorded for this agreement.

Ocumension Therapeutics

In November 2018, the Company entered into an exclusive license agreement with Ocumension

Therapeutics (“Ocumension”)

for the development and commercialization of its three-year micro insert using the Durasert technology for chronic NIPU in the greater China territory, which is comprised of China, Hong Kong, Macau and Taiwan. The Company received a one-time upfront payment of $1.75 million from Ocumension and is eligible to receive up to approximately $10 million upon the achievement by Ocumension of certain prescribed development, regulatory and commercial sales-based milestones. In addition, the Company is entitled to receive mid-single digit sales-based royalties.

Other than a fixed number of hours of technical assistance support to be provided at no cost by the Company, Ocumension is responsible for all development, regulatory and commercial costs, including any additional technical assistance requested. Ocumension has a first right of negotiation for an additional exclusive license to the Company’s short-acting

line extension candidate for the treatment of NIPU.

Applying the revenue guidance under ASC 606, the Company recognized approximately $1.7 million of collaborative research and development revenue in the three months ended December 31, 2018. The remaining balance of $30,000 attributable to the Company’s technical assistance obligation has been recorded as current deferred revenue in the accompanying consolidated balance sheet.

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 $15,000 in the six months ended December 31, 2018,

$1.1 million in fiscal 2018, $211,000 in fiscal 2017 and $33,000 in fiscal 2016. At December 31, 2018, no deferred revenue was recorded for any such agreements.

Inventory

6 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Inventory

Inventory consisted of the following (in thousands):

	December 31, 2018		June 30, 2018
Raw materials	$	198	$	—
Work in process		41		—
Finished goods		40		—
Total inventory	$	279	$	—

Intangible Assets

6 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6.	Intangible Assets

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

	Six Months Ended			Year Ended
	December 31,			June 30,
	2018			2018			2017
Patented technologies
Gross carrying amount at beginning of period	$	68,322		$	35,610		$	36,196
Acquisition of Icon Bioscience Inc.		—			31,973			—
Foreign currency translation adjustments		—			739			(586	)
Gross carrying amount at end of period		68,322			68,322			35,610
Accumulated amortization at beginning of period		(36,964	)		(35,246	)		(35,094	)
Amortization expense		(1,229	)		(981	)		(724	)
Foreign currency translation adjustments		—			(737	)		572
Accumulated amortization at end of period		(38,193	)		(36,964	)		(35,246	)
Net book value at end of period	$	30,129		$	31,358		$	364

The net book value of the Company’s intangible assets at December 31, 2018, June 30, 2018

and June 30, 2017 is summarized as follows (in thousands):

							Estimated
							Remaining
							Useful Life at
	December 31,		June 30,				December 31,
	2018		2018		2017		2018
							(Years)
Patented technologies
DEXYCU / Verisome	$	30,129	$	31,358	$	—		12.25
Durasert		—		—		265		—
Tethadur		—		—		99		—
	$	30,129	$	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 totaled $1.2 million in the six months ended December 31, 2018, $981,000 in fiscal 2018, $724,000 in fiscal 2017 and $756,000 in fiscal 2016, all of which amounts were included in research and development expense in the accompanying consolidated financial statements. Following the launch of DEXYCU, amortization expense will be included as a component of cost of sales.

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

6 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

7.	Property and Equipment, Net

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

	December 31,			June 30,
	2018			2018			2017
Property and equipment	$	882		$	805		$	698
Leasehold improvements		101			101			101
Gross property and equipment		983			906			799
Accumulated depreciation and amortization		(695	)		(653	)		(486	)
	$	288		$	253		$	313

Depreciation expense totaled $97,000 in the six months ended December 31, 2018, $167,000 in fiscal 2018, $91,000 in fiscal 2017 and $152,000 in fiscal 2016.

Accrued Expenses

6 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Accrued Expenses

8.	Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,		June 30,
	2018		2018		2017
Personnel costs	$	1,998	$	1,763	$	1,632
Clinical trial costs		798		742		1,984
Professional fees		571		926		590
Interest		343		254		—
Other		79		38		18
	$	3,789	$	3,723	$	4,224

Restructuring

6 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring

9.	Restructuring

In July 2016, the Company announced its plan to consolidate all research and development activities in its U.S. facility. Following employee consultations under local U.K. law, the Company determined to close its U.K. research facility and terminated the employment of its U.K. employees. The U.K. facility lease, set to expire on August 31, 2016, was extended through

November 30, 2016

to facilitate an orderly transition and the required restoration of the premises. A summary reconciliation of the restructuring costs is as follows (in thousands):

	Balance at		Charged to					Balance at
	June 30, 2016		Expense		Payments			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

6 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Term Loan Agreement

10.	Term Loan Agreement

On March 28, 2018 (the “Closing Date”), the Company entered into a Credit Agreement (the “SWK Credit Agreement”) among the Company, as borrower, SWK Funding LLC, as agent (the “Agent”), and the lenders party thereto from time to time, providing for a senior secured term loan of up to $20 million (the “SWK Loan”). On the Closing Date, $15 million of the SWK Loan was advanced (the “SWK Initial Advance”). The remaining $5 million of the SWK Loan was advanced on June 26, 2018 (the “SWK Additional Advance”).

The SWK Loan was originally scheduled to mature on March 27, 2023 (the “Maturity Date”) and bore interest at a per annum rate of the three-month LIBOR rate (subject to a

1.5

% floor) plus

10.50

%. On February

2019

, the Company repaid the SWK Loan in connection with the consummation of the CRG

Loan Agreement

(see Note

18)

. In addition to repayment of the $20 million principal balance, the Company paid (i) a $

1.2

million prepayment penalty, (ii) a $

1.2

million exit fee (the “Exit Fee”), (iii) accrued and unpaid interest of $

664,000

306,000

through that date and (iv) an additional make-whole interest payment of $

covering the additional period through the first anniversary of the Loan.

In connection with the SWK 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 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 SWK Initial Advance and (ii) with respect to the Additional Advance Warrant Shares, any time on or after the closing of the SWK Additional Advance until the close of business on the 7-year anniversary of the SWK 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 SWK 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 SWK Initial Advance term loan. Upon the closing of the SWK Additional Advance, the Additional Advance Warrant Shares were re-valued at $87,000 and reclassified to equity.

The total debt discount related to the SWK 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 SWK 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 was being amortized as additional interest expense over the term of the SWK Loan using the effective interest method.

The total debt issue costs related to the SWK 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 SWK Closing Date through December 31, 2018. Through the date of the SWK 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 SWK Additional Advance and other transaction costs, total debt discount of $652,000 associated with the SWK Additional Advance was to be amortized over the remaining life of the SWK Additional Advance portion of the SWK Loan using the effective interest method.

Stockholders' Equity

6 Months Ended

Dec. 31, 2018

Equity [Abstract]

Stockholders' Equity

11.	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, 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 was 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 was 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

(the “Second Tranche 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 exercise price of each Second Tranche Warrant issued in the Second Tranche Transaction was 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 could not be lower than $0.88, which was a 20% discount to the First Tranche Purchase Price. The Second Tranche Warrants were 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 received written notice from the Company that CMS had announced that a new C-code had been established for DEXYCU. CMS 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 were exercised in September 2018 at a purchase price of $1.43 per share for proceeds of $28.9 million.

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 derivative 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 were considered puttable warrants that represented an obligation that was indexed to the repurchase of the Company’s shares and could require a transfer of assets that required classification as derivative liabilities. The initial valuation of the Second Tranche Warrants on June 25, 2018 of approximately $18.2 million was re-measured at June 30, 2018, 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. The Second Tranche Warrants were revalued immediately prior to exercise and resulted in a change in fair value of $18.9 million. The change in fair value was determined as the excess of the closing share price of the Company’s Common Stock on the respective dates on which exercise notices were submitted by each of the Second Tranche Investors over the $1.43 exercise price. Upon exercise of the Second Tranche Warrants, the resulting derivative liability balance of $38.7 million was reclassified to equity.

ATM Facility

In February 2017, the Company entered into an ATM program

(the “Prior ATM Program”)

pursuant to which, under a previous Form S-3 shelf registration statement, the Company could, 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 paid 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 Prior 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 Prior 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 Prior 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 Prior 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.

In January 2019, the Company entered into a new ATM program (the “New ATM Program”), which replaced the Prior ATM Program in its entirety. Pursuant to the New ATM Program, under a Form S-3 shelf registration statement that was declared effective by the SEC in December 2018, the Company may, at its option, offer and sell shares of its Common Stock from time to time for an aggregate offering price of up to $20.0 million. The Company will pay the sales agent a commission of up to 3.0% of the gross proceeds from any future sales of such shares. To date, the Company has not sold any shares under the New ATM Program.

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

The following table provides a reconciliation of fixed price warrants to purchase Common Stock for the six months ended December 31, 2018 and for the years ended June 30, 2018 and 2017, which table excludes the Second Tranche Warrants that were subject to a variable exercise price:

	Six Months Ended December 31,				Year Ended June 30,
	2018				2018					2017
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		486,812	$	1.23		623,605		$	2.50		623,605	$	2.50
Issued		—		—		486,812			1.23		—		—
Expired		—		—		(623,605	)		2.50		—		—
Balance and exercisable at end of period		486,812	$	1.23		486,812		$	1.23		623,605	$	2.50

In connection with the SWK Loan (see Note 10), 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

6 Months Ended

Dec. 31, 2018

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

Share-Based Payment Awards

12.	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”), provided for the issuance of up to 3,000,000 shares of Common Stock reserved for issuance under the 2016 Plan plus any additional shares of Common Stock that were available for grant under the 2008 Incentive Plan (the “2008 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan. At December 31, 2018, a total of 1,302,978 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 six months ended December 31, 2018:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2018		6,460,244		$	2.79
Granted		361,483			2.40
Exercised		(200,000	)		1.10
Forefeited		(10,600	)		2.76
Expired		(156,750	)		2.85
Outstanding at December 31, 2018		6,454,377		$	2.82		7.18	$	189
Exercisable at December 31, 2018		2,959,475		$	3.47		5.00	$	53

During the six months ended December 31, 2018, the Company granted 165,000 options to employees with ratable annual vesting over 3 years, 1,667 options to a non-executive director with 1-year cliff vesting, 95,000 options to two newly appointed non-executive directors with ratable annual vesting over 3 years and 99,816 options to external consultants with 1-year cliff

vesting. During the six months ended December 31, 2018, a total of 409,891 options vested. 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 the Nasdaq Stock Market 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 six months ended December 31, 2018 and the years ended June 30, 2018, 2017 and 2016 were as follows:

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017		2016
Option life (in years)		5.50 - 6.00		5.50 - 6.00		5.50 - 6.25		5.50 - 6.25
Stock volatility		59% - 61%		59% - 64%		70% - 72%		76% - 80%
Risk-free interest rate		2.78% - 3.09%		2.18% - 2.89%		1.23% - 2.08%		1.47% - 1.97%
Expected dividends		0.0%		0.0%		0.0%		0.0%

The following table summarizes information about employee, consultant and director stock options under the Company’s equity incentive plans for the six months ended December 31, 2018 and the years ended June 30, 2018, 2017 and 2016 (in thousands except per share amounts):

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017		2016
Weighted-average grant date fair value per share	$	1.37	$	1.06	$	1.95	$	2.74
Total cash received from exercise of stock options		219		503		99		490
Total intrinsic value of stock options exercised		284		152		53		967

Time-Vested Restricted Stock Units

Time-vested restricted stock units (“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, a total of 305,616 RSUs were issued on December 22, 2017 and were fully vested on December 22, 2018.

