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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Mar. 05, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	EyePoint Pharmaceuticals, Inc.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	EYPT
Entity Common Stock, Shares Outstanding		124,741,832
Entity Public Float			$ 100,752,272
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity File Number	000-51122
Entity Tax Identification Number	26-2774444
Entity Address, Address Line One	480 Pleasant Street
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	(617)
Local Phone Number	926-5000
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2020 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2019.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 22,214	$ 45,261
Accounts and other receivables, net	11,368	627
Prepaid expenses and other current assets	5,997	1,434
Inventory	2,138	279
Total current assets	41,717	47,601
Property and equipment, net	357	288
Operating lease right-of-use assets	3,078	0
Intangible assets, net	27,669	30,129
Restricted cash	150	150
Total assets	72,971	78,168
Current liabilities:
Accounts payable	4,192	2,640
Accrued expenses	6,832	3,789
Accrued development milestone	0	15,000
Deferred revenue	15	30
Operating lease liabilities - current portion	481	0
Total current liabilities	11,520	21,459
Long-term debt	47,223	17,621
Operating lease liabilities - noncurrent portion	2,898	0
Other long-term liabilities	3,000	1,455
Total liabilities	64,641	40,535
Contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $.001 par value, 150,000,000 shares authorized ; 109,417,322 and 95,372,236 shares issued and outstanding at December 31, 2019 and 2018, respectively	109	95
Additional paid-in capital	472,667	445,192
Accumulated deficit	(465,286)	(408,493)
Accumulated other comprehensive income	840	839
Total stockholders’ equity	8,330	37,633
Total liabilities and stockholders’ equity	$ 72,971	$ 78,168

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	109,417,322	95,372,236
Common stock, shares outstanding	109,417,322	95,372,236

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 2,928	$ 20,365	$ 2,961	$ 7,539
Operating expenses:
Cost of sales, excluding amortization of acquired intangible assets	0	2,687	0	0
Research and development	10,412	15,368	16,178	14,880
Sales and marketing	8,174	29,772	1,512
General and administrative	8,901	17,939	11,545	11,235
Amortization of acquired intangible assets	0	2,460	0	0
Total operating expenses	27,487	68,226	29,235	26,115
Loss from operations	(24,559)	(47,861)	(26,274)	(18,576)
Other income (expense):
Interest and other income, net	367	1,054	101	91
Interest expense	(1,642)	(6,176)	(720)
Loss on extinguishment of debt		(3,810)
Change in fair value of derivative liability	(18,886)		(26,278)
Total other expense, net	(20,161)	(8,932)	(26,897)	91
Net loss	$ (44,720)	$ (56,793)	$ (53,171)	$ (18,485)
Net loss per share:
Basic and diluted	$ (0.53)	$ (0.54)	$ (1.15)	$ (0.52)
Weighted average common shares outstanding:
Basic and diluted	85,057	104,307	46,226	35,344
Net loss	$ (44,720)	$ (56,793)	$ (53,171)	$ (18,485)
Other comprehensive income (loss):
Foreign currency translation adjustments	1	1	5	(21)
Net unrealized gain on marketable securities				2
Other comprehensive income (loss)	1	1	5	(19)
Comprehensive loss	(44,719)	(56,792)	(53,166)	(18,504)
Product [Member]
Revenues:
Total revenues	0	16,824	0	0
License and Collaboration Agreement [Member]
Revenues:
Total revenues	1,883	1,361	1,343	6,569
Royalty Income [Member]
Revenues:
Total revenues	$ 1,045	$ 2,180	$ 1,618	$ 970

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
Cumulative effect adjustment for adoption of new accounting principle			122	(122)
Net loss	(18,485)			(18,485)
Other comprehensive income (loss)	(19)				(19)
Issuance of stock, net of issue costs	8,404	$ 5	8,399
Issuance of stock, net of issue costs, shares		5,100,000
Exercise of stock options	99		99
Exercise of stock options, shares		84,080
Stock-based compensation	2,456		2,456
Balance at Jun. 30, 2017	13,336	$ 39	323,284	(310,820)	833
Balance, shares at Jun. 30, 2017		39,356,999
Net loss	(53,171)			(53,171)
Other comprehensive income (loss)	5				5
Issuance of stock, net of issue costs	47,982	$ 35	47,947
Issuance of stock, net of issue costs, shares		34,690,548
Fair value of warrants issued	355		355
Exercise of stock options	503		503
Exercise of stock options, shares		310,900
Vesting of stock units	(27)		(27)
Vesting of stock units, shares		153,601
Stock-based compensation	2,704		2,704
Balance at Jun. 30, 2018	11,687	$ 74	374,766	(363,991)	838
Balance, shares at Jun. 30, 2018		74,512,048
Cumulative effect adjustment for adoption of new accounting principle	218			218
Net loss	(44,720)			(44,720)
Other comprehensive income (loss)	1				1
Exercise of warrants	28,863	$ 21	28,842
Exercise of warrants , shares		20,184,224
Exercise of stock options	536		536
Exercise of stock options, shares		362,291
Vesting of stock units	(168)		(168)
Vesting of stock units, shares		313,673
Settlement of derivative liability	38,666		38,666
Stock-based compensation	2,550		2,550
Balance at Dec. 31, 2018	$ 37,633	$ 95	445,192	(408,493)	839
Balance, shares at Dec. 31, 2018	95,372,236	95,372,236
Net loss	$ (56,793)			(56,793)
Other comprehensive income (loss)	1				1
Issuance of stock, net of issue costs	22,627	$ 13	22,614
Issuance of stock, net of issue costs, shares		13,525,377
Exercise of stock options	414	$ 1	413
Exercise of stock options, shares		223,426
Vesting of stock units	(120)		(120)
Vesting of stock units, shares		296,283
Stock-based compensation	4,568		4,568
Balance at Dec. 31, 2019	$ 8,330	$ 109	$ 472,667	$ (465,286)	$ 840
Balance, shares at Dec. 31, 2019	109,417,322	109,417,322

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (44,720)	$ (56,793)		$ (53,171)	$ (18,485)
Adjustments to reconcile net loss to cash flows used in operating activities:
Amortization of intangible assets	1,229	2,460	$ 981	981	724
Depreciation of property and equipment	97	144		167	91
Amortization of debt discount	312	596		209
Amortization of bond (discount) premium on marketable securities					(9)
Non-cash interest expense		1,052
Loss on extinguishment of debt		3,810
Amortization of noncurrent portion of deferred revenue					(5,585)
Stock-based compensation	2,550	4,568		2,704	2,456
Change in fair value of derivative liability	18,886		45,164	26,278
Changes in operating assets and liabilities:
Accounts receivable and other current assets	(711)	(15,304)		(167)	120
Inventory	(279)	(1,859)
Accounts payable and accrued expenses	(204)	4,596		1,162	304
Right-of-use assets and operating lease liabilities		46
Deferred revenue	30	(15)		(50)	(97)
Deferred rent	224			(20)	(9)
Net cash used in operating activities	(22,586)	(56,699)		(21,907)	(20,490)
Cash flows from investing activities:
Purchases of marketable securities					(5,052)
Maturities of marketable securities					18,743
Acquisition of Icon Bioscience Inc., net of cash acquired				(16,780)
Purchases of property and equipment	(132)	(213)		(108)	(147)
Proceeds from sale of property and equipment					33
Net cash (used in) provided by investing activities	(132)	(213)		(16,888)	13,577
Cash flows from financing activities:
Proceeds from exercise of warrants	28,863
Proceeds from issuance of stock, net of issuance costs		22,627		41,515	8,404
Proceeds from issuance of long-term debt		50,000		20,000
Payment of debt issue costs		(1,341)		(1,347)
Payment of long-term debt principal		(20,000)
Payment of extinguishment of debt costs		(2,716)
Net settlement of stock units to satisfy statutory tax withholding	(195)	(120)
Proceeds from exercise of stock options	536	414		503	99
Payment of contingent development milestone		(15,000)
Net cash provided by financing activities	29,204	33,864		60,671	8,503
Effect of foreign exchange rate changes on cash and cash equivalents	(1)	1		2	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,485	(23,047)		21,878	1,585
Cash, cash equivalents and restricted cash at beginning of year	38,926	45,411		17,048	15,463
Cash, cash equivalents and restricted cash at end of year	45,411	22,364	$ 45,411	38,926	$ 17,048
Supplemental cash flow information:
Cash interest paid	$ 1,241	4,870		258
Supplemental disclosure of non-cash investing and financing activities:
Accrued development milestone				15,000
Accrued term loan exit fee		$ 3,000		1,200
Fair value of second tranche purchase liability				4,734
Fair value of warrants issued with debt				355
Fair value of second tranche warrants				$ 18,165

Operations

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Operations

1.	Operations

EyePoint Pharmaceuticals, Inc. (together with its subsidiaries, the “Company”), incorporated in Delaware, is a pharmaceutical company committed to developing and commercializing innovative ophthalmic products for the treatment of eye diseases. The Company has two products, YUTIQ^® and DEXYCU^®, which were approved by the United States (“U.S.”) Food and Drug Administration (“FDA”) in 2018.

YUTIQ (fluocinolone acetonide intravitreal implant) 0.18 mg for intravitreal injection, was launched directly in the U.S. in February 2019. YUTIQ is indicated for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye, which affects between 60,000 to 100,000 people in the U.S. each year and causes approximately 30,000 new cases of blindness every year, making it the third leading cause of blindness. Injected into the eye in an office visit, YUTIQ is a micro-insert that delivers a micro-dose of a corticosteroid to the back of the eye on a sustained constant (zero order release) basis for up to 36 months. YUTIQ is based on the Company’s proprietary Durasert^® sustained-release drug delivery technology platform, which can deliver drugs for predetermined periods of time ranging from months to years.

DEXYCU (dexamethasone intraocular suspension) 9%, for intraocular administration, was launched directly in the U.S. in March 2019. Indicated for the treatment of post-operative ocular inflammation, DEXYCU is administered as a single dose at the end of ocular surgery and is the first long-acting intraocular product approved by the FDA for this indication. DEXYCU utilizes the Company’s proprietary Verisome^® drug-delivery platform, which allows for a single intraocular injection that releases dexamethasone, a corticosteroid, over time. There were approximately 3.8 million cataract surgeries performed during 2018 in the U.S. and the Company launched DEXYCU with a primary focus on its use following cataract surgery. The Company acquired DEXYCU in connection with its acquisition of Icon Bioscience, Inc. (“Icon”) in March 2018.

ILUVIEN^® for diabetic macular edema (“DME”), the Company’s lead licensed product, is sold directly in the U.S. and several European Union (“EU”) countries by Alimera Sciences, Inc. (“Alimera”). In July 2017, the Company expanded its license agreement with Alimera to include the uveitis indication utilizing the Durasert technology in Europe, the Middle East and Africa (“EMEA”), which received European regulatory approval in March 2019 and, subject to obtaining pricing and reimbursement in each applicable country, will be marketed as ILUVIEN. Retisert^®, one of the Company’s earlier generation products, was approved in 2005 by the FDA for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye and is sold in the U.S. by Bausch & Lomb Inc. (“Bausch & Lomb”). The patent with which Retisert is marked expired in March 2019. As such, Bausch & Lomb discontinued paying royalties after March 2019.

EYP-1901, 6-Month bioerodible Durasert Vorolanib – Tyrosine Kinase Inhibitor (“TKI”) is being advanced as a potential treatment for wet age-related macular degeneration (“wAMD”), diabetic retinopathy (“DR”) and retinal vein occlusion (“RVO”). The Company has completed initial animal pharmacokinetic and toxicology studies and expect to initiate GLP toxicology studies in the first quarter of 2020 to support the filing of an Investigational New Drug application with the FDA.

YUTIQ50 is being developed as a 6-month dosing option for treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. The Company has consulted with the FDA and identified a clinical pathway for an sNDA filing that involves a clinical trial of approximately 60 patients, randomized 2:1. The Company is currently evaluating the timeline and investment requirements for the initiation of this study.

The Company’s development programs are focused primarily on developing sustained release products that utilize its Durasert technology platform to deliver drugs to treat chronic diseases. The Company’s strategy includes developing products independently while continuing to leverage its technology platforms, including Verisome, through collaborations and license agreements.

Liquidity

The Company has a history of operating losses and has not had significant recurring cash inflows from revenue. The Company’s operations have been financed primarily from sales of its equity securities, issuance of debt and a combination of license fees, milestone payments, royalty income and other fees received from its collaboration partners. In the first quarter of 2019, the Company commenced the U.S. launch of its first two commercial products, YUTIQ and DEXYCU. However, the Company, has no history of direct commercialization of its products and management does not yet have sufficient historical evidence to assert that it is probable that the Company will receive sufficient revenues from its product sales to fund operations. As of December 31, 2019, the Company has had recurring operating losses since its inception and has an accumulated deficit of approximately $465.3 million and working capital of $30.2 million. In addition to total cash and cash equivalents of $22.2 million at December 31, 2019, the Company received net proceeds of $20.3 million on February 25, 2020 from the issuance of common stock (“Common Stock”), excluding approximately $300,000 of additional unpaid share issue costs (see Note 18).

Accordingly, the foregoing conditions, taken together, continue to raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company’s plans that are intended to mitigate those conditions include continuing to fulfill its funding needs through cash inflows from revenue of YUTIQ and DEXYCU product sales, licensing arrangements, additional capital raise or other arrangement. The Company believes its plans in place will be sufficient to fund the Company’s operating plan for the next 12 months. Although the Company believes such plans, if executed, should provide the Company sufficient financing to meet its needs, there is no assurance that additional funding will be achieved and that the Company will succeed in its future operations. Actual cash requirements could differ from management’s projections due to many factors, including the success of commercialization for YUTIQ and DEXYCU, the actual costs of these commercialization efforts, additional investments in research and development programs, competing technological and market developments and the costs of any strategic acquisitions and/or development of complementary business opportunities.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

Basis of Presentation

The consolidated financial statements are presented in U.S. dollars in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”) and include the accounts of EyePoint Pharmaceuticals, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Change in Fiscal Year

As previously reported, the Company changed its fiscal year end to December 31 from June 30 effective January 1, 2019. This Annual report on Form 10-K is for the twelve months ended December 31, 2019, which may be referred to in this report as fiscal 2019. The Company previously filed a Transition Report for the six-month transitional financial statements as of and for the period ended December 31, 2018, which was referred to as the transition period. The years ended June 30, 2018 and 2017 may be referred to herein as fiscal 2018 and fiscal 2017, respectively.

Use of Estimates

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

Foreign Currency

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

Assets and liabilities of the Company’s foreign subsidiary are translated at period-end exchange rates. Amounts included in the consolidated statements of comprehensive loss and cash flows are translated at the weighted average exchange rates for the period. Gains and losses from currency translation are included in accumulated other comprehensive income as a separate component of stockholders’ equity in the consolidated balance sheets. The balance of accumulated other comprehensive income attributable to foreign currency translation was $840,000 and $839,000 at December 31, 2019 and 2018, respectively. Foreign currency gains or losses arising from transactions denominated in foreign currencies, whether realized or unrealized, are recorded in interest and other income, net in the consolidated statements of comprehensive loss and were not significant for all periods presented.

Cash Equivalents

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

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At December 31, 2019, a total of $20.0 million, representing all of the Company’s interest-bearing cash equivalent balances, were concentrated in one U.S. Government institutional money market fund that had investments consisting primarily of U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. Generally, these deposits may be redeemed upon demand and, therefore, the Company believes they have minimal risk. The Company had no investments in marketable securities at December 31, 2019 and 2018, respectively. The Company’s investment policy, approved by the Company’s Board of Directors, includes guidelines relative to diversification and maturities designed to preserve principal and liquidity.

As of December 31, 2019, accounts receivable from the Third-party Logistics Provider (the “3PL”), ASD Specialty Healthcare LLC, FFF Enterprises, Inc., and McKesson Specialty Care Distribution LLC accounted for 37.0%, 34.0%, 15%, and 12.0% of total accounts receivable, respectively. For the year ended December 31, 2019, revenues from the 3PL, ASD Specialty Healthcare LLC, and Alimera Sciences accounted for 56.0%, 15.0%, and 10.0% of total revenues, respectively.

Fair Value Measurements

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

•

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

•

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

•

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

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

Accounts and Other Receivables, Net

Receivables arise primarily from the Company’s products sold in the U.S. The balance in accounts and other receivables, net consists primarily of amounts due from customers, net of applicable revenue reserves. The majority of the Company’s accounts receivable have standard payment terms that require payment within 120-154 days. The Company performs ongoing credit evaluations of its customers’ financial condition and continuously monitor collections and payments from its customers and analyzes accounts that are past due for collectability. Amounts determined to be uncollectible are charged or written off against the reserve. To date, given the nature and limited history of collectability of the Company’s accounts receivable, the Company recorded no allowance for doubtful accounts as of December 31, 2019.

Inventory

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

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

The Company assesses the recoverability of inventory and it writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Write-downs are based on the age of the inventory, lower of cost or market, along with significant management judgments concerning future demands for the inventory. Such impairment charges, should they occur, are recorded within cost of sales, excluding amortization of acquired intangible assets. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected by management, additional write-downs of inventory might be recorded in future periods.

Cost of sales, excluding amortization of acquired intangible assets, consist of costs associated with the manufacture of YUTIQ and DEXYCU, certain period costs, product shipping and, as applicable, royalty expense.

Debt and Equity Instruments

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

Derivative Instruments

Derivative financial liabilities are recorded at fair value, with gains and losses arising from changes in fair value recognized in change in fair value of derivative liability within the consolidated statements of comprehensive loss at each period end while such instruments are outstanding. The Company’s derivative liabilities from certain financing transactions were primarily valued using Monte Carlo simulation models. Refer to Notes 10, 11 and 13 for additional information.

Property and Equipment

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

Leases

The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses.

The Company adopted Accounting Standards Codification No. 842, Leases (“ASC 842”), as of January 1, 2019. The adoption of ASC 842 represents a change in accounting principle that 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 operating leases, with an exception provided for leases with a duration of one year or less. The Company applied ASC 842 using the modified retrospective transition approach which, allows companies to recognize existing leases at the adoption date without requiring comparable period presentation. Comparative periods are presented in accordance with the previous guidance in Accounting Standards Codification (“ASC”) 840, Leases.

In adopting the new standard, the Company elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard, which does not require the reassessment of the following: (i) whether existing or expired arrangements are or contain a lease, (ii) the lease classification of existing or expired leases, and (iii) whether previous initial direct costs would qualify for capitalization under the new lease standard. Additionally, the Company elected to combine lease and non-lease components and to exclude leases with a term of 12 months or less. The adoption of this accounting standard resulted in recording operating lease ROU assets for three real estate operating lease arrangements and corresponding operating lease liabilities of $3.5 million and $3.7 million, respectively, as of January 1, 2019. The operating lease assets at adoption were lower than the operating lease liabilities because the balance of the Company’s deferred rent liabilities at December 31, 2018, which represented lease incentives, was reclassified into operating lease assets. The adoption of the standard did not have a material effect on the Company’s consolidated statements of operations or consolidated statements of cash flows.

Under Topic 842, the Company determines whether the arrangement is or contains a lease at inception. Operating leases are recognized on the consolidated balance sheets as ROU assets, current portion of lease liabilities and long-term lease liabilities. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. The operating lease ROU assets also include any lease payments made and adjustments for prepayments and lease incentives. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilized its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Impairment of Intangible Assets

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

Revenue Recognition

The Company adopted Accounting Standards Codification No. 606, Revenue from Contracts with Customers (“ASC 606”), as of July 1, 2018. The adoption of ASC 606 represents a change in accounting principle that more closely aligns revenue recognition with the delivery of the Company’s services. The Company applied ASC 606 using the modified retrospective method. The cumulative effect of initially applying the new revenue standard resulted in a $218,000 reduction to the opening balance of accumulated deficit at July 1, 2018.

Revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue.

Product sales, net — The Company began selling YUTIQ and DEXYCU in February and March 2019, respectively, in the U.S. through a single third-party logistics provider (the “3PL”), which takes title to and control of the goods. The 3PL distributes the products through a limited number of specialty distributors and specialty pharmacies (collectively the “Distributors”), with whom the Company has entered into formal agreements, for delivery to physician practices for YUTIQ and to hospital outpatient departments and ambulatory surgical centers for DEXYCU. Effective December 15, 2019, the Company terminated its product sales through the 3PL and replaced with the Distributors. The Company recognizes revenue on sales of its products when a customer obtains control of the products, which occurs at a point in time, typically upon delivery. In addition to distribution agreements with customers, the Company also enters into arrangements with healthcare providers and payors that provide for government mandated and/or privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products.

Reserves for variable consideration — Product sales are recorded at the wholesale acquisition costs, net of applicable reserves for variable consideration. Components of variable consideration include trade discounts and allowances, provider chargebacks and discounts, payor rebates, product returns, and other allowances that are offered within contracts between the Company and its Distributors, payors, and other contracted purchasers relating to the Company’s product sales. These reserves, as detailed below, are based on the amounts earned, or to be claimed on the related sales, and are classified either as reductions of product revenue and accounts receivable or a current liability, depending on how the amount is to be settled. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the respective underlying contracts. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the estimates, the Company adjusts these estimates, which would affect product revenue and earnings in the period such variances become known.

Distribution fees — The Company compensates its Distributors for services explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the related product sale is recognized.

Provider chargebacks and discounts — Chargebacks are discounts that represent the estimated obligations resulting from contractual commitments to sell products at prices lower than the list prices charged to the Company’s Distributors. These Distributors charge the Company for the difference between what they pay for the product and the Company’s contracted selling price. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. Reserves for chargebacks consist of amounts that the Company expects to pay for units that remain in the distribution channel inventories at each reporting period-end that the Company expects will be sold under a contracted selling price, and chargebacks that Distributors have claimed, but for which the Company has not yet settled.

Government rebates — The Company is subject to discount obligations under state Medicaid programs and Medicare. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel inventories at the end of each reporting period.

Payor rebates — The Company contracts with certain private payor organizations, primarily insurance companies, for the payment of rebates with respect to utilization of its products. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability.

Co-Payment assistance — The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue.

Product returns — The Company generally offers a limited right of return based on its returned goods policy, which includes damaged product and remaining shelf life. The Company estimates the amount of its product sales that may be returned and records this estimate as a reduction of revenue in the period the related product revenue is recognized, as well as reductions to trade receivables, net on the condensed consolidated balance sheets.

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

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

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

When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of December 31, 2019.

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

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

Feasibility Studies — The Company recognizes revenue over the term of the statements of work under any funded feasibility study agreements. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the feasibility study agreement.

Deferred Revenue

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

Please refer to Note 4 for further details on the license and collaboration agreements into which the Company has entered and corresponding amounts of revenue recognized for the year ended December 31, 2019, for the six months transition period ended December 31, 2018 and for prior fiscal year periods.

Research and Development

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

Stock-Based Compensation

The Company may award stock options and other equity-based instruments to its employees, directors and consultants pursuant to stockholder-approved plans. In the fourth quarter of fiscal 2017, the Company early adopted Accounting Standards Update (“ASU”) No. 2016-09 (“ASU 2016-09”), Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, pursuant to which it elected to account for forfeitures as they occur. As a result, the Company recorded an adjustment of $122,000 to accumulated deficit and additional paid-in capital as of July 1, 2016.

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

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

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

Net Loss per Share

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

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

	Year Ended December 31,		Six Months Ended December 31,		Year Ended June 30,
	2019		2018		2018		2017
Stock options		10,909,800		8,139,377		7,750,244		6,895,685
ESPP		137,368		—		—		—
Warrants		486,812		486,812		20,671,036		623,605
Restricted stock units		786,899		1,090,213		1,398,129		948,500
Performance stock units		—		370,000		466,668		210,000
Deferred stock units		—		35,418		35,001		—
		12,320,879		10,121,820		30,321,078		8,677,790

Comprehensive Loss

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

Income Tax

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

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

Recently Adopted and Recently Issued Accounting Pronouncements

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

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

In May 2014, the FASB issued ASU 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. In August 2015, the FASB issued ASU 2015-14, which officially deferred the effective date of ASU 2014-09 by one year, while also permitting early adoption. As a result, ASU 2014-09 became effective on July 1, 2018. The Company adopted this standard as of July 1, 2018. The adoption of ASC 606 represents a change in accounting principle that more closely aligns revenue recognition with the delivery of the Company’s services and provides financial statement readers with enhanced disclosures. The Company applied ASC 606 using the modified retrospective method. The cumulative effect of initially applying the new revenue standard resulted in a $218,000 reduction to the opening balance of accumulated deficit at July 1, 2018.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), Targeted Improvements, which contains certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. 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 operating leases, with an exception provided for leases with a duration of one year or less. The Company adopted ASU 2016-02 on January 1, 2019 using the modified retrospective transition approach which, pursuant to ASU 2018-11, allows companies to recognize existing leases at the adoption date without requiring comparable period presentation. Comparative periods are presented in accordance with the previous guidance in Accounting Standards Codification (“ASC”) 840, Leases.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”): Measurement of Credit Losses on Financial Instruments, to replace the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. This standard will be effective for the Company in the first quarter of its fiscal year ending December 31, 2020. The Company is currently evaluating the impact the adoption of this update will have on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) (“ASU 2019-12”): Simplifying the Accounting for Income Taxes. The amendments simplify the accounting for income taxes by removing certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. This standard will be effective for the Company in the first quarter of its fiscal year ending December 31, 2021. The Company is currently evaluating the impact the adoption of this update will have on its consolidated financial statements.

Acquisition of Icon Bioscience, Inc.

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisition of Icon Bioscience, Inc.

3.	Acquisition of Icon Bioscience, Inc.

On March 28, 2018, the Company and its newly-created wholly-owned subsidiary, Oculus Merger Sub, Inc., acquired Icon, a specialty biopharmaceutical company, through a reverse triangular merger (the “Icon Acquisition”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) between the Company, Icon, and Shareholder Representative Services LLC (“SRS”), solely in its capacity as representative of Icon’s securityholders. The Icon Acquisition was accounted for as an asset acquisition because substantially all of the fair value of the gross assets acquired were deemed to be concentrated in a group of similar identifiable assets related to Icon’s lead product, DEXYCU. A portion of the Icon Acquisition was funded by a debt financing and an equity financing, both of which closed concurrently with the Icon Acquisition (see Notes 10 and 11).

Pursuant to the Merger Agreement, the Company made a closing payment of $15.0 million to SRS, net of an estimated $127,000 working capital adjustment, and is obligated to pay certain post-closing contingent cash payments upon the achievement of specified milestones and based upon certain net sales and partnering revenue standards, in each case subject to the terms and conditions set forth in the Merger Agreement. These include but are not limited to (i) a one-time development milestone of $15.0 million payable in cash upon the first commercial sale of DEXYCU in the U.S., (ii) sales milestone payments totaling up to $95.0 million upon the achievement of certain sales thresholds and subject to certain Centers for Medicare & Medicaid Services (“CMS”) reimbursement conditions set forth in the Merger Agreement, (iii) quarterly earn-out payments equal to 12% on net sales of DEXYCU in a given year, which earn-out payments will increase to 16% of net sales of DEXYCU in such year beginning in the calendar quarter for such year to the extent aggregate annual DEXYCU consideration exceeds $200.0 million in such year, (iv) quarterly earn-out payments equal to 20% of partnering revenue received by the Company for DEXYCU outside of the U.S., and (v) single-digit percentage quarterly earn-out payments with respect to net sales and/or partnering income, if any, resulting from future clinical development, regulatory approval and commercialization of any other product candidates the Company acquired in the Icon Acquisition. Following the first commercial sale of DEXYCU, the Company paid the $15.0 million one-time development milestone to SRS in April 2019.

The purchase price on the date of the Icon Acquisition was $32.0 million and was comprised of the closing consideration of $15.0 million, including the assumption of an estimated $127,000 of net current liabilities of Icon, the contingent development milestone payment of $15.0 million and transaction costs of approximately $2.0 million. Given the stage of development of DEXYCU, the Company determined these payments did not represent research and development costs. The contingent consideration in the form of sales milestones will be capitalized as additional intangible assets when any such consideration becomes probable and can be reasonably estimated. Sales-based royalty payments will be expensed as incurred.

The purchase price was allocated to a single finite-lived intangible asset with an expected amortization life of approximately 13 years. The intangible asset is being amortized on a straight-line basis over that period. The acquisition did not have a net tax impact due to a full valuation allowance against the acquired net deferred tax assets.

For the year ended December 31, 2019, the Company accrued sales-based royalty expense of $781,000, as a component of cost of sales.

Product Revenue Reserves and Allowances

12 Months Ended

Dec. 31, 2019

Disclosure Of Product Revenue Reserves And Allowances [Abstract]

Product Revenue Reserves And Allowances

4.	Product Revenue Reserves and Allowances

The Company’s product revenues have been primarily from sales of YUTIQ and DEXYCU in the U.S., which it began shipping to its 3PL in February 2019 and March 2019, respectively.

Net product revenues by product for the year ended December 31, 2019 were as follows (in thousands):

	Year Ended
	December 31, 2019
YUTIQ	$	12,046
DEXYCU		4,778
Total product sales, net	$	16,824

The following table summarizes activity in each of the product revenue allowance and reserve categories for the year ended December 31, 2019 (in thousands):

	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2019	$	—		$	—		$	—		$	—
Provision related to sales in the current year		2,301			429			732			3,462
Adjustments related to prior period sales		—			—			—			—
Deductions applied and payments made		(683	)		(158	)		(380	)		(1,221	)
Ending balance at December 31, 2019	$	1,618		$	271		$	352		$	2,241

Returns are recorded as a reduction of accounts receivable on the condensed consolidated balance sheets. Chargebacks, discounts and fees and rebates are recorded as a component of accrued expenses on the condensed consolidated balance sheets (See Note 8).

License and Collaboration Agreements and Royalty Income

Alimera

Under a collaboration agreement with Alimera, as amended in March 2008 (the “Prior Alimera Agreement”), the Company licensed to Alimera the rights to develop, market and sell certain product candidates, including ILUVIEN for DME, and Alimera assumed all financial responsibility for the development of the licensed products. The Company was entitled to receive a share 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, and Alimera was entitled to recover a share of previously incurred and unapplied net losses (as defined) for commercialization of each product in a country. The Company was also entitled to reimbursement of certain patent maintenance costs with respect to the patents licensed to Alimera.

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 then Durasert three-year uveitis product candidate (currently marketed by the Company as YUTIQ in the U.S.) to Alimera for regulatory approval and distribution under its ILUVIEN trade name in EMEA and (ii) converted the net profit share arrangement for each licensed product (including ILUVIEN) under the Prior Alimera Agreement to a sales-based royalty on a calendar quarter basis commencing July 1, 2017, with payments from Alimera due 60 days following the end of each quarter.

Following the completion of the Amended Alimera Agreement, Alimera filed a Type II variation in December 2017 for ILUVIEN for the treatment of non-infectious uveitis affecting the posterior segment of the eye in all seventeen European countries in which it previously received regulatory approval for ILUVIEN for DME. In March 2019, Alimera received regulatory approval for the uveitis indication. After the label for this new indication is finalized consistent with each such country’s local requirements, Alimera has indicated that it plans to commercialize the product for this indication under its ILUVIEN trademark.

Under the Amended Alimera Agreement, sales-based royalties started at the rate of 2%. Commencing December 12, 2018, the royalty rate increased to 6% on aggregate calendar year net sales up to $75.0 million and to 8% on any calendar year net sales in excess of $75.0 million. Alimera’s share of contingently recoverable accumulated ILUVIEN commercialization losses under the Prior Alimera Agreement, capped at $25.0 million, are being 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 the period from December 12, 2018 through calendar year 2020, 50% of earned sales-based royalties in excess of 2% will be offset against quarterly royalty payments otherwise due from Alimera; (iii) in March 2019, another $5.0 million was cancelled upon Alimera’s receipt of regulatory approval for ILUVIEN for the uveitis indication; and (iv) commencing in calendar year 2021, 20% of earned sales-based royalties in excess of 2% will be offset against quarterly royalty payments otherwise due from Alimera until such time as the balance of the original $25 million of recoverable commercialization losses has been fully recouped. At December 31, 2019, the remaining recoverable balance of these commercialization losses was approximately $8.9 million.

Revenue recognized under the Amended Alimera Agreement totaled $2.1 million in the year ended December 31, 2019, $627,000 in the six months ended December 31, 2018 and $723,000 in fiscal 2018. In addition to patent fee reimbursements in those periods, the Company recorded sales-based royalty income totaled $2.0 million in the year ended December 31, 2019, $588,000 in the six months ended December 31, 2018 and $575,000 in fiscal 2018.

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 was $204,000 in the year ended December 31, 2019, $456,000 in the six months ended December 31, 2018, approximately $1.0 million in fiscal 2018 and $970,000 in fiscal 2017. The patent with which Retisert is marketed expired in March 2019. As such, pursuant to our agreement with Bausch & Lomb, payment of sales-based royalties concluded at the end of March 2019. Accounts receivable from Bausch & Lomb was $0 at December 31, 2019 and $253,000 at December 31, 2018.

OncoSil Medical

The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with OncoSil Medical UK Limited (f/k/a Enigma Therapeutics Limited), a wholly-owned subsidiary of OncoSil Medical Ltd (“OncoSil”) for the development of BrachySil, the Company’s previous product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 2019. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee sales-based royalties earned, but only to the extent such amounts, in the aggregate, exceed the $100,000 annual license maintenance fee. As of December 31, 2019, OncoSil has not received regulatory approval in any jurisdiction. In March 2019 the Clinical Oversight Committee of the British Standards Institute (“BSI”) advised OncoSil that insufficient clinical benefit had been demonstrated to recommend approval of its longstanding CE Mark application. In October 2019, Oncosil announced that it had completed its follow up meeting with BSI and is focused on submitting an updated Clinical Evaluation Report for CE Mark approval. The Company has no consequential performance obligations under the OncoSil license agreement. As of December 31, 2019, no deferred revenue was recorded for this agreement.

Ocumension Therapeutics

In November 2018, the Company entered into an exclusive license agreement with Ocumension Therapeutics (“Ocumension”) for the development and commercialization of its three-year micro insert using the Durasert technology for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye (YUTIQ in the U.S.) in Mainland China, Hong Kong, Macau and Taiwan. The Company received a one-time upfront payment of $1.75 million from Ocumension and is eligible to receive up to (i) $7.25 million upon the achievement by Ocumension of certain prescribed development and regulatory milestones, and (ii) $3.0 million commercial sales-based milestones. In addition, the Company is entitled to receive mid-single digit sales-based royalties. Ocumension has also received a special approval by the Hainan Province People's Government to market this product for chronic, non-infectious posterior segment uveitis in the Hainan Bo Ao Lecheng International Medical Tourism Pilot Zone (“Hainan Pilot Zone”). In March 2019, the Company entered into a Memorandum of Understanding (“MOU”), pursuant to which, the Company will supply product for the clinical trials and Hainan Pilot Zone use. Paralleling to Ocumension’s normal registration process of the product with the Chinese Regulatory Authorities, the MOU modified the Company’s entitlement to the development and regulatory milestones of up to $7.25 million under the license agreement to product supply milestones or development milestones, whichever comes first, totaling up to $7.25 million. In August 2019, the Company began shipping this product to Ocumension.

The Company was required to provide a fixed number of hours of technical assistance support to Ocumension at no cost, which was completed already and no future performance obligation exists. Ocumension is responsible for all development, regulatory and commercial costs, including any additional technical assistance requested. Ocumension has a first right of negotiation for an additional exclusive license to the Company’s shorter-duration line extension candidate for this indication.

In August 2019, the Company received a $1.0 million development milestone payment from Ocumension triggered by the approval of its Investigational New Drug (“IND”) in China for this program. The IND allows the importation of finished product into China for use in a clinical trial to support regulatory filing.

In January 2020, the Company entered into an exclusive license agreement with Ocumension for the development and commercialization in Mainland China, Hong Kong, Macau and Taiwan of DEXYCU for the treatment of post-operative inflammation following ocular surgery. Pursuant to the terms of the license agreement, the Company received upfront payments of $2.0 million from Ocumension in February 2020 and will be eligible to receive up to (i) 6.0 million upon the achievement by Ocumension of certain prescribed development and regulatory milestones, and (ii) 6.0 million commercial sales-based milestones. In addition, the Company is entitled to receive mid-single digit sales-based royalties. In exchange, Ocumension will receive exclusive rights to develop and commercialize DEXYCU in Mainland China, Hong Kong, Macau and Taiwan, at its own cost and expense with the Company supplying product for clinical trials and commercial sale. In addition, Ocumension will receive a fixed number of hours of technical assistance support from the Company at no cost.

In the year ended December 31, 2019, revenue recognized under the license agreement and MOU with Ocumension totaled $1.1 million. In addition to $91,000 of revenue from product sales, $1.0 million was recognized as license and collaboration agreement revenue. In the six months ended December 31, 2018, $1.7 million was recognized as license and collaboration agreement revenue. As of December 31, 2019 and 2018, $0 and $30,000 of deferred revenue was recorded for this agreement, respectively.

Equinox Science, LLC

In February 2020, the Company entered into an Exclusive License Agreement with Equinox Science, LLC (“Equinox”), pursuant to which Equinox granted us an exclusive, sublicensable, royalty-bearing right and license to certain patents and other Equinox intellectual property to research, develop, make, have made, use, sell, offer for sale and import the compound vorolanib and any pharmaceutical products comprising the compound for the prevention or treatment of age-related macular degeneration, diabetic retinopathy and retinal vein occlusion using our proprietary localized delivery technologies, in each case, throughout the world except China, Hong Kong, Taiwan and Macau.

In consideration for the rights granted by Equinox, the Company (i) made a one time, non-refundable, non-creditable upfront cash payment of $1.0 million to Equinox in February 2020, and (ii) agreed to pay milestone payments totaling up to $50 million upon the achievement of certain development and regulatory milestones, consisting of (a) completion of a Phase II clinical trial for the Compound or a Licensed Product, (b) the filing of a new drug application or foreign equivalent for the Compound or a Licensed Product in the United States, European Union or United Kingdom and (c) regulatory approval of the Compound or a Licensed Product in the United States, European Union or United Kingdom.

The Company also agreed to pay Equinox tiered royalties based upon annual net sales of Licensed Products in the Territory. The royalties are payable with respect to a Licensed Product in a particular country in the Territory on a country-by-country and Licensed Product-by-Licensed Product basis until the later of (i) twelve years after the first commercial sale of such Licensed Product in such country and (ii) the first day of the month following the month in which a generic product corresponding to such Licensed Product is launched in such country (collectively, the “Royalty Term”). The royalty rates range from the high-single digits to low-double digits depending on the level of annual net sales. The royalty rates are subject to reduction during certain periods when there is no valid patent claim that covers a Licensed Product in a particular country.

Research 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 $135,000 for the year ended December 31, 2019, $15,000 in the six months ended December 31, 2018, $1.1 million in fiscal 2018 and $211,000 in fiscal 2017, respectively. At December 31, 2019, $15,000 deferred revenue was recorded for the feasibility study agreements.

Inventory

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):

	December 31, 2019		December 31, 2018
Raw materials	$	1,476	$	198
Work in process		346		41
Finished goods		316		40
Total inventory	$	2,138	$	279

Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

6.	Intangible Assets

The reconciliation of intangible assets for the year ended December 31, 2019 and the six months ended December 31, 2018 was as follows (in thousands):

	Year Ended			Six Months Ended
	December 31,			December 31,
	2019			2018
Patented technologies
Gross carrying amount at beginning of period	$	68,322		$	68,322
Gross carrying amount at end of period		68,322			68,322
Accumulated amortization at beginning of period		(38,193	)		(36,964	)
Amortization expense		(2,460	)		(1,229	)
Accumulated amortization at end of period		(40,653	)		(38,193	)
Net book value at end of period	$	27,669		$	30,129

The net book value of the Company’s intangible assets at December 31, 2019 and 2018 is summarized as follows (in thousands):

					Estimated
					Remaining
					Useful Life at
	December 31,		December 31,		December 31,
	2019		2018		2019
					(Years)
Patented technologies
DEXYCU / Verisome	$	27,669	$	30,129		11.25
	$	27,669	$	30,129

The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization expense totaled $2.5 million in the year ended December 31, 2019, $1.2 million in the six months ended December 31, 2018, $981,000 in fiscal 2018, and $724,000 in fiscal 2017.

In connection with the Icon Acquisition (see Note 3), the initial purchase price of $32.0 million was attributed to the DEXYCU product intangible asset. This finite-lived intangible asset is being amortized on a straight-line basis over its expected remaining useful life of 11.25 years at the rate of approximately $2.5 million per year. Amortization expense was reported as a component of cost of sales for the year ended December 31, 2019 and was included in research and development for the six months ended December 31, 2018, and the fiscals 2018 and 2017.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Property and Equipment, Net

7.	Property and Equipment, Net

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

	December 31,			December 31,
	2019			2018
Property and equipment	$	1,095		$	882
Leasehold improvements		101			101
Gross property and equipment		1,196			983
Accumulated depreciation and amortization		(839	)		(695	)
	$	357		$	288

Depreciation expense totaled $144,000 in the year ended December 31, 2019, $97,000 in the six months ended December 31, 2018, $167,000 in fiscal 2018 and $91,000 in fiscal 2017.

Accrued Expenses

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Accrued Expenses

8.	Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,		December 31,
	2019		2018
Personnel costs	$	3,263	$	1,998
Clinical trial costs		345		798
Professional fees		700		571
Sales chargebacks, rebates and other revenue reserves		1,889		—
Interest		—		343
Other		635		79
	$	6,832	$	3,789

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

On May 17, 2018, the Company amended the lease for its headquarters in Watertown, Massachusetts. The original five-year lease for approximately 13,650 square feet of combined office and laboratory space was set to expire in April 2019. Under the amendment, the Company leased an additional 6,590 square feet of rentable area of the building, with a commencement date of September 10, 2018. The amendment extended the term of the lease for the combined space through May 31, 2025. The landlord agreed to provide the Company a construction allowance of up to $670,750 to be applied toward the aggregate work completed on the total space. The Company has an option to further extend the term of the lease for one additional five-year period. Per the terms of the lease agreement, the Company does not have a residual value guarantee. The Company previously provided a cash-collateralized $150,000 irrevocable standby letter of credit as security for the Company’s obligations under the lease, which was extended through the period that is four months beyond the expiration date of the amended lease. The Company will also be required to pay its proportionate share of certain operating costs and property taxes applicable to the leased premises in excess of new base year amounts.

In July 2017, the Company leased approximately 3,000 square feet of office space in Basking Ridge, New Jersey under a lease term extending through June 2022, with two five-year renewal options at 95% of the then-prevailing market rates. In addition to base rent, the Company is obligated to pay its proportionate share of building operating expenses and real estate taxes in excess of base year amounts. In June 2018, the Company subleased an additional 1,381 square feet of adjoining space from Caladrius Biosciences, Inc. (“Caladrius”) through May 2022. The Chief Executive Officer of Caladrius is a director of the Company. Per the terms of the lease and sublease agreements, the Company does not have any residual value guarantees.

The Company identified and assessed the following significant assumptions in recognizing its ROU assets and corresponding lease liabilities:

•

As the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate in calculating the present value of the lease payments. The Company utilized the borrowing rate under its existing 5-year term loan facility (see Note 9) as the discount rate.

•

Since the Company elected to account for each lease component and its associated non-lease components as a single combined component, all contract consideration was allocated to the combined lease component.

•

The expected lease terms include noncancelable lease periods. Renewal option periods have not been included in the determination of the lease terms as they are not deemed reasonably certain of exercise.

•

Variable lease payments, such as common area maintenance, real estate taxes and property insurance are not included in the determination of the lease’s ROU asset or lease liability.

As of December 31, 2019, the weighted average remaining term of the Company’s operating leases was 5.2 years and the lease liabilities arising from obtaining ROU assets reflect a weighted average discount rate of 12.5%. Maturities of lease liabilities due under these operating lease agreements as of December 31, 2019 are as follows (in thousands):

2020		867
2021		889
2022		849
2023		815
2024		830
Thereafter		346
Total lease payments		4,596
Less imputed interest		(1,217	)
Total operating lease liabilities		3,379
Less: current portion		481
Non-current portion	$	2,898

Operating lease expense recognized during the year ended December 31, 2019 related to ROU assets was $852,000, excluding $36,000 of variable lease costs, respectively, and were included in general and administrative expense in the Company’s statement of comprehensive loss. Cash paid for amounts included in the measurement of operating lease liabilities was $808,000 for the year ended December 31, 2019.

As previously disclosed in the Company’s Transition Report on Form 10-K for the six months ended December 31, 2018, and, under the previous lease accounting standard, ASC 840, Leases, the Company’s total future minimum lease payments under non-cancellable operating leases at December 31, 2018 were as follows (in thousands):

2019	$	826
2020		879
2021		895
2022		849
2023 and beyond		1,990
	$	5,439

Term Loan Agreement

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Term Loan Agreement

10.	Term Loan Agreement

CRG Term Loan Agreement

On February 13, 2019 (the “CRG Closing Date”), the Company entered into the CRG Loan Agreement among the Company, as borrower, CRG Servicing LLC, as administrative agent and collateral agent (the “Agent”), and the lenders party thereto from time to time (the “Lenders”), providing for a senior secured term loan of up to $60 million (the “CRG Loan”). On the CRG Closing Date, $35 million of the CRG Loan was advanced (the “CRG Initial Advance”). The Company utilized the proceeds from the CRG Initial Advance for the repayment in full of all outstanding obligations under its prior credit agreement (the “SWK Credit Agreement”) with SWK Funding LLC (“SWK”). In April 2019, the Company exercised its option to borrow an additional $15 million of the CRG Loan (the “CRG Second Advance”). The Company may draw up to an additional $10 million, subject to achievement of prescribed three-month trailing product revenues of YUTIQ and DEXYCU on or before March 31, 2020.

The CRG Loan is due and payable on December 31, 2023 (the “Maturity Date”). The CRG Loan bears interest at a fixed rate of 12.5% per annum payable in arrears on the last business day of each calendar quarter. The Company is required to make quarterly, interest only payments until the Maturity Date. So long as no default has occurred and is continuing, the Company may elect on each applicable interest payment date to pay 2.5% of the 12.5% per annum interest as Paid In-Kind (“PIK”), whereby such PIK amount would be added to the aggregate principal amount and accrue interest at 12.5% per annum. Through December 31, 2019, total PIK amounts of $1.1 million have been added to the principal balance of the CRG Loan. In addition, the Company is required to pay an upfront fee of 1.5% of amounts borrowed under the CRG Loan (excluding any paid-in-kind amounts), which is payable as amounts are advanced under the CRG Loan. The Company will also be required to pay an exit fee equal to 6% of (i) the aggregate principal amounts advanced and (ii) PIK amounts issued, under the CRG Loan Agreement. In connection with the CRG Initial Advance, a 1.5% financing fee of $525,000 and an expense reimbursement of $350,000 were deducted from the net borrowing proceeds. In connection with the CRG Second Advance, a 1.5% financing fee of $225,000 was deducted from the net borrowing proceeds.

Upon the occurrence of a bankruptcy-related event of default, all amounts outstanding with respect to the CRG Loan become due and payable immediately, and upon the occurrence of any other Event of Default (as defined in the CRG Loan Agreement), all or any amounts outstanding with respect to the CRG Loan may become due and payable upon request of the Agent or majority Lenders. Subject to certain exceptions, the Company is required to make mandatory prepayments of the CRG Loan with the proceeds of assets sales and in the event of a change of control of the Company. In addition, the Company may make a voluntary prepayment of the CRG Loan, in whole or in part, at any time. All mandatory and voluntary prepayments of the CRG Loan are subject to the payment of prepayment premiums as follows: (i) if prepayment occurs on or prior to December 31, 2019, an amount equal to 10% of the aggregate outstanding principal amount of the CRG Loan being prepaid, (ii) if prepayment occurs after December 31, 2019 and on or prior to December 31, 2020, 5% of the aggregate outstanding principal amount of the CRG Loan being prepaid and (iii) if prepayment occurs after December 31, 2020 and on or prior to December 31, 2021, an amount equal to 3% of the aggregate outstanding principal amount of the Loan being prepaid. No prepayment premium is due on any principal prepaid after December 31, 2021. Certain of the Company’s existing and future subsidiaries are guaranteeing the obligations of the Company under the CRG Loan Agreement. The obligations of the Company under the CRG Loan Agreement and the guarantee of such obligations are secured by a pledge of substantially all of the Company’s and the guarantors’ assets.

The CRG Loan Agreement contains affirmative and negative covenants customary for financings of this type, including limitations on our and our subsidiaries’ abilities, among other things, to incur additional debt, grant or permit additional liens, make investments and acquisitions, merge or consolidate with others, dispose of assets, pay dividends and distributions and enter into affiliate transactions, in each case, subject to certain exceptions. In addition, the CRG Loan Agreement contains the following financial covenants requiring the Company and the Guarantors to maintain:

•

liquidity in an amount which shall exceed the greater of (i) $5 million and (ii) to the extent the Company has incurred certain permitted debt, the minimum cash balance, if any, required of the Company by the creditors of such permitted debt; and

•

annual minimum product revenue from YUTIQ and DEXYCU: (i) for the twelve-month period beginning on January 1, 2019 and ending on December 31, 2019, of at least $15 million, (ii) for the twelve-month period beginning on January 1, 2020 and ending on December 31, 2020, of at least $45 million, (iii) for the twelve-month period beginning on January 1, 2021 and ending on December 31, 2021, of at least $80 million and (iv) for the twelve-month period beginning on January 1, 2022 and ending on December 31, 2022, of at least $90 million.

In November 2019, CRG waived the financial covenant associated with the Company’s revenue derived from sales of its products, DEXYCU and YUTIQ, for the twelve-month period ending December 31, 2019.

The total debt discount related to the CRG Initial Advance was approximately $3.2 million and consisted of (i) the accrual of a $2.1 million exit fee; (ii) the $525,000 upfront fee; and (iii) $591,000 of legal and other transaction costs. This amount is being amortized as additional interest expense over the term of the Loan using the effective interest rate method.

The total debt discount related to the CRG Second Advance was approximately $1.1 million and consisted of (i) the accrual of a $900,000 exit fee; and (ii) the $225,000 upfront fee. This amount is being amortized as additional interest expense over the term of the Loan using the effective interest rate method.

Amortization of debt discount under the CRG Loan totaled $512,000 for the year ended December 31, 2019.

SWK Credit Agreement

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

In connection with the SWK Loan, the Company issued a warrant (the “SWK Warrant”) to the Agent to purchase (a) 409,091 shares of Common Stock (the “Initial Advance Warrant Shares”) at an exercise price of $1.10 per share and (b) 77,721 shares of Common Stock (the “Additional Advance Warrant Shares”) at an exercise price of $1.93 per share (see Note 10). The SWK Warrant is exercisable (i) with respect to the Initial Advance Warrant Shares, any time on or after the SWK Closing Date until the close of business on the 7-year anniversary of the SWK Initial Advance and (ii) with respect to the Additional Advance Warrant Shares, any time on or after the closing of the SWK Additional Advance until the close of business on the 7-year anniversary of the SWK Additional Advance. The Agent may exercise the SWK Warrant on a cashless basis at any time. In the event the Agent exercises the SWK Warrant on a cashless basis, the Company will not receive any proceeds.

The Additional Advance Warrant Shares were recorded as a liability at the Closing Date and were remeasured at fair value at each reporting period until the date of the SWK Additional Advance. The aggregate fair value of the Additional Advance Warrant Shares at the Closing Date was $69,000. The Initial Advance Warrant Shares were recorded as equity on the Company’s balance sheet at their relative fair value of $284,000. The remaining $14.6 million of the proceeds received were allocated to the SWK Initial Advance term loan. Upon the closing of the SWK Additional Advance in June 2018, the Additional Advance Warrant Shares were re-valued at $87,000 and reclassified to equity.

The total debt discount related to the SWK Initial Advance was $2.1 million and was comprised of (1) $1.8 million, which included a 1.5% upfront fee, a 6% exit fee (the “Exit Fee”) and legal and other transaction costs, which were ratably allocated to each of the two tranches of the SWK Loan based upon the total principal amount available to the Company under each tranche and (2) $353,000 related to the aggregate fair value of the Initial Advance Warrant Shares and the Additional Advance Warrant Shares. This amount was being amortized as additional interest expense over the term of the SWK Loan using the effective interest rate method.

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

The SWK Loan was originally scheduled to mature on March 27, 2023 and bore interest at a per annum rate of the three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%. On February 13, 2019, the Company repaid the SWK Loan in connection with the consummation of the CRG Loan Agreement. In addition to repayment of the $20 million principal balance, the Company paid (i) a $1.2 million prepayment penalty, (ii) the $1.2 million Exit Fee, (iii) accrued and unpaid interest of $664,000 through that date and (iv) an additional make-whole interest payment of $306,000 covering the additional period through what would have been the first anniversary of the SWK Loan. In connection with the prepayment of the SWK Loan, the Company recorded a loss on extinguishment of debt of $3.8 million in the three months ended March 31, 2019. In addition to the prepayment penalty and make-whole interest payment amounts, the loss on extinguishment of debt included the write-off of the remaining balance of unamortized debt discount of approximately $2.3 million.

Amortization of debt discount under the SWK Loan totaled $84,000 in the first quarter of 2019 through the SWK loan extinguishment date. The Company recorded $312,000 of amortized deferred debt issue costs and debt discount for the six months ended December 31, 2018 and $209,000 in fiscal 2018.

Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholders' Equity

11.	Stockholders’ Equity

2019 Equity Financing

ATM Facility

In January 2019, the Company entered into an at-the-market program (the “ATM Program”). Pursuant to the ATM Program, under a Form S-3 shelf registration statement that was declared effective by the SEC in December 2018, the Company may, at its option, offer and sell shares of its Common Stock from time to time for an aggregate offering price of up to $20.0 million. The Company will pay the sales agent a commission of up to 3.0% of the gross proceeds from any future sales of such shares.

During the year ended December 31, 2019, the Company sold 2,998,871 shares of its Common Stock at a weighted average price of $1.50 per share for gross proceeds of approximately $4.5 million. Share issue costs, including sales agent commissions, totaled $221,000 during the reporting period.

Share Offering

In February 2020, the Company sold 15,000,000 shares of common stock in an underwritten public offering at a price of $1.45 per share for gross proceeds of $21.75 million. Underwriter discounts and commissions and other share issue costs totaled approximately $1.75 million.

In April 2019, the Company sold 10,526,500 shares of common stock in an underwritten public offering at a price of $1.90 per share for gross proceeds of $20.0 million. Underwriter discounts and commissions and other share issue costs totaled approximately $1.7 million.

2018 Equity Financing

On the SWK Closing Date, the Company entered into a Securities Purchase Agreement (the “First Tranche Securities Purchase Agreement”) with EW Healthcare Partners, L.P. and EW Healthcare Partners-A, L.P. (collectively, the “First Tranche Investors”), pursuant to which the Company offered and sold to the First Tranche Investors an aggregate of 8,606,324 shares of Common Stock at a purchase price of $1.10 per share (the “First Tranche Purchase Price”) for aggregate gross proceeds of approximately $9.5 million (the “First Tranche Transaction”).

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

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

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

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

The future obligation to issue Units in the second tranche transaction was revalued immediately prior to the Second Tranche Transaction on June 25, 2018 and resulted in a change in fair value of approximately $22.2 million. Upon consummation of the Second Tranche Transaction, the resulting derivative liability balance of approximately $29.1 million was reclassified to equity.

The Company determined that the Second Tranche Warrants were considered puttable warrants that represented an obligation that was indexed to the repurchase of the Company’s shares and could require a transfer of assets that required classification as derivative liabilities. The initial valuation of the Second Tranche Warrants on June 25, 2018 of approximately $18.2 million was revalued at June 30, 2018 and then immediately prior to exercise and resulted in a change in fair value of $1.6 million and $18.9 million, respectively. The change in fair value immediately prior to exercise, in September 2018, was determined as the excess of the closing share price of the Company’s Common Stock on the respective dates on which exercise notices were submitted by each of the Second Tranche Investors over the $1.43 exercise price. Upon exercise of the Second Tranche Warrants, the resulting derivative liability balance of $38.7 million was reclassified to equity.

Warrants to Purchase Common Shares

The following table provides a reconciliation of fixed price warrants to purchase shares of the Company’s Common Stock for the year ended December 31, 2019 and the six months ended December 31, 2018:

	Year Ended				Six Months Ended
	December 31,				December 31,
	2019				2018
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		486,812	$	1.23		486,812	$	1.23
Expired		—		—		—		—
Balance and exercisable at end of period		486,812	$	1.23		486,812	$	1.23

In connection with the SWK Credit Agreement (see Note 10), the Company issued the SWK Warrant to purchase (i) 409,091 Initial Advance Warrant Shares on March 28, 2018 at an exercise price of $1.10 per share with a seven-year term and (ii) 77,721 Additional Advance Warrant Shares on June 26, 2018 at an exercise price of $1.93 per share with a seven-year term. At December 31, 2019, the weighted average remaining life of the warrants was approximately 5.28 years.

Share-Based Payment Awards

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Payment Awards

12.	Share-Based Payment Awards

Equity Incentive Plans

The 2016 Long-Term Incentive Plan (the “2016 Plan”), approved by the Company’s stockholders on December 12, 2016 (the “Adoption Date”), provides for the issuance of up to 3,000,000 shares of the Company’s Common Stock reserved for issuance under the 2016 Plan plus any additional shares of the Company’s Common Stock that were available for grant under the 2008 Incentive Plan (the “2008 Plan”) at the Adoption Date or would otherwise become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan. At the Company’s Annual Meeting of Stockholders held on June 25, 2019, the Company’s stockholders approved an amendment to the 2016 Plan to increase the number of shares authorized for issuance by 11,000,000 shares. At December 31, 2019, a total of 9,925,449 shares were available for new awards.

Certain inducement awards, although not awarded under the 2016 Plan or the 2008 Plan, are subject to and governed by the terms and conditions of the 2016 Plan or 2008 Plan, as applicable.

Stock Options

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans and for inducement awards for the year ended December 31, 2019:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2019		8,139,377		$	2.83
Granted		5,510,432			2.19
Exercised		(223,426	)		1.85
Forfeited		(1,483,063	)		2.49
Expired		(1,033,520	)		3.39
Outstanding at December 31, 2019		10,909,800		$	2.52		7.73	$	539
Exercisable at December 31, 2019		4,718,213		$	3.05		5.98	$	46

In January 2019, the Company expanded the terms of its annual stock option grants to include vesting ratable monthly over four years, or with 25% vesting after one year followed by ratable monthly vesting over three years. Previously, the Company’s option grants generally had ratable annual vesting over three years, or 1-year cliff vesting. Nonemployee awards are granted similar to the Company’s employee awards. All option grants have a 10-year term. Options to purchase a total of 2,099,851 shares of the Company’s Common Stock vested during the year ended December 31, 2019.

In determining the grant date fair value of option awards, the key assumptions used to apply the Black-Scholes option pricing model for options granted under the 2016 Plan during the year ended December 31, 2019, the six months ended December 31, 2018 and the years ended June 30, 2018 and 2017 were as follows:

	Year Ended December 31,	Six Months Ended December 31,	Year Ended June 30,
	2019	2018	2018	2017
Option life (in years)	5.50 - 6.08	5.50 - 6.00	5.50 - 6.00	5.50 - 6.25
Stock volatility	60% - 65%	59% - 61%	59% - 64%	70% - 72%
Risk-free interest rate	1.37% - 2.63%	2.78% - 3.09%	2.18% - 2.89%	1.23% - 2.08%
Expected dividends	0.0%	0.0%	0.0%	0.0%

The following table summarizes information about employee, consultant and director stock options under the Company’s equity incentive plans for the year ended December 31, 2019, the six months ended December 31, 2018 and the years ended June 30, 2018 and 2017 (in thousands except per share amounts):

	Year Ended December 31,		Six Months Ended December 31,		Year Ended June 30,
	2019		2018		2018		2017
Weighted-average grant date fair value per share	$	0.93	$	1.37	$	1.06	$	1.95
Total cash received from exercise of stock options		414		219		503		99
Total intrinsic value of stock options exercised		84		284		152		53

Time-Vested Restricted Stock Units

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

The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended December 31, 2019:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2019		590,213		$	1.86
Granted		587,761			1.90
Vested		(229,294	)		1.81
Forfeited		(161,781	)		2.19
Nonvested at December 31, 2019		786,899		$	1.83

The weighted-average remaining vesting term of the RSUs at December 31, 2019 was 1.04 years.

Performance-Based Stock Units

Performance Stock Units (“PSUs”) were previously awarded under the 2016 Plan to certain employees. The performance conditions associated with the PSU awards were as follows: (a) for one third of the PSUs, upon an FDA acceptance of the Company’s NDA submission of YUTIQ for review on or before March 31, 2018 and (b) for two-thirds of the PSUs, upon an FDA approval of YUTIQ on or before March 31, 2019. For each performance criteria achieved, 50% of the PSUs associated with that performance condition vest at the achievement date and 50% vest on the first anniversary of such date, in each case subject to continued employment through such date. As a result of the achievement of the first performance condition on March 19, 2018, 48,332 PSUs vested at that date and the other 48,334 PSUs became subject only to a service-based condition with a vesting date of March 19, 2019. As a result of the achievement of the second performance condition on October 12, 2018, 96,668 PSUs vested at that date and the other 96,666 PSUs became subject only to a service-based condition with a vesting date of October 12, 2019.

In addition, there were 0 and 225,000 outstanding PSUs at December 31, 2019 and 2018, respectively, which were granted as inducement awards to the Company’s former Chief Financial Officer in connection with his hire at August 1, 2018. The PSUs are subject to proportional vesting based on cumulative measurement over a 3-year period, with two-thirds of the award based upon the achievement of defined amounts of the Company’s product revenues through June 30, 2021 and one-third of the award based upon the net present value of each applicable business development transaction, as defined, through August 1, 2021 measured as of the date that each such transaction is consummated by the Company. The Company’s former Chief Financial Officer resigned from his position on July 8, 2019 and as a result, the award was cancelled and the performance metrics for vesting were not met.

The following table provides a reconciliation of PSU activity for the year ended December 31, 2019:

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2019		370,000		$	2.01
Vested		(115,000	)		1.45
forfeited		(255,000	)		2.26
Nonvested at December 31, 2019		—		$	—

Deferred Stock Units

There were 0 and 35,418 non-vested deferred stock units (“DSUs”) issued and outstanding to the Company’s non-executive directors at each of December 31, 2019 and 2018, respectively. Each DSU vests one year from the date of grant. 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. At December 31, 2019, there were 71,251 vested DSUs that have not been settled in shares of the Company’s Common Stock.

	Number of Deferred Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2019		35,418		$	1.95
Vested		(35,418	)		1.95
Nonvested at December 31, 2019		—		$	—

Market-Based Restricted Stock Units

At December 31, 2019 and 2018, there were 0 and 500,000 market-based RSUs (“market-based RSUs”) outstanding that were issued on September 15, 2016 as an inducement award to the Company’s President and CEO in connection with her hire. Subject to a service condition through September 15, 2019, the number of shares underlying the market-based RSUs that will vest will be based upon the determination of the 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 over that same 3-year period. The weighted average grant date fair value of the market-based RSUs of $1.45 per share was determined using a Monte Carlo valuation model at the date of grant. Stock-based compensation has been recorded from the grant date on a straight-line basis. The performance metrics were not met for vesting through the measurement date.

Employee Stock Purchase Plan

On June 25, 2019, the Company’s stockholders approved the adoption of the EyePoint Pharmaceuticals, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) and authorized up to 1,100,000 shares of Common Stock reserved for issuance to participating employees. The ESPP allows qualified participants to purchase the Company’s Common Stock twice a year at 85% of the lesser of the average of the high and low sales price of the Company’s Common Stock on (i) the first trading day of the relevant offering period and (ii) the last trading day of the relevant offering period. The number of shares of the Company’s Common Stock each employee may purchase under this plan, when combined with all other employee stock purchase plans, is limited to the lower of an aggregate fair market value of $25,000 during each calendar year, or 50,000 shares of the Company’s Common Stock in any one offering period. The first six month offering period under the ESPP began on August 1, 2019 and will end on January 31, 2020. As of December 31, 2019, no shares of the Company’s Common Stock were issued pursuant to the ESPP.

The Company estimated the fair value of the option component of the ESPP shares at the date of grant using a Black-Scholes valuation model. During the year ended December 31, 2019, the compensation expense from ESPP shares was immaterial.

Stock-Based Compensation Expense

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

	Year Ended December 31,		Six Months Ended December 31,		Year Ended June 30,
	2019		2018		2018		2017
Compensation expense included in:
Research and development	$	1,073	$	913	$	1,252	$	1,109
Sales and marketing		715		325		50		—
General and administrative		2,780		1,312		1,402		1,347
	$	4,568	$	2,550	$	2,704	$	2,456

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

In connection with termination benefits provided to the Company’s former Vice President, Corporate Affairs and General Counsel, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended for eighteen months through June 26, 2018, and all remaining non-vested options were forfeited. The option modification and forfeitures were accounted for in the quarter ended December 31, 2016, the net effect of which resulted in an approximate $104,000 reduction of stock-based compensation expense included in general and administrative expense for the year ended June 30, 2017 in the table above.

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

At December 31, 2019, there was approximately $4.1 million of unrecognized compensation expense related to outstanding equity awards under the 2016 Plan, the 2008 Plan, The inducement awards and the ESPP that is expected to be recognized as expense over a weighted-average period of approximately 1.45 years.

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

13.	Fair Value Measurements

The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at December 31, 2019 and 2018, respectively, by valuation hierarchy (in thousands):

	December 31, 2019
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	$	19,976	$	19,976	$	—	$	—
	$	19,976	$	19,976	$	—	$	—

	December 31, 2018
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	43,194	$	43,194	$	—	$	—
	$	43,194	$	43,194	$	—	$	—

Financial instruments that potentially subject the Company to concentrations of credit risk have historically consisted principally of cash and cash equivalents. At December 31, 2019 and 2018, respectively, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. These deposits may be redeemed upon demand and, therefore, generally have minimal risk. The Company’s cash equivalents are classified within Level 1 on the basis of valuations using quoted market prices.

As described in Note 11, the Second Tranche Transaction was determined to be liability classified, which required that the liability be measured at fair value each period with changes in fair value being recorded as a component of net income (loss) in the statement of operations. The purchase price for each share of Common Stock issuable in the Second Tranche Transaction was defined as the lower of (a) $1.265 (which was a 15% premium to the First Tranche Purchase Price) and (b) a 20% discount to the volume weighted average price (“VWAP”) of the shares of Common Stock on the Nasdaq Stock Market for the 20 trading days immediately prior to the closing of the Second Tranche Transaction; provided, however, that the purchase price could not be lower than $0.88, which was a 20% discount to the First Tranche Purchase Price.

The Second Tranche Warrants were exercisable any time on or after the closing of the Second Tranche Transaction until on or prior to the close of business on the 15th business day following the date on which the holders of the Second Tranche Warrants received written notice from the Company that CMS had announced that a new C-code had been established for DEXYCU. The exercise price of each Second Tranche Warrant was an amount equal to the lower of (a) $1.43 (a 30% premium to the First Tranche Purchase Price) and (b) a 20% discount to the VWAP of the shares of the Company’s Common Stock on Nasdaq for the 20 trading days immediately prior to the exercise of a Second Tranche Warrant; provided, however, that the exercise price could not be lower than $0.88, which was a 20% discount to the First Tranche Purchase Price.

The valuation of the Second Tranche Transaction was determined to be a level 3 valuation because it included unobservable inputs. Changes in the valuation subsequent to the initial valuation were recorded as a component of non-operating expense in the consolidated statement of comprehensive loss. The Second Tranche Transaction liability was valued using a Monte Carlo simulation valuation model. This model incorporated several inputs, including the Common Stock price on the date of valuation, the historical volatility of the price of Common Stock, the risk-free interest rate and management’s assessment of the probability and timing of the issuance of the Units occurring. A significant fluctuation in the Company’s stock price or the Company’s estimate of the number of Units to be issued could result in a material increase or decrease in the fair value of the Second Tranche liability. The Second Tranche Transaction liability was settled upon the closing of the Second Tranche Transaction in June 2018. The Company remeasured the Second Tranche Transaction liability to fair value immediately prior to settlement. This valuation at settlement was calculated as the excess of the sum of (i) the fair value of the Second Tranche Warrants and (ii) the fair value of the shares of Common Stock issued to settle the liability over the cash proceeds received by the Company for the Units. Significant assumptions used to value this liability were as follows:

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

Upon the closing of the Second Tranche Transaction, the Company issued the Second Tranche Warrants, which were determined to be liability classified, which required that the liability be measured at fair value each period with changes in fair value being recorded as a component of non-operating expense in the consolidated statement of comprehensive loss. This valuation was determined to be a level 3 valuation because it included unobservable inputs. The Second Tranche Warrants were valued using a Monte Carlo simulation valuation model. This model incorporated several inputs, including the Common Stock price on the date of valuation, the historical volatility of the price of the Common Stock and the risk-free interest rate. The Second Tranche Investors delivered exercise notices covering all of the Second Tranche Warrants during the period from September 25 - 28, 2018 (see Note 11). The Company revalued the Second Tranche Warrants liability immediately prior to the respective exercise notice dates of the Second Tranche Investors, measured as the excess of the closing share price on the exercise notice date over the actual warrant exercise price of $1.43 per share times the number of shares purchased. The resulting liability balance was then reclassified to equity.

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

	Second Tranche Transaction Liability		Additional Advance Warrant Liability		Second Tranche Warrants Liability			Total
Balance at June 30, 2018		—		—		19,780			19,780
Change in fair value		—		—		18,886			18,886
Reclassification to equity		—		—		(38,666	)		(38,666	)
Balance at December 31, 2018	$	—	$	—	$	—		$	—

- Definition

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

+ References + Details

Retirement Plans

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

14.	Retirement Plans

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

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

The Company contributed a total of $619,000 for the year ended December 31, 2019, $216,000 for the six months ended December 31, 2018, $220,000 for fiscal 2018 and $193,000 for fiscal 2017 in connection with these retirement plans.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

15.	Income Taxes

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

	Year Ended December 31,			Six Months Ended December 31,			Year Ended June 30,
	2019			2018			2018			2017
U.S. operations	$	(56,866	)	$	(44,804	)	$	(53,000	)	$	(17,566	)
Non-U.S. operations		73			84			(171	)		(919	)
Loss before income taxes	$	(56,793	)	$	(44,720	)	$	(53,171	)	$	(18,485	)

On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law, making significant changes to the federal tax law. Amongst other things, the Tax Act reduces the federal corporate tax rate from 34% to 21% effective for tax years beginning after December 31, 2017 and has resulted in a remeasurement of the Company’s deferred tax assets included in the Company’s fiscal 2018 rate reconciliation. The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 21% for the year ended December 31, 2019, 21% for the six months ended December 31, 2018, 27.5% for fiscal 2018 and 34% for fiscal 2017 to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):

	Year Ended December 31,			Six Months Ended December 31,			Year Ended June 30,
	2019			2018			2018			2017
Income tax benefit at statutory rate	$	(11,927	)	$	(9,391	)	$	(14,622	)	$	(6,284	)
State income taxes, net of federal benefit		(3,685	)		(1,657	)		(1,552	)		(928	)
Non-U.S. income tax rate differential		374			186			(66	)		(121	)
Change in fair value of derivative		—			3,900			7,227			—
Change in federal tax rate		—			—			14,673			—
Research and development tax credits		(150	)		(231	)		(284	)		(242	)
Permanent items		55			—			(15	)		(9	)
Changes in valuation allowance		15,608			7,166			(5,385	)		7,489
Other, net		(275	)		27			24			95
Income tax benefit	$	—		$	—		$	—		$	—

For the year ended June 30, 2018, in addition to the $5.4 million change in valuation allowance in the above table, the Company recorded a deferred tax asset of $6.2 million and a valuation allowance of the same amount in connection with the Icon acquisition.

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

	December 31,		December 31,
	2019		2018
Deferred tax assets:
Net operating loss carryforwards	$	66,400	$	53,259
Deferred revenue		8		70
Lease liability		923		0
Stock-based compensation		5,805		4,788
Tax credits		3,687		3,696
Other		1,473		682
Total deferred tax assets		78,296		62,495
Deferred tax liabilities:
Intangible assets		7,559		8,207
Right-of-use assets		841		—
Total deferred tax liabilities		8,400		8,207
Deferred tax assets, net		69,896		54,288
Valuation allowance		69,896		54,288
Total deferred tax liability	$	—	$	—

The valuation allowance generally reflects limitations on the Company’s ability to use the tax attributes and reduces the value of such attributes to the more-likely-than-not realizable amount. Management assessed the available positive and negative evidence to estimate if sufficient taxable income will be generated to use the existing net deferred tax assets. Based on a weighting of the objectively verifiable negative evidence in the form of cumulative operating losses over the three-year period ended June 30, 2018, management believes that it is not more likely than not that the deferred tax assets will be realized and, accordingly, a full valuation allowance has been established. The valuation allowance increased $15.6 million for the year ended December 31, 2019, $7.2 million for the six months ended December 31, 2018 and $765,000 and $7.5 million during the fiscal years ended June 30, 2018 and 2017, respectively, with such increases attributed to the re-measurement of the net deferred tax assets at the year-end dates. The valuation allowance decreased by $5.4 million from fiscal year 2018 activity, including the impact of the 2017 Tax Act, offset by an increase of $6.2 million related to the Icon acquisition.

The Company has tax net operating loss and tax credit carry forwards in its individual tax jurisdictions. Including approximately $49.3 million related to the Icon acquisition, at December 31, 2019 the Company had U.S. federal net operating loss carry forwards of approximately $236.6 million. The net operating losses consist of $151.8, which expire at various dates between calendar years 2023 and 2038. The utilization of certain of these loss and tax credit carry forwards may be limited by Sections 382 and 383 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At December 31, 2019, the Company had state net operating loss carry forwards of approximately $190.1 million, which expire between 2033 and 2038, as well as U.S. federal and state research and development tax credit carry forwards of approximately $3.1 million, which expire at various dates between calendar years 2018 and 2038. In addition, at December 31, 2019 the Company had net operating loss carry forwards in the U.K. of £21.0 million (approximately $26.7 million), which are not subject to any expiration dates.

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

Through December 31, 2019, the Company had no unrecognized tax benefits in its consolidated statements of comprehensive loss and no unrecognized tax benefits in its consolidated balance sheets as of December 31, 2019 and 2018, respectively.

As of December 31, 2019 and 2018, the Company had no accrued penalties or interest related to uncertain tax positions.

Contingencies

12 Months Ended

Dec. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Contingencies

16.	Contingencies

Legal Proceedings

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

Segment and Geographic Area Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment and Geographic Area Information

17.	Segment and Geographic Area Information

Business Segment

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

Geographic Area Information

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

	Revenues								Long-lived assets, net
	Twelve Months Ended December 31,		Six Months Ended December 31,		Year Ended June 30,				At December 31,		At December 31,
	2019		2018		2018		2017		2019		2018
U.S.	$	19,144	$	1,108	$	2,861	$	7,439	$	357	$	288
China	$	1,121		1,720		—		—		—		—
U.K.		100		100		100		100		—		—
Consolidated	$	20,365	$	2,928	$	2,961	$	7,539	$	357	$	288

Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

18.	Subsequent Events

On February 25, 2020, the Company sold 15,000,000 shares of Common Stock in an underwritten public offering at a price of $1.45 per share for gross proceeds of $21.75 million. Underwriter discounts and other share issue costs are estimated to total approximately $1.75 million.

Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

19.	Quarterly Financial Data (unaudited)

The following tables summarize the quarterly results of operations for the year ended December 31, 2019, six months transition period ended December 31, 2018 and the year ended June 30, 2018 (in thousands except per share amounts):

	Year Ended December 31, 2019
	First Quarter Ended March 31, 2019			Second Quarter Ended June 30, 2019			Third Quarter Ended September 30, 2019			Fourth Quarter Ended December 31, 2019			Year Ended December 31, 2019

Total revenues	$	2,012		$	7,210		$	2,509		$	8,634		$	20,365
Operating loss		(14,651	)		(10,165	)		(14,060	)		(8,985	)		(47,861	)
Net loss		(19,238	)		(11,498	)		(15,647	)		(10,410	)		(56,793	)
Net loss per share - basic and diluted	$	(0.20	)	$	(0.11	)	$	(0.15	)	$	(0.10	)	$	(0.54	)
Weighted average common shares - basic and diluted		95,452			106,238			106,938			106,680			104,307

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

	Fiscal Year 2018
	First Quarter Ended September 30, 2017			Second Quarter Ended December 31, 2017			Third Quarter Ended March 31, 2018			Fourth Quarter Ended June 30, 2018			Year Ended June 30, 2018
							(1)			(1)
Total revenues	$	385		$	933		$	928		$	715		$	2,961
Operating loss		(6,006	)		(5,808	)		(4,678	)		(9,782	)		(26,274	)
Net loss		(5,983	)		(5,782	)		(6,978	)		(34,428	)		(53,171	)
Net loss per share - basic and diluted	$	(0.15	)	$	(0.13	)	$	(0.15	)	$	(0.62	)	$	(1.15	)
Weighted average common shares - basic and diluted		39,430			44,530			45,644			55,387			46,226

(1)

Results for the quarter ended September 30, 2018 and each of the third and fourth quarters of fiscal 2018 included $18.9 million, $2.3 million and $24.0 million, respectively, of change in fair value of derivative liability in connection with the Second Tranche Transaction (see Notes 11 and 13). The fourth quarter of fiscal 2018 includes an out-of-period expense of $1.2 million reflecting the increase in the fair value of the Company’s derivative liability which occurred, but was not recorded, in the third quarter of fiscal 2018.

Stub Period Comparative Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Stub Period Comparative Data [Abstract]

Stub Period Comparative Data (Unaudited)

20.	Stub Period Comparative Data (Unaudited)

The condensed consolidated statements of operations for the year ended December 31, 2018 and the six months ended December 31, 2017 is as follows (in thousands except per share amounts):

	Year Ended December 31, 2018			Six Months Ended December 31, 2017
Revenues:
Collaborative research and development	$	2,625		$	601
Royalty income		1,946			717
Total revenues		4,571			1,318
Operating expenses:
Research and development		18,502			8,088
Sales and marketing		9,658			—
General and administrative		15,430			5,044
Total operating expenses		43,590			13,132
Loss from operations		(39,019	)		(11,814	)
Interest and other income		420			49
Interest expense		(2,362	)		—
Change in fair value of derivative liability		(45,164	)		—
Net loss	$	(86,125	)	$	(11,765	)
Net loss per common share - basic and diluted	$	(1.27	)	$	(0.28	)
Weighted average common shares - basic and diluted		67,942			41,980

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

Change in Fiscal Year

Use of Estimates

Foreign Currency

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

Cash Equivalents

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

Concentrations of Credit Risk

Fair Value Measurements

•

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

•

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

Accounts and Other Receivables, Net

Inventory

Debt and Equity Instruments

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

Derivative Instruments

Property and Equipment

Leases

The Company leases real estate and office equipment under operating leases. Its primary real estate lease contains rent holiday and rent escalation clauses.

Impairment of Intangible Assets

Revenue Recognition

Deferred Revenue

Research and Development

Stock-Based Compensation

Net Loss per Share

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

	Year Ended December 31,		Six Months Ended December 31,		Year Ended June 30,
	2019		2018		2018		2017
Stock options		10,909,800		8,139,377		7,750,244		6,895,685
ESPP		137,368		—		—		—
Warrants		486,812		486,812		20,671,036		623,605
Restricted stock units		786,899		1,090,213		1,398,129		948,500
Performance stock units		—		370,000		466,668		210,000
Deferred stock units		—		35,418		35,001		—
		12,320,879		10,121,820		30,321,078		8,677,790

Comprehensive Loss

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

Income Tax

Recently Adopted and Recently Issued Accounting Pronouncements

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

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

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

	Year Ended December 31,		Six Months Ended December 31,		Year Ended June 30,
	2019		2018		2018		2017
Stock options		10,909,800		8,139,377		7,750,244		6,895,685
ESPP		137,368		—		—		—
Warrants		486,812		486,812		20,671,036		623,605
Restricted stock units		786,899		1,090,213		1,398,129		948,500
Performance stock units		—		370,000		466,668		210,000
Deferred stock units		—		35,418		35,001		—
		12,320,879		10,121,820		30,321,078		8,677,790

Product Revenue Reserves and Allowances (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Product Revenue Reserves And Allowances [Abstract]

Disaggregation of Revenue

The Company’s product revenues have been primarily from sales of YUTIQ and DEXYCU in the U.S., which it began shipping to its 3PL in February 2019 and March 2019, respectively.

Net product revenues by product for the year ended December 31, 2019 were as follows (in thousands):

	Year Ended
	December 31, 2019
YUTIQ	$	12,046
DEXYCU		4,778
Total product sales, net	$	16,824

Product Revenue Allowance And Reserves

The following table summarizes activity in each of the product revenue allowance and reserve categories for the year ended December 31, 2019 (in thousands):

	Chargebacks, Discounts and Fees			Government and Other Rebates			Returns			Total
Beginning balance at January 1, 2019	$	—		$	—		$	—		$	—
Provision related to sales in the current year		2,301			429			732			3,462
Adjustments related to prior period sales		—			—			—			—
Deductions applied and payments made		(683	)		(158	)		(380	)		(1,221	)
Ending balance at December 31, 2019	$	1,618		$	271		$	352		$	2,241

Inventory (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):

	December 31, 2019		December 31, 2018
Raw materials	$	1,476	$	198
Work in process		346		41
Finished goods		316		40
Total inventory	$	2,138	$	279

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

The reconciliation of intangible assets for the year ended December 31, 2019 and the six months ended December 31, 2018 was as follows (in thousands):

	Year Ended			Six Months Ended
	December 31,			December 31,
	2019			2018
Patented technologies
Gross carrying amount at beginning of period	$	68,322		$	68,322
Gross carrying amount at end of period		68,322			68,322
Accumulated amortization at beginning of period		(38,193	)		(36,964	)
Amortization expense		(2,460	)		(1,229	)
Accumulated amortization at end of period		(40,653	)		(38,193	)
Net book value at end of period	$	27,669		$	30,129

Schedule of Net Book Value of Intangible Assets

The net book value of the Company’s intangible assets at December 31, 2019 and 2018 is summarized as follows (in thousands):

					Estimated
					Remaining
					Useful Life at
	December 31,		December 31,		December 31,
	2019		2018		2019
					(Years)
Patented technologies
DEXYCU / Verisome	$	27,669	$	30,129		11.25
	$	27,669	$	30,129

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

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

	December 31,			December 31,
	2019			2018
Property and equipment	$	1,095		$	882
Leasehold improvements		101			101
Gross property and equipment		1,196			983
Accumulated depreciation and amortization		(839	)		(695	)
	$	357		$	288

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	December 31,		December 31,
	2019		2018
Personnel costs	$	3,263	$	1,998
Clinical trial costs		345		798
Professional fees		700		571
Sales chargebacks, rebates and other revenue reserves		1,889		—
Interest		—		343
Other		635		79
	$	6,832	$	3,789

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Maturities of Lease Liabilities

2020		867
2021		889
2022		849
2023		815
2024		830
Thereafter		346
Total lease payments		4,596
Less imputed interest		(1,217	)
Total operating lease liabilities		3,379
Less: current portion		481
Non-current portion	$	2,898

Future Minimum Lease Payments Under Non-Cancellable Operating Leases

2019	$	826
2020		879
2021		895
2022		849
2023 and beyond		1,990
	$	5,439

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Summary of Reconciliation of Warrants to Purchase Common Stock

	Year Ended				Six Months Ended
	December 31,				December 31,
	2019				2018
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants		Weighted Average Exercise Price
Balance at beginning of period		486,812	$	1.23		486,812	$	1.23
Expired		—		—		—		—
Balance and exercisable at end of period		486,812	$	1.23		486,812	$	1.23

Share-Based Payment Awards (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plans and for inducement awards for the year ended December 31, 2019:

	Number of options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2019		8,139,377		$	2.83
Granted		5,510,432			2.19
Exercised		(223,426	)		1.85
Forfeited		(1,483,063	)		2.49
Expired		(1,033,520	)		3.39
Outstanding at December 31, 2019		10,909,800		$	2.52		7.73	$	539
Exercisable at December 31, 2019		4,718,213		$	3.05		5.98	$	46

Schedule of Key Assumptions Used

	Year Ended December 31,	Six Months Ended December 31,	Year Ended June 30,
	2019	2018	2018	2017
Option life (in years)	5.50 - 6.08	5.50 - 6.00	5.50 - 6.00	5.50 - 6.25
Stock volatility	60% - 65%	59% - 61%	59% - 64%	70% - 72%
Risk-free interest rate	1.37% - 2.63%	2.78% - 3.09%	2.18% - 2.89%	1.23% - 2.08%
Expected dividends	0.0%	0.0%	0.0%	0.0%

Summary of Information about Stock Options

	Year Ended December 31,		Six Months Ended December 31,		Year Ended June 30,
	2019		2018		2018		2017
Weighted-average grant date fair value per share	$	0.93	$	1.37	$	1.06	$	1.95
Total cash received from exercise of stock options		414		219		503		99
Total intrinsic value of stock options exercised		84		284		152		53

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan for the year ended December 31, 2019:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2019		590,213		$	1.86
Granted		587,761			1.90
Vested		(229,294	)		1.81
Forfeited		(161,781	)		2.19
Nonvested at December 31, 2019		786,899		$	1.83

Summary of Performance Stock Unit Activity

The following table provides a reconciliation of PSU activity for the year ended December 31, 2019:

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2019		370,000		$	2.01
Vested		(115,000	)		1.45
forfeited		(255,000	)		2.26
Nonvested at December 31, 2019		—		$	—

Summary of Deferred Stock Unit Activity

	Number of Deferred Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2019		35,418		$	1.95
Vested		(35,418	)		1.95
Nonvested at December 31, 2019		—		$	—

Compensation Expense from Stock-Based Payment Awards

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

	Year Ended December 31,		Six Months Ended December 31,		Year Ended June 30,
	2019		2018		2018		2017
Compensation expense included in:
Research and development	$	1,073	$	913	$	1,252	$	1,109
Sales and marketing		715		325		50		—
General and administrative		2,780		1,312		1,402		1,347
	$	4,568	$	2,550	$	2,704	$	2,456

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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

Assets and Liabilities Carried at Fair Value Measured on Recurring Basis

The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at December 31, 2019 and 2018, respectively, by valuation hierarchy (in thousands):

	December 31, 2019
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	$	19,976	$	19,976	$	—	$	—
	$	19,976	$	19,976	$	—	$	—

	December 31, 2018
Description	Total Carrying Value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	43,194	$	43,194	$	—	$	—
	$	43,194	$	43,194	$	—	$	—

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

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

	Second Tranche Transaction Liability		Additional Advance Warrant Liability		Second Tranche Warrants Liability			Total
Balance at June 30, 2018		—		—		19,780			19,780
Change in fair value		—		—		18,886			18,886
Reclassification to equity		—		—		(38,666	)		(38,666	)
Balance at December 31, 2018	$	—	$	—	$	—		$	—

Second Tranche Transaction Liability [Member]

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

Schedule of Assumptions Used to Value Liability

Significant assumptions used to value this liability were as follows

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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Loss Before Income Taxes

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

	Year Ended December 31,			Six Months Ended December 31,			Year Ended June 30,
	2019			2018			2018			2017
U.S. operations	$	(56,866	)	$	(44,804	)	$	(53,000	)	$	(17,566	)
Non-U.S. operations		73			84			(171	)		(919	)
Loss before income taxes	$	(56,793	)	$	(44,720	)	$	(53,171	)	$	(18,485	)

Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit

The difference between the Company’s expected income tax benefit, as computed by applying the blended statutory U.S. federal tax rate of 21% for the year ended December 31, 2019, 21% for the six months ended December 31, 2018, 27.5% for fiscal 2018 and 34% for fiscal 2017 to loss before income taxes, and actual income tax benefit is reconciled in the following table (in thousands):

	Year Ended December 31,			Six Months Ended December 31,			Year Ended June 30,
	2019			2018			2018			2017
Income tax benefit at statutory rate	$	(11,927	)	$	(9,391	)	$	(14,622	)	$	(6,284	)
State income taxes, net of federal benefit		(3,685	)		(1,657	)		(1,552	)		(928	)
Non-U.S. income tax rate differential		374			186			(66	)		(121	)
Change in fair value of derivative		—			3,900			7,227			—
Change in federal tax rate		—			—			14,673			—
Research and development tax credits		(150	)		(231	)		(284	)		(242	)
Permanent items		55			—			(15	)		(9	)
Changes in valuation allowance		15,608			7,166			(5,385	)		7,489
Other, net		(275	)		27			24			95
Income tax benefit	$	—		$	—		$	—		$	—

Significant Components of Deferred Income Taxes

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

	December 31,		December 31,
	2019		2018
Deferred tax assets:
Net operating loss carryforwards	$	66,400	$	53,259
Deferred revenue		8		70
Lease liability		923		0
Stock-based compensation		5,805		4,788
Tax credits		3,687		3,696
Other		1,473		682
Total deferred tax assets		78,296		62,495
Deferred tax liabilities:
Intangible assets		7,559		8,207
Right-of-use assets		841		—
Total deferred tax liabilities		8,400		8,207
Deferred tax assets, net		69,896		54,288
Valuation allowance		69,896		54,288
Total deferred tax liability	$	—	$	—

Segment and Geographic Area Information (Tables)

12 Months Ended

Dec. 31, 2019

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
	Twelve Months Ended December 31,		Six Months Ended December 31,		Year Ended June 30,				At December 31,		At December 31,
	2019		2018		2018		2017		2019		2018
U.S.	$	19,144	$	1,108	$	2,861	$	7,439	$	357	$	288
China	$	1,121		1,720		—		—		—		—
U.K.		100		100		100		100		—		—
Consolidated	$	20,365	$	2,928	$	2,961	$	7,539	$	357	$	288

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations

	Year Ended December 31, 2019
	First Quarter Ended March 31, 2019			Second Quarter Ended June 30, 2019			Third Quarter Ended September 30, 2019			Fourth Quarter Ended December 31, 2019			Year Ended December 31, 2019

Total revenues	$	2,012		$	7,210		$	2,509		$	8,634		$	20,365
Operating loss		(14,651	)		(10,165	)		(14,060	)		(8,985	)		(47,861	)
Net loss		(19,238	)		(11,498	)		(15,647	)		(10,410	)		(56,793	)
Net loss per share - basic and diluted	$	(0.20	)	$	(0.11	)	$	(0.15	)	$	(0.10	)	$	(0.54	)
Weighted average common shares - basic and diluted		95,452			106,238			106,938			106,680			104,307

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

	Fiscal Year 2018
	First Quarter Ended September 30, 2017			Second Quarter Ended December 31, 2017			Third Quarter Ended March 31, 2018			Fourth Quarter Ended June 30, 2018			Year Ended June 30, 2018
							(1)			(1)
Total revenues	$	385		$	933		$	928		$	715		$	2,961
Operating loss		(6,006	)		(5,808	)		(4,678	)		(9,782	)		(26,274	)
Net loss		(5,983	)		(5,782	)		(6,978	)		(34,428	)		(53,171	)
Net loss per share - basic and diluted	$	(0.15	)	$	(0.13	)	$	(0.15	)	$	(0.62	)	$	(1.15	)
Weighted average common shares - basic and diluted		39,430			44,530			45,644			55,387			46,226

(1)

Stub Period Comparative Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Stub Period Comparative Data [Abstract]

Summary of Condensed Consolidated Statement of Operations

The condensed consolidated statements of operations for the year ended December 31, 2018 and the six months ended December 31, 2017 is as follows (in thousands except per share amounts):

	Year Ended December 31, 2018			Six Months Ended December 31, 2017
Revenues:
Collaborative research and development	$	2,625		$	601
Royalty income		1,946			717
Total revenues		4,571			1,318
Operating expenses:
Research and development		18,502			8,088
Sales and marketing		9,658			—
General and administrative		15,430			5,044
Total operating expenses		43,590			13,132
Loss from operations		(39,019	)		(11,814	)
Interest and other income		420			49
Interest expense		(2,362	)		—
Change in fair value of derivative liability		(45,164	)		—
Net loss	$	(86,125	)	$	(11,765	)
Net loss per common share - basic and diluted	$	(1.27	)	$	(0.28	)
Weighted average common shares - basic and diluted		67,942			41,980

Operations - Additional Information (Detail) Surgery in Millions		12 Months Ended
	Feb. 25, 2020 USD ($)	Dec. 31, 2019 USD ($) Product _People Case Patient	Dec. 31, 2018 USD ($) Surgery	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Operations [Line Items]
Number of products approved \| Product		2
Number of patients \| Patient		60
Accumulated deficit		$ 465,286,000	$ 408,493,000
Working capital		30,200,000
Cash and cash equivalents		22,214,000	$ 45,261,000
Proceeds from issuance of common stock		$ 22,627,000		$ 41,515,000	$ 8,404,000
Subsequent Event [Member]
Operations [Line Items]
Proceeds from issuance of common stock	$ 20,300,000
Adjustments to additional paid in capital, stock issued, issuance costs	$ 300,000
YUTIQ [Member]
Operations [Line Items]
Number of new cases of blindness every year \| Case		30,000
YUTIQ [Member] \| Minimum [Member]
Operations [Line Items]
Number of people affected by posterior segment of eye in U.S. each year \| _People		60,000
YUTIQ [Member] \| Maximum [Member]
Operations [Line Items]
Number of people affected by posterior segment of eye in U.S. each year \| _People		100,000
DEXYCU [Member]
Operations [Line Items]
Number of cataract surgeries performed in U.S. \| Surgery			3.8
Estimated annual growth rate of cataract surgeries performed in U.S.		8.00%

Significant Accounting Policies - Additional Information (Detail)				12 Months Ended
	Jul. 02, 2018 USD ($)	Mar. 28, 2018	Jul. 02, 2016 USD ($)	Dec. 31, 2019 USD ($) Lease	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Accumulated other comprehensive income to foreign currency translation				$ 840,000		$ 839,000
Interest-bearing cash equivalent				20,000,000
Marketable securities				0		0
Allowance for doubtful accounts receivable				0
Operating lease liability				3,379,000
Operating lease right-of-use assets				$ 3,078,000		$ 0
DEXYCU [Member] \| Icon Bioscience Inc [Member]
Schedule Of Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life		13 years		11 years 3 months
Accounting Standards Update 2018-11
Schedule Of Significant Accounting Policies [Line Items]
Operating lease liability					$ 3,700,000
Number of real estate operating lease arrangements \| Lease				3
Operating lease right-of-use assets					$ 3,500,000
Accounting Standards Update 606 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Decrease (Increase) in accumulated deficit resulting from changes in accounting principles	$ 218,000
Accounting Standards Update 2016-09 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Decrease (Increase) in accumulated deficit resulting from changes in accounting principles			$ (122,000)
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable standard payment terms				120 days
Estimated useful lives of assets				3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable standard payment terms				154 days
Estimated useful lives of assets				5 years
3 PL [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				37.00%
3 PL [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				56.00%
ASD Specialty Healthcare LLC [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				34.00%
ASD Specialty Healthcare LLC [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				15.00%
FFF Enterprises, Inc. [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				15.00%
McKesson Specialty Care Distribution LLC [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				12.00%
Alimera Sciences [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of concentration risk				10.00%

Significant Accounting Policies - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	10,121,820	12,320,879	30,321,078	8,677,790
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	8,139,377	10,909,800	7,750,244	6,895,685
ESPP [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		137,368
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	486,812	486,812	20,671,036	623,605
Restricted 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	1,090,213	786,899	1,398,129	948,500
Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	370,000		466,668	210,000
Deferred Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	35,418		35,001

Acquisition of Icon Bioscience, Inc - Additional Information (Detail) - USD ($)		1 Months Ended	12 Months Ended
	Mar. 28, 2018	Apr. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Percentage of partnering income received to be paid quarterly as earn-out consideration	20.00%
DEXYCU [Member]
Business Acquisition [Line Items]
Finite-lived intangible asset expected amortization life			11 years 3 months
Icon Bioscience Inc [Member]
Business Acquisition [Line Items]
Development milestone payment due following the first commercial sales of DEXYCU	$ 15,000,000
Maximum of potential sales milestone payments	$ 95,000,000
Quarterly percentage earn-out consideration due on product net sales	12.00%
Increased percentage earn-out on product net sales if net sales and partnering revenue exceed $200 million in a given year	16.00%
Contingent cash payments, description			These include but are not limited to (i) a one-time development milestone of $15.0 million payable in cash upon the first commercial sale of DEXYCU in the U.S., (ii) sales milestone payments totaling up to $95.0 million upon the achievement of certain sales thresholds and subject to certain Centers for Medicare & Medicaid Services (“CMS”) reimbursement conditions set forth in the Merger Agreement, (iii) quarterly earn-out payments equal to 12% on net sales of DEXYCU in a given year, which earn-out payments will increase to 16% of net sales of DEXYCU in such year beginning in the calendar quarter for such year to the extent aggregate annual DEXYCU consideration exceeds $200.0 million in such year, (iv) quarterly earn-out payments equal to 20% of partnering revenue received by the Company for DEXYCU outside of the U.S., and (v) single-digit percentage quarterly earn-out payments with respect to net sales and/or partnering income, if any, resulting from future clinical development, regulatory approval and commercialization of any other product candidates the Company acquired in the Icon Acquisition
Transaction costs	$ 2,000,000
Icon Bioscience Inc [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Threshold level of annual aggregate consideration above which the 16% royalty on net sales applies in any given year			$ 200,000,000
Icon Bioscience Inc [Member] \| DEXYCU [Member]
Business Acquisition [Line Items]
Development milestone payment due following the first commercial sales of DEXYCU			15,000,000
Estimated working capital adjustment at closing			127,000
Accrued development milestone consideration paid following the first commercial sale of DEXYCU	15,000,000	$ 15,000,000
Purchase price of acquisition	$ 32,000,000
Finite-lived intangible asset expected amortization life	13 years
Accrued sales-based royalty expense			$ 781,000

Product Revenue Reserves and Allowances - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues	$ 8,634	$ 2,509	$ 7,210	$ 2,012	$ 2,442	$ 486	$ 715	$ 928	$ 933	$ 385	$ 2,928	$ 1,318	$ 20,365	$ 4,571	$ 2,961	$ 7,539
YUTIQ [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues													12,046
DEXYCU [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues													4,778
Product [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenues											$ 0		$ 16,824		$ 0	$ 0

Product Revenue Reserves and Allowances - Product Revenue Allowance and Reserves (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Beginning balance at January 1, 2019	$ 0
Provision related to sales in the current year	3,462
Deductions applied and payments made	(1,221)
Ending balance at December 31, 2019	2,241
Chargebacks, Discounts and Fees [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Beginning balance at January 1, 2019	0
Provision related to sales in the current year	2,301
Deductions applied and payments made	(683)
Ending balance at December 31, 2019	1,618
Government and Other Rebates [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Beginning balance at January 1, 2019	0
Provision related to sales in the current year	429
Deductions applied and payments made	(158)
Ending balance at December 31, 2019	271
Returns [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Beginning balance at January 1, 2019	0
Provision related to sales in the current year	732
Deductions applied and payments made	(380)
Ending balance at December 31, 2019	$ 352

Product Revenue Reserves and Allowances - Additional Information (Detail)					1 Months Ended				3 Months Ended										6 Months Ended		12 Months Ended
	Jan. 01, 2021	Dec. 12, 2018 USD ($) Country	Jul. 10, 2017 USD ($)	Mar. 31, 2013 USD ($)	Feb. 29, 2020 USD ($)	Jan. 31, 2020 USD ($)	Aug. 31, 2019 USD ($)	Nov. 30, 2018 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue									$ 8,634,000	$ 2,509,000	$ 7,210,000	$ 2,012,000	$ 2,442,000	$ 486,000	$ 715,000	$ 928,000	$ 933,000	$ 385,000	$ 2,928,000	$ 1,318,000	$ 20,365,000	$ 4,571,000	$ 2,961,000	$ 7,539,000
Accounts receivable									11,368,000				627,000						$ 627,000		11,368,000	627,000
Amended Alimera Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalty percentage earned from sales of product																			2.00%
Calendar year net sales threshold for increase in royalty rate		$ 75,000,000
Contingently recoverable accumulated commercialization losses			$ 25,000,000																		8,900,000
Partial cancellation of contingently recoverable accumulated commercialization losses in lieu of upfront license fee			$ 10,000,000
Royalty percentage offset for amounts earned above 2% to be applied against balance of accumulated commercialization losses		50.00%
Additional cancellation of contingently recoverable commercialization losses												$ 5,000,000
Revenue																			$ 627,000		2,100,000		723,000
Accrued sales-based royalty income																			588,000		2,000,000		575,000
Amended Alimera Agreement [Member] \| Scenario, Forecast [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalty percentage offset for amounts earned above 2% to be applied against balance of accumulated commercialization losses	20.00%
Amended Alimera Agreement [Member] \| Minimum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalty percentage earned from sales of product		6.00%
Amended Alimera Agreement [Member] \| Maximum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalty percentage earned from sales of product		8.00%
Bausch and Lomb [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Accounts receivable									0				253,000						253,000		$ 0	253,000
OncoSil Medical UK Limited [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Royalty percentage earned from sales of product																					8.00%
Revenue																					$ 0
Receipt of upfront license fee				$ 100,000
Percentage of non-royalty consideration received from sublicense																					20.00%
Deferred revenue									0												$ 0
License agreement commencement date																					2012-12
Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Receipt of upfront license fee								$ 1,750,000
Deferred revenue									0				$ 30,000						30,000		$ 0	30,000
Potential future payments based on achievement of development and regulatory milestones																					7,250,000
Potential future payments based on achievement of commercial-based milestones																					3,000,000
Development milestone payment received							$ 1,000,000
Ocumension Therapeutics [Member] \| Subsequent Event [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Receipt of upfront license fee					$ 2,000,000
Potential future payments based on achievement of development and regulatory milestones						$ 6,000,000
Potential future payments based on achievement of commercial-based milestones						$ 6,000,000
Ocumension Therapeutics [Member] \| Maximum [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Product supply milestones and development milestones																					7,250,000
Equinox Science, LLC [Member] \| Subsequent Event [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Non-refundable and non-creditable upfront cash payment					1,000,000
Equinox Science, LLC [Member] \| Maximum [Member] \| Subsequent Event [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Payment upon achievement of development and regulatory milestones					$ 50,000,000
ILUVIEN [Member] \| Europe [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Number of countries in which lead licensed product received regulatory approval \| Country		17
Royalty Income [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																			1,045,000	717,000	2,180,000	1,946,000	1,618,000	970,000
Royalty Income [Member] \| Bausch and Lomb [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																			456,000		204,000		1,000,000	970,000
Collaborative Research and Development [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																				$ 601,000		$ 2,625,000
Collaborative Research and Development [Member] \| OncoSil Medical UK Limited [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																					100,000
Collaborative Research and Development [Member] \| Feasibility Study Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																			15,000		135,000		1,100,000	211,000
Deferred revenue									$ 15,000												15,000
License Agreement and MOU [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																					1,100,000
Product [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																			0		16,824,000		0	0
Product [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																					91,000
License and Collaboration Agreement [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																			1,883,000		1,361,000		$ 1,343,000	$ 6,569,000
License and Collaboration Agreement [Member] \| Ocumension Therapeutics [Member]
Disclosure of Product Revenue Reserves and Allowances [Line Items]
Revenue																			$ 1,700,000		$ 1,000,000

Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 1,476	$ 198
Work in process	346	41
Finished goods	316	40
Total inventory	$ 2,138	$ 279

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period	$ 68,322	$ 68,322
Gross carrying amount at end of period	68,322	68,322	$ 68,322	$ 68,322
Accumulated amortization at beginning of period	(36,964)	(38,193)
Amortization expense	(1,229)	(2,460)	(981)	(981)	$ (724)	$ (724)
Accumulated amortization at end of period	(38,193)	(40,653)	(38,193)	$ (36,964)
Net book value at end of period	$ 30,129	$ 27,669	$ 30,129

Intangible Assets - Schedule of Net Book Value of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible assets, net	$ 27,669	$ 30,129
DEXYCU [Member]
Intangible assets, net	$ 27,669	$ 30,129
Finite-lived intangible asset expected amortization life	11 years 3 months

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Mar. 28, 2018	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Finite Lived Intangible Assets [Line Items]
Amortization expense		$ 1,229	$ 2,460	$ 981	$ 981	$ 724	$ 724
DEXYCU [Member] \| Icon Bioscience Inc [Member]
Finite Lived Intangible Assets [Line Items]
Purchase price of acquisition	$ 32,000
Annual amortization expense	$ 2,500
Finite-lived intangible asset, useful life	13 years		11 years 3 months

Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 1,196	$ 983
Accumulated depreciation and amortization	(839)	(695)
Property and equipment, net	357	288
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	1,095	882
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross property and equipment	$ 101	$ 101

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Property Plant And Equipment Useful Life And Values [Abstract]
Depreciation	$ 97	$ 144	$ 167	$ 91

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Personnel costs	$ 3,263	$ 1,998
Clinical trial costs	345	798
Professional fees	700	571
Sales chargebacks, rebates and other revenue reserves	1,889	0
Interest	0	343
Other	635	79
Accrued expenses	$ 6,832	$ 3,789

Leases - Additional Information (Detail)	1 Months Ended	12 Months Ended
Leases - Additional Information (Detail)	Jun. 30, 2018 ft²	Dec. 31, 2019 USD ($) ft² Tranche
Disclosure Of Leases [Line Items]
Loan facility term		5 years
Operating lease weighted average remaining lease term		5 years 2 months 12 days
Operating lease weighted average discount rate		12.50%
Operating lease expense		$ 852,000
Variable lease cost		36,000
Operating lease payments		$ 808,000
Caladrius [Member]
Disclosure Of Leases [Line Items]
Additional subleased property office area \| ft²	1,381
Basking Ridge Office Space [Member]
Disclosure Of Leases [Line Items]
Number of renewal options \| Tranche		2
Massachusetts [Member] \| Maximum [Member]
Disclosure Of Leases [Line Items]
Construction allowance		$ 670,750
Massachusetts [Member] \| Original Lease [Member]
Disclosure Of Leases [Line Items]
Area of leased office and laboratory space \| ft²		13,650
Original lease term		5 years
Lease term expiration date		Apr. 30, 2019
Massachusetts [Member] \| Second Amendment Lease [Member]
Disclosure Of Leases [Line Items]
Lease term expiration date		May 31, 2025
Lease commencement date		Sep. 10, 2018
Additional lease renewal option period		5 years
Additional Space leased \| ft²		6,590
Irrevocable standby letter of credit		$ 150,000
NEW JERSEY \| Basking Ridge Office Space [Member]
Disclosure Of Leases [Line Items]
Lease term expiration date		Jun. 30, 2022
Lease commencement date		Jul. 31, 2017
Additional lease renewal option period		5 years
Area of leased office space \| ft²		3,000
Lease renewal rate at 95% of market rent at time of renewal		95.00%

Leases - Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Leases [Abstract]
2020	$ 867
2021	889
2022	849
2023	815
2024	830
Thereafter	346
Total lease payments	4,596
Less imputed interest	(1,217)
Total operating lease liabilities	3,379
Less: current portion	481	$ 0
Non-current portion	$ 2,898	$ 0

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

Term Loan Agreement - Additional Information (Detail)				1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
Term Loan Agreement - Additional Information (Detail)	Feb. 13, 2019 USD ($)	Jun. 26, 2018 USD ($) $ / shares shares	Mar. 28, 2018 USD ($) Tranche $ / shares shares	Jun. 30, 2018 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2017 USD ($)	Apr. 30, 2019 USD ($)
Term Loan Agreement [Line Items]
Amortization of debt discount (premium)									$ (9,000)
Loss on extinguishment of debt							$ (3,810,000)
Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Amortization of debt discount (premium)							$ 512,000
Senior Secured Term Loan [Member] \| Warrants [Member]
Term Loan Agreement [Line Items]
Exercise price of issued warrants \| $ / shares		$ 1.93	$ 1.10
Initial Advance [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Proceeds from issuance of term loan, net of allocation to the debt warrant			$ 14,600,000
Initial Advance [Member] \| Senior Secured Term Loan [Member] \| Warrants [Member]
Term Loan Agreement [Line Items]
Warrants issued in connection with loan \| shares			409,091
Exercise price of issued warrants \| $ / shares			$ 1.10
Fair value of warrants issued			$ 284,000
Additional Advance [Member] \| Senior Secured Term Loan [Member] \| Warrants [Member]
Term Loan Agreement [Line Items]
Warrants issued in connection with loan \| shares		77,721
Exercise price of issued warrants \| $ / shares		$ 1.93
Warrants, contingent issuance fair value			$ 69,000
Revaluation of additional advance warrants shares reclassified to equity				$ 87,000
Additional Advance [Member] \| SWK Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Upfront loan origination fee percentage		1.50%
Exit fee percentage payable upon repayment of the total secured term loan		6.00%
Total debt discount		$ 652,000
Loan origination fee, exit fee and other loan transaction costs		299,000
Amortization of deferred debt issue cost through the date of the Additional Advance		97,000
Debt issuance costs remaining balance reclassified to debt discount				$ 202,000
CRG Servicing LLC [Member]
Term Loan Agreement [Line Items]
Restriction of the right to capitalize a portion of quarterly interest in the event of a loan default							So long as no default has occurred and is continuing, the Company may elect on each applicable interest payment date to pay 2.5% of the 12.5% per annum interest as Paid In-Kind (“PIK”), whereby such PIK amount would be added to the aggregate principal amount and accrue interest at 12.5% per annum.
Upfront loan origination fee percentage	1.50%
Minimum liquidity amount	$ 5,000,000
Total debt discount	3,200,000
CRG Servicing LLC [Member] \| Period One [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	15,000,000
Annual minimum product revenue period							on January 1, 2019 and ending on December 31, 2019
CRG Servicing LLC [Member] \| Period Two [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	45,000,000
Annual minimum product revenue period							January 1, 2020 and ending on December 31, 2020
CRG Servicing LLC [Member] \| Period Three [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	80,000,000
Annual minimum product revenue period							January 1, 2021 and ending on December 31, 2021
CRG Servicing LLC [Member] \| Period Four [Member]
Term Loan Agreement [Line Items]
Annual minimum product revenue	$ 90,000,000
Annual minimum product revenue period							January 1, 2022 and ending on December 31, 2022
CRG Servicing LLC [Member] \| Loan Prepayment Prior to December 31, 2019 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage	10.00%
CRG Servicing LLC [Member] \| Loan Prepayment after December 31, 2019 and Prior to December 31, 2020 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage	5.00%
CRG Servicing LLC [Member] \| Loan prepayment after December 31, 2020 and prior to December 31, 2021 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage	3.00%
CRG Servicing LLC [Member] \| Loan prepayment after December 31 2021 [Member]
Term Loan Agreement [Line Items]
Principal prepayment premium percentage	0.00%
CRG Servicing LLC [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Agreement date	Feb. 13, 2019
Senior secured term loan borrowing facility	$ 60,000,000
Term loan agreement, initial advance	$ 35,000,000
Line of Credit Facility, Remaining Borrowing Capacity subject to milestone achievement										$ 10,000,000
Maturity date	Dec. 31, 2023
Annual interest rate on term loan balance	12.50%
Paid in Kind Interest Added to Principal							$ 1,100,000
Exit fee percentage payable upon repayment of the total secured term loan	6.00%
Upfront loan original fee payment, initial advance	$ 525,000
Reimbursement of lender's legal fees and other transaction costs	350,000
Exit fee accrued	2,100,000
Line of credit facility, legal and other transaction costs	591,000
CRG Servicing LLC [Member] \| Second Advance [Member]
Term Loan Agreement [Line Items]
Term loan agreement, additional loan advance										$ 15,000,000
Total debt discount	$ 1,100,000
CRG Servicing LLC [Member] \| Second Advance [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
One-time upfront financing fee percentage applied to borrowing amounts under the line of credit facility	1.50%
Upfront loan original fee payment, initial advance	$ 225,000
Exit fee accrued	$ 900,000
CRG Servicing LLC [Member] \| Initial Advance [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
One-time upfront financing fee percentage applied to borrowing amounts under the line of credit facility	1.50%
Upfront loan original fee payment, initial advance	$ 525,000
SWK Funding LLC [Member] \| Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Agreement date			Mar. 28, 2018
Senior secured term loan borrowing facility			$ 20,000,000
Term loan agreement, initial advance			$ 15,000,000
Maturity date			Mar. 27, 2023
Exit fee percentage payable upon repayment of the total secured term loan			6.00%
Amortization of debt discount (premium)					$ 84,000
Senior secured term loan, additional advance that followed satisfaction of applicable conditions		$ 5,000,000
Loss on extinguishment of debt					(3,800,000)
Write-off of remaining unamortized debt discount included as a component of the loss on extinguishment of debt					$ 2,300,000
Amortized deferred debt issue costs and debt discount						$ 312,000		$ 209,000
SWK Funding LLC [Member] \| Senior Secured Term Loan [Member] \| Loan Refinancing [Member]
Term Loan Agreement [Line Items]
Prepayment penalty for voluntary repayment of the secured term loan	1,200,000
Payment of contractual 6% exit fee upon repayment of secured term loan	1,200,000
Payment of accrued and unpaid interest through the date of the secured term loan refinancing	664,000
Payment of additional make-whole interest from the loan refinancing date through the first anniversary of the secured term loan (Mar 28, 2019)	306,000
SWK Funding LLC [Member] \| Senior Secured Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Term Loan Agreement [Line Items]
Interest rate							Three-month LIBOR rate (subject to a 1.5% floor) plus 10.50%.
LIBOR rate floor			1.50%
Interest rate percentage above LIBOR rate			10.50%
Repayment of senior secured term loan	$ 20,000,000
First Tranche Advance [Member] \| SWK Senior Secured Term Loan [Member]
Term Loan Agreement [Line Items]
Upfront loan origination fee percentage			1.50%
Total debt discount			$ 2,100,000
Cost allocated tranches, number \| Tranche			2
Loan origination fee, exit fee and other loan transaction costs			$ 1,800,000
Aggregate fair value of warrants			$ 353,000

Stockholders' Equity - 2019 Equity Financing - Additional Information (Detail) - USD ($)		1 Months Ended			12 Months Ended
	Feb. 25, 2020	Feb. 29, 2020	Apr. 30, 2019	Jan. 31, 2019	Dec. 31, 2019
Share Offering [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Common stock issued	15,000,000
Gross proceeds from issuance of common stock	$ 21,750,000
Share issuance costs	$ 1,750,000
Price per share	$ 1.45
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					2,998,871
Weighted average common stock price per share					$ 1.50
Gross proceeds from issuance of common stock					$ 4,500,000
Share issuance costs					$ 221,000
2019 Equity Financing [Member] \| Share Offering [Member]
Class of Stock [Line Items]
Common stock issued			10,526,500
Gross proceeds from issuance of common stock			$ 20,000,000
Share issuance costs			$ 1,700,000
Price per share			$ 1.90
2019 Equity Financing [Member] \| Share Offering [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Common stock issued		15,000,000
Gross proceeds from issuance of common stock		$ 21,750,000
Share issuance costs		$ 1,750,000
Price per share		$ 1.45

Stockholders' Equity - 2018 Equity Financing - Additional Information (Detail) - USD ($)					1 Months Ended	3 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 25, 2018	Jun. 22, 2018	Mar. 28, 2018	Sep. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2019	Jun. 21, 2018
Class of Stock [Line Items]
Common Stock, Shares Authorized		150,000,000							150,000,000	150,000,000		150,000,000
Change in fair value of derivative liability									$ (18,886,000)	$ (45,164,000)	$ (26,278,000)
Exercise price of Second Tranche Warrants	$ 1.23						$ 1.23		$ 1.23	$ 1.23	$ 1.23	$ 1.23
Second Tranche Transaction [Member]
Class of Stock [Line Items]
Change in fair value of derivative liability						$ (18,900,000)	$ (2,300,000)	$ (24,000,000)
First Tranche Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Common stock issued to investors				8,606,324
Common stock price per share				$ 1.10
Gross proceeds from issuance of common stock				$ 9,500,000
Portion of First Tranche net proceeds allocated to equity				$ 4,600,000
Second Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Gross proceeds to be received from issuance of common shares, subject to stockholder approval			$ 25,500,000
2018 Equity Financing [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized													120,000,000
Share issuance costs								343,000
2018 Equity Financing [Member] \| Second Tranche Transaction [Member]
Class of Stock [Line Items]
Units issued to investors, with each Unit consisting of one common share and one warrant to purchase one common share		20,184,224
Unit price per share		$ 1.265
Gross proceeds from issuance of units		$ 25,500,000
Fair value of derivative liability								6,900,000
Change in fair value of derivative liability								$ 2,200,000			$ 22,200,000
Reclassification of the derivative liability balance to equity upon the exercise of the Second Tranche Warrants											$ 29,100,000
2018 Equity Financing [Member] \| Second Tranche Warrants [Member]
Class of Stock [Line Items]
Change in fair value of derivative liability	$ 1,600,000				$ 18,900,000		$ 18,200,000
Reclassification of the derivative liability balance to equity upon the exercise of the Second Tranche Warrants					$ 38,700,000
Exercise price of Second Tranche Warrants					$ 1.43	$ 1.43

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Share of the Company's Common Stock (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Stockholders Equity Note [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	486,812	486,812
Number of Warrants, Expired	0	0
Number of Warrants, Outstanding and exercisable, Ending balance	486,812	486,812
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 1.23	$ 1.23
Weighted Average Exercise Price, Expired	0	0
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 1.23	$ 1.23

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail) - Warrants [Member] - $ / shares			12 Months Ended
	Jun. 26, 2018	Mar. 28, 2018	Dec. 31, 2019
Investor [Member]
Class of Stock [Line Items]
Weighted average remaining life of lender warrants			5 years 3 months 10 days
Senior Secured Term Loan [Member]
Class of Stock [Line Items]
Warrants issued in connection with term loan facility	77,721	409,091
Exercise price of issued warrants	$ 1.93	$ 1.10
Warrants exercise period	7 years	7 years

Share-Based Payment Awards - Equity Incentive Plans - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member] - shares	Dec. 31, 2019	Jun. 25, 2019	Dec. 12, 2016
Class of Stock [Line Items]
Number of common stock, authorized for issuance		11,000,000	3,000,000
Shares available for grant under the Long Term Incentive Plan, including forfeited and terminated awards transferred from the 2008 Incentive Plan	9,925,449

Share-Based Payment Awards - Stock Option Activity Under Company's Equity Incentive Plan (Detail) - Equity Incentive Plans and Inducement Awards [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares	8,139,377
Number of Options, Granted \| shares	5,510,432
Number of Options, Exercised \| shares	(223,426)
Number of Options, Forfeited \| shares	(1,483,063)
Number of Options, Expired \| shares	(1,033,520)
Number of Options Outstanding, Ending balance \| shares	10,909,800
Number of Options, Exercisable at December 31, 2019 \| shares	4,718,213
Weighted Average Exercise Price Outstanding, Beginning balance \| $ / shares	$ 2.83
Weighted Average Exercise Price, Granted \| $ / shares	2.19
Weighted Average Exercise Price, Exercised \| $ / shares	1.85
Weighted Average Exercise Price, Forfeited \| $ / shares	2.49
Weighted Average Exercise Price, Expired \| $ / shares	3.39
Weighted Average Exercise Price Outstanding, Ending balance \| $ / shares	2.52
Weighted Average Exercise Price, Exercisable at December 31, 2019 \| $ / