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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2015	Sep. 04, 2015	Dec. 31, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	PSDV
Entity Registrant Name	PSIVIDA CORP.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		29,417,365
Entity Public Float			$ 118,606,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 19,121	$ 15,334
Marketable securities	9,414	2,944
Accounts and other receivables	622	517
Prepaid expenses and other current assets	681	547
Total current assets	29,838	19,342
Property and equipment, net	338	297
Intangible assets, net	1,925	2,765
Other assets	116	117
Restricted cash	150	150
Total assets	32,367	22,671
Current liabilities:
Accounts payable	744	464
Accrued expenses	2,571	1,524
Deferred revenue	33	138
Total current liabilities	3,348	2,126
Deferred revenue, less current portion	5,596	5,584
Deferred rent	55	37
Total liabilities	8,999	7,747
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding
Common stock, $.001 par value, 60,000,000 shares authorized, 29,412,365 and 29,298,558 shares issued and outstanding at June 30, 2015 and 2014, respectively	29	29
Additional paid-in capital	293,060	290,864
Accumulated deficit	(270,666)	(277,013)
Accumulated other comprehensive income	945	1,044
Total stockholders' equity	23,368	14,924
Total liabilities and stockholders' equity	$ 32,367	$ 22,671

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	29,412,365	29,298,558
Common stock, shares outstanding	29,412,365	29,298,558

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Revenues:
Collaborative research and development	$ 25,411	$ 2,155	$ 780
Royalty income	1,154	1,318	1,363
Total revenues	26,565	3,473	2,143
Operating expenses:
Research and development	12,088	9,573	7,005
General and administrative	8,056	7,468	7,169
Gain on sale of property and equipment	0	(78)	0
Total operating expenses	20,144	16,963	14,174
Operating income (loss)	6,421	(13,490)	(12,031)
Other income (expense):
Interest income, net	19	6	16
Other income (expense), net	3	(1)	(2)
Total other income	22	5	14
Income (loss) before income taxes	6,443	(13,485)	(12,017)
Income tax (expense) benefit	(96)	130	117
Net income (loss)	$ 6,347	$ (13,355)	$ (11,900)
Net income (loss) per share:
Basic	$ 0.22	$ (0.49)	$ (0.52)
Diluted	$ 0.21	$ (0.49)	$ (0.52)
Weighted average common shares outstanding:
Basic	29,378,250	27,443,592	23,044,152
Diluted	30,584,140	27,443,592	23,044,152
Net income (loss)	$ 6,347	$ (13,355)	$ (11,900)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(95)	124	(29)
Net unrealized (loss) gain on marketable securities	(4)	0	7
Other comprehensive (loss) income	(99)	124	(22)
Comprehensive income (loss)	$ 6,248	$ (13,231)	$ (11,922)

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, 2012	$ 13,636	$ 21	$ 264,431	$ (251,758)	$ 942
Balance, shares at Jun. 30, 2012		20,802,592
Net income (loss)	(11,900)	$ 0	0	(11,900)	0
Other comprehensive (loss) income	(22)	0	0	0	(22)
Issuance of stock, net of issue costs	4,669	$ 0	4,667	0	0
Issuance of stock, shares		2,494,419
Exercise of stock options	0
Stock-based compensation	1,317	$ 0	1,317	0	0
Balance at Jun. 30, 2013	7,700	$ 23	270,415	(263,658)	920
Balance, shares at Jun. 30, 2013		23,297,011
Net income (loss)	(13,355)	$ 0	0	(13,355)	0
Other comprehensive (loss) income	124	0	0	0	124
Issuance of stock, net of issue costs	18,057	$ 6	18,051	0	0
Issuance of stock, shares		5,576,112
Exercise of stock options	987	$ 0	987	0	0
Exercise of stock options, shares		425,435
Stock-based compensation	1,411	$ 0	1,411	0	0
Balance at Jun. 30, 2014	$ 14,924	$ 29	290,864	(277,013)	1,044
Balance, shares at Jun. 30, 2014	29,298,558	29,298,558
Net income (loss)	$ 6,347	$ 0	0	6,347	0
Other comprehensive (loss) income	(99)	0	0	0	(99)
Exercise of stock options	235	$ 0	235	0	0
Exercise of stock options, shares		113,807
Stock-based compensation	1,961	$ 0	1,961	0	0
Balance at Jun. 30, 2015	$ 23,368	$ 29	$ 293,060	$ (270,666)	$ 945
Balance, shares at Jun. 30, 2015	29,412,365	29,412,365

- Definition

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

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income (loss)	$ 6,347	$ (13,355)	$ (11,900)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Amortization of intangible assets	770	778	769
Depreciation of property and equipment	112	139	225
Amortization of bond premium on marketable securities	98	45	152
Stock-based compensation	1,961	1,411	1,317
Gain on sale of property and equipment	0	(78)	0
Changes in operating assets and liabilities:
Accounts and other receivables	(124)	103	364
Prepaid expenses and other current assets	(136)	1,110	(1,272)
Accounts payable	292	(213)	277
Accrued expenses	1,053	(381)	1,288
Deferred revenue	(94)	(267)	35
Deferred rent	18	37	0
Net cash provided by (used in) operating activities	10,297	(10,671)	(8,745)
Cash flows from investing activities:
Purchases of marketable securities	(10,222)	(2,964)	(7,758)
Maturities of marketable securities	3,650	3,350	14,184
Purchases of property and equipment	(161)	(248)	(68)
Proceeds from sale of property and equipment	0	78	0
Change in restricted cash	0	(150)	0
Net cash (used in) provided by investing activities	(6,733)	66	6,358
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs	0	18,057	4,669
Proceeds from exercise of stock options	235	987	0
Net cash provided by financing activities	235	19,044	4,669
Effect of foreign exchange rate changes on cash and cash equivalents	(12)	(4)	(8)
Net increase in cash and cash equivalents	3,787	8,435	2,274
Cash and cash equivalents at beginning of year	15,334	6,899	4,625
Cash and cash equivalents at end of year	19,121	15,334	6,899
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 263	$ 0	$ 0

Operations

12 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations

1.	Operations

pSivida Corp. (together with its subsidiaries, the “Company”), incorporated in Delaware, develops sustained-release drug-delivery products for treating eye diseases. Its products deliver drugs at a controlled and steady rate for months or years. The Company has developed three of only four sustained-release products approved by the U.S. Food and Drug Administration (“FDA”) for treatment of back-of-the-eye diseases. The most recent is ILUVIEN^® for diabetic macular edema (“DME”), sold by the Company’s licensee in the U.S. and three European Union (“EU”) countries. The Company’s lead product candidate, Medidur™ for posterior uveitis, is in pivotal Phase III clinical trials. The Company’s pre-clinical development program is focused primarily on developing products for chronic ophthalmic diseases utilizing its core technology platforms.

ILUVIEN is an injectable, sustained-release micro-insert that provides treatment of DME for three years from a single administration. ILUVIEN is licensed to Alimera Sciences, Inc. (“Alimera”), and the Company is entitled to a share of the net profits (as defined) from Alimera’s sales of ILUVIEN. ILUVIEN was launched in late February 2015 in the U.S., where it is indicated for the treatment of DME in patients previously treated with a course of corticosteroids without a clinically significant rise in intraocular pressure. ILUVIEN has been commercially available in the United Kingdom (“U.K.”) and Germany since June 2013 and in Portugal since January 2015. ILUVIEN has marketing approvals in these and 14 other EU countries for the treatment of chronic DME considered insufficiently responsive to available therapies. Distribution, regulatory and reimbursement matters for ILUVIEN for DME in Australia and New Zealand, Canada and Italy have been sublicensed.

Medidur, the Company’s lead development product, is an injectable, micro-insert designed to treat chronic, non-infectious uveitis affecting the posterior of the eye (“posterior uveitis”) for three years from a single administration. Medidur, which is the same micro-insert as ILUVIEN, is in Phase III clinical trials, with the filing of a new drug application (“NDA”) anticipated in the first half of 2017. The Company is developing Medidur independently.

The Company’s FDA-approved Retisert^® provides sustained release treatment of posterior uveitis for approximately two and a half years. It is licensed to Bausch & Lomb, and the Company receives royalties from its sales.

The Company’s pre-clinical development program is focused on developing products using its core platform technologies, Durasert™ and Tethadur™, to deliver drugs and biologics to treat wet and dry age-related macular degeneration (“AMD”), glaucoma, osteoarthritis and other diseases.