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

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at July 1, 2018		898,129		$	1.58
Vested		(305,616	)		1.05
Forfeited		(2,300	)		1.81
Nonvested at December 31, 2018		590,213		$	1.86

The weighted-average remaining vesting term of the RSUs at December 31, 2018 was 1.29 years.

Performance-Based Stock Units

Performance Stock Units (“PSUs”) were awarded to certain employees in June 2017. The performance conditions associated with the PSU awards were 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 achieved, 50% of the PSUs 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 48,334 PSUs became subject to a service-based condition with a vesting date of March 19, 2019. As a result of the achievement of the second performance condition on October 12, 2018, 96,668 PSUs vested at that date and the other

96,666

PSUs became subject to a service-based condition with a vesting date of October 12, 2019.

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

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value
Nonvested at July 1, 2018		241,668		$	1.52
Vested		(96,668	)		1.52
Nonvested at December 31, 2018		145,000		$	1.52

The weighted-average remaining vesting term of the outstanding PSUs at December 31, 2018 was approximately

months.

Deferred Stock Units

A total of 35,001 deferred stock units (“DSUs”) were issued to incumbent non-executive directors on June 21, 2018 with one-year cliff vesting and a grant date fair value of $1.95 per share. An additional 417 DSUs were awarded in September 2018 to one non-executive director with one-year cliff vesting and a grant date fair value of $2.32 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.

The following table provides a reconciliation of DSU activity under the 2016 Plan for the six months ended December 31, 2018:

	Number of Deferred Stock Units		Weighted Average Grant Date Fair Value
Nonvested at July 1, 2018		35,001	$	1.95
Granted		417		2.32
Nonvested at December 31, 2018		35,418	$	1.95

At December 31, 2018, the weighted-average remaining vesting term of the DSUs was approximately 5.6 months.

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. On the same date, the Company also granted an additional inducement award of 500,000 market-based Restricted Stock Units (“market-based RSUs”). Subject to a service condition, the number of shares underlying the market-based RSU that will vest is 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 weighted-average grant date fair value of the market-based RSUs of $1.45 per share was determined using a Monte Carlo valuation model at the date of grant.

In connection with the May 14, 2018 hire of the Company’s Executive Vice President and General Manager, US (“EVP & GM”), 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 had 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 were 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 consummated by the Company. As of September 26, 2018, the EVP & GM’s service with the Company ended and vesting of certain options was accelerated in accordance with the terms of the option awards, with an option exercise period through December 26, 2018.

In connection with the August 1, 2018 hire of the Company’s Chief Financial Officer, the Company granted as inducement awards (i) 385,000 options to purchase Common Stock with ratable annual vesting over 3 years and an exercise price of $2.22 per share; and (ii) 225,000 PSUs. 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 based upon the net present value of each applicable business development transaction measured as of the date that each such transaction is consummated by the Company. The performance conditions of the PSUs were not deemed to be probable of occurrence at December 31, 2018 and, accordingly, no stock-based compensation has been recorded for the six months ended December 31, 2018.

In connection with the August 14, 2018 hire of the Company’s Senior Vice President of Regulatory and Quality, the Company granted as an inducement award 100,000 options to purchase Common Stock with ratable annual vesting over 3 years and an exercise price of $2.10 per share.

In connection with the November 26, 2018 hire of the Company’s Senior Vice President, General Counsel and Company Secretary, the Company granted as an inducement award 350,000 options to purchase Common Stock with ratable annual vesting over 3 years and an exercise price of $2.07 per share.

Each of the inducement equity awards issued during the six months ended December 31, 2018 are subject to and governed by the terms and conditions of the 2016 Plan and the stock options have a 10-year

term. During the six months ended December 31, 2018, a total of 402,500 options vested.

The following table provides a reconciliation of the Company’s inducement stock option awards for the six months ended December 31, 2018:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2018		1,290,000		$	3.06
Granted		835,000			2.14
Exercised		(162,291	)		1.95
Forfeited		(250,000	)		1.95
Expired		(27,709	)		1.95
Outstanding at December 31, 2018		1,685,000		$	2.89		8.71	$	—
Exercisable at December 31, 2018		425,000		$	3.63		7.71	$	—

The key assumptions used to apply the option pricing model for inducement options granted during the six months ended December 31, 2018 and the years ended June 30, 2018 and 2017 were as follows:

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017
Option life (in years)		6.00		5.50 – 6.00		5.50 – 6.25
Stock volatility		59% – 61%		60% – 62%		70%
Risk-free interest rate		2.81% – 2.94%		2.88% – 2.91%		2.13%
Expected dividends		0.0%		0.0%		0.0%

The following table summarizes information about employee inducement option awards for the six months ended December 31, 2018 and the years ended June 30, 2018 and 2017 (in thousands except per share amounts):

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017
Weighted-average grant date fair value per share	$	1.24	$	1.14	$	0.84
Total cash received from exercise of stock options		317		—		—
Total intrinsic value of stock options exercised		44		—		—

Stock-Based Compensation Expense

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

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017		2016
Compensation expense included in:
Research and development	$	913	$	1,252	$	1,109	$	702
Sales and marketing		325		50		—		—
General and administrative		1,312		1,402		1,347		1,461
	$	2,550	$	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 for one year

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 for eighteen months 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.

In connection with termination benefits provided to the Company’s former EVP & GM, the vesting of certain options was accelerated in accordance with the terms of the options, with an exercise period through December 26, 2018. All remaining non-vested options were forfeited. The option modifications and forfeitures were accounted for in the quarter ended September 30, 2018, the net effect of which resulted in a $171,000 increase of stock-based compensation expense included in sales and marketing for the six months ended December 31, 2018 in the table above.

At December 31, 2018, there was approximately $4.4 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 1.5 years.

Fair Value Measurements

6 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

13. Fair Value Measurements

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

	December 31, 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	$	43,194	$	43,194	$	—	$	—
	$	43,194	$	43,194	$	—	$	—

	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 December 31, 2018, 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

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 11), 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 Transaction 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 10), 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 included 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 were 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 Second Tranche Investors delivered exercise notices covering all of the Second Tranche Warrants during the period from September 25—28, 2018 (see Note 11). The Company revalued the Second Tranche Warrants liability immediately prior to the exercise by the Second Tranche Investors, measured as the excess of the closing share price on the exercise date over the actual warrant exercise price of $1.43 per share times the number of shares purchased. The resulting liability balance was then reclassified to equity.

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 for the year ended June 30, 2018 and for the six months ended December 31, 2018 (in thousands):

	Second Tranche Transaction Liability			Additional Advance Warrant Liability			Second Tranche Warrants Liability			Total
Balance at July 1, 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
Change in fair value		—			—			18,886			18,886
Reclassification to equity		—			—			(38,666	)		(38,666	)
Balance at December 31, 2018	$	—		$	—		$	—		$	—

Also included in the change in fair value for the year ended June 30, 2018 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

6 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Retirement Plans

14.

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 $216,000 for the six months ended December 31, 2018, $220,000 for fiscal 2018, $193,000 for fiscal 2017 and $209,000 for fiscal 2016 in connection with these retirement plans.

Income Taxes

6 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

15.

Income Taxes

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

	Six Months Ended December 31,		Year Ended June 30,
	2018		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):

	Six Months Ended December 31,			Year Ended June 30,
	2018			2018			2017			2016
U.S. operations	$	(44,804	)	$	(53,000	)	$	(17,566	)	$	(19,780	)
Non-U.S. operations		84			(171	)		(919	)		(1,922	)
Loss before income taxes	$	(44,720	)	$	(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 21% for the six months ended December 31, 2018,

27.5

% for fiscal 2018 and

% 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):

	Six Months Ended December 31,			Year Ended June 30,
	2018			2018			2017			2016
Income tax benefit at statutory rate	$	(9,391	)	$	(14,622	)	$	(6,284	)	$	(7,379	)
State income taxes, net of federal benefit		(1,657	)		(1,552	)		(928	)		(1,044	)
Non-U.S. income tax rate differential		186			(66	)		(121	)		778
Change in fair value of derivative		3,900			7,227			—			—
Change in federal tax rate		—			14,673			—			—
Research and development tax credits		(231	)		(284	)		(242	)		(397	)
Permanent items		—			(15	)		(9	)		216
Changes in valuation allowance		7,166			(5,385	)		7,489			6,789
Other, net		27			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):

	December 31,		June 30,
	2018		2018		2017
Deferred tax assets:
Net operating loss carryforwards	$	53,259	$	47,774	$	39,439
Deferred revenue		70		—		20
Stock-based compensation		4,788		4,241		5,107
Tax credits		3,696		3,463		1,727
Other		682		185		186
Total deferred tax assets		62,495		55,663		46,479
Deferred tax liabilities:
Intangible assets		8,207		8,542		123
Deferred tax assets, net		54,288		47,121		46,356
Valuation allowance		54,288		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 $7.1 million for the six months ended December 31, 2018 and $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 fiscal year 2018 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 December 31, 2018 the Company had U.S. federal net operating loss carry forwards of approximately $185.9 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 December 31, 2018, the Company had state net operating loss carry forwards of approximately $144.3 million, which expire between 2033 and 2038, as well as U.S. federal and state research and development tax credit carry forwards of approximately $3.1 million, which expire at various dates between calendar years 2018 and 2038. In addition, at December 31, 2018 the Company had net operating loss carry forwards in the U.K. of £21.0 million (approximately $26.7 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 December 31, 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 December 31, 2018, June 30, 2018 or 2017.

As of December 31, 2018, June 30, 2018 and 2017, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments and Contingencies

6 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.

Commitments and Contingencies

Operating Leases

On May 17, 2018, the Company amended its lease in Watertown, Massachusetts (the “Second Amendment”). The original

5-year lease for approximately 13,650 square feet of combined office and laboratory space (the “Existing Space”) of the building located at 480 Pleasant Street, Watertown, MA 02472 (the “Premises”) was set to expire in April 2019. Under the Second Amendment, the Company leased an additional 6,590 square feet of rentable area (the “Additional Space”, and together with the Existing Space, the “Total Space”) on the Premises, with a commencement date of September 10, 2018 (the “Additional Space Effective Time”). The landlord agreed to provide the Company a construction allowance of up to $670,750 to be applied toward the aggregate work completed on the Total Space. The Second Amendment extends the term of the lease through May 31, 2025; provided, however, that the base rent for the Total Space was abated during the first four months ending January 10, 2019. The Company has an option to further extend the term of the lease for one additional five-year period. The Company previously provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease, which was extended for a period of four months beyond the expiration date of the amended lease. The Company will also be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises in excess of new base year amounts.

Commencing July 1, 2017, the Company leases approximately 3,000 square feet of office space in Liberty Corner, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. 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 December 31, 2018, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands):

Fiscal Year Ending December 31:
2019	$	826
2020		879
2021		895
2022		849
2023 and beyond		1,990
	$	5,439

Rent expense related to the Company’s real estate and other operating leases charged to operations was approximately $374,000 for the six months ended December 31, 2018, $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

6 Months Ended

Dec. 31, 2018

Segment Reporting [Abstract]

Segment and Geographic Area Information

17.

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
	Six Months Ended		Year Ended June 30,								At June 30,
	December 31, 2018		2018		2017		2016		At December 31, 2018		2018		2017
U.S.	$	2,828	$	2,861	$	7,439	$	1,520	$	288	$	253	$	313
U.K.		100		100		100		100		—		—		—
Consolidated	$	2,928	$	2,961	$	7,539	$	1,620	$	288	$	253	$	313

Subsequent Event

6 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Event

18.

Subsequent Event

On February 13, 2019, the Company refinanced its existing SWK Loan (see Note 10) with the

CRG

Loan Agreement. Pursuant to the

CRG

Loan Agreement, the Company (i) made an initial draw of $35 million; (ii) has the right to draw up to an additional $15 million on or before June 30, 2019; and (iii) subject to achievement of prescribed three-month trailing product revenues of YUTIQ and DEXYCU on or before March 31, 2020, may draw up to an additional $10 million. The

CRG Loan Agreement

bears

interest at a fixed rate of 12.5% per annum payable in arrears on the last business day of each calendar quarter, with principal due at maturity on December 31, 2023. So long as no default has occurred and is continuing, the Company may elect on each applicable interest payment date to pay 2.5% of the 12.5% per annum interest as Paid In-Kind (“PIK”), whereby such PIK amount would be added to the aggregate principal amount and accrue interest at 12.5% per annum. Certain prepayment premiums apply to any loan repayments made through December 31, 2021. The Company will also be required to pay an exit fee of

% of the aggregate principal amount advanced under the CRG Loan Agreement.

In connection with the first draw under the Loan Agreement, a 1.5% financing fee of $525,000 and an expense reimbursement of $350,000 were deducted from the net borrowing proceeds.

As a result of the early repayment of the SWK Loan, the Company expects to record a loss on extinguishment of debt of approximately $3.8 million for the quarter ending March 31, 2019. This amount will consist of (i) the $1.2 million prepayment penalty; (ii) the make whole interest payment of $306,000 and (iii) the write-off of the remaining balance of unamortized debt discount of approximately $2.3 million.

Quarterly Financial Data (unaudited)

6 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

19.

Quarterly Financial Data (unaudited)

The following tables summarize the quarterly results of operations for the six months ended December 31, 2018 and the years ended June 30, 2018 and 2017 (in thousands except per share amounts):

	Six Months Ended December 31, 2018
	Quarter Ended September 30, 2018			Quarter Ended December 31, 2018			Six Months Ended December 31, 2018
	(1)
Total revenues	$	486		$	2,442		$	2,928
Operating loss		(13,554	)		(11,005	)		(24,559	)
Net loss		(33,126	)		(11,594	)		(44,720	)
Net loss per share - basic and diluted	$	(0.44	)	$	(0.12	)	$	(0.53	)
Weighted average common shares - basic and diluted		75,170			94,494			85,057

	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 quarter ended September 30, 2018 and each of the third and fourth quarters of fiscal 2018 included $18.9 million, $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 11 and 13). 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).

Stub Period Comparative Data (Unaudited)

6 Months Ended

Dec. 31, 2018

Stub Period Comparative Data [Abstract]

Stub Period Comparative Data (Unaudited)

20.	Stub Period Comparative Data (Unaudited)

The condensed consolidated statement of operations for the six months ended December 31, 2017 is as follows (in thousands except per share amounts):


	Six Months Ended
	December 31,
	2017
Revenues:
Collaborative research and development	$	601
Royalty income		717

Total revenues		1,318

Operating expenses:
Research and development		8,088
General and administrative		5,044

Total operating expenses		13,132

Loss from operations		(11,814	)
Interest and other income		49

Net loss	$	(11,765	)

Net loss per common share - basic and diluted	$	(0.28	)

Weighted average common shares - basic and diluted		41,980

Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

of derivative liabilities, stock options and other equity awards. Actual results could differ from these and other 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.

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.

Concentrations of Risk

Treasury debt, U.S. Treasury Repurchase

	Six Months Ended
	December 31,			Year Ended June 30,
Customer / Category	2018			2018			2017			2016
Ocumension Therapeutics		59	%		*			*			*
Alimera Sciences		21	%		24	%		*			14	%
Bausch & Lomb		16	%		35	%		13	%		77	%
Feasibility studies		*			36	%		*			*
Pfizer		*			*			74	%		*

*	Less than 10%

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

Receivables consist primarily of quarterly royalties earned under license agreements with Alimera and Bausch & Lomb.

Inventory

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

Property and Equipment

Leases

Impairment of Intangible Assets

Revenue Recognition

The Company adopted Accounting Standards Codification No. 606,

Revenue from Contracts with Customers

Revenue

606

Collaborative research and development revenue

Reimbursement of costs

Royalties

Company recognizes royalty income each quarter and subsequently

determines a true-up when it receives royalty reports and payment from its commercial partners. Historically, these true-up adjustments have been immaterial.

Feasibility Studies

Deferred Revenue

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including

cash and stock-based

Stock-Based Compensation

(“ASU”)

No. 2016-09 (“ASU 2016-09”),

Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Net Loss per Share

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

	Six Months
	Ended
	December 31,		Year Ended June 30,
	2018		2018		2017		2016
Stock options		8,139,377		7,750,244		6,895,685		4,981,421
Warrants		486,812		20,671,036		623,605		623,605
Restricted stock units		1,090,213		1,398,129		948,500		—
Performance stock units		370,000		466,668		210,000		—
Deferred stock units		35,418		35,001		—		—
		10,121,820		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

Recently Adopted and Recently Issued Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02,

Leases

In January 2017, the FASB issued ASU No. 2017-01,

Business Combinations (Topic 805): Clarifying the Definition of a Business

Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedules of Concentration of Risk, by Risk Factor

	Six Months Ended
	December 31,			Year Ended June 30,
Customer / Category	2018			2018			2017			2016
Ocumension Therapeutics		59	%		*			*			*
Alimera Sciences		21	%		24	%		*			14	%
Bausch & Lomb		16	%		35	%		13	%		77	%
Feasibility studies		*			36	%		*			*
Pfizer		*			*			74	%		*

*	Less than 10%

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

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

	Six Months
	Ended
	December 31,		Year Ended June 30,
	2018		2018		2017		2016
Stock options		8,139,377		7,750,244		6,895,685		4,981,421
Warrants		486,812		20,671,036		623,605		623,605
Restricted stock units		1,090,213		1,398,129		948,500		—
Performance stock units		370,000		466,668		210,000		—
Deferred stock units		35,418		35,001		—		—
		10,121,820		30,321,078		8,677,790		5,605,026

Inventory (Tables)

6 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventory consisted of the following (in thousands):

	December 31, 2018		June 30, 2018
Raw materials	$	198	$	—
Work in process		41		—
Finished goods		40		—
Total inventory	$	279	$	—

Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

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

	Six Months Ended			Year Ended
	December 31,			June 30,
	2018			2018			2017
Patented technologies
Gross carrying amount at beginning of period	$	68,322		$	35,610		$	36,196
Acquisition of Icon Bioscience Inc.		—			31,973			—
Foreign currency translation adjustments		—			739			(586	)
Gross carrying amount at end of period		68,322			68,322			35,610
Accumulated amortization at beginning of period		(36,964	)		(35,246	)		(35,094	)
Amortization expense		(1,229	)		(981	)		(724	)
Foreign currency translation adjustments		—			(737	)		572
Accumulated amortization at end of period		(38,193	)		(36,964	)		(35,246	)
Net book value at end of period	$	30,129		$	31,358		$	364

Schedule of Net Book Value of Intangible Assets

The net book value of the Company’s intangible assets at December 31, 2018, June 30, 2018

and June 30, 2017 is summarized as follows (in thousands):

							Estimated
							Remaining
							Useful Life at
	December 31,		June 30,				December 31,
	2018		2018		2017		2018
							(Years)
Patented technologies
DEXYCU / Verisome	$	30,129	$	31,358	$	—		12.25
Durasert		—		—		265		—
Tethadur		—		—		99		—
	$	30,129	$	31,358	$	364

Property and Equipment, Net (Tables)

6 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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

	December 31,			June 30,
	2018			2018			2017
Property and equipment	$	882		$	805		$	698
Leasehold improvements		101			101			101
Gross property and equipment		983			906			799
Accumulated depreciation and amortization		(695	)		(653	)		(486	)
	$	288		$	253		$	313

Accrued Expenses (Tables)

6 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,		June 30,
	2018		2018		2017
Personnel costs	$	1,998	$	1,763	$	1,632
Clinical trial costs		798		742		1,984
Professional fees		571		926		590
Interest		343		254		—
Other		79		38		18
	$	3,789	$	3,723	$	4,224

Restructuring (Tables)

6 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Summary of Reconciliation of Restructuring Costs

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

	Balance at		Charged to					Balance at
	June 30, 2016		Expense		Payments			June 30, 2017
Termination benefits	$	118	$	273	$	(391	)	$	—
Facility closure		40		73		(113	)		—
Other		29		126		(155	)		—
	$	187	$	472	$	(659	)	$	—

Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2018

Equity [Abstract]

Summary of Reconciliation of Warrants to Purchase Common Stock

	Six Months Ended December 31,				Year Ended June 30,
	2018				2018					2017
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		486,812	$	1.23		623,605		$	2.50		623,605	$	2.50
Issued		—		—		486,812			1.23		—		—
Expired		—		—		(623,605	)		2.50		—		—
Balance and exercisable at end of period		486,812	$	1.23		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)

6 Months Ended

Dec. 31, 2018

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans for the six months ended December 31, 2018:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2018		6,460,244		$	2.79
Granted		361,483			2.40
Exercised		(200,000	)		1.10
Forefeited		(10,600	)		2.76
Expired		(156,750	)		2.85
Outstanding at December 31, 2018		6,454,377		$	2.82		7.18	$	189
Exercisable at December 31, 2018		2,959,475		$	3.47		5.00	$	53

Schedule of Key Assumptions Used

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017		2016
Option life (in years)		5.50 - 6.00		5.50 - 6.00		5.50 - 6.25		5.50 - 6.25
Stock volatility		59% - 61%		59% - 64%		70% - 72%		76% - 80%
Risk-free interest rate		2.78% - 3.09%		2.18% - 2.89%		1.23% - 2.08%		1.47% - 1.97%
Expected dividends		0.0%		0.0%		0.0%		0.0%

Summary of Information about Stock Options

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017		2016
Weighted-average grant date fair value per share	$	1.37	$	1.06	$	1.95	$	2.74
Total cash received from exercise of stock options		219		503		99		490
Total intrinsic value of stock options exercised		284		152		53		967

Summary of Restricted Stock Unit Activity

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

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at July 1, 2018		898,129		$	1.58
Vested		(305,616	)		1.05
Forfeited		(2,300	)		1.81
Nonvested at December 31, 2018		590,213		$	1.86

Summary of Performance Stock Unit Activity

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

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value
Nonvested at July 1, 2018		241,668		$	1.52
Vested		(96,668	)		1.52
Nonvested at December 31, 2018		145,000		$	1.52

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):

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017		2016
Compensation expense included in:
Research and development	$	913	$	1,252	$	1,109	$	702
Sales and marketing		325		50		—		—
General and administrative		1,312		1,402		1,347		1,461
	$	2,550	$	2,704	$	2,456	$	2,163

Summary of Deferred Stock Unit Activity

The following table provides a reconciliation of DSU activity under the 2016 Plan for the six months ended December 31, 2018:

	Number of Deferred Stock Units		Weighted Average Grant Date Fair Value
Nonvested at July 1, 2018		35,001	$	1.95
Granted		417		2.32
Nonvested at December 31, 2018		35,418	$	1.95

2016 Incentive Plan [Member]

Summary of Performance Stock Unit Activity

The following table provides a reconciliation of the Company’s inducement stock option awards for the six months ended December 31, 2018:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2018		1,290,000		$	3.06
Granted		835,000			2.14
Exercised		(162,291	)		1.95
Forfeited		(250,000	)		1.95
Expired		(27,709	)		1.95
Outstanding at December 31, 2018		1,685,000		$	2.89		8.71	$	—
Exercisable at December 31, 2018		425,000		$	3.63		7.71	$	—

Employee Inducement Option Awards [Member]

Schedule of Key Assumptions Used

The key assumptions used to apply the option pricing model for inducement options granted during the six months ended December 31, 2018 and the years ended June 30, 2018 and 2017 were as follows:

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017
Option life (in years)		6.00		5.50 – 6.00		5.50 – 6.25
Stock volatility		59% – 61%		60% – 62%		70%
Risk-free interest rate		2.81% – 2.94%		2.88% – 2.91%		2.13%
Expected dividends		0.0%		0.0%		0.0%

Summary of Information about Stock Options

	Six Months Ended December 31,		Year Ended June 30,
	2018		2018		2017
Weighted-average grant date fair value per share	$	1.24	$	1.14	$	0.84
Total cash received from exercise of stock options		317		—		—
Total intrinsic value of stock options exercised		44		—		—

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2018

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

	December 31, 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	$	43,194	$	43,194	$	—	$	—
	$	43,194	$	43,194	$	—	$	—

	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 Liability

	Second Tranche Transaction Liability			Additional Advance Warrant Liability			Second Tranche Warrants Liability			Total
Balance at July 1, 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
Change in fair value		—			—			18,886			18,886
Reclassification to equity		—			—			(38,666	)		(38,666	)
Balance at December 31, 2018	$	—		$	—		$	—		$	—

Additional Advance Warrant Liability [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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	%

Second Tranche Transaction Liability [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assumptions Used to Value Liability

Significant assumptions used to value this liability were 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	%

Income Taxes (Tables)

6 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit

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

	Six Months Ended December 31,		Year Ended June 30,
	2018		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):

	Six Months Ended December 31,			Year Ended June 30,
	2018			2018			2017			2016
U.S. operations	$	(44,804	)	$	(53,000	)	$	(17,566	)	$	(19,780	)
Non-U.S. operations		84			(171	)		(919	)		(1,922	)
Loss before income taxes	$	(44,720	)	$	(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 21% for the six months ended December 31, 2018,

27.5

% for fiscal 2018 and

% 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):

	Six Months Ended December 31,			Year Ended June 30,
	2018			2018			2017			2016
Income tax benefit at statutory rate	$	(9,391	)	$	(14,622	)	$	(6,284	)	$	(7,379	)
State income taxes, net of federal benefit		(1,657	)		(1,552	)		(928	)		(1,044	)
Non-U.S. income tax rate differential		186			(66	)		(121	)		778
Change in fair value of derivative		3,900			7,227			—			—
Change in federal tax rate		—			14,673			—			—
Research and development tax credits		(231	)		(284	)		(242	)		(397	)
Permanent items		—			(15	)		(9	)		216
Changes in valuation allowance		7,166			(5,385	)		7,489			6,789
Other, net		27			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):

	December 31,		June 30,
	2018		2018		2017
Deferred tax assets:
Net operating loss carryforwards	$	53,259	$	47,774	$	39,439
Deferred revenue		70		—		20
Stock-based compensation		4,788		4,241		5,107
Tax credits		3,696		3,463		1,727
Other		682		185		186
Total deferred tax assets		62,495		55,663		46,479
Deferred tax liabilities:
Intangible assets		8,207		8,542		123
Deferred tax assets, net		54,288		47,121		46,356
Valuation allowance		54,288		47,121		46,356
Total deferred tax liability	$	—	$	—	$	—

Commitments and Contingencies (Tables)

6 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments Under Non-Cancellable Operating Leases

Fiscal Year Ending December 31:
2019	$	826
2020		879
2021		895
2022		849
2023 and beyond		1,990
	$	5,439

Segment and Geographic Area Information (Tables)

6 Months Ended

Dec. 31, 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
	Six Months Ended		Year Ended June 30,								At June 30,
	December 31, 2018		2018		2017		2016		At December 31, 2018		2018		2017
U.S.	$	2,828	$	2,861	$	7,439	$	1,520	$	288	$	253	$	313
U.K.		100		100		100		100		—		—		—
Consolidated	$	2,928	$	2,961	$	7,539	$	1,620	$	288	$	253	$	313

Quarterly Financial Data (unaudited) (Tables)

6 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following tables summarize the quarterly results of operations for the six months ended December 31, 2018 and the years ended June 30, 2018 and 2017 (in thousands except per share amounts):

	Six Months Ended December 31, 2018
	Quarter Ended September 30, 2018			Quarter Ended December 31, 2018			Six Months Ended December 31, 2018
	(1)
Total revenues	$	486		$	2,442		$	2,928
Operating loss		(13,554	)		(11,005	)		(24,559	)
Net loss		(33,126	)		(11,594	)		(44,720	)
Net loss per share - basic and diluted	$	(0.44	)	$	(0.12	)	$	(0.53	)
Weighted average common shares - basic and diluted		75,170			94,494			85,057

	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).

Stub Period Comparative Data (Unaudited) (Tables)

6 Months Ended

Dec. 31, 2018

Stub Period Comparative Data [Abstract]

Summary of Condensed Consolidated Statement of Operations

The condensed consolidated statement of operations for the six months ended December 31, 2017 is as follows (in thousands except per share amounts):


	Six Months Ended
	December 31,
	2017
Revenues:
Collaborative research and development	$	601
Royalty income		717

Total revenues		1,318

Operating expenses:
Research and development		8,088
General and administrative		5,044

Total operating expenses		13,132

Loss from operations		(11,814	)
Interest and other income		49

Net loss	$	(11,765	)

Net loss per common share - basic and diluted	$	(0.28	)

Weighted average common shares - basic and diluted		41,980

Operations - Additional Information (Detail) $ in Thousands	1 Months Ended	6 Months Ended
Operations - Additional Information (Detail) $ in Thousands	Feb. 28, 2019 USD ($)	Dec. 31, 2018 USD ($) Products	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Operations [Line Items]
Cash and cash equivalents		$ 45,261	$ 38,776	$ 16,898
Number of products approved \| Products		2
Additional borrowing amount from loan available on or before June 30, 2019	$ 15,000
Line of Credit Facility, Remaining Borrowing Capacity subject to milestone achievement	$ 10,000
Line of Credit Facility, Borrowing Capacity, Description	An additional $10.0 million is available subject to the achievement of $25.0 million of 3-month trailing product net sales on or before March 31, 2020.
Initial borrowing under term loan	$ 35,000
Subsequent Event [Member]
Operations [Line Items]
Cash and cash equivalents	48,500
Secured Debt [Member]
Operations [Line Items]
Refinancing of SWK secured term loan	20,000
Net proceeds from debt refinancing	$ 11,400

Significant Accounting Policies - Additional Information (Detail) - USD ($)			6 Months Ended	12 Months Ended
	Jul. 02, 2018	Jul. 02, 2016	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income to foreign currency translation			$ 839,000	$ 838,000	$ 833,000
Minimum percentage of total revenues for which customer revenue concentrations are disclosed			10.00%	10.00%	10.00%	10.00%
Accounting Standards Update 2016-09 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Decrease (Increase) in accumulated deficit resulting from changes in accounting principles		$ (122,000)
Accounting Standards Update 606 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Decrease (Increase) in accumulated deficit resulting from changes in accounting principles	$ 218,000
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets			5 years
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets			3 years

Significant Accounting Policies - Collaborative Research and Development Revenue and Royalty Income from Customers (Detail)	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Schedule Of Significant Accounting Policies [Line Items]
Minimum percentage of total revenues for which customer revenue concentrations are disclosed	10.00%	10.00%	10.00%	10.00%
Ocumension Therapeutics [Member]
Schedule Of Significant Accounting Policies [Line Items]
Minimum percentage of total revenues for which customer revenue concentrations are disclosed	59.00%	0.00%	0.00%	0.00%
Alimera Sciences [Member]
Schedule Of Significant Accounting Policies [Line Items]
Minimum percentage of total revenues for which customer revenue concentrations are disclosed	21.00%	24.00%	0.00%	14.00%
Bausch Lomb [Member]
Schedule Of Significant Accounting Policies [Line Items]
Minimum percentage of total revenues for which customer revenue concentrations are disclosed	16.00%	35.00%	13.00%	77.00%
Feasibility studies [Member]
Schedule Of Significant Accounting Policies [Line Items]
Minimum percentage of total revenues for which customer revenue concentrations are disclosed	0.00%	36.00%	0.00%	0.00%
Pfizer [Member]
Schedule Of Significant Accounting Policies [Line Items]
Minimum percentage of total revenues for which customer revenue concentrations are disclosed	0.00%	0.00%	74.00%	0.00%

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2018	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	10,121,820	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	8,139,377	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	486,812	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	1,090,213	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	370,000	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	35,418	35,001	0	0

Acquisition of Icon Bioscience, Inc - Additional Information (Detail) - USD ($)		6 Months Ended
	Mar. 28, 2018	Dec. 31, 2018
DEXYCU [Member]
Business Acquisition [Line Items]
Finite-lived intangible asset expected amortization life		12 years 3 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	$ 15,000,000
Maximum of potential sales milestone payments	$ 95,000,000
Quarterly percentage earn-out consideration due 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 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.
Purchase price of acquisition	$ 32,000,000
Transaction costs	2,000,000
Icon Bioscience Inc [Member] \| DEXYCU [Member]
Business Acquisition [Line Items]
Purchase price of acquisition	$ 32,000,000
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											6 Months Ended		12 Months Ended
	Jan. 01, 2021	Jan. 01, 2020 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2019	Dec. 12, 2018	Jul. 10, 2017 USD ($)	Nov. 30, 2018 USD ($)	Oct. 25, 2016 USD ($)	Mar. 31, 2013 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 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 ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2018 USD ($) Country	Dec. 31, 2017 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Collaborative Agreements And Contracts [Line Items]
Revenue											$ 2,442,000	$ 486,000	$ 715,000	$ 928,000	$ 933,000	$ 385,000	$ 701,000	$ 590,000	$ 5,971,000		$ 277,000	$ 2,928,000	$ 1,318,000	$ 2,961,000	$ 7,539,000	$ 1,620,000
Accounts receivable											627,000		353,000				251,000					627,000		353,000	251,000
Deferred revenue											15,000											15,000
Deferred Revenue, Current											30,000		0				50,000					30,000		0	50,000
Collaborative Research and Development [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue																						$ 1,883,000	601,000	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																						$ 1,045,000	$ 717,000	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
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
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																						$ 39,000		$ 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 sub license																										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
Royalty percentage offset for amounts earned above 2% to be applied against balance of accumulated commercialization losses					50.00%
Proceeds received from earned sales-based royalties											218,000											$ 588,000		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											253,000		$ 306,000				$ 246,000					253,000		306,000	246,000
Bausch and Lomb [Member] \| Royalty Income [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue																						456,000		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
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Option period to acquire license								60 days
Upfront Cash Payment Received Under Collaboration Agreement										$ 2,300,000
Estimated selling price of the deliverables for revenue recognition										$ 6,700,000
License Option Exercise Upfront Payment								$ 10,000,000
Pfizer Collaboration Agreement [Member] \| Collaborative Research and Development [Member]
Collaborative Agreements And Contracts [Line Items]
Revenue																				$ 5,600,000
Ocumension Therapeutics [Member]
Collaborative Agreements And Contracts [Line Items]
Total revenues earned											1,700,000
Receipt of upfront license fee							$ 1,750,000
Deferred Revenue, Current											$ 30,000											$ 30,000
Potential future payments that could be due based on achievement by Ocumension of certain prescribed development, regulatory and commercial sales-based milestones events							$ 10,000,000

Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Raw materials	$ 198	$ 0
Work in process	41	0
Finished goods	40	0
Total inventory	$ 279	$ 0	$ 0

Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Net book value of intangible assets	$ 30,129	$ 31,358	$ 364
DEXYCU [Member]
Net book value of intangible assets	$ 30,129	31,358	0
Finite lived intangible assets remaining amortization period	12 years 3 months
Durasert [Member]
Net book value of intangible assets	$ 0	0	265
Finite lived intangible assets remaining amortization period	0 years
Tethadur [Member]
Net book value of intangible assets	$ 0	$ 0	$ 99
Finite lived intangible assets remaining amortization period	0 years

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period	$ 68,322	$ 35,610	$ 36,196
Acquisition of Icon Bioscience Inc.	0	31,973	0
Foreign currency translation adjustments	0	739	(586)
Gross carrying amount at end of period	68,322	68,322	35,610	$ 36,196
Accumulated amortization at beginning of period	(36,964)	(35,246)	(35,094)
Amortization expense	(1,229)	(981)	(724)	(756)
Foreign currency translation adjustments	0	(737)	572
Accumulated amortization at end of period	(38,193)	(36,964)	(35,246)	$ (35,094)
Net book value at end of period	$ 30,129	$ 31,358	$ 364

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Mar. 28, 2018	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense		$ 1,229	$ 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 (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 983	$ 906	$ 799
Accumulated depreciation and amortization	(695)	(653)	(486)
Property, Plant and Equipment, Net	288	253	313
Property And Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	882	805	698
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 101	$ 101	$ 101

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation	$ 97	$ 167	$ 91	$ 152

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Payables and Accruals [Abstract]
Personnel costs	$ 1,998	$ 1,763	$ 1,632
Clinical trial costs	798	742	1,984
Professional fees	571	926	590
Interest	343	254	0
Other	79	38	18
Accrued expenses	$ 3,789	$ 3,723	$ 4,224

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

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2017	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

Term Loan Agreement - Additional Information (Detail)	Feb. 13, 2019 USD ($)	Jun. 26, 2018 USD ($) $ / shares shares	Mar. 28, 2018 USD ($) Tranches $ / shares shares	Feb. 28, 2019 USD ($)	Dec. 31, 2018 $ / shares	Jun. 30, 2018 $ / shares	Jun. 30, 2017 $ / shares	Jun. 30, 2016 $ / shares
Term Loan Agreement [Line Items]
Senior secured term loan, initial advance				$ 35,000,000
Weighted average exercise price of issued warrants \| $ / shares					$ 1.23	$ 1.23	$ 2.50	$ 2.50
Senior Secured Term Loan [Member]
Term Loan Agreement [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]
Term Loan Agreement [Line Items]
Debt discount			2,100,000
Proceeds from issuance of term loan, net of allocation to the debt warrant			14,600,000
Senior Secured Term Loan [Member] \| Additional Advance [Member]
Term Loan Agreement [Line Items]
Debt issue costs			$ 299,000
Debt discount		$ 652,000
Amortization of deferred debt issue cost through the date of the Additional Advance		97,000
Debt issuance costs remaining balance reclassified to debt discount		$ 202,000
Senior Secured Term Loan [Member] \| Warrants [Member]
Term Loan Agreement [Line Items]
Warrants exercise period		7 years	7 years
Senior Secured Term Loan [Member] \| Warrants [Member] \| Initial Advance [Member]
Term Loan Agreement [Line Items]
Warrants issued in connection with loan \| shares			409,091
Weighted average 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]
Term Loan Agreement [Line Items]
Warrants issued in connection with loan \| shares		77,721
Weighted average exercise price of issued warrants \| $ / shares		$ 1.93
Warrants, contingent issuance fair value			$ 69,000
Revaluation of additional advance warrants shares reclassified to equity		$ 87,000
Senior Secured Term Loan [Member] \| SWK Funding LLC [Member]
Term Loan Agreement [Line Items]
Agreement date			Mar. 28, 2018
Senior secured term loan			$ 20,000,000
Senior secured term loan, initial advance			$ 15,000,000
Maturity date			Mar. 27, 2023
Exit fee percentage payable upon repayment of the total secured term loan			6.00%
Senior secured term loan, additional advance that followed satisfaction of applicable conditions		$ 5,000,000
Senior Secured Term Loan [Member] \| SWK Funding LLC [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Term Loan Agreement [Line Items]
Interest rate			Three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%.
LIBOR rate floor			1.50%
interest rate percentage above LIBOR rate			10.50%
Senior Secured Term Loan [Member] \| SWK Funding LLC [Member] \| Loan Refinancing [Member]
Term Loan Agreement [Line Items]
Payment of contractual 6% exit fee upon repayment of secured term loan	$ 1,200,000
Accrued and unpaid interest through the date of the secured term loan refinancing	664,000
Payment of additional make-whole interest	306,000
Prepayment penalty for voluntary repayment of the secured term loan	$ 1,200,000

Stockholders' Equity - 2018 Equity Financing - Additional Information (Detail) - USD ($)			1 Months Ended	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 22, 2018	Mar. 28, 2018	Sep. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 25, 2018	Jun. 21, 2018	Jun. 27, 2017
Class of Stock [Line Items]
Fair value of derivative liability					$ 19,780,000		$ 0	$ 19,780,000	$ 0
Change in fair value of derivative liability							$ (18,886,000)	$ (26,278,000)	$ 0	$ 0
Common Stock Purchase Price Description		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 was 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 was a 20% discount to the First Tranche Purchase Price.
Common Stock, Shares Authorized	150,000,000				150,000,000		150,000,000	150,000,000	120,000,000			120,000,000	60,000,000
Exercise price of warrants					$ 1.23		$ 1.23	$ 1.23	$ 2.50	$ 2.50
Proceeds from issuance of stock, net of issuance costs							$ 0	$ 41,515,000	$ 8,404,000	$ 16,500,000
Second Tranche Transaction [Member]
Class of Stock [Line Items]
Change in fair value of derivative liability				$ (18,900,000)	$ (24,000,000)	$ (2,300,000)
Second Tranche Warrants [Member]
Class of Stock [Line Items]
Gross proceeds from exercise of warrants			$ 28,900,000
Exercise price of warrants			$ 1.43	$ 1.43
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.
Second Tranche Warrants [Member] \| Maximum [Member]
Class of Stock [Line Items]
Percentage of premium to first tranche share purchase price		30.00%
Second Tranche Warrants [Member] \| Minimum [Member]
Class of Stock [Line Items]
Percentage discount to volume weighted average price for 20 days immediately preceding the closing of the Second Tranche Transaction		20.00%
Exercise price of warrants		$ 0.88
Percentage of discount to the First Tranche Purchase Price		20.00%
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
Proceeds from issuance of stock, net of issuance costs		$ 9,500,000
Second Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Gross proceeds to be received from issuance of common shares, subject to stockholder approval	$ 25,500,000
2018 Equity Financing [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized	150,000,000											120,000,000
Share issuance costs						343,000
2018 Equity Financing [Member] \| Second Tranche Transaction [Member]
Class of Stock [Line Items]
Units issued to investors, with each Unit consisting of one common share and one warrant to purchase one common share	20,184,224
Reclassification of the derivative liability balance to equity upon the exercise of the Second Tranche Transaction Warrants								$ 29,100,000
Fair value of derivative liability						6,900,000
Change in fair value of derivative liability						$ 2,200,000		22,200,000
Percentage discount to volume weighted average price for 20 days immediately preceding the closing of the Second Tranche Transaction		20.00%
Unit price per share	$ 1.265
Gross proceeds from issuance of units	$ 25,500,000
2018 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%
2018 Equity Financing [Member] \| Second Tranche Transaction [Member] \| Minimum [Member]
Class of Stock [Line Items]
Common stock price per share		$ 0.88
Percentage of premium to first tranche share purchase price		20.00%
2018 Equity Financing [Member] \| Second Tranche Warrants [Member]
Class of Stock [Line Items]
Reclassification of the derivative liability balance to equity upon the exercise of the Second Tranche Transaction Warrants							38,700,000
Change in fair value of derivative liability					1,600,000		$ 18,900,000
Derivative liability					$ 19,800,000			$ 19,800,000			$ 18,200,000
Exercise price of warrants							$ 1.43

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	Dec. 31, 2018	Jun. 22, 2018	Jun. 21, 2018	Jun. 27, 2017
Class of Stock [Line Items]
Legal, accounting and other costs	$ 223,000
Common Stock, Shares Authorized			150,000,000	120,000,000	150,000,000	150,000,000	120,000,000	60,000,000
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
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

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - $ / shares				6 Months Ended	12 Months Ended
	Jun. 26, 2018	Mar. 28, 2018	Aug. 07, 2017	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Warrants issued in connection with term loan facility				0	486,812	0
Exercise price of issued warrants				$ 0	$ 1.23	$ 0
Warrants [Member] \| Investor [Member]
Class of Stock [Line Items]
Expiration date of five-year Investor warrants			5 years
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	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Common Stock Warrants [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	486,812	623,605	623,605
Number of Warrants, Issued	0	486,812	0
Number of Warrants, Expired	0	(623,605)	0
Number of Warrants, Outstanding and exercisable, Ending balance	486,812	486,812	623,605
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 1.23	$ 2.50	$ 2.50
Weighted Average Exercise Price, Issued	0	1.23	0
Weighted Average Exercise Price, Expired	0	2.50	0
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 1.23	$ 1.23	$ 2.50

Share-Based Payment Awards - Equity Incentive Plans - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares	Dec. 31, 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 forfeited and terminated awards transferred from the 2008 Incentive Plan	1,302,978

Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plans [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic Value, Outstanding at December 31, 2018 \| $	$ 189
Aggregate Intrinsic Value, Exercisable at December 31, 2018 \| $	$ 53
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2018	7 years 2 months 5 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2018	5 years
Weighted Average Exercise Price Outstanding, Beginning balance \| $ / shares	$ 2.79
Weighted Average Exercise Price, Granted \| $ / shares	2.40
Weighted Average Exercise Price, Exercised \| $ / shares	1.10
Weighted Average Exercise Price, Forfeited \| $ / shares	2.76
Weighted Average Exercise Price, Expired \| $ / shares	2.85
Weighted Average Exercise Price Outstanding, Ending balance \| $ / shares	2.82
Weighted Average Exercise Price, Exercisable at December 31, 2018 \| $ / shares	$ 3.47
Number of Options Outstanding, Beginning balance \| shares	6,460,244
Number of Options, Granted \| shares	361,483
Number of Options, Exercised \| shares	(200,000)
Number of Options, Forfeited \| shares	(10,600)
Number of Options, Expired \| shares	(156,750)
Number of Options Outstanding, Ending balance \| shares	6,454,377
Number of Options, Exercisable at December 31, 2018 \| shares	2,959,475

Share-Based Payment Awards - Stock Options - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2018 shares
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Contractual life of option grants	10 years
Common stock vested during the period	409,891
Employees [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Options granted	165,000
Ratable annual vesting period of equity awards	3 years
Non-executive Directors [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Options granted	1,667
Ratable annual vesting period of equity awards	1 year
External consultant [Member]
Class of Stock [Line Items]
Options granted	99,816
Ratable annual vesting period of equity awards	1 year
Newly Appointed Non Executive Director [Member]
Class of Stock [Line Items]
Options granted	95,000
Ratable annual vesting period of equity awards	3 years

Share-Based Payment Awards - Summary of Company Applied the Black-Scholes Option Pricing (Detail) - 2016 Long Term Incentive Plan [Member]	6 Months Ended	12 Months Ended
	Dec. 31, 2018	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%	59.00%	70.00%	76.00%
Stock volatility, maximum	61.00%	64.00%	72.00%	80.00%
Risk-free interest rate, minimum	2.78%	2.18%	1.23%	1.47%
Risk-free interest rate, maximum	3.09%	2.89%	2.08%	1.97%
Expected dividends	0.00%	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	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	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	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Total cash received from exercise of stock options	$ 536	$ 503	$ 99	$ 490
Equity Incentive Plans [Member]
Weighted-average grant date fair value per share	$ 1.37	$ 1.06	$ 1.95	$ 2.74
Total cash received from exercise of stock options	$ 219	$ 503	$ 99	$ 490
Total intrinsic value of stock options exercised	$ 284	$ 152	$ 53	$ 967

Share-Based Payment Awards - Summary of Performance Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Performance Stock Units [Member]	6 Months Ended
	Dec. 31, 2018 $ / shares shares
Number of Stock Units Outstanding, Beginning Balance \| shares	241,668
Number of Stock Units, Vested \| shares	(96,668)
Number of Stock Units Outstanding, Ending Balance \| shares	145,000
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.52
Weighted Average Grant Date Fair value, Vested \| $ / shares	1.52
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.52

Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - RSU [Member] - shares	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 22, 2017	Dec. 31, 2018	Jun. 30, 2018
Class of Stock [Line Items]
Ratable annual vesting period of equity awards			3 years
Weighted average remaining vesting term		1 year 3 months 14 days
Stock units granted	305,616

Share-Based Payment Awards - Summary of Restricted Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - RSU [Member]	6 Months Ended
	Dec. 31, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	898,129
Number of Stock Units, Vested \| shares	(305,616)
Number of Stock Units, Forfeited \| shares	(2,300)
Number of Stock Units Outstanding, Ending Balance \| shares	590,213
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.58
Weighted Average Grant Date Fair value, Vested \| $ / shares	1.05
Weighted Average Grant Date Fair value, Forfeited \| $ / shares	1.81
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.86

Share-Based Payment Awards - Performance-Based Stock Units - Additional Information (Detail) - Performance Stock Units [Member] - shares					1 Months Ended	6 Months Ended
	Oct. 12, 2019	Mar. 19, 2019	Oct. 12, 2018	Mar. 19, 2018	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Weighted average remaining vesting term						7 months
Performance Condition One [Member]
Class of Stock [Line Items]
Stock units vesting, percentage				50.00%	50.00%
Portion of stock units subject to an FDA acceptance of the Company's NDA submission of YUTIQ 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]
Stock units vesting, percentage			50.00%
Portion of stock units subject to an FDA approval of YUTIQ on or before March 31, 2019			Two-thirds
Number of Performance-Based Stock Units, vested			96,668
Scenario, Forecast [Member] \| Performance Condition One [Member]
Class of Stock [Line Items]
Stock units vesting, percentage		50.00%
Number of performance-based stock units subject to service-based vesting of one year from performance condition achievement date		48,334
Scenario, Forecast [Member] \| Performance Condition Two [Member]
Class of Stock [Line Items]
Stock units vesting, percentage	50.00%
Number of performance-based stock units subject to service-based vesting of one year from performance condition achievement date	96,666

Share-Based Payment Awards - Summary of Deferred Stock Unit Activity (Detail) - Deferred Stock Units [Member] - 2016 Long Term Incentive Plan [Member]	6 Months Ended
	Dec. 31, 2018 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	35,001
Number of stock units, granted \| shares	417
Number of Stock Units Outstanding, Ending Balance \| shares	35,418
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.95
Weighted average grant date fair value, granted \| $ / shares	2.32
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.95

Share-Based Payment Awards - Deferred Stock Units - Additional Information (Detail) - Deferred Stock Units [Member] - $ / shares		6 Months Ended
	Jun. 21, 2018	Dec. 31, 2018	Sep. 30, 2018
Class of Stock [Line Items]
Weighted average remaining vesting term		5 months 18 days
Non Executive Directors [Member]
Class of Stock [Line Items]
Granted	35,001
Grand Date Fair Value	$ 1.95		$ 2.32
Cliff vesting period	1 year

Share-Based Payment Awards - Inducement Award Grants - Additional Information (Detail) - $ / shares						6 Months Ended	12 Months Ended
	Nov. 26, 2018	Aug. 14, 2018	Aug. 01, 2018	May 14, 2018	Sep. 15, 2016	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Chief Financial Officer [Member]
Class of Stock [Line Items]
Options granted			385,000
Ratable annual vesting period of equity awards			3 years
Exercise price of option			$ 2.22
Chief Financial Officer [Member] \| Performance Stock [Member]
Class of Stock [Line Items]
Cumulative measurement period			3 years
Senior Vice President [Member]
Class of Stock [Line Items]
Options granted	350,000	100,000
Ratable annual vesting period of equity awards	3 years	3 years
Exercise price of option	$ 2.07	$ 2.10
President and CEO [Member]
Class of Stock [Line Items]
Options granted					850,000
Ratable annual vesting period of equity awards					4 years
Exercise price of option					$ 3.63
Contractual life of option grants					10 years
Inducement Award Grants [Member]
Class of Stock [Line Items]
Options granted						835,000
Exercise price of option						$ 1.95
Contractual life of option grants						10 years
Weighted average grant date fair value of the inducement grants						$ 1.24	$ 1.14	$ 0.84
Number of options vested during period						402,500
Inducement Award Grants [Member] \| Chief Financial Officer [Member] \| Performance Stock [Member]
Class of Stock [Line Items]
Number of performance stock units, granted			225,000
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 based upon the net present value of each applicable business development transaction measured as of the date that each such transaction is consummated by the Company.
Inducement Award Grants [Member] \| Executive Vice President And General Manager [Member]
Class of Stock [Line Items]
Options granted				375,000
Ratable annual vesting period of equity awards				3 years
Cumulative measurement period				3 years
Inducement Award Grants [Member] \| Executive Vice President And General Manager [Member] \| Performance Stock [Member]
Class of Stock [Line Items]
Number of performance stock units, granted				225,000
Inducement Award Grants [Member] \| Executive Vice President And General Manager [Member] \| Cliff Vesting [Member]
Class of Stock [Line Items]
Options granted				65,000
Ratable annual vesting period of equity awards				1 year
Exercise price of option				$ 1.95
Contractual life of option grants				10 years
Market Based Restricted Stock Units [Member]
Class of Stock [Line Items]
Ratable annual vesting period of equity awards					3 years
Number of performance stock units, granted					500,000
Weighted average grant date fair value of the inducement grants					$ 1.45

Share-Based Payment Awards - Summary of Other Inducement Award Grants (Detail) - Inducement Award Grants [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2018 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares	1,290,000
Number of Options, Granted \| shares	835,000
Number of Options, Exercised \| shares	(162,291)
Number of Options, Forfeited \| shares	(250,000)
Number of Options, Expired \| shares	(27,709)
Number of Options Outstanding, Ending balance \| shares	1,685,000
Number of Options, Exercisable at December 31, 2018 \| shares	425,000
Weighted Average Exercise Price Outstanding, Beginning balance \| $ / shares	$ 3.06
Weighted Average Exercise Price, Granted \| $ / shares	2.14
Weighted Average Exercise Price, Exercised \| $ / shares	1.95
Weighted Average Exercise Price, Forfeited \| $ / shares	1.95
Weighted Average Exercise Price, Expired \| $ / shares	1.95
Weighted Average Exercise Price Outstanding, Ending balance \| $ / shares	2.89
Weighted Average Exercise Price, Exercisable at December 31, 2018 \| $ / shares	$ 3.63
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2018	8 years 8 months 16 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2018	7 years 8 months 16 days
Aggregate Intrinsic Value, Outstanding at December 31, 2018 \| $	$ 0
Aggregate Intrinsic Value, Exercisable at December 31, 2018 \| $	$ 0

Share-Based Payment Awards - Key Assumptions Used to Apply Option Pricing Model For Options Granted (Detail) - Inducement Award Grants [Member]	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years
Stock volatility, minimum	59.00%	60.00%
Stock volatility, maximum	61.00%	62.00%
Stock volatility			70.00%
Risk-free interest rate, minimum	2.81%	2.88%
Risk-free interest rate, maximum	2.94%	2.91%
Risk-free interest rate			2.13%
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
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)		6 years	6 years 3 months

Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	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	$ 2,550	$ 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	913	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	325	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	$ 1,312	$ 1,402	$ 1,347	$ 1,461

Share-Based Payment Awards - Summary of Information about Award Grants (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Total cash received from exercise of stock options	$ 536	$ 503	$ 99	$ 490
Inducement Award Grants [Member]
Weighted-average grant date fair value per share	$ 1.24	$ 1.14	$ 0.84
Total cash received from exercise of stock options	$ 317	$ 0	$ 0
Total intrinsic value of stock options exercised	$ 44	$ 0	$ 0

Share-Based Payment Awards - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2017
Class of Stock [Line Items]
Unrecognized compensation expense	$ 4,400,000
Unrecognized compensation expense weighted average period	1 year 6 months
Amount of stock-based compensation attributable to accelerated vesting and extension of option exercise period of certain stock options, net of non-vested option forfeitures		$ (104.000)
General and Administrative Expense [Member]
Class of Stock [Line Items]
Amount of stock-based compensation attributable to accelerated vesting and extension of option exercise period of certain stock options, net of non-vested option forfeitures		274,000
Research and Development Expense [Member] \| UNITED KINGDOM
Class of Stock [Line Items]
Amount of stock-based compensation attributable to extension of option exercise period of vested options and forfeiture of all non-vested stock options in connection with U.K. restructuring		$ (35,000)
Selling and Marketing Expense [Member]
Class of Stock [Line Items]
Amount of stock-based compensation attributable to accelerated vesting, net of non-vested option forfeitures	$ 171,000

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($)	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents	$ 43,194,000	$ 28,826,000	$ 13,521,000
Total cash equivalents	43,194,000	28,826,000	13,521,000
Liabilities:
Derivative liabilities		19,780,000
Total derivative liabilities		19,780,000
Quoted Prices in Active Markets (Level 1) [Member] \| Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents	43,194,000	28,826,000	13,521,000
Total cash equivalents	43,194,000	28,826,000	13,521,000
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	0
Total cash equivalents	0	0	0
Liabilities:
Derivative liabilities		0
Total derivative liabilities		0
Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Derivative liabilities	0	19,780,000	0
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents	0	0	0
Total cash equivalents	$ 0	0	$ 0
Liabilities:
Derivative liabilities		19,780,000
Total derivative liabilities		$ 19,780,000

Fair Value Measurements - Schedule of Assumptions Used to Value Liability (Detail) - Second Tranche Transaction Liability [Member]	Jun. 25, 2018 shares	Mar. 28, 2018 shares
Estimated date of stockholder approval		2018-06
Estimated number of units issuable at the estimated date of stockholder approval		26,900,000
Units issued to investors, with each Unit consisting of one share of common stock and one warrant to purchase one share of common stock	20,184,224
Volatility % [Member]
Measurement input		54.20
Risk Free Interest Rate [Member]
Measurement input		1.70
Stock Price [Member]
Measurement input	1.93	1.07

Fair Value Measurements - Schedule of valued using a Monte Carlo simulation valuation model (Detail) - Additional Advance Warrant Liability [Member]	Jun. 25, 2018	Mar. 28, 2018
Measurement Input, Price Volatility % [Member]
Warrants and Rights Outstanding, Measurement Input	55.10	55.20
Measurement Input, Risk Free Interest Rate % [Member]
Warrants and Rights Outstanding, Measurement Input	2.80	1.70
Measurement Input, Expected Term (in years) [Member]
Warrants and Rights Outstanding, Measurement Input	7	7
Measurement Input, Dividend Rate % [Member]
Warrants and Rights Outstanding, Measurement Input	0	0
Measurement Input, Valuation Date Stock Price % [Member]
Warrants and Rights Outstanding, Measurement Input	1.93	1.07
Measurement Input, Probability of Issuance % [Member]
Warrants and Rights Outstanding, Measurement Input	100	80

Fair Value Measurements - Schedule of Common Stock and the risk-free interest rate (Detail) - Second Tranche Warrants [Member]	Jun. 30, 2018	Jun. 25, 2018
Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	85.40	81.00
Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	2.10	2.10
Measurement Input, Expected Term (in years) [Member]
Warrants and Rights Outstanding, Measurement Input	0.5	0.5
Measurement Input, Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0	0
Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	2.08	2.00
Probability of Issuance [Member]
Warrants and Rights Outstanding, Measurement Input	100	100

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant exercise price	$ 1.23	$ 1.23		$ 2.50	$ 2.50
Transaction costs allocated to second tranche liability and additional advance warrant liability	$ 326,000
Second Tranche Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant exercise price			$ 1.43

Fair Value Measurements - Summary of Changes in Fair Value of the Company's Derivative Liability (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 19,780	$ 0
Initial fair value of derivative liability		22,968
Change in fair value	18,886	25,952
Reclassification to equity	(38,666)	(87)
Settlement		(29,053)
Ending balance	0	19,780
Additional Advance Warrant Liability [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Initial fair value of derivative liability		69
Change in fair value	0	18
Reclassification to equity	0	(87)
Settlement		0
Ending balance	0	0
Second Tranche Warrants Liability [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	19,780	0
Initial fair value of derivative liability		18,165
Change in fair value	18,886	1,615
Reclassification to equity	(38,666)	0
Settlement		0
Ending balance	0	19,780
Second Tranche Transaction Liability [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0	0
Initial fair value of derivative liability		4,734
Change in fair value	0	24,319
Reclassification to equity	0	0
Settlement		(29,053)
Ending balance	$ 0	$ 0

Retirement Plans - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2018	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	$ 216,000	$ 220,000	$ 193,000	$ 209,000

Income Taxes - Components of Income Tax Benefit (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Provision For Income Taxes [Line Items]
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ (155)
U.S. Operations [Member]
Provision For Income Taxes [Line Items]
Current income tax expense (benefit)	0	0	0	4
Deferred income tax benefit	0	0	0	0
Income tax expense (benefit)	0	0	0	4
Non-U.S. Operations [Member]
Provision For Income Taxes [Line Items]
Current income tax expense (benefit)	0	0	0	(159)
Deferred income tax benefit	0	0	0	0
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ (159)

Income Taxes - Additional Information (Detail) £ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2018 GBP (£)
Unrecognized tax benefits	$ 0		$ 0	$ 0
Accrued penalties or interest related to uncertain tax positions	$ 0		$ 0	$ 0
Statutory federal corporate income tax rate	21.00%	34.00%	27.50%	34.00%	34.00%
Foreign current income tax benefit					$ 159,000
Changes in valuation allowance	$ 7,166,000		$ (5,385,000)	$ 7,489,000	$ 6,789,000
U.S. Federal [Member]
Operating loss carry forwards	$ 185,900,000
Tax years that remain subject to examination	2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Operating loss carry forwards, expiration range start dates	2023
Operating loss carry forwards, expiration range end dates	2038
State [Member]
Operating loss carry forwards	$ 144,300,000
Federal And State Tax [Member]
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]
Operating loss carry forwards	$ 26,700,000					£ 21.0
Tax years that remain subject to examination	2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Federal and State Research and Development Tax Credit Carryforward [Member]
Research and development tax credit carry forwards	$ 3,100,000
Icon Bioscience Inc [Member]
Deferred tax asset	6,200,000
Icon Bioscience Inc [Member] \| U.S. Federal [Member]
Operating loss carry forwards	$ 49,300,000

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
U.S. operations	$ (44,804)	$ (53,000)	$ (17,566)	$ (19,780)
Non-U.S. operations	84	(171)	(919)	(1,922)
Loss before income taxes	$ (44,720)	$ (53,171)	$ (18,485)	$ (21,702)

Income Taxes - Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	$ (9,391)	$ (14,622)	$ (6,284)	$ (7,379)
State income taxes, net of federal benefit	(1,657)	(1,552)	(928)	(1,044)
Non-U.S. income tax rate differential	186	(66)	(121)	778
Change in fair value of derivative	3,900	7,227	0	0
Change in federal tax rate	0	14,673	0	0
Research and development tax credits	(231)	(284)	(242)	(397)
Permanent items	0	(15)	(9)	216
Changes in valuation allowance	7,166	(5,385)	7,489	6,789
Other, net	27	24	95	882
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ (155)

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Deferred tax assets:
Net operating loss carryforwards	$ 53,259	$ 47,774	$ 39,439
Deferred revenue	70	0	20
Stock-based compensation	4,788	4,241	5,107
Tax credits	3,696	3,463	1,727
Other	682	185	186
Total deferred tax assets	62,495	55,663	46,479
Deferred tax liabilities:
Intangible assets	8,207	8,542	123
Deferred tax assets, net	54,288	47,121	46,356
Valuation allowance	54,288	47,121	46,356
Total deferred tax liability	$ 0	$ 0	$ 0

Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Fiscal Year 2019	$ 826
Fiscal Year 2020	879
Fiscal Year 2021	895
Fiscal Year 2022	849
Fiscal Year 2023 and beyond	1,990
Total future minimum lease payments	$ 5,439

Commitments and Contingencies - Additional Information (Detail)		6 Months Ended	12 Months Ended
	Jun. 11, 2018 ft²	Dec. 31, 2018 USD ($) ft² Tranches	Jun. 30, 2018 USD ($)	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 \| $		$ 374,000	$ 508,000	$ 442,000	$ 485,000
Liberty Corner Office Space [Member]
Commitments and Contingencies [Line Items]
Number of renewal options \| Tranches		2
Caladrius [Member]
Commitments and Contingencies [Line Items]
Additional subleased area of office space	1,381
Massachusetts [Member] \| Maximum [Member]
Commitments and Contingencies [Line Items]
Construction allowance \| $		$ 670,750
Massachusetts [Member] \| Second Amendment [Member]
Commitments and Contingencies [Line Items]
Lease term expiration date		May 31, 2025
Lease commencement date		Sep. 10, 2018
Additional Space leased		6,590
Additional lease renewal option period		5 years
Irrevocable standby letter of credit \| $		$ 150,000
Massachusetts [Member] \| Original Lease [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space		13,650
Original lease term		5 years
Lease term expiration date		Apr. 30, 2019
New Jersey [Member] \| Liberty Corner Office Space [Member]
Commitments and Contingencies [Line Items]
Lease term expiration date		Jun. 30, 2022
Lease commencement date		Jul. 01, 2017
Additional lease renewal option period		5 years
Area of leased office space		3,000
Lease renewal rate at 95% of market rent at time of renewal		95.00%

Segment and Geographic Area Information - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2018
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										6 Months Ended		12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 288		$ 253				$ 313				$ 288		$ 253	$ 313
Revenues	2,442	$ 486	715	$ 928	$ 933	$ 385	701	$ 590	$ 5,971	$ 277	2,928	$ 1,318	2,961	7,539	$ 1,620
Country US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	288		253				313				288		253	313
Revenues											2,828		2,861	7,439	1,520
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 0		$ 0				$ 0				0		0	0
Revenues											$ 100		$ 100	$ 100	$ 100

Subsequent Event (Details)	Mar. 31, 2019 USD ($)	Feb. 13, 2019 USD ($)	Feb. 28, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Initial borrowing under term loan			$ 35,000,000
Accrued term loan exit fee				$ 0	$ 1,200,000	$ 0	$ 0
Subsequent Event [Member] \| SWK Loan Repayment [Member]
Approximate loss on extinguishment of debt	$ 3,800,000
Prepayment penalty	1,200,000
Make whole interest payment penalty for the period from Feb 13, 2019 thru Mar 28, 2019	306,000
Remaining Unamortized Debt Discount	$ 2,300,000
Subsequent Event [Member] \| CRG [Member] \| Term Loan [Member]
Initial borrowing under term loan		$ 35,000,000
Additional borrowing amount available at the Company's discretion on or before Jun 30, 2019		15,000,000
Further additional borrowing amount subject to achievement of 3-month product net sales of $25 million on or before Mar 31, 2020		$ 10,000,000
Interest rate per annum		12.50%
Optional interest rate portion that can be paid-in-kind each quarter and added to loan principal with interest accruing thereon at 12.5% per annum		2.5
Percentage of line of credit borrowings payable at maturity or earlier repayment in full of the credit facility		6.00%
Loan origination fee percentage to be deducted from each cash amount borrowed under the credit facility		1.5
Accrued term loan exit fee		$ 525,000
Loan expenses		$ 350,000

Quarterly Financial Data - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 2,442	$ 486	$ 715	$ 928	$ 933	$ 385	$ 701	$ 590	$ 5,971	$ 277	$ 2,928	$ 1,318	$ 2,961	$ 7,539	$ 1,620
Operating loss	(11,005)	(13,554)	(9,782)	(4,678)	(5,808)	(6,006)	(6,136)	(5,160)	(94)	(7,186)	(24,559)	(11,814)	(26,274)	(18,576)	(21,774)
Net loss	$ (11,594)	$ (33,126)	$ (34,428)	$ (6,978)	$ (5,782)	$ (5,983)	$ (6,116)	$ (5,140)	$ (67)	$ (7,162)	$ (44,720)	$ (11,765)	$ (53,171)	$ (18,485)	$ (21,547)
Net loss per share – basic and diluted	$ (0.12)	$ (0.44)	$ (0.62)	$ (0.15)	$ (0.13)	$ (0.15)	$ (0.16)	$ (0.15)	$ 0	$ (0.21)	$ (0.53)	$ (0.28)	$ (1.15)	$ (0.52)	$ (0.68)
Weighted average common shares – basic and diluted	94,494	75,170	55,387	45,644	44,530	39,430	38,673	34,366	34,177	34,175	85,057	41,980	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			6 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Quarterly Financial Data [Line Items]
Change in fair value of derivative liability					$ (18,886)	$ (26,278)	$ 0	$ 0
Pfizer [Member]
Quarterly Financial Data [Line Items]
Revenue recognized upon termination of Pfizer collaboration and license agreement	$ 5,600
Second Tranche Transaction [Member]
Quarterly Financial Data [Line Items]
Change in fair value of derivative liability		$ (18,900)	$ (24,000)	$ (2,300)
Overstatement (understatement) of change in fair value of derivative			$ 1,200	$ (1,200)

Stub Period Comparative Data (Unaudited) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Total revenues	$ 2,442	$ 486	$ 715	$ 928	$ 933	$ 385	$ 701	$ 590	$ 5,971	$ 277	$ 2,928	$ 1,318	$ 2,961	$ 7,539	$ 1,620
Operating expenses:
Research and development											10,412	8,088	16,178	14,880	14,381
General and administrative											8,901	5,044	11,545	11,235	9,013
Total operating expenses											27,487	13,132	29,235	26,115	23,394
Loss from operations	(11,005)	(13,554)	(9,782)	(4,678)	(5,808)	(6,006)	(6,136)	(5,160)	(94)	(7,186)	(24,559)	(11,814)	(26,274)	(18,576)	(21,774)
Interest and other income											367	49	101	91	72
Net loss	$ (11,594)	$ (33,126)	$ (34,428)	$ (6,978)	$ (5,782)	$ (5,983)	$ (6,116)	$ (5,140)	$ (67)	$ (7,162)	$ (44,720)	$ (11,765)	$ (53,171)	$ (18,485)	$ (21,547)
Net loss per common share - basic and diluted	$ (0.12)	$ (0.44)	$ (0.62)	$ (0.15)	$ (0.13)	$ (0.15)	$ (0.16)	$ (0.15)	$ 0	$ (0.21)	$ (0.53)	$ (0.28)	$ (1.15)	$ (0.52)	$ (0.68)
Weighted average common shares - basic and diluted	94,494	75,170	55,387	45,644	44,530	39,430	38,673	34,366	34,177	34,175	85,057	41,980	46,226	35,344	31,623
Collaborative Research and Development [Member]
Revenues:
Total revenues											$ 1,883	$ 601	$ 1,343	$ 6,569	$ 398
Royalty [Member]
Revenues:
Total revenues											$ 1,045	$ 717	$ 1,618	$ 970	$ 1,222