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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2017	Feb. 05, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Trading Symbol	PSDV
Entity Registrant Name	PSIVIDA CORP.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		45,256,999

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 12,876	$ 16,898
Accounts and other receivables	288	251
Prepaid expenses and other current assets	481	591
Total current assets	13,645	17,740
Property and equipment, net	293	313
Intangible assets, net	0	364
Other assets	109	110
Restricted cash	150	150
Total assets	14,197	18,677
Current liabilities:
Accounts payable	1,483	1,016
Accrued expenses	2,262	4,224
Deferred revenue	505	50
Total current liabilities	4,250	5,290
Deferred rent	42	51
Total liabilities	4,292	5,341
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $.001 par value, 120,000,000 shares authorized, 45,256,999 and 39,356,999 shares issued and outstanding at December 31, 2017 and June 30, 2017, respectively	45	39
Additional paid-in capital	331,609	323,284
Accumulated deficit	(322,585)	(310,820)
Accumulated other comprehensive income	836	833
Total stockholders' equity	9,905	13,336
Total liabilities and stockholders' equity	$ 14,197	$ 18,677

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Jun. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	45,256,999	39,356,999
Common stock, shares outstanding	45,256,999	39,356,999

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Collaborative research and development	$ 461	$ 5,702	$ 601	$ 5,736
Royalty income	472	269	717	512
Total revenues	933	5,971	1,318	6,248
Operating expenses:
Research and development	4,269	3,165	8,088	7,343
General and administrative	2,472	2,900	5,044	6,185
Total operating expenses	6,741	6,065	13,132	13,528
Loss from operations	(5,808)	(94)	(11,814)	(7,280)
Interest and other income	26	27	49	51
Net loss	$ (5,782)	$ (67)	$ (11,765)	$ (7,229)
Net loss per common share:
Basic and diluted	$ (0.13)	$ 0.00	$ (0.28)	$ (0.21)
Weighted average common shares:
Basic and diluted	44,530	34,177	41,980	34,176
Net loss	$ (5,782)	$ (67)	$ (11,765)	$ (7,229)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(1)	(15)	3	(30)
Net unrealized gain on marketable securities	0	0	0	1
Other comprehensive (loss) income	(1)	(15)	3	(29)
Comprehensive loss	$ (5,783)	$ (82)	$ (11,762)	$ (7,258)

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Jun. 30, 2016	$ 20,881	$ 34	$ 312,208	$ (292,213)	$ 852
Balance, shares at Jun. 30, 2016		34,172,919
Net loss	(7,229)			(7,229)
Other comprehensive income (loss)	(29)				(29)
Exercise of stock options	9		9
Exercise of stock options, shares		4,080
Stock-based compensation	1,130		1,130
Balance at Dec. 31, 2016	14,762	$ 34	313,347	(299,442)	823
Balance, shares at Dec. 31, 2016		34,176,999
Balance at Jun. 30, 2017	$ 13,336	$ 39	323,284	(310,820)	833
Balance, shares at Jun. 30, 2017	39,356,999	39,356,999
Net loss	$ (11,765)			(11,765)
Other comprehensive income (loss)	3				3
Issuance of stock, net of issue costs	7,044	$ 6	7,038
Issuance of stock, shares		5,900,000
Stock-based compensation	1,287		1,287
Balance at Dec. 31, 2017	$ 9,905	$ 45	$ 331,609	$ (322,585)	$ 836
Balance, shares at Dec. 31, 2017	45,256,999	45,256,999

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (11,765)	$ (7,229)
Adjustments to reconcile net loss to cash flows from operating activities:
Amortization of intangible assets	366	363
Depreciation of property and equipment	83	32
Stock-based compensation expense	1,287	1,130
Amortization of bond discount on marketable securities	0	(7)
Amortization of noncurrent portion of deferred revenue	0	(5,585)
Changes in current assets and liabilities:
Accounts receivable and other current assets	74	(44)
Accounts payable and accrued expenses	(1,497)	(141)
Deferred revenue	455	(11)
Deferred rent	(9)	(3)
Net cash used in operating activities	(11,006)	(11,495)
Cash flows from investing activities:
Purchases of marketable securities	0	(5,053)
Maturities of marketable securities	0	12,893
Purchases of property and equipment	(64)	(5)
Proceeds from sale of property and equipment	0	33
Net cash (used in) provided by investing activities	(64)	7,868
Cash flows from financing activities:
Proceeds from issuance of stock, net of issuance costs	7,044	0
Exercise of stock options	0	9
Net cash provided by financing activities	7,044	9
Effect of foreign exchange rate changes on cash and cash equivalents	4	(10)
Net decrease in cash and cash equivalents	(4,022)	(3,628)
Cash and cash equivalents at beginning of period	16,898	15,313
Cash and cash equivalents at end of period	$ 12,876	$ 11,685

Operations and Basis of Presentation

6 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and Basis of Presentation

1.	Operations and Basis of Presentation

The accompanying condensed consolidated financial statements of pSivida Corp. and subsidiaries (the “Company”) as of December 31, 2017 and for the three and six months ended December 31, 2017 and 2016 are unaudited. Certain information in the footnote disclosures of these financial statements has been condensed or omitted in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 (“fiscal 2017”). In the opinion of management, these statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended June 30, 2017, and include all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods indicated. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make assumptions and estimates that affect, among other things, (i) reported amounts of assets and liabilities; (ii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements; and (iii) reported amounts of revenues and expenses during the reporting period. The results of operations for the three and six months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the entire fiscal year or any future period.

The Company develops sustained-release drug delivery products primarily for the treatment of chronic eye diseases. The Company’s approved products and product candidates deliver drugs at a controlled and steady rate for months or years. In January 2018, the Company filed a new drug application (“NDA”) with the U.S. Food and Drug Administration (“FDA”) for its lead product candidate, Durasert™ three-year non-erodible fluocinolone acetonide (“FA”) insert for posterior segment uveitis (“Durasert three-year uveitis”). The FDA typically informs a company whether its NDA is complete and acceptable for review within sixty days after submission of the NDA. The Company has previously developed three of the four sustained-release products approved by the FDA for treatment of back-of-the-eye diseases. ILUVIEN^® for diabetic macular edema (“DME”), the Company’s lead licensed product, is sold by Alimera Sciences, Inc. (“Alimera”) directly in the U.S. and several European Union (“EU”) countries. Retisert^®, an earlier generation product approved in 2005 by the FDA for the treatment of posterior segment uveitis, is sold in the U.S. by Bausch & Lomb Incorporated (“Bausch & Lomb”). The Company’s development programs are focused primarily on developing sustained release products that utilize its Durasert technology platform to deliver approved drugs to treat chronic diseases. The Company’s strategy includes developing products independently while continuing to leverage its technology platforms through collaborations and license agreements.