The Company has a history of operating losses and has financed its operations primarily from the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners, and from proceeds of sales of its equity securities. The Company believes that its cash, cash equivalents and marketable securities of $28.5 million at June 30, 2015, together with expected cash inflows under existing collaboration agreements, will enable the Company to maintain its current and planned operations into early calendar year 2017. This estimate excludes any potential net profits receipts from sales of ILUVIEN under the Alimera collaboration agreement. The Company’s ability to fund its planned operations beyond then, including completion of clinical development of Medidur, is expected to depend on the amount and timing of cash receipts from ILUVIEN net profits participation, as well as proceeds from any future collaboration or other agreements and/or financing transactions.

Significant Accounting Policies

12 Months Ended

Jun. 30, 2015

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 United States (“U.S. GAAP”) and include the accounts of pSivida Corp. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. The Company’s fiscal year ends on June 30 of each year. The years ended June 30, 2015, 2014 and 2013 may be referred to herein as fiscal 2015, fiscal 2014 and fiscal 2013, respectively.

Certain prior period amounts have been reclassified to conform to the current presentation. Specifically, the significant components of the rate reconciliation have been reclassified to present permanent items and the significant components of the gross deferred tax assets have been reclassified to present tax credits (see Note 12).

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, recoverability of intangible assets, realization of deferred tax assets and the valuation of stock option awards. Actual results could differ from these estimates.

Foreign Currency

The functional currency of the Company and each of its subsidiaries is the currency of the primary economic environment in which that 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 statements of comprehensive income (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 $950,000 at June 30, 2015 and $1,045,000 at June 30, 2014. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in other income (expense), net in the consolidated statements of comprehensive income (loss) and were not significant for all periods presented.

Cash Equivalents

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

Marketable Securities

Marketable securities consist of investments with an original or remaining maturity of greater than three months at the date of purchase. The Company has classified its marketable securities as available-for-sale. Accordingly, the Company records these investments at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, in accumulated other comprehensive income, which is a component of stockholders’ equity. If the Company determines that a decline of any investment is other-than-temporary, the investment is written down to fair value. As of June 30, 2015 and 2014, there were no investments in a significant unrealized loss position. The fair value of marketable securities is determined based on quoted market prices at the balance sheet date of the same or similar instruments. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts through to the earlier of sale or maturity. Such amortization and accretion amounts are included in interest income, net in the consolidated statements of comprehensive income (loss). The cost of marketable securities sold is determined by the specific identification method.

Concentrations of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At June 30, 2015, all of the Company’s interest-bearing cash equivalent balances, aggregating $15.8 million, were concentrated in one institutional money market fund that has investments consisting primarily of certificates of deposit, commercial paper, time deposits and treasury repurchase agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they bear minimal risk. Marketable securities at June 30, 2015 and 2014 consisted of investment-grade corporate bonds and commercial paper. The Company’s investment policy, approved by the Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.

Alimera Sciences accounted for $25.1 million, or 95% of total revenues in fiscal 2015 and inconsequential revenues in each of fiscal 2014 and fiscal 2013. Bausch & Lomb accounted for $1.2 million, or 5% of total revenues in fiscal 2015, $1.3 million, or 38% of total revenues in fiscal 2014, and $1.4 million, or 64%, of total revenues in fiscal 2013. A completed feasibility study agreement accounted for $1.7 million, or 49%, of total revenues in fiscal 2014. Pfizer revenues, which were inconsequential in fiscal 2015 and fiscal 2014, accounted for $368,000, or 17%, of total revenues in fiscal 2013.

Bausch & Lomb accounted for $371,000, or 60% of total accounts receivable at June 30, 2015 and $302,000, or 58% of total accounts receivable at June 30, 2014.

Fair Value of Financial Instruments

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: (i) quarterly royalties earned; (ii) U.K. research and development tax credits; and (iii) accrued interest on marketable securities.

Debt and Equity Instruments

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

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 rent expense over cash payments recorded as a deferred rent liability.

Impairment of Intangible Assets

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

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

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

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

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

Royalties

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

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

Reimbursement of Costs

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

Deferred Revenue

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

Research and Development

Research and development costs are charged to operations as incurred. These costs include all direct costs, including cash compensation, stock-based compensation and benefits for research and development personnel, amortization of intangible assets, third-party costs and services for clinical trials, clinical materials, pre-clinical programs, regulatory 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. Compensation cost related to such awards is based on the fair value of the instrument on the grant date and is recognized, net of estimated forfeitures, on a graded vesting basis over the requisite service period for each separately vesting tranche of the awards.

The Company may also award stock options that are subject to objectively measurable performance and service criteria. Compensation expense for performance-based option 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 options 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.

Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing net income (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.

The following table reconciles the number of shares used to compute basic and diluted net income (loss) per share:


	Year Ended June 30,
	2015		2014		2013
Number of common shares—basic		29,378,250		27,443,592		23,044,152
Effect of dilutive securities:
Stock options		956,441		—		—
Warrants		249,449		—		—

Number of common shares—diluted		30,584,140		27,443,592		23,044,152

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


	Year Ended June 30,
	2015		2014		2013
Options outstanding		2,010,793		3,791,001		3,554,549
Warrants outstanding		552,500		1,176,105		1,176,105

		2,563,293		4,967,106		4,730,654

Comprehensive Income (Loss)

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

Income Tax

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

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

Recently Adopted and Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which requires an entity to recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, which officially deferred the effective date of ASU 2014-09 by one year, while also permitting early adoption. As a result, ASU 2014-09 will become effective on July 1, 2018, with early adoption permitted on July 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the impact this standard will have on its financial statements.

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern. ASU 2014-15 provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the potential impact of adopting this standard on its financial statements.

License and Collaboration Agreements

12 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Collaboration Agreements

3.	License and Collaboration Agreements

Alimera

Under the collaboration agreement with Alimera, as amended in March 2008, (the “Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN, and Alimera assumed all financial responsibility for the development of licensed products. In addition, the Company is 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 may 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 are recouped. In the event that Alimera sublicenses commercialization in any country, the Company is entitled to 20% of royalties and 33% of non-royalty consideration received by Alimera, less certain permitted deductions. The Company is also entitled to reimbursement of certain patent maintenance costs with respect to the patents licensed to Alimera.

The Company’s performance obligations ended on December 31, 2009 and, accordingly, all amounts received thereafter under the Alimera Agreement are recognized as revenue upon receipt or at such earlier date, if applicable, on which any such amounts are both fixed and determinable and reasonably assured of collectability.

In September 2014, the Company earned a $25.0 million milestone from Alimera as a result of the FDA approval of ILUVIEN, which amount was received in October 2014. Revenue under the Alimera Agreement totaled $25.1 million for fiscal 2015, $114,000 for fiscal 2014 and $67,000 for fiscal 2013.

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 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 use commercially reasonable efforts to fund the development for at least one year, including assumption of an investigator-sponsored Phase I/II dose-escalation study that enrolled and followed six patients to treat ocular hypertension and glaucoma. The Company may, at its option, conduct Phase II clinical trials, which to date have not been undertaken, for the purpose of demonstrating Proof-of-Concept (“POC”). If the Company were to issue a final report demonstrating POC, Pfizer would have a 90-day exercise option for an exclusive, worldwide license to further develop and commercialize the Latanoprost Product in return for a $20.0 million payment to the Company and potential double-digit sales-based royalties and prescribed development, regulatory and sales performance milestone payments. If the Company elects to cease development of the Latanoprost Product prior to POC, Pfizer could exercise its option for the same worldwide license upon payment of a lesser option fee, with comparable reductions in any future milestones and royalties. If Pfizer does not exercise its option when available, the Restated Pfizer Agreement will automatically terminate, with any remaining deferred revenue balance recorded as revenue at that time, provided, however, that the Company would retain the right to develop and commercialize the Latanoprost Product.

The Company considered the Restated Pfizer Agreement a material modification and applied the guidance of ASU No. 2009-13, Revenue Recognition (Topic 605), Multiple-Deliverable Revenue Arrangements, to this arrangement. The Company concluded that Pfizer’s exercise option is not a deliverable of the arrangement because it is a substantive option and not priced at a significant and incremental discount. Conducting the research and development program for the Latanoprost Product through completion of Phase II trials (the “R&D program”) was deemed to be the Company’s sole consequential deliverable and, accordingly, the arrangement was treated as a single unit of accounting. The performance period is the expected period over which the services are to be performed.