Durasert three-year uveitis, the Company’s most advanced development product candidate, is designed to treat chronic non-infectious uveitis affecting the posterior segment of the eye (“posterior segment uveitis”) for three years from a single administration. Injected into the eye in an office visit, this product candidate is a tiny micro-insert that delivers a micro-dose of a corticosteroid to the back of the eye on a sustained constant (zero order release) basis. The Company is developing Durasert three-year uveitis independently.

Both Phase 3 clinical trials investigating Durasert three-year uveitis met their primary efficacy endpoint of prevention of recurrence of disease through six months with statistical significance (p < 0.001, intent to treat analysis) and with safety data consistent with the known effects of ocular corticosteroid use. Statistical significance for efficacy and encouraging safety results were maintained through 12 months of follow-up in both Phase 3 clinical trials. In Europe, the Company filed a marketing authorization application (“MAA”) in June 2017 and subsequently withdrew the application after out-licensing the European rights for Durasert three-year uveitis to Alimera. In January 2018, Alimera received validation of a Type II variation submitted under its existing ILUVIEN MAA in all seventeen European countries in which it previously received regulatory approval for ILUVIEN for DME. If the variation is approved, Alimera plans to commercialize the uveitis indication under its ILUVIEN trademark.

ILUVIEN is an injectable, sustained-release micro-insert that provides three years of treatment of DME from a single injection. ILUVIEN is based on the same technology as the Durasert three-year uveitis insert and delivers the same corticosteroid, FA. ILUVIEN was developed in collaboration with, and is licensed to and sold by Alimera. ILUVIEN has been sold directly in the United Kingdom (“U.K.”) and Germany since 2013, in the U.S. and Portugal since 2015, and in Austria and Ireland beginning in 2017, and also has marketing approvals in 12 other European countries. Alimera has sublicensed distribution, regulatory and reimbursement matters for ILUVIEN in Australia and New Zealand, Canada, Italy, Spain, France and numerous countries in the Middle East.

The Company’s development programs are focused primarily on developing sustained release drug products using its proven Durasert technology platform to deliver small molecule drugs to treat uveitis, wet age-related macular degeneration, glaucoma, osteoarthritis and other diseases. A sustained release implant, surgically administered in an outpatient procedure, delivering a corticosteroid to treat pain associated with severe knee osteoarthritis, was jointly developed by the Company and Hospital for Special Surgery (“HSS”). In December 2017, the Company and HSS reported positive data from a Phase I investigator-sponsored safety and tolerability study conducted by HSS.

The Company has financed its operations primarily from sales of equity securities and the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners. The Company has a history of operating losses and, to date, has not had significant recurring cash inflows from revenue. The Company’s anticipated recurring use of cash to fund operations in combination with no probable source of additional capital raises substantial doubt about its ability to continue as a going concern for one year from the issuance of its financial statements. The Company believes that its cash and cash equivalents of $12.9 million at December 31, 2017, and expected proceeds from existing collaboration agreements, will enable the Company to maintain its current and planned operations (including its two Durasert three-year uveitis Phase 3 clinical trials) through approximately the second quarter of calendar year 2018. In order to extend the Company’s ability to fund its operations beyond then, including its planned commercial launch of Durasert three-year uveitis in the U.S. if approved by the FDA, management’s plans include accessing additional equity financing from the sale of its common stock through its at-the-market (“ATM”) program or other equity or debt financing transactions and/or, as applicable, reducing or deferring operating expenses. At the Company’s annual meeting of stockholders held on December 15, 2017, stockholders approved proposals that, pursuant to applicable Australian Securities Exchange (“ASX”) Listing Rules, permit the Company to issue up to 25% of its then issued and outstanding capital without any further stockholder approval in the next 12 months, unless such stockholder approval is required by applicable law, other rules of the ASX, the rules of the Nasdaq Stock Market (“Nasdaq”) or the rules of another stock exchange on which the Company’s securities may be listed at the time. The timing and extent of the Company’s implementation of these plans is expected to depend on the amount and timing of cash receipts from existing or any future collaboration or other agreements and/or proceeds from any financing transactions. There is no assurance that the Company will receive significant revenues from the commercialization of Durasert three-year uveitis or ILUVIEN or obtain financing from any other sources.

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

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

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

License and Collaboration Agreements

6 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Collaboration Agreements

2.	License and Collaboration Agreements

Alimera

Under a collaboration agreement with Alimera, as amended in March 2008 (the “Prior Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN, and Alimera assumed all financial responsibility for the development of licensed products. In addition, the Company was entitled to receive 20% of any net profits (as defined) on sales of each licensed product (including ILUVIEN) by Alimera, measured on a quarter-by-quarter and country-by-country basis. Alimera could recover 20% of previously incurred and unapplied net losses (as defined) for commercialization of each product in a country, but only by an offset of up to 4% of the net profits earned in that country each quarter, reducing the Company’s net profit share to 16% in each country until those net losses were recouped. In the event that Alimera sublicensed commercialization in any country, the Company was entitled to 20% of royalties and 33% of non-royalty consideration received by Alimera, less certain permitted deductions. The Company is also entitled to reimbursement of certain patent maintenance costs with respect to the patents licensed to Alimera.

Because the Company has no remaining performance obligations under the Prior Alimera Agreement, all amounts received from Alimera are generally 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 instances when payments are received and subject to a contingency, revenue is deferred until such contingency is resolved.

On July 10, 2017, the Company entered into a further amended and restated collaboration agreement (the “Amended Alimera Agreement”), pursuant to which the Company (i) licensed its Durasert three-year uveitis product candidate to Alimera for Europe, the Middle East and Africa (“EMEA”) and (ii) converted the net profit share arrangement for each licensed product (including ILUVIEN) to a sales-based royalty on a calendar quarter basis commencing July 1, 2017, with payments from Alimera due 60 days following the end of each quarter.

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

The Company subsequently withdrew its previously filed EU marketing approval application and its EU orphan drug designation for posterior uveitis, and Alimera was responsible for filing a Type II variation for ILUVIEN for the treatment of posterior segment uveitis. In January 2018, Alimera received validation of a Type II variation submitted in December 2017 under its existing approved ILUVIEN MAA in seventeen European countries. If the variation is approved, Alimera plans to commercialize the uveitis indication under its ILUVIEN trademark.

Revenue under the Prior Alimera Agreement and/or the Amended Alimera Agreement totaled $200,000 and $14,000 for the three months ended December 31, 2017 and 2016, respectively, and $290,000 and $34,000 for the six months ended December 31, 2017 and 2016, respectively. In addition to patent fee reimbursements in both periods, the Company earned (i) $196,000 of sales-based royalties in the three months ended December 31, 2017 attributable to the first quarter of fiscal 2018 (recorded as royalty income under the Amended Alimera Agreement) and (ii) $50,000 of net profits in the three months ended September 30, 2017 attributable to the fourth quarter of fiscal 2017 (recorded as collaborative research and development revenue under the Prior Alimera Agreement).

Pfizer

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

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

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

Bausch & Lomb

Pursuant to a licensing and development agreement, as amended, Bausch & Lomb has a worldwide exclusive license to make and sell Retisert in return for royalties based on sales. Royalty income totaled $276,000 and $269,000 for the three months ended December 31, 2017 and 2016, respectively, and $521,000 and $512,000 for the six months ended December 31, 2017 and 2016, respectively. Accounts receivable from Bausch & Lomb totaled $277,000 at December 31, 2017 and $246,000 at June 30, 2017.

OncoSil Medical

The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with OncoSil Medical UK Limited (f/k/a Enigma Therapeutics Limited), a wholly owned subsidiary of OncoSil Medical Ltd (“OncoSil”) for the development of BrachySil, the Company’s BioSilicon product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 2017. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee sales-based royalties earned, but only to the extent such amounts, in the aggregate, exceed the $100,000 annual license maintenance fee. To date, OncoSil has not received regulatory approval in any jurisdiction, although an application for CE Mark approval in Europe is pending. The Company has no consequential performance obligations under the OncoSil license agreement and, accordingly, any amounts to which the Company is entitled under the agreement are recognized as revenue on the earlier of receipt or when collectability is reasonably assured. Revenue related to the OncoSil agreement totaled $100,000 for the three and six-month periods ended December 31, 2017 and 2016, respectively. As of December 31, 2017, no deferred revenue was recorded for this agreement.

Evaluation Agreements

The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the evaluation agreement. Revenues under evaluation agreements totaled $355,000 and $3,000 for the three months ended December 31, 2017 and 2016, respectively, and $405,000 and $11,000 for the six months ended December 31, 2017 and 2016, respectively. Deferred revenue for these agreements totaled $505,000 and $50,000 at December 31, 2017 and June 30, 2017, respectively. During the quarter ended December 31, 2017, the Company received $850,000 in connection with two new feasibility study agreements.

Intangible Assets

6 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

3.	Intangible Assets

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


	Six Months Ended			Year Ended
	December 31, 2017			June 30, 2017
Patented technologies
Gross carrying amount at beginning of period	$	35,610		$	36,196
Foreign currency translation adjustments		739			(586	)

Gross carrying amount at end of period		36,349			35,610

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

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

Net book value at end of period	$	—		$	364

The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization of intangible assets totaled $183,000 and $180,000 for the three months ended December 31, 2017 and 2016, respectively, and $366,000 and $363,000 for the six months ended December 31, 2017 and 2016, respectively. At December 31, 2017, the carrying value of each of the Durasert and Tethadur intangible assets was amortized to zero.

Fair Value Measurements

6 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

4.	Fair Value Measurements

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

•

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

•

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

•

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

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. At December 31, 2017 and June 30, 2017, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. These deposits may be redeemed upon demand and, therefore, generally have minimal risk.

The Company’s cash equivalents are classified within Level 1 on the basis of valuations using quoted market prices. The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at December 31, 2017 and June 30, 2017 by valuation hierarchy (in thousands):


	December 31, 2017
			Quoted prices in		Significant other		Significant
	Total carrying		active markets		observable inputs		unobservable inputs
	value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	10,572	$	10,572	$	—	$	—

	$	10,572	$	10,572	$	—	$	—


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

	$	13,521	$	13,521	$	—	$	—

- 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

6 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

Accrued Expenses

5.	Accrued Expenses

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


	December 31, 2017		June 30, 2017
Clinical trial costs	$	823	$	1,984
Personnel costs		823		1,632
Professional fees		594		590
Other		22		18

	$	2,262	$	4,224

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

Restructuring

6 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring

6.	Restructuring

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


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

	$	187	$	472	$	(619	)	$	40

The Company recorded approximately $472,000 of restructuring costs during the six months ended December 31, 2016. These costs consisted of (i) $273,000 of additional employee severance for discretionary termination benefits upon notification of the affected employees in accordance with ASC 420, Exit or Disposal Cost Obligations; and (ii) $199,000 of professional fees, travel and lease extension costs.

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

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

Stockholders' Equity

6 Months Ended

Dec. 31, 2017

Equity [Abstract]

Stockholders' Equity

7.	Stockholders’ Equity

In February 2017, the Company entered into an ATM program pursuant to which, under its Form S-3 shelf registration statement, the Company may, at its option, offer and sell shares of its common stock from time to time for an aggregate offering price of up to $20.0 million. The Company will pay the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. The Company’s ability to sell shares under the ATM program is subject to ASX listing rules, as defined, limiting the number of shares the Company may issue in any 12-month period without stockholder approval, as well as other applicable rules and regulations of the ASX and Nasdaq.

During the three and six months ended December 31, 2017, the Company sold 5,056,216 and 5,900,000 shares of common stock, respectively, under the ATM program, each at a weighted average price of $1.23 per share, for gross proceeds of approximately $6.2 million and $7.3 million, respectively. Share issue costs, including sales agent commissions, totaled $158,000 and $239,000 for the three and six months ended December 31, 2017, respectively.

At the Company’s annual meeting of stockholders held on December 15, 2017, stockholders approved two proposals that, pursuant to applicable ASX Listing Rules, permit the Company to issue up to 25% of its then issued and outstanding capital without any further stockholder approval in the next 12 months, unless such stockholder approval is required by applicable law, other rules of the ASX, the rules of Nasdaq or the rules of another stock exchange on which the Company’s securities may be listed at the time.

Warrants to Purchase Common Shares

The following table provides a reconciliation of warrants to purchase common stock for the six months ended December 31, 2017 and 2016:


	Six Months Ended December 31,
	2017					2016
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		623,605		$	2.50		623,605	$	2.50
Expired		(623,605	)		2.50		—		—

Balance and exercisable at end of period		—		$	—		623,605	$	2.50

2016 Long-Term Incentive Plan

The 2016 Long-Term Incentive Plan (the “2016 Plan”), approved by the Company’s stockholders on December 12, 2016 (the “Adoption Date”), provides for the issuance of up to 3,000,000 shares of common stock reserved for issuance under the 2016 Plan plus any additional shares of common stock that were available for grant under the 2008 Incentive Plan (the “2008 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan. At December 31, 2017, a total of 5,058,977 shares of common stock were authorized for issuance under the 2016 Plan, which included 1,155,530 stock options that were forfeited under the 2008 Plan during the six months ended December 31, 2017. At December 31, 2017, a total of 3,005,361 shares were available for new awards.

Stock Options

The following table provides a reconciliation of stock option activity under the 2016 Plan for the six months ended December 31, 2017:


	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
					(in years)		(in thousands)
Outstanding at July 1, 2017		482,000	$	1.77
Granted		505,000		1.59

Outstanding at December 31, 2017		987,000	$	1.68		9.54	$	3

Exercisable at December 31, 2017		—	$	—		—	$	—

During the six months ended December 31, 2017, the Company granted 265,000 options to employees with ratable annual vesting over 3 years, 100,000 options to non-executive directors with 1-year cliff vesting, 40,000 options to a newly appointed non-executive director with ratable annual vesting over 3 years and 100,000 options to an external consultant with 6.5 months cliff vesting at June 30, 2018. In accordance with ASX Listing Rules, all equity awards authorized by the Compensation Committee of the Board to the Company’s executive and non-executive directors are subject to stockholder approval, with the grant date fair value measured at the stockholder approval date and vesting measured from the Compensation Committee authorization date. All option grants have a 10-year term. The weighted-average grant date fair value of these options was $0.56 per share. In determining the grant date fair value of option awards under the 2016 Plan during the six months ended December 31, 2017, the Company applied the Black-Scholes option pricing model based on the following key assumptions:


Option life (in years)		5.50 – 6.00
Stock volatility		59.5% – 64.4%
Risk-free interest rate		2.18% – 2.22%
Expected dividends		0%

Time-Vested Restricted Stock Units

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

In connection with retention bonus agreements entered into in January 2017 (see Note 5), a total of 305,616 RSUs were issued on December 22, 2017 subject to one-year cliff vesting.

The following table provides a reconciliation of RSU activity under the 2016 Plan for the six months ended December 31, 2017:


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

Nonvested at December 31, 2017		674,116	$	1.33

At December 31, 2017, the weighted average remaining vesting term of the RSUs was 1.35 years.

Performance-Based Stock Units

Performance Stock Units (“PSUs”) have been awarded to certain employees. The performance conditions associated with the PSU awards are as follows: (a) for one third of the PSUs, upon an FDA acceptance of the Company’s NDA submission of Durasert three-year uveitis for review on or before March 31, 2018 and (b) for two-thirds of the PSUs, upon an FDA approval of Durasert three-year uveitis on or before March 31, 2019. For each performance criteria that is achieved, 50% of the underlying stock units that are associated with that performance condition will vest at the achievement date and 50% will vest on the first anniversary of such date, in each case subject to continued employment through such date. At September 30, 2017 and December 31, 2017, the first performance condition associated with the PSUs was deemed probable of achievement and, accordingly, stock-based compensation was recorded for that portion of the PSUs during the six months ended December 31, 2017.

The following table provides a reconciliation of PSU activity under the 2016 Plan for the six months ended December 31, 2017:


	Number of Performance Stock Units		Weighted Average Grant Date Fair Value
Outstanding at July 1, 2017		210,000	$	1.77
Granted		115,000		1.13

Outstanding at December 31, 2017		325,000	$	1.54

Assuming that the first performance condition is achieved, at December 31, 2017 the weighted average remaining vesting term of the PSUs was 10.5 months.

Deferred Stock Units

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

The weighted average grant date fair value of the DSUs was $1.13. At December 31, 2017, the weighted average remaining vesting term of the DSUs was 6 months.

2008 Incentive Plan

The 2008 Plan provided for the issuance of stock options and other stock awards to directors, employees and consultants. From December 12, 2016, the Adoption Date of the 2016 Plan, through the balance of fiscal 2017, a total of 903,447 shares that would have been available for grant of future awards under the 2008 Plan were carried over to the 2016 Plan. Effective as of the Adoption Date, the Compensation Committee terminated the 2008 Plan in all respects, other than with respect to previously-granted awards, and no additional stock options and other stock awards could be issued under the 2008 Plan. During the six months ended December 31, 2017, an additional 1,155,530 stock options under the 2008 Plan were forfeited and became available for grant under the 2016 Plan. The following table provides a reconciliation of stock option activity under the 2008 Plan for the six months ended December 31, 2017:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2017		5,563,685		$	3.48
Forfeited		(1,155,530	)		3.92

Outstanding at December 31, 2017		4,408,155		$	3.36		5.30	$	—

Exercisable at December 31, 2017		3,205,063		$	3.36		4.15	$	—

All option grants have a 10-year term. A total of 643,942 options vested during the six months ended December 31, 2017.

Inducement Option Grant

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

Market-Based Restricted Stock Units

At June 30, 2017 and December 31, 2017, there were 700,000 market-based Restricted Stock Units (“market-based RSUs”) outstanding to two employees, which included 500,000 issued as an inducement award to the Company’s President and CEO and 200,000 issued under the 2008 Plan. The market-based RSUs vest based upon a relative percentile rank of the 3-year change in the closing price of the Company’s common stock compared to that of the companies that make up the Nasdaq Biotechnology Index. The Company estimated the fair value of the market-based RSUs using a Monte Carlo valuation model on the respective dates of grant.

Stock-Based Compensation Expense

The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards for the three and six months ended December 31, 2017 and 2016, as follows (in thousands):


	Three Months Ended December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
Compensation expense included in:
Research and development	$	288	$	300	$	592	$	536
General and administrative		318		96		695		594

	$	606	$	396	$	1,287	$	1,130

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

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

At December 31, 2017, there was approximately $3.6 million of unrecognized compensation expense related to outstanding stock options under the 2008 Plan, the inducement stock option grant to the Company’s President and CEO, the market-based RSU awards and the stock options, RSU awards, PSU awards and DSU awards issued under the 2016 Plan, which is expected to be recognized as expense over a weighted-average period of approximately 1.57 years.

Income Taxes

6 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

8.	Income Taxes

The Company recognizes deferred tax assets and liabilities for estimated future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is established if, based on management’s review of both positive and negative evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Because of its historical losses from operations, the Company established a valuation allowance for the net deferred tax assets. The Company did not record any income tax expense or benefit for the three and six months ended December 31, 2017 and 2016.

For the three and six months ended December 31, 2017 and 2016, the Company had no significant unrecognized tax benefits. At December 31, 2017 and June 30, 2017, the Company had no accrued penalties or interest related to uncertain tax positions.

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted which, amongst other corporate and individual tax law changes, lowered the federal corporate income tax rate to 21% effective January 1, 2018. During the six-month period ended December 31, 2017, although the Company’s U.S. federal tax net operating loss carryforwards increased by approximately $10.0 million to a cumulative total of $102.6 million, the re-measurement of the Company’s net deferred tax assets in accordance with the Tax Act resulted in a decrease of approximately $10.0 million and a corresponding decrease in the valuation allowance of the same amount. At June 30, 2017 and December 31, 2017, the net deferred tax assets related to such U.S. tax loss carryforwards totaled approximately $31.5 million and $21.5 million, respectively. Because the Company provides a full valuation allowance for all of its net deferred tax assets, there is no effect of the Tax Act on the Company’s consolidated financial statements as of and for the three and six months ended December 31, 2017.

Commitments and Contingencies

6 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9.	Commitments and Contingencies

Operating Leases

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

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

Legal Proceedings

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

Net Loss per Share

6 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Net Loss per Share

10.

Net Loss per Share

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. For periods in which the Company reports net income, diluted net income per share is determined by adding to the basic weighted average number of common shares outstanding the total number of dilutive common equivalent shares using the treasury stock method, unless the effect is anti-dilutive. Potentially dilutive shares were not included in the calculation of diluted net loss per share for each of the three and six months ended December 31, 2017 and 2016 as their inclusion would be anti-dilutive.

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
Options outstanding		6,245,155		6,907,891		6,245,155		6,907,891
Warrants outstanding		—		623,605		—		623,605
Restricted stock units outstanding		1,374,116		700,000		1,374,116		700,000
Performance stock units outstanding		325,000		—		325,000		—
Deferred stock units outstanding		67,500		—		67,500		—

		8,011,771		8,231,496		8,011,771		8,231,496

Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

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


	Six Months Ended			Year Ended
	December 31, 2017			June 30, 2017
Patented technologies
Gross carrying amount at beginning of period	$	35,610		$	36,196
Foreign currency translation adjustments		739			(586	)

Gross carrying amount at end of period		36,349			35,610

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

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

Net book value at end of period	$	—		$	364

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Assets Carried at Fair Value Measured on Recurring Basis


	December 31, 2017
			Quoted prices in		Significant other		Significant
	Total carrying		active markets		observable inputs		unobservable inputs
	value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash equivalents	$	10,572	$	10,572	$	—	$	—

	$	10,572	$	10,572	$	—	$	—


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

	$	13,521	$	13,521	$	—	$	—

Accrued Expenses (Tables)

6 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

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


	December 31, 2017		June 30, 2017
Clinical trial costs	$	823	$	1,984
Personnel costs		823		1,632
Professional fees		594		590
Other		22		18

	$	2,262	$	4,224

Restructuring (Tables)

6 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Summary of Reconciliation of Restructuring Costs

A summary reconciliation of the restructuring costs for the six months ended December 31, 2016 is as follows (in thousands):


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

	$	187	$	472	$	(619	)	$	40

Stockholders' Equity (Tables)

6 Months Ended

Dec. 31, 2017

Summary of Reconciliation of Warrants to Purchase Common Stock

The following table provides a reconciliation of warrants to purchase common stock for the six months ended December 31, 2017 and 2016:


	Six Months Ended December 31,
	2017					2016
	Number of Warrants			Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		623,605		$	2.50		623,605	$	2.50
Expired		(623,605	)		2.50		—		—

Balance and exercisable at end of period		—		$	—		623,605	$	2.50

Compensation Expense from Stock-Based Payment Awards


	Three Months Ended December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
Compensation expense included in:
Research and development	$	288	$	300	$	592	$	536
General and administrative		318		96		695		594

	$	606	$	396	$	1,287	$	1,130

2016 Long Term Incentive Plan [Member]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the 2016 Plan for the six months ended December 31, 2017:


	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
					(in years)		(in thousands)
Outstanding at July 1, 2017		482,000	$	1.77
Granted		505,000		1.59

Outstanding at December 31, 2017		987,000	$	1.68		9.54	$	3

Exercisable at December 31, 2017		—	$	—		—	$	—

Schedule of Key Assumptions Used

In determining the grant date fair value of option awards under the 2016 Plan during the six months ended December 31, 2017, the Company applied the Black-Scholes option pricing model based on the following key assumptions:


Option life (in years)		5.50 – 6.00
Stock volatility		59.5% – 64.4%
Risk-free interest rate		2.18% – 2.22%
Expected dividends		0%

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan for the six months ended December 31, 2017:


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

Nonvested at December 31, 2017		674,116	$	1.33

Summary of Performance Stock Unit Activity

The following table provides a reconciliation of PSU activity under the 2016 Plan for the six months ended December 31, 2017:


	Number of Performance Stock Units		Weighted Average Grant Date Fair Value
Outstanding at July 1, 2017		210,000	$	1.77
Granted		115,000		1.13

Outstanding at December 31, 2017		325,000	$	1.54

2008 Incentive Plan [Member]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the 2008 Plan for the six months ended December 31, 2017:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2017		5,563,685		$	3.48
Forfeited		(1,155,530	)		3.92

Outstanding at December 31, 2017		4,408,155		$	3.36		5.30	$	—

Exercisable at December 31, 2017		3,205,063		$	3.36		4.15	$	—

- Definition

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

+ References + Details

Net Loss per Share (Tables)

6 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

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

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2017		2016		2017		2016
Options outstanding		6,245,155		6,907,891		6,245,155		6,907,891
Warrants outstanding		—		623,605		—		623,605
Restricted stock units outstanding		1,374,116		700,000		1,374,116		700,000
Performance stock units outstanding		325,000		—		325,000		—
Deferred stock units outstanding		67,500		—		67,500		—

		8,011,771		8,231,496		8,011,771		8,231,496

Operations and Basis of Presentation - Additional Information (Detail) $ in Thousands		6 Months Ended
	Dec. 15, 2017	Dec. 31, 2017 USD ($) Country	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)
Operations [Line Items]
Cash and cash equivalents \| $		$ 12,876	$ 16,898	$ 11,685	$ 15,313
Percentage of issued and outstanding capital that can be issued under ASX Listing Rules in the next 12 months without stockholder approval	25.00%
Europe [Member] \| ILUVIEN [Member]
Operations [Line Items]
Number of countries in which lead product received regulatory approval		17
Number of countries in which approved lead products not sold directly		12

License and Collaboration Agreements - Additional Information (Detail)						1 Months Ended			3 Months Ended				6 Months Ended
	Jan. 01, 2021	Jan. 01, 2020 USD ($)	Jan. 01, 2019 USD ($)	Jul. 10, 2017 USD ($)	Oct. 25, 2016 USD ($)	Dec. 31, 2017 USD ($)	Mar. 31, 2013 USD ($)	Jun. 30, 2011 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2017 USD ($) Country	Dec. 31, 2016 USD ($)	Jun. 30, 2017 USD ($)
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue									$ 461,000		$ 5,702,000		$ 601,000	$ 5,736,000
Royalty income									472,000		269,000		717,000	$ 512,000
Accounts receivable						$ 288,000			288,000				$ 288,000		$ 251,000
ILUVIEN [Member] \| Europe [Member]
Collaborative Agreements And Contracts [Line Items]
Number of countries in which lead product received regulatory approval \| Country													17
Prior Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of company's share of net profits														20.00%
Pre-profitability net losses percentage														20.00%
Maximum percentage offset of current period net profits against previously incurred and unapplied pre-profitability quarterly net losses														4.00%
Percentage of net profit share after offset of previously incurred and unapplied pre-profitability net losses														16.00%
Percentage of royalties received from sublicense														20.00%
Percentage of non-royalty consideration received from sublicense														33.00%
Amount received, profit share from sale of licensed products										$ 50,000
Amended Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product													2.00%
Contingently recoverable accumulated commercialization losses				$ 25,000,000
Partial cancellation of contingently recoverable accumulated commercialization losses in lieu of upfront license fee				$ 10,000,000
Proceeds received from earned sales-based royalties									196,000				$ 196,000
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member]
Collaborative Agreements And Contracts [Line Items]
Calendar year net sales threshold for increase in royalty rate			$ 75,000,000
Royalty percentage offset for amounts earned above 2% to be applied against balance of accumulated commercialization losses	20.00%		50.00%
Additional cancellation of contingently recoverable commercialization losses		$ 5,000,000
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member] \| Minimum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			6.00%
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member] \| Maximum [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty percentage earned from sales of product			8.00%
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Upfront cash payment received under collaboration agreement								$ 2,300,000
Estimated selling price of the deliverables for revenue recognition								$ 6,700,000
Collaborative research and development revenue											5,600,000	$ 0
Option period to acquire license					60 days
License option upfront payment upon exercise					$ 10,000,000
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty income									276,000		269,000		521,000	$ 512,000
Accounts receivable						277,000			277,000				$ 277,000		246,000
OncoSil Medical UK Limited [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of non-royalty consideration received from sublicense													20.00%
Royalty percentage earned from sales of product													8.00%
Collaborative research and development revenue									100,000		100,000		$ 100,000	100,000
License agreement commencement date													2012-12
Receipt of upfront license fee							$ 100,000
Payment of annual license maintenance fee						100,000
Deferred revenue						0			0				$ 0
Feasibility Study Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Upfront cash payment received under collaboration agreement									850,000
Collaborative research and development revenue									355,000		3,000		405,000	11,000
Deferred revenue						$ 505,000			505,000				505,000		$ 50,000
Prior Alimera Agreement and/or Amended Alimera Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Total revenues earned from Alimera									$ 200,000		$ 14,000		$ 290,000	$ 34,000

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period			$ 35,610	$ 36,196	$ 36,196
Foreign currency translation adjustments			739		(586)
Gross carrying amount at end of period	$ 36,349		36,349		35,610
Accumulated amortization at beginning of period			(35,246)	(35,094)	(35,094)
Amortization expense	(183)	$ (180)	(366)	$ (363)	(724)
Foreign currency translation adjustments			(737)		572
Accumulated amortization at end of period	(36,349)		(36,349)		(35,246)
Net book value at end of period	$ 0		$ 0		$ 364

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 183,000	$ 180,000	$ 366,000	$ 363,000	$ 724,000
Intangible assets, net	0		0		$ 364,000
Durasert [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	0		0
Tethadur [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 0		$ 0

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Assets:
Cash equivalents	$ 10,572	$ 13,521
Total cash equivalents	10,572	13,521
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	10,572	13,521
Total cash equivalents	10,572	13,521
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	0	0
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Cash equivalents	0	0
Total cash equivalents	$ 0	$ 0

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Jun. 30, 2017
Payables and Accruals [Abstract]
Clinical trial costs	$ 823	$ 1,984
Personnel costs	823	1,632
Professional fees	594	590
Other	22	18
Accrued expenses	$ 2,262	$ 4,224

Accrued Expenses - Additional Information (Detail) - USD ($)	Dec. 22, 2017	Dec. 31, 2017	Jun. 30, 2017
Schedule Of Accrued Expenses [Line Items]
Retention bonuses paid under agreements	$ 319,000
Personnel costs		$ 823,000	$ 1,632,000
Closing share price	$ 1.045
RSU [Member]
Schedule Of Accrued Expenses [Line Items]
Restricted stock awards	305,616
Vesting period of equity awards	1 year
Accrual of Cash Retention Bonus Component [Member]
Schedule Of Accrued Expenses [Line Items]
Personnel costs		$ 0	$ 160,000

Restructuring - Additional Information (Detail) - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Restructuring Cost [Line Items]
Restructuring charges		$ 472,000
U.K. [Member]
Restructuring Cost [Line Items]
Extended lease term expiration date	Nov. 30, 2016
Restructuring charges		472,000
Discretionary termination benefits		273,000
Other restructuring costs		199,000
Increase in stock-based compensation expense to account for the extension of the exercise period of all vested stock options		99,000
Reduction of stock-based compensation to account for forfeitures of non-vested stock options		$ 133,000

Restructuring - Summary of Reconciliation of Restructuring Costs (Detail) $ in Thousands	6 Months Ended
	Dec. 31, 2016 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 187
Charged to Expense	472
Payments	(619)
Ending Balance	40
Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	118
Charged to Expense	273
Payments	(391)
Ending Balance	0
Facility Closure [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	40
Charged to Expense	73
Payments	(73)
Ending Balance	40
Other [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	29
Charged to Expense	126
Payments	(155)
Ending Balance	$ 0

Stockholders' Equity - Additional Information (Detail) - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 15, 2017	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 22, 2017
Class of Stock [Line Items]
Common stock price per share					$ 1.045
Percentage of issued and outstanding capital that can be issued under ASX Listing Rules in the next 12 months without stockholder approval	25.00%
At-the-Market Offering [Member]
Class of Stock [Line Items]
Common stock shares maximum aggregate offering price		$ 20,000,000
Stock issuances, sales agent commission maximum percentage		3.00%
Common stock issued to investors			5,056,216	5,900,000
Common stock price per share			$ 1.23	$ 1.23
Gross proceeds from issuance of common stock			$ 6,200,000	$ 7,300,000
Share issuance costs			$ 158,000	$ 239,000

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Common Stock (Detail) - $ / shares	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Common Stock Warrants [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	623,605	623,605
Number of Warrants, Expired	(623,605)	0
Number of Warrants, Outstanding and exercisable, Ending balance	0	623,605
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 2.50	$ 2.50
Weighted Average Exercise Price, Expired	2.50	0.00
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 0.00	$ 2.50

Stockholders' Equity - 2016 Long Term Incentive Plan - Additional Information (Detail) - $ / shares		6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Dec. 12, 2017
Class of Stock [Line Items]
Number of options forfeited		1,155,530
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of common stock, authorized for issuance		5,058,977	3,000,000
Shares available for grant under the Long Term Incentive Plan, including available and forfeited shares transferred from the 2008 Incentive Plan		3,005,361
Options granted		505,000
Contractual life of option grants		10 years
Weighted-average grant date fair value, per share		$ 0.56
2016 Long Term Incentive Plan [Member] \| Employees [Member]
Class of Stock [Line Items]
Options granted		265,000
Vesting period of equity awards		3 years
2016 Long Term Incentive Plan [Member] \| Non-executive Directors [Member]
Class of Stock [Line Items]
Options granted		100,000
Vesting period of equity awards		1 year
2016 Long Term Incentive Plan [Member] \| Newly Appointed Non-executive Director [Member]
Class of Stock [Line Items]
Options granted		40,000
Vesting period of equity awards		3 years
2016 Long Term Incentive Plan [Member] \| Scenario, Forecast [Member] \| External consultant [Member]
Class of Stock [Line Items]
Options granted	100,000
Vesting period of equity awards	6 months 15 days

Stockholders' Equity - Stock Option Activity Under Plan (2016 Long-Term Incentive Plan) (Detail) - 2016 Long Term Incentive Plan [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate Intrinsic Value Outstanding, Ending balance \| $	$ 3
Aggregate Intrinsic Value, Exercisable at December 31, 2017 \| $	$ 0
Weighted Average Remaining Contractual Life Outstanding, Ending balance	9 years 6 months 14 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2017	0 years
Weighted Average Exercise Price Outstanding, beginning balance \| $ / shares	$ 1.77
Weighted Average Exercise Price, Granted \| $ / shares	1.59
Weighted Average Exercise Price Outstanding, ending balance \| $ / shares	1.68
Weighted Average Exercise Price, Exercisable at December 31,2017 \| $ / shares	$ 0
Number of Options Outstanding, Beginning balance \| shares	482,000
Number of Options, Granted \| shares	505,000
Number of Options Outstanding, Ending balance \| shares	987,000
Number of Options, Exercisable at December 31, 2017 \| shares	0

Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model For Options Granted (2016 Long Term Incentive Plan) (Detail) - 2016 Long Term Incentive Plan [Member]	6 Months Ended
	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	59.50%
Stock volatility, maximum	64.40%
Risk-free interest rate, minimum	2.18%
Risk-free interest rate, maximum	2.22%
Expected dividends	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years

Stockholders' Equity - Time-Vested Restricted Stock Units - Additional Information (Detail) - RSU [Member] - shares		6 Months Ended
	Dec. 22, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Vesting period of equity awards	1 year
Stock units granted	305,616
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Vesting period of equity awards		3 years
Stock units granted		425,616
Weighted average remaining vesting term		1 year 4 months 6 days
Retention Bonus [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Vesting period of equity awards	1 year
Stock units granted	305,616

Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail) - RSU [Member] - $ / shares		6 Months Ended
	Dec. 22, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units granted	305,616
2016 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance		248,500
Stock units granted		425,616
Number of Stock Units Outstanding, Ending Balance		674,116
Weighted Average Grant Date Fair Value Nonvested, Beginning balance		$ 1.77
Weighted Average Grant Date Fair Value, Granted		1.07
Weighted Average Grant Date Fair Value Nonvested, Ending balance		$ 1.33

Stockholders' Equity - Performance-Based Stock Units - Additional Information (Detail) - Performance Stock Units [Member]				3 Months Ended	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Weighted average remaining vesting term					10 months 15 days
Performance Condition One [Member]
Class of Stock [Line Items]
Portion of stock units subject to an FDA acceptance of the Company's NDA submission of Durasert three-year uveitis for review on or before March 31, 2018				One third	One third
Performance Condition Two [Member]
Class of Stock [Line Items]
Portion of stock units subject to an FDA approval of Durasert three-year uveitis on or before March 31, 2019				Two-thirds	Two-thirds
Scenario, Forecast [Member] \| Performance Condition One [Member]
Class of Stock [Line Items]
Percentage of stock units to vest if stated performance condition is achieved on or before date		50.00%	50.00%
Scenario, Forecast [Member] \| Performance Condition Two [Member]
Class of Stock [Line Items]
Percentage of stock units to vest if stated performance condition is achieved on or before date	50.00%	50.00%

Stockholders' Equity - Summary of Performance Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Performance Stock Units [Member]	6 Months Ended
	Dec. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	210,000
Number of Performance Stock Units, Granted \| shares	115,000
Number of Stock Units Outstanding, Ending Balance \| shares	325,000
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.77
Weighted Average Grant Date Fair Value, Granted \| $ / shares	1.13
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.54

Stockholders' Equity - Deferred Stock Units - Additional Information (Detail) - Deferred Stock Units [Member]	6 Months Ended
	Dec. 31, 2017 $ / shares shares
Class of Stock [Line Items]
Weighted average grant date fair value \| $ / shares	$ 1.13
Weighted average remaining vesting term	6 months
Non-executive Directors [Member]
Class of Stock [Line Items]
Granted \| shares	67,500

Stockholders' Equity - 2008 Incentive Plan - Additional Information (Detail) - shares	6 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Class of Stock [Line Items]
Number of options forfeited	1,155,530
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Shares available for grant under the 2008 Incentive Plan, which are transferred to the 2016 Plan		903,447
Number of options forfeited	1,155,530
Contractual life of option grants	10 years
Options vested during the period	643,942
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Forfeitures under the 2008 Plan that have been added to shares available for grant under the 2016 Plan	1,155,530
Contractual life of option grants	10 years

Stockholders' Equity - Stock Option Activity Under Plan (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Forfeited	(1,155,530)
2008 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance	5,563,685
Number of Options Forfeited	(1,155,530)
Number of Options Outstanding, Ending balance	4,408,155
Number of Options, Exercisable at December 31, 2017	3,205,063
Weighted Average Exercise Price Outstanding, beginning balance \| $ / shares	$ 3.48
Weighted Average Exercise Price, Forfeited \| $ / shares	3.92
Weighted Average Exercise Price Outstanding, ending balance \| $ / shares	3.36
Weighted Average Exercise Price, Exercisable at December 31, 2017 \| $ / shares	$ 3.36
Weighted Average Remaining Contractual Life Outstanding, Ending balance	5 years 3 months 19 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2017	4 years 1 month 24 days
Aggregate Intrinsic Value Outstanding, Ending balance \| $	$ 0
Aggregate Intrinsic Value, Exercisable at December 31, 2017 \| $	$ 0

Stockholders' Equity - Inducement Option Grant - Additional Information (Detail) - President and CEO [Member] - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Class of Stock [Line Items]
Options granted	850,000	850,000
Vesting period of equity awards	4 years	4 years
Exercise price of option	$ 3.63	$ 3.63
Contractual life of option grants	10 years	10 years
Options vested during the period	212,500

Stockholders' Equity - Market-Based Restricted Stock Units - Additional Information (Detail) - Market-based RSUs [Member] - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2017
Class of Stock [Line Items]
Restricted stock units issued	700,000	700,000
2008 Incentive Plan [Member]
Class of Stock [Line Items]
Restricted stock units issued	200,000	200,000
President and CEO [Member]
Class of Stock [Line Items]
Restricted stock units issued	500,000	500,000

Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 606	$ 396	$ 1,287	$ 1,130
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	288	300	592	536
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 318	$ 96	$ 695	$ 594

Stockholders' Equity - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Unrecognized compensation expense		$ 3,600,000
Unrecognized compensation expense weighted average period		1 year 6 months 25 days
General and Administrative Expense [Member]
Class of Stock [Line Items]
Increase in stock-based compensation expense attributable to option modification to extend exercise period of vested stock options, net of non-vested option forfeitures			$ 274,000
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options	$ 117,000		117,000
Research and Development Expense [Member] \| U.K. [Member]
Class of Stock [Line Items]
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options			$ 35,000

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Income Tax [Line Items]
Income tax expense (benefit)		$ 0	$ 0	$ 0	$ 0
Unrecognized tax benefits		0	$ 0	0	$ 0
Accrued penalties or interest related to uncertain tax positions		0		0		$ 0
Tax Cuts and Jobs Act [Member] \| U.S. Federal [Member]
Income Tax [Line Items]
Increase in net operating loss carryforwards				10,000,000
Net operating loss carryforwards cumulative total		102,600,000		102,600,000
Decrease in net deferred tax asset				10,000,000
Decrease in valuation allowance				10,000,000
Net deferred tax assets related to U.S. tax loss carryforwards		$ 21,500,000		$ 21,500,000		$ 31,500,000
Scenario, Forecast [Member]
Income Tax [Line Items]
Federal corporate income tax rate	21.00%

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Dec. 31, 2017 USD ($) ft² Renewal_Options
Commitments and Contingencies [Line Items]
Irrevocable standby letter of credit \| $	$ 150,000
Watertown [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space	13,650
Lease term expiration date	Apr. 30, 2019
Lease renewal option period	5 years
Liberty Corner [Member]
Commitments and Contingencies [Line Items]
Lease term expiration date	Jun. 30, 2022
Lease renewal option period	5 years
Area of leased office space	3,000
Number of renewal options \| Renewal_Options	2
Lease renewal rate at 95% of market rent at time of renewal	95.00%

Net Loss per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	8,011,771	8,231,496	8,011,771	8,231,496
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	6,245,155	6,907,891	6,245,155	6,907,891
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	0	623,605	0	623,605
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	1,374,116	700,000	1,374,116	700,000
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	325,000	0	325,000	0
Deferred Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	67,500	0	67,500	0