The arrangement consideration of the Restated Pfizer Agreement totaled $10.05 million, which consisted of $7.75 million of deferred revenue on the Company’s balance sheet at the effective date plus the $2.3 million upfront payment. The excess of the arrangement consideration over the $6.7 million estimated selling price of the Company’s deliverables, or $3.3 million, was recognized as collaborative research and development revenue in the period of the modification, with the remaining $6.7 million deferred and recognized as collaborative research and development revenue over the expected performance period using the lesser of straight-line amortization or the proportional performance method. As of June 30, 2015, the Company continues to evaluate whether to undertake Phase II clinical trials and, consequently, the Company cannot currently estimate the remaining performance period and has therefore not recognized any additional revenue. As a result, the current portion of deferred revenue was $0 at each of June 30, 2015 and 2014. Total deferred revenue was approximately $5.6 million at each of June 30, 2015 and 2014. Collaborative research and development revenue related to the Restated Pfizer Agreement was inconsequential in each of fiscal 2015 and fiscal 2014, and totaled $368,000 in fiscal 2013. Costs associated with conducting the R&D program are included in operating expenses as incurred.

Pfizer owned approximately 6.3% of the Company’s outstanding shares at June 30, 2015.

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. Bausch & Lomb was also licensed to make and sell Vitrasert, an implant for sustained release of CMV retinitis, pursuant to this agreement, but discontinued sales of Vitrasert in the second quarter of fiscal 2013 following patent expiration.

Royalty income totaled approximately $1.2 million in fiscal 2015, $1.3 million in fiscal 2014 and $1.4 million in fiscal 2013. Accounts receivable from Bausch & Lomb totaled $371,000 at June 30, 2015 and $302,000 at June 30, 2014.

Enigma Therapeutics

The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with Enigma Therapeutics Limited (“Enigma”) for the development of BrachySil, the Company’s BioSilicon product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. Enigma is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the first of which was received in January 2014. 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. The Company has no consequential performance obligations under the Enigma 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 Enigma agreement totaled $100,000 in fiscal 2015, $102,000 in fiscal 2014 and $100,000 in fiscal 2013. At June 30, 2015, no deferred revenue was recorded for this agreement.

Feasibility Study Agreements

The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the feasibility study agreement. Revenues under feasibility study agreements totaled $144,000 in fiscal 2015, $1.9 million in fiscal 2014 and $245,000 in fiscal 2013.

Intangible Assets

12 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4.	Intangible Assets

The reconciliation of intangible assets for the years ended June 30, 2015 and 2014 was as follows (in thousands):


	June 30,
	2015			2014
Patented technologies
Gross carrying amount at beginning of year	$	41,689		$	38,941
Foreign currency translation adjustments		(1,979	)		2,748

Gross carrying amount at end of year		39,710			41,689

Accumulated amortization at beginning of year		(38,924	)		(35,511	)
Amortization expense		(770	)		(778	)
Foreign currency translation adjustments		1,909			(2,635	)

Accumulated amortization at end of year		(37,785	)		(38,924	)

Net book value at end of year	$	1,925		$	2,765

The net book value of the Company’s intangible assets at June 30, 2015 and 2014 is summarized as follows (in thousands):


	June 30,				Estimated Remaining Useful Life at June 30, 2015
	2015		2014		(Years)
Patented technologies
Durasert	$	1,324	$	1,853		2.5
BioSilicon		601		912		2.5

	$	1,925	$	2,765

The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense for intangible assets totaled $770,000 in fiscal 2015, $778,000 in fiscal 2014 and $769,000 in fiscal 2013. The carrying value of intangible assets at June 30, 2015 of $1.9 million is expected to be amortized on a straight-line basis of approximately $770,000 per year.

Marketable Securities

12 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

5.	Marketable Securities

The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at June 30, 2015 and 2014 were as follows (in thousands):


	June 30, 2015
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	9,419	$	(5	)	$	9,414


	June 30, 2014
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	2,446	$	(1	)	$	2,445
Commercial paper		499		—			499

Total marketable securities	$	2,945	$	(1	)	$	2,944

During fiscal 2015, $10.2 million of marketable securities were purchased and $3.7 million matured. At June 30, 2015, the marketable securities had maturities ranging between 15 days and 8.5 months, with a weighted average maturity of 5.1 months.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Property and Equipment, Net

12 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6.	Property and Equipment, Net

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


	June 30,
	2015			2014
Property and equipment	$	1,927		$	1,956
Leasehold improvements		217			231

Gross property and equipment		2,144			2,187
Accumulated depreciation and amortization		(1,806	)		(1,890	)

	$	338		$	297

Depreciation expense was $112,000 for fiscal 2015, $139,000 for fiscal 2014 and $225,000 for fiscal 2013.

Fair Value Measurements

12 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

7.	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 transactions (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 Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. Certain of the Company’s corporate debt securities were valued based on quoted prices for the specific securities in an active market and were therefore classified as Level 1. The remaining marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2.

The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at June 30, 2015 and 2014 by valuation hierarchy (in thousands):


	June 30, 2015
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	$	15,835	$	15,835	$	—	$	—
Marketable securities:
Corporate bonds		9,414		7,413		2,001		—

	$	25,249	$	23,248	$	2,001	$	—


	June 30, 2014
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	$	14,260	$	14,260	$	—	$	—
Marketable securities:
Corporate bonds		2,444		1,936		508		—
Commercial paper		500		—		500		—

	$	17,204	$	16,196	$	1,008	$	—

- 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

Accrued Expenses

12 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Accrued Expenses

8.	Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,
	2015		2014
Personnel costs	$	735	$	952
Professional fees		384		249
Clinical trial costs		1,424		316
Other		28		7

	$	2,571	$	1,524

Stockholders' Equity

12 Months Ended

Jun. 30, 2015

Equity [Abstract]

Stockholders' Equity

9.	Stockholders’ Equity

Sales of Common Stock and Warrants

In March 2014, the Company sold 1,700,000 shares of its common stock in a registered direct offering to a single institutional investor at a price of $4.11 per share for gross proceeds of $7.0 million. Placement agent fees and other share issue costs totaled $191,000.

In December 2013, the Company entered into an at-the-market (“ATM”) program pursuant to which 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 $19.2 million. In connection with execution of the ATM program, the Company incurred transaction costs of $153,000. In addition, the Company pays the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. During fiscal 2015, the Company did not sell any shares under this program. During fiscal 2014, the Company sold 381,562 common shares for net proceeds of $1.5 million, reflecting a weighted-average gross selling price of $3.98 per share. At June 30, 2015, an aggregate registered amount of approximately $10.7 million of common stock remains available for sale under the Company’s existing shelf registration statement.

In July 2013, the Company sold 3,494,550 shares of its common stock in an underwritten public offering at a price of $3.10 per share for gross proceeds of $10.8 million. Underwriter commissions and other share issue costs approximated $890,000.

In August 2012, the Company sold 2,494,419 shares of its common stock and warrants to purchase 623,605 shares of its common stock in a registered direct offering to institutional investors for gross proceeds of $5.4 million. The shares and warrants were sold in units, each unit consisting of one share together with 0.25 of one warrant, at a negotiated price of $2.15 per unit. Each whole warrant has an exercise price of $2.50 per share and a five-year term, and became exercisable in February 2013. Placement agent fees and other share issue costs approximated $700,000.

In connection with a January 2011 equity offering, the Company issued warrants to purchase 552,500 shares of its common stock with an exercise price of $5.00 per share and a five-year term.

Warrants to Purchase Common Shares

A total of 1,176,105 warrants were outstanding at June 30, 2015 and 2014 with a weighted average exercise price of $3.67. At June 30, 2015, the remaining lives of these outstanding warrants ranged from 7 months to 2.1 years, representing a weighted-average term of 1.4 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Stock-Based Compensation

12 Months Ended

Jun. 30, 2015

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

Stock-Based Compensation

10.

Stock-Based Compensation

2008 Incentive Plan

The pSivida Corp. 2008 Incentive Plan (the “2008 Plan”) provides for the issuance of stock options and other stock awards to directors, employees and consultants. Awards may include stock options, stock appreciation rights, restricted and unrestricted stock, deferred stock, performance awards, convertible securities and cash grants. At June 30, 2015, a total of 6,341,255 shares of common stock were authorized for issuance under the 2008 Plan, of which 1,123,791 shares were available for new awards. The 2008 Plan includes an “evergreen provision” that allows for an annual increase in the number of shares of common stock available for issuance under the 2008 Plan. On the first day of each fiscal year until July 1, 2017, the number of shares authorized for issuance under the 2008 Plan is increased by the least of: (i) 750,000 shares; (ii) 4% of the then outstanding shares of common stock; and (iii) any such lesser amount of shares of common stock as is determined by the Compensation Committee of the Board of Directors. The number of shares reserved for issuance increased by 750,000 shares on July 1, 2015.

Options to purchase a total of 831,200 shares were granted during fiscal 2015 at exercise prices equal to the closing market price of the Company’s common stock on the NASDAQ Global Market (“NASDAQ”) on the respective option grant dates. Of this total, options to purchase 701,200 shares were issued to employees with ratable annual vesting over 4 years, options to purchase 90,000 shares were issued to non-executive directors with 1-year cliff vesting and options to purchase 40,000 shares were issued to a newly appointed non-executive director with ratable annual vesting over 3 years. A total of 542,434 options vested during fiscal 2015. All options have a 10-year life.

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

The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2015, 2014 and 2013 were as follows:


	2015	2014	2013
Option life (in years)	5.50 - 6.25	5.50 - 6.25	5.50 - 6.25
Stock volatility	79% - 93%	94% - 96%	95% - 98%
Risk-free interest rate	1.70% - 2.00%	1.70% - 1.99%	0.81% - 0.98%
Expected dividends	0.0%	0.0%	0.0%

The Company recognizes compensation expense for only the portion of options that are expected to vest. Based on historical trends, the Company applies estimated forfeiture rates to determine the numbers of awards that are expected to vest. Additional expense is recorded if the actual forfeiture rate for each tranche of option grants is lower than estimated, and a recovery of prior expense is recorded if the actual forfeiture rate is higher than estimated. The Company assesses the forfeiture rate at the end of each reporting period.

The following table summarizes information about stock options for the years ended June 30, 2015, 2014 and 2013 (in thousands except per share amounts):


	2015		2014		2013
Weighted-average grant date fair value per share	$	3.33	$	2.48	$	1.29
Total cash received from exercise of stock options		235		987		—
Total intrinsic value of stock options exercised		257		841		—

At June 30, 2015, there was approximately $1.7 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized as expense over a weighted average period of 1.9 years.

The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 2015:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2014		3,791,001		$	3.08
Granted		831,200			4.48
Exercised		(113,807	)		2.07
Forfeited		(60,419	)		4.00

Outstanding at June 30, 2015		4,447,975		$	3.36		6.23	$	3,165

Outstanding at June 30, 2015—vested or unvested and expected to vest		4,365,104		$	3.35		6.19	$	3,141

Exercisable at June 30, 2015		2,894,183		$	3.03		5.09	$	2,767

Stock-Based Compensation Expense

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


	Year Ended June 30,
	2015		2014		2013
Compensation expense included in:
Research and development	$	676	$	516	$	632
General and administrative		1,285		895		685

	$	1,961	$	1,411	$	1,317

Retirement Plans

12 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

11.

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 operates a defined contribution pension plan for U.K. employees pursuant to which the Company makes contributions on behalf of employees plus a matching percentage of elective employee contributions.

The Company contributed a total of $187,000 for fiscal 2015, $189,000 for fiscal 2014 and $231,000 for fiscal 2013 in connection with these retirement plans.

Income Taxes

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

12.

Income Taxes

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


	Year Ended June 30,
	2015			2014			2013
U.S. operations:
Current income tax expense	$	263		$	—		$	—
Deferred income tax benefit		—			—			—

		263			—			—

Non-U.S. operations:
Current income tax benefit		(167	)		(130	)		(117	)
Deferred income tax benefit		—			—			—

		(167	)		(130	)		(117	)

Income tax expense (benefit)	$	96		$	(130	)	$	(117	)

The significant components of domestic income tax expense for the fiscal year ended June 30, 2015 included a provision for current income tax expense of $2.8 million, less a tax benefit of operating loss carry forwards of $2.5 million, resulting in a net domestic income tax expense of $263,000, which represented federal alternative minimum tax based on taxable income for the tax year ended December 31, 2014. During the fiscal years ended June 30, 2015, 2014 and 2013, the Company also recognized a current income tax benefit of $167,000, $130,000 and $117,000, respectively, related to foreign research and development tax credits earned by its U.K. subsidiary.

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


	Year Ended June 30,
	2015			2014			2013
U.S. operations	$	8,120		$	(11,712	)	$	(10,101	)
Non-U.S. operations		(1,677	)		(1,773	)		(1,916	)

Income (loss) before income taxes	$	6,443		$	(13,485	)	$	(12,017	)

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


	Year Ended June 30,
	2015			2014			2013
Income tax expense (benefit) at statutory rate	$	2,191		$	(4,585	)	$	(4,086	)
State income taxes, net of federal benefit		435			(693	)		(569	)
Non-U.S. income tax rate differential		137			157			145
Research and development tax credits		(313	)		(169	)		(134	)
Capital loss expiration		511			—			—
Permanent items		236			221			201
Changes in valuation allowance		(3,572	)		4,619			2,939
Expiration of state net operating loss carryforwards		—			161			706
Other, net		471			159			681

Income tax expense (benefit)	$	96		$	(130	)	$	(117	)

The significant components of the prior period rate reconciliations have been reclassified to conform to the current presentation. Specifically, $221,000 and $201,000 for the years ended June 30, 2014 and 2013, respectively, have been reclassified from Other, net to Permanent items.

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


	June 30,
	2015		2014
Deferred tax assets:
Net operating loss carryforwards	$	25,736	$	30,123
Deferred revenue		2,194		2,194
Stock-based compensation		3,431		3,079
Tax credits		1,246		564
Provision for loss on note receivable		—		511
Other		110		88

Total deferred tax assets		32,717		36,559

Deferred tax liabilities:
Intangible assets		640		910

Deferred tax assets, net		32,077		35,649
Valuation allowance		32,077		35,649

Total deferred tax liability	$	—	$	—

The significant components of the prior period gross deferred tax assets have been reclassified to conform to the current presentation. Specifically, $564,000 as of June 30, 2014 has been reclassified from Other to Tax credits.

The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduce 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, 2015, 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 decreased $3.6 million during the fiscal year ended June 30, 2015, which is attributed to the consumption of $2.5 million in tax benefits from domestic net operating loss carry forwards and a decrease of $1.1 million attributed to re-measurement of the remaining net deferred tax assets which continue to bear a full valuation allowance. The valuation allowance increased $4.6 million and $2.9 million during the fiscal years ended June 30, 2014 and 2013, respectively, with such increases being attributed to the re-measurement of the net deferred tax assets at the respective year-end dates.

The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. At June 30, 2015, the Company had U.S. federal net operating loss carry forwards of approximately $55.1 million, which expire at various dates between calendar years 2023 and 2035. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2015, the Company had state net operating loss carry forwards of approximately $14.2 million, which expire between 2033 and 2035, as well as U.S. federal and state research and development tax credit carry forwards of approximately $742,000, which expire at various dates between calendar years 2016 and 2035. In addition, at June 30, 2015 the Company had net operating loss carry forwards in the U.K. of £19.8 million (approximately $31.1 million), which are not subject to any expiration dates.

The Company’s U.S. federal income tax returns for calendar years 2003 through 2014 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal years 2006 through 2014 remain subject to examination. The Australian tax returns for the Company’s predecessor for fiscal years 2004 through 2008 remain subject to examination.

Through June 30, 2015, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive income (loss) and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2015 or 2014.

As of June 30, 2015 and 2014, the Company had no accrued penalties or interest related to uncertain tax positions.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13.

Commitments and Contingencies

Operating Leases

On March 21, 2014, the Company commenced a lease for approximately 13,650 square feet of combined office and laboratory space in Watertown, Massachusetts to replace the Company’s previous facilities lease that expired on April 5, 2014. The Company provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease. The initial lease term extends through April 2019, with a five-year renewal option at 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 addition, the Company leases approximately 2,200 square feet of laboratory and office space in Malvern, U.K. through August 2016.

At June 30, 2015, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands):


Fiscal Year:
2016	$	482
2017		482
2018		437
2019		359
2020		—

	$	1,760

Rent expense related to the Company’s real estate and other operating leases charged to operations was approximately $494,000 for fiscal 2015, $485,000 for fiscal 2014 and $454,000 for fiscal 2013.

Litigation

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

Segment and Geographic Area Information

12 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment and Geographic Area Information

14.

Segment and Geographic Area Information

(a)

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.

(b)

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
	2015		2014		2013		2015		2014
U.S.	$	26,465	$	3,248	$	1,873	$	273	$	248
U.K.		100		225		270		65		49

Consolidated	$	26,565	$	3,473	$	2,143	$	338	$	297

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Quarterly Financial Data

12 Months Ended

Jun. 30, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

15.

Quarterly Financial Data (unaudited)

The following table summarizes the quarterly results of operations for the years ended June 30, 2015 and 2014 (in thousands except per share amounts):


	Fiscal Year 2015
	First Quarter Ended September 30, 2014		Second Quarter Ended December 31, 2014			Third Quarter Ended March 31, 2015			Fourth Quarter Ended June 30, 2015			Year Ended June 30, 2015
	(1)
Total revenues	$	25,307	$	521		$	328		$	409		$	26,565
Operating income (loss)		20,789		(4,116	)		(5,052	)		(5,200	)		6,421
Net income (loss)		20,566		(4,075	)		(4,998	)		(5,146	)		6,347

Net income (loss) per share:
Basic	$	0.70	$	(0.14	)	$	(0.17	)	$	(0.17	)	$	0.22

Diluted	$	0.67	$	(0.14	)	$	(0.17	)	$	(0.17	)	$	0.21

Weighted average common shares:
Basic		29,323		29,367			29,412			29,412			29,378

Diluted		30,765		29,367			29,412			29,412			30,584


	Fiscal Year 2014
	First Quarter Ended September 30, 2013			Second Quarter Ended December 31, 2013			Third Quarter Ended March 31, 2014			Fourth Quarter Ended June 30, 2014			Year Ended June 30, 2014
							(2)
Total revenues	$	597		$	592		$	1,992		$	292		$	3,473
Operating loss		(3,718	)		(3,541	)		(2,219	)		(4,012	)		(13,490	)
Net loss		(3,687	)		(3,514	)		(2,187	)		(3,967	)		(13,355	)

Net loss per share—basic and diluted	$	(0.14	)	$	(0.13	)	$	(0.08	)	$	(0.14	)	$	(0.49	)

Weighted average common shares—basic and diluted		25,918			26,953			27,672			29,256			27,444

(1)	Results for the first quarter of fiscal 2015 included $25.0 million of revenue as a result of the FDA approval of ILUVIEN under the Company’s collaboration agreement with Alimera (see Note 3).

(2)	Results for the third quarter of fiscal 2014 included $1.5 million of revenue for recognition of arrangement consideration upon resolution of a contingency associated with completion of a feasibility study agreement (see Note 3).

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Foreign Currency

Foreign Currency

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

Cash Equivalents

Cash Equivalents

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

Marketable Securities

Marketable Securities

Concentrations of Risk

Concentrations of Risk

Bausch & Lomb accounted for $371,000, or 60% of total accounts receivable at June 30, 2015 and $302,000, or 58% of total accounts receivable at June 30, 2014.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

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

Accounts and Other Receivables

Accounts and Other Receivables

Receivables consist primarily of: (i) quarterly royalties earned; (ii) U.K. research and development tax credits; and (iii) accrued interest on marketable securities.

Debt and Equity Instruments

Debt and Equity Instruments

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

Property and Equipment

Property and Equipment

Leases

Leases

Impairment of Intangible Assets

Impairment of Intangible Assets

Revenue Recognition

Revenue Recognition

Collaborative Research and Development and Multiple-Deliverable Arrangements

Royalties

Reimbursement of Costs

Deferred Revenue

Research and Development

Research and Development

Stock-Based Compensation

Stock-Based Compensation

The Company estimates the fair value of stock option awards using the Black-Scholes option valuation model.

Net Income (Loss) per Share

Net Income (Loss) per Share

The following table reconciles the number of shares used to compute basic and diluted net income (loss) per share:


	Year Ended June 30,
	2015		2014		2013
Number of common shares—basic		29,378,250		27,443,592		23,044,152
Effect of dilutive securities:
Stock options		956,441		—		—
Warrants		249,449		—		—

Number of common shares—diluted		30,584,140		27,443,592		23,044,152

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


	Year Ended June 30,
	2015		2014		2013
Options outstanding		2,010,793		3,791,001		3,554,549
Warrants outstanding		552,500		1,176,105		1,176,105

		2,563,293		4,967,106		4,730,654

Comprehensive Income (Loss)

Comprehensive Income (Loss)

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

Income Tax

Income Tax

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted and Recently Issued Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Schedule that Reconciles the Number of Shares Used to Compute Basic and Diluted Net (Loss) Income Per Share

The following table reconciles the number of shares used to compute basic and diluted net income (loss) per share:


	Year Ended June 30,
	2015		2014		2013
Number of common shares—basic		29,378,250		27,443,592		23,044,152
Effect of dilutive securities:
Stock options		956,441		—		—
Warrants		249,449		—		—

Number of common shares—diluted		30,584,140		27,443,592		23,044,152

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

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


	Year Ended June 30,
	2015		2014		2013
Options outstanding		2,010,793		3,791,001		3,554,549
Warrants outstanding		552,500		1,176,105		1,176,105

		2,563,293		4,967,106		4,730,654

Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

The reconciliation of intangible assets for the years ended June 30, 2015 and 2014 was as follows (in thousands):


	June 30,
	2015			2014
Patented technologies
Gross carrying amount at beginning of year	$	41,689		$	38,941
Foreign currency translation adjustments		(1,979	)		2,748

Gross carrying amount at end of year		39,710			41,689

Accumulated amortization at beginning of year		(38,924	)		(35,511	)
Amortization expense		(770	)		(778	)
Foreign currency translation adjustments		1,909			(2,635	)

Accumulated amortization at end of year		(37,785	)		(38,924	)

Net book value at end of year	$	1,925		$	2,765

Schedule of Net Book Value of Intangible Assets

The net book value of the Company’s intangible assets at June 30, 2015 and 2014 is summarized as follows (in thousands):


	June 30,				Estimated Remaining Useful Life at June 30, 2015
	2015		2014		(Years)
Patented technologies
Durasert	$	1,324	$	1,853		2.5
BioSilicon		601		912		2.5

	$	1,925	$	2,765

Marketable Securities (Tables)

12 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities

The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at June 30, 2015 and 2014 were as follows (in thousands):


	June 30, 2015
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	9,419	$	(5	)	$	9,414


	June 30, 2014
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	2,446	$	(1	)	$	2,445
Commercial paper		499		—			499

Total marketable securities	$	2,945	$	(1	)	$	2,944

Property and Equipment, Net (Tables)

12 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	June 30,
	2015			2014
Property and equipment	$	1,927		$	1,956
Leasehold improvements		217			231

Gross property and equipment		2,144			2,187
Accumulated depreciation and amortization		(1,806	)		(1,890	)

	$	338		$	297

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Assets Carried at Fair Value Measured on Recurring Basis

The following table summarizes the Company’s assets carried at fair value measured on a recurring basis at June 30, 2015 and 2014 by valuation hierarchy (in thousands):


	June 30, 2015
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	$	15,835	$	15,835	$	—	$	—
Marketable securities:
Corporate bonds		9,414		7,413		2,001		—

	$	25,249	$	23,248	$	2,001	$	—


	June 30, 2014
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	$	14,260	$	14,260	$	—	$	—
Marketable securities:
Corporate bonds		2,444		1,936		508		—
Commercial paper		500		—		500		—

	$	17,204	$	16,196	$	1,008	$	—

Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2015

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30,
	2015		2014
Personnel costs	$	735	$	952
Professional fees		384		249
Clinical trial costs		1,424		316
Other		28		7

	$	2,571	$	1,524

Stock-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2015

Key Assumptions Used to Apply Option Pricing Model for Options Granted

The key assumptions used to apply the option pricing model for options granted under the 2008 Plan during the years ended June 30, 2015, 2014 and 2013 were as follows:


	2015	2014	2013
Option life (in years)	5.50 - 6.25	5.50 - 6.25	5.50 - 6.25
Stock volatility	79% - 93%	94% - 96%	95% - 98%
Risk-free interest rate	1.70% - 2.00%	1.70% - 1.99%	0.81% - 0.98%
Expected dividends	0.0%	0.0%	0.0%

Summary of Information about Stock Options

The following table summarizes information about stock options for the years ended June 30, 2015, 2014 and 2013 (in thousands except per share amounts):


	2015		2014		2013
Weighted-average grant date fair value per share	$	3.33	$	2.48	$	1.29
Total cash received from exercise of stock options		235		987		—
Total intrinsic value of stock options exercised		257		841		—

Compensation Expense from Stock-Based Payment Awards

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


	Year Ended June 30,
	2015		2014		2013
Compensation expense included in:
Research and development	$	676	$	516	$	632
General and administrative		1,285		895		685

	$	1,961	$	1,411	$	1,317

2008 Incentive Plan [Member]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the 2008 Plan for fiscal 2015:


	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2014		3,791,001		$	3.08
Granted		831,200			4.48
Exercised		(113,807	)		2.07
Forfeited		(60,419	)		4.00

Outstanding at June 30, 2015		4,447,975		$	3.36		6.23	$	3,165

Outstanding at June 30, 2015—vested or unvested and expected to vest		4,365,104		$	3.35		6.19	$	3,141

Exercisable at June 30, 2015		2,894,183		$	3.03		5.09	$	2,767

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

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


	Year Ended June 30,
	2015			2014			2013
U.S. operations:
Current income tax expense	$	263		$	—		$	—
Deferred income tax benefit		—			—			—

		263			—			—

Non-U.S. operations:
Current income tax benefit		(167	)		(130	)		(117	)
Deferred income tax benefit		—			—			—

		(167	)		(130	)		(117	)

Income tax expense (benefit)	$	96		$	(130	)	$	(117	)

Components of Income (Loss) Before Income Taxes

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


	Year Ended June 30,
	2015			2014			2013
U.S. operations	$	8,120		$	(11,712	)	$	(10,101	)
Non-U.S. operations		(1,677	)		(1,773	)		(1,916	)

Income (loss) before income taxes	$	6,443		$	(13,485	)	$	(12,017	)

Difference Between Expected Income Tax Expense (Benefit) and Actual Income Tax Expense (Benefit)


	Year Ended June 30,
	2015			2014			2013
Income tax expense (benefit) at statutory rate	$	2,191		$	(4,585	)	$	(4,086	)
State income taxes, net of federal benefit		435			(693	)		(569	)
Non-U.S. income tax rate differential		137			157			145
Research and development tax credits		(313	)		(169	)		(134	)
Capital loss expiration		511			—			—
Permanent items		236			221			201
Changes in valuation allowance		(3,572	)		4,619			2,939
Expiration of state net operating loss carryforwards		—			161			706
Other, net		471			159			681

Income tax expense (benefit)	$	96		$	(130	)	$	(117	)

Significant Components of Deferred Income Taxes

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


	June 30,
	2015		2014
Deferred tax assets:
Net operating loss carryforwards	$	25,736	$	30,123
Deferred revenue		2,194		2,194
Stock-based compensation		3,431		3,079
Tax credits		1,246		564
Provision for loss on note receivable		—		511
Other		110		88

Total deferred tax assets		32,717		36,559

Deferred tax liabilities:
Intangible assets		640		910

Deferred tax assets, net		32,077		35,649
Valuation allowance		32,077		35,649

Total deferred tax liability	$	—	$	—

Commitments and Contingencies (Tables)

12 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments Under Non-Cancellable Operating Leases

At June 30, 2015, the Company’s total future minimum lease payments under non-cancellable operating leases were as follows (in thousands):


Fiscal Year:
2016	$	482
2017		482
2018		437
2019		359
2020		—

	$	1,760

Segment and Geographic Area Information (Tables)

12 Months Ended

Jun. 30, 2015

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
	2015		2014		2013		2015		2014
U.S.	$	26,465	$	3,248	$	1,873	$	273	$	248
U.K.		100		225		270		65		49

Consolidated	$	26,565	$	3,473	$	2,143	$	338	$	297

Quarterly Financial Data (Tables)

12 Months Ended

Jun. 30, 2015

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

The following table summarizes the quarterly results of operations for the years ended June 30, 2015 and 2014 (in thousands except per share amounts):


	Fiscal Year 2015
	First Quarter Ended September 30, 2014		Second Quarter Ended December 31, 2014			Third Quarter Ended March 31, 2015			Fourth Quarter Ended June 30, 2015			Year Ended June 30, 2015
	(1)
Total revenues	$	25,307	$	521		$	328		$	409		$	26,565
Operating income (loss)		20,789		(4,116	)		(5,052	)		(5,200	)		6,421
Net income (loss)		20,566		(4,075	)		(4,998	)		(5,146	)		6,347

Net income (loss) per share:
Basic	$	0.70	$	(0.14	)	$	(0.17	)	$	(0.17	)	$	0.22

Diluted	$	0.67	$	(0.14	)	$	(0.17	)	$	(0.17	)	$	0.21

Weighted average common shares:
Basic		29,323		29,367			29,412			29,412			29,378

Diluted		30,765		29,367			29,412			29,412			30,584


	Fiscal Year 2014
	First Quarter Ended September 30, 2013			Second Quarter Ended December 31, 2013			Third Quarter Ended March 31, 2014			Fourth Quarter Ended June 30, 2014			Year Ended June 30, 2014
							(2)
Total revenues	$	597		$	592		$	1,992		$	292		$	3,473
Operating loss		(3,718	)		(3,541	)		(2,219	)		(4,012	)		(13,490	)
Net loss		(3,687	)		(3,514	)		(2,187	)		(3,967	)		(13,355	)

Net loss per share—basic and diluted	$	(0.14	)	$	(0.13	)	$	(0.08	)	$	(0.14	)	$	(0.49	)

Weighted average common shares—basic and diluted		25,918			26,953			27,672			29,256			27,444

(1)	Results for the first quarter of fiscal 2015 included $25.0 million of revenue as a result of the FDA approval of ILUVIEN under the Company’s collaboration agreement with Alimera (see Note 3).

(2)	Results for the third quarter of fiscal 2014 included $1.5 million of revenue for recognition of arrangement consideration upon resolution of a contingency associated with completion of a feasibility study agreement (see Note 3).

Operations - Additional Information (Detail) $ in Millions	12 Months Ended
Operations - Additional Information (Detail) $ in Millions	Jun. 30, 2015 USD ($) Country
Operations [Line Items]
Cash equivalents and marketable securities \| $	$ 28.5
Europe [Member] \| ILUVIEN [Member]
Operations [Line Items]
Number of additional countries approved for lead product \| Country	14

Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Schedule Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income attributable to foreign currency translation	$ 950,000				$ 1,045,000				$ 950,000	$ 1,045,000
Investments in significant unrealized loss position	0				0				0	0
Interest-bearing cash equivalent	15,800,000								15,800,000
Revenues	409,000	$ 328,000	$ 521,000	$ 25,307,000	292,000	$ 1,992,000	$ 592,000	$ 597,000	26,565,000	3,473,000	$ 2,143,000
Accounts receivable	622,000				517,000				$ 622,000	517,000
Durasert and BioSilicon [Member]
Schedule Of Significant Accounting Policies [Line Items]
Finite life intangible assets amortization period									12 years
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets									3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of assets									5 years
Pfizer [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues											$ 368,000
Pfizer [Member] \| Customer Concentration Risk [Member] \| Total Revenues [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk											17.00%
Bausch and Lomb [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 1,200,000	1,300,000	$ 1,400,000
Accounts receivable	$ 371,000				$ 302,000				$ 371,000	$ 302,000
Bausch and Lomb [Member] \| Customer Concentration Risk [Member] \| Total Revenues [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									5.00%	38.00%	64.00%
Bausch and Lomb [Member] \| Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									60.00%	58.00%
Feasibility Study Agreement [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues										$ 1,700,000
Feasibility Study Agreement [Member] \| Customer Concentration Risk [Member] \| Total Revenues [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk										49.00%
Alimera [Member]
Schedule Of Significant Accounting Policies [Line Items]
Revenues									$ 25,100,000
Alimera [Member] \| Customer Concentration Risk [Member] \| Total Revenues [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk									95.00%

Significant Accounting Policies - Schedule that Reconciles the Number of Shares Used to Compute Basic and Diluted Net (Loss) Income per Share (Detail) - shares	3 Months Ended				12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]
Number of common shares - basic	29,412,000	29,412,000	29,367,000	29,323,000	29,378,250	27,443,592	23,044,152
Effect of dilutive securities:
Stock options					956,441	0	0
Warrants					249,449	0	0
Number of common shares - diluted	29,412,000	29,412,000	29,367,000	30,765,000	30,584,140	27,443,592	23,044,152

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	2,563,293	4,967,106	4,730,654
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	2,010,793	3,791,001	3,554,549
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	552,500	1,176,105	1,176,105

License and Collaboration Agreements - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2013	Jun. 30, 2011	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue			$ 25,411,000	$ 2,155,000	$ 780,000
Current portion of deferred revenue			33,000	138,000
Noncurrent portion of deferred revenue			$ 5,596,000	5,584,000
Percentage of outstanding share capital owned by Pfizer			6.30%
Royalty income			$ 1,154,000	1,318,000	1,363,000
Accounts receivable			$ 622,000	517,000
Enigma Therapeutics Limited [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of royalties received from sublicense			8.00%
Percentage of non-royalty consideration received from sublicense			20.00%
Collaborative research and development revenue			$ 100,000	102,000	100,000
Upfront payment	$ 100,000
Deferred revenue			$ 0
License agreement commencement date			2012-12
Annual license maintenance fee			$ 100,000
Alimera [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 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%
Milestone payment received upon an FDA approval of ILUVIEN						$ 25,000,000
Collaborative research and development revenue			$ 25,100,000	114,000	67,000
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue		$ 3,300,000			368,000
Upfront payment		2,300,000
Contingent option exercise period			90 days
License option upfront payment upon exercise			$ 20,000,000
Estimated selling price of the deliverables for revenue recognition		6,700,000
Current portion of deferred revenue			0	0
Noncurrent portion of deferred revenue			5,600,000	5,600,000
Collaboration agreement cumulative cash consideration received		10,050,000
Deferred revenue		$ 7,750,000
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty income			1,200,000	1,300,000	1,400,000
Accounts receivable			371,000	302,000
Feasibility Study Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue			$ 144,000	$ 1,900,000	$ 245,000

- Details

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Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ (770)	$ (778)	$ (769)
Net book value at end of year	1,925	2,765
Patented Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount at beginning of year	41,689	38,941
Foreign currency translation adjustments	(1,979)	2,748
Gross carrying amount at end of year	39,710	41,689	38,941
Accumulated amortization at beginning of year	(38,924)	(35,511)
Amortization expense	(770)	(778)
Foreign currency translation adjustments	1,909	(2,635)
Accumulated amortization at end of year	(37,785)	(38,924)	$ (35,511)
Net book value at end of year	$ 1,925	$ 2,765

Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets [Line Items]
Net book value of intangible assets	$ 1,925	$ 2,765
Durasert [Member]
Intangible Assets [Line Items]
Net book value of intangible assets	$ 1,324	1,853
Estimated remaining useful life	2 years 6 months
BioSilicon [Member]
Intangible Assets [Line Items]
Net book value of intangible assets	$ 601	$ 912
Estimated remaining useful life	2 years 6 months

Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 770,000	$ 778,000	$ 769,000
Intangible assets, net	1,925,000	$ 2,765,000
Amortization expense per year	$ 770,000

Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost		$ 2,945
Marketable securities, Unrealized Loss		(1)
Marketable securities, Fair Value		2,944
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	$ 9,419	2,446
Marketable securities, Unrealized Loss	(5)	(1)
Marketable securities, Fair Value	$ 9,414	2,445
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost		499
Marketable securities, Unrealized Loss		0
Marketable securities, Fair Value		$ 499

Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
Marketable securities purchased	$ 10,222	$ 2,964	$ 7,758
Marketable securities matured and sold	$ 3,650	$ 3,350	$ 14,184
Weighted average maturity	5 months 3 days
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	15 days
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	8 months 15 days

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 2,144	$ 2,187
Accumulated depreciation and amortization	(1,806)	(1,890)
Property and equipment, net	338	297
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,927	1,956
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 217	$ 231

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Property Plant and Equipment Useful Life and Values [Abstract]
Depreciation of property and equipment	$ 112	$ 139	$ 225

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Assets:
Cash equivalents	$ 15,835	$ 14,260
Marketable securities	9,414	2,944
Cash equivalents and marketable securities	25,249	17,204
Corporate Bonds [Member]
Assets:
Marketable securities	9,414	2,444
Commercial Paper [Member]
Assets:
Marketable securities		500
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	15,835	14,260
Cash equivalents and marketable securities	23,248	16,196
Quoted Prices in Active Markets (Level 1) [Member] \| Corporate Bonds [Member]
Assets:
Marketable securities	7,413	1,936
Quoted Prices in Active Markets (Level 1) [Member] \| Commercial Paper [Member]
Assets:
Marketable securities		0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents	0	0
Cash equivalents and marketable securities	2,001	1,008
Significant Other Observable Inputs (Level 2) [Member] \| Corporate Bonds [Member]
Assets:
Marketable securities	2,001	508
Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Assets:
Marketable securities		500
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Cash equivalents	0	0
Cash equivalents and marketable securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Corporate Bonds [Member]
Assets:
Marketable securities	$ 0	0
Significant Unobservable Inputs (Level 3) [Member] \| Commercial Paper [Member]
Assets:
Marketable securities		$ 0

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Payables and Accruals [Abstract]
Personnel costs	$ 735	$ 952
Professional fees	384	249
Clinical trial costs	1,424	316
Other	28	7
Accrued expenses	$ 2,571	$ 1,524

Stockholders' Equity - Additional Information (Detail)	1 Months Ended					12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Mar. 31, 2014 USD ($) Investor $ / shares shares	Dec. 31, 2013 USD ($)	Jul. 31, 2013 USD ($) $ / shares shares	Aug. 31, 2012 USD ($) $ / shares shares	Jan. 31, 2011 $ / shares shares	Jun. 30, 2015 USD ($) $ / shares shares	Jun. 30, 2014 USD ($) $ / shares shares	Jun. 30, 2013 shares
Class of Stock [Line Items]
Common stock issued to investors \| shares	1,700,000		3,494,550	2,494,419
Common stock price per share \| $ / shares	$ 4.11		$ 3.10
Gross proceeds from issuance of common stock	$ 7,000,000		$ 10,800,000
Share issuance costs	$ 191,000		$ 890,000	$ 700,000
Number of institutional investors in direct offering \| Investor	1
Number of warrants to purchase shares of common stock issued \| shares				623,605	552,500
Proceeds from issuance of common stock and warrants				$ 5,400,000
Issue price per unit \| $ / shares				$ 2.15
Percentage of warrants on common stock				25.00%
Warrant exercise price \| $ / shares				$ 2.50	$ 5.00
Term of warrants				5 years	5 years
Class of warrant or right - period from which warrants or rights exercisable						2013-02
Number of warrants \| shares						1,176,105	1,176,105
Weighted Average Exercise Price \| $ / shares						$ 3.67	$ 3.67
Outstanding warrants remaining contract life, weighted average period						1 year 4 months 24 days
At-the-Market Offering [Member]
Class of Stock [Line Items]
Common stock issued to investors \| shares						0	381,562
Gross proceeds from issuance of common stock							$ 1,500,000
Common stock shares maximum aggregate offering price		$ 19,200,000
Agreement transaction costs		$ 153,000
Stock issuances, sales agent commission maximum percentage		3.00%
Weighted-average gross selling price \| $ / shares							$ 3.98
Common Stock [Member]
Class of Stock [Line Items]
Common stock issued to investors \| shares							5,576,112	2,494,419
Common Stock [Member] \| At-the-Market Offering [Member]
Class of Stock [Line Items]
Common stock available for sale, value						$ 10,700,000
Minimum [Member]
Class of Stock [Line Items]
Outstanding warrants remaining contract life						7 months
Maximum [Member]
Class of Stock [Line Items]
Outstanding warrants remaining contract life						2 years 1 month 6 days

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Jul. 01, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assumed dividend yield		0.00%	0.00%	0.00%
Unrecognized compensation expense		$ 1.7
Unrecognized compensation expense weighted average period		1 year 10 months 24 days
2008 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock, authorized for issuance		6,341,255
Shares available for grant		1,123,791
Percentage increase on outstanding shares		4.00%
Options granted with annual vesting		831,200
Options vested during the period		542,434
Assumed dividend yield		0.00%
2008 Incentive Plan [Member] \| Non-Executive Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted with annual vesting		90,000
Vesting period of granted options		1 year
2008 Incentive Plan [Member] \| Newly Appointed Non-executive Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted with annual vesting		40,000
Vesting period of granted options		3 years
2008 Incentive Plan [Member] \| Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted with annual vesting		701,200
Vesting period of granted options		4 years
Contractual life of option grants		10 years
2008 Incentive Plan [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance, increased	750,000

Stock-Based Compensation - Key Assumptions Used to Apply Option Pricing Model for Options Granted (Detail)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	79.00%	94.00%	95.00%
Stock volatility, maximum	93.00%	96.00%	98.00%
Risk-free interest rate, Minimum	1.70%	1.70%	0.81%
Risk-free interest rate, Maximum	2.00%	1.99%	0.98%
Expected dividends	0.00%	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months	5 years 6 months	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 3 months	6 years 3 months	6 years 3 months

Stock-Based Compensation - Summary of Information about Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-average grant date fair value per share	$ 3.33	$ 2.48	$ 1.29
Total cash received from exercise of stock options	$ 235	$ 987	$ 0
Total intrinsic value of stock options exercised	$ 257	$ 841	$ 0

Stock-Based Compensation - Stock Option Activity Under Plan (Detail) - 2008 Incentive Plan [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2015 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares	3,791,001
Number of Options, Granted \| shares	831,200
Number of Options, Exercised \| shares	(113,807)
Number of Options, Forfeited \| shares	(60,419)
Number of Options Outstanding, Ending balance \| shares	4,447,975
Number of Options, Outstanding at June 30, 2015 - vested or unvested and expected to vest \| shares	4,365,104
Number of Options, Exercisable at June 30, 2015 \| shares	2,894,183
Weighted Average Exercise Price Outstanding, beginning balance \| $ / shares	$ 3.08
Weighted Average Exercise Price, Granted \| $ / shares	4.48
Weighted Average Exercise Price, Exercised \| $ / shares	2.07
Weighted Average Exercise Price, Forfeited \| $ / shares	4.00
Weighted Average Exercise Price Outstanding, ending balance \| $ / shares	3.36
Weighted Average Exercise Price, Outstanding at June 30, 2015 - vested or unvested and expected to vest \| $ / shares	3.35
Weighted Average Exercise Price, Exercisable at June 30, 2015 \| $ / shares	$ 3.03
Weighted Average Remaining Contractual Life Outstanding, Ending balance	6 years 2 months 23 days
Weighted Average Remaining Contractual Life, Outstanding at June 30, 2015 - vested or unvested and expected to vest	6 years 2 months 9 days
Weighted Average Remaining Contractual Life, Exercisable at June 30, 2015	5 years 1 month 2 days
Aggregate Intrinsic Value Outstanding, Ending balance \| $	$ 3,165
Aggregate Intrinsic Value, Outstanding at June 30, 2015 - vested or unvested and expected to vest \| $	3,141
Aggregate Intrinsic Value, Exercisable at June 30, 2015 \| $	$ 2,767

Stock-Based Compensation - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,961	$ 1,411	$ 1,317
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	676	516	632
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,285	$ 895	$ 685

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Compensation and Retirement Disclosure [Abstract]
Maximum percentage of eligible compensation matched by employer	5.00%
Employer contributions to retirement plans	$ 187,000	$ 189,000	$ 231,000

Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
U.S. operations:
Current income tax expense	$ 263	$ 0	$ 0
Deferred income tax benefit	0	0	0
Income tax expense (benefit) continuing operations	263	0	0
Non-U.S. operations:
Current income tax benefit	(167)	(130)	(117)
Deferred income tax benefit	0	0	0
Income tax expense (benefit) continuing operations	(167)	(130)	(117)
Income tax expense (benefit)	$ 96	$ (130)	$ (117)

Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
U.S. operations	$ 8,120	$ (11,712)	$ (10,101)
Non-U.S. operations	(1,677)	(1,773)	(1,916)
Income (loss) before income taxes	$ 6,443	$ (13,485)	$ (12,017)

Income Taxes - Additional Information (Detail) £ in Millions	12 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2015 GBP (£)
Income Tax [Line Items]
Statutory U.S. federal tax rate	34.00%
Permanent items	$ 236,000	$ 221,000	$ 201,000
Research and development tax credit carry forwards	1,246,000	564,000
Federal alternative minimum tax	263,000
Foreign current income tax benefit	167,000	130,000	117,000
Domestic or federal tax expense before utilization of loss carry forwards	2,800,000
Domestic tax benefit from utilizing loss carry forwards	2,500,000
Changes in valuation allowance	(3,572,000)	4,619,000	2,939,000
Increase (decrease) in deferred tax assets, net	(1,100,000)	4,600,000	$ 2,900,000
Unrecognized tax benefits	0	0
Accrued penalties or interest related to uncertain tax positions	0	$ 0
U.S. Federal [Member]
Income Tax [Line Items]
Operating loss carry forwards	$ 55,100,000
Operating loss carry forwards, expiration range start dates	2023
Operating loss carry forwards, expiration range end dates	2035
Tax years subject to examination	2003 through 2014
United Kingdom Tax Authority [Member]
Income Tax [Line Items]
Tax years subject to examination	2006 through 2014
Australian Tax Authority [Member]
Income Tax [Line Items]
Tax years subject to examination	2004 through 2008
State [Member]
Income Tax [Line Items]
Operating loss carry forwards	$ 14,200,000
Research and development tax credit carry forwards expiration begin date	2016
Research and development tax credit carry forwards expiration end date	2035
Foreign Tax [Member]
Income Tax [Line Items]
Operating loss carry forwards	$ 31,100,000			£ 19.8
Federal and State Tax [Member]
Income Tax [Line Items]
Research and development tax credit carry forwards	$ 742,000

Income Taxes - Difference Between Expected Income Tax Expense (Benefit) and Actual Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at statutory rate	$ 2,191	$ (4,585)	$ (4,086)
State income taxes, net of federal benefit	435	(693)	(569)
Non-U.S. income tax rate differential	137	157	145
Research and development tax credits	(313)	(169)	(134)
Capital loss expiration	511	0	0
Permanent items	236	221	201
Changes in valuation allowance	(3,572)	4,619	2,939
Expiration of state net operating loss carryforwards	0	161	706
Other, net	471	159	681
Income tax expense (benefit)	$ 96	$ (130)	$ (117)

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Deferred tax assets:
Net operating loss carryforwards	$ 25,736,000	$ 30,123,000
Deferred revenue	2,194,000	2,194,000
Stock-based compensation	3,431,000	3,079,000
Tax credits	1,246,000	564,000
Provision for loss on note receivable	0	511,000
Other	110,000	88,000
Total deferred tax assets	32,717,000	36,559,000
Deferred tax liabilities:
Intangible assets	640,000	910,000
Deferred tax assets, net	32,077,000	35,649,000
Valuation allowance	32,077,000	35,649,000
Total deferred tax liability	$ 0	$ 0

Commitments and Contingencies - Additional Information (Detail)		12 Months Ended
	Mar. 21, 2014 ft²	Jun. 30, 2015 USD ($) ft²	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)
Operating Leased Assets [Line Items]
Irrevocable standby letter of credit \| $		$ 150,000
Rent expense related to real estate and other operating leases charged to operations \| $		$ 494,000	$ 485,000	$ 454,000
Watertown [Member]
Operating Leased Assets [Line Items]
Area of leased office and laboratory space \| ft²	13,650
Expiry date of previous facilities lease		Apr. 05, 2014
Initial lease term expiration date	2019-04
Lease renewal, Period	5 years
Malvern, U.K. [Member]
Operating Leased Assets [Line Items]
Area of leased office and laboratory space \| ft²		2,200
Lease expiry date		Aug. 31, 2016

Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Detail) $ in Thousands	Jun. 30, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016	$ 482
2017	482
2018	437
2019	359
2020	0
Total future minimum lease payments	$ 1,760

Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 338				$ 297				$ 338	$ 297
Revenues	409	$ 328	$ 521	$ 25,307	292	$ 1,992	$ 592	$ 597	26,565	3,473	$ 2,143
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	273				248				273	248
Revenues									26,465	3,248	1,873
U.K. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets, net	$ 65				$ 49				65	49
Revenues									$ 100	$ 225	$ 270

Quarterly Financial Data - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 409	$ 328	$ 521	$ 25,307	$ 292	$ 1,992	$ 592	$ 597	$ 26,565	$ 3,473	$ 2,143
Operating income (loss)	(5,200)	(5,052)	(4,116)	20,789	(4,012)	(2,219)	(3,541)	(3,718)	6,421	(13,490)	(12,031)
Net income (loss)	$ (5,146)	$ (4,998)	$ (4,075)	$ 20,566	$ (3,967)	$ (2,187)	$ (3,514)	$ (3,687)	$ 6,347	$ (13,355)	$ (11,900)
Net income (loss) per share:
Basic	$ (0.17)	$ (0.17)	$ (0.14)	$ 0.70					$ 0.22	$ (0.49)	$ (0.52)
Diluted	$ (0.17)	$ (0.17)	$ (0.14)	$ 0.67					$ 0.21	(0.49)	$ (0.52)
Net loss per share - basic and diluted					$ (0.14)	$ (0.08)	$ (0.13)	$ (0.14)		$ (0.49)
Weighted average common shares:
Basic	29,412,000	29,412,000	29,367,000	29,323,000					29,378,250	27,443,592	23,044,152
Diluted	29,412,000	29,412,000	29,367,000	30,765,000					30,584,140	27,443,592	23,044,152
Weighted average common shares - basic and diluted					29,256,000	27,672,000	26,953,000	25,918,000		27,444,000

Quarterly Financial Data - Summary of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Quarterly Financial Data [Line Items]
Revenues	$ 409	$ 328	$ 521	$ 25,307	$ 292	$ 1,992	$ 592	$ 597	$ 26,565	$ 3,473	$ 2,143
Alimera [Member]
Quarterly Financial Data [Line Items]
Revenue recognized upon FDA approval of ILUVIEN				$ 25,000
Feasibility Study Agreement [Member]
Quarterly Financial Data [Line Items]
Revenues						$ 1,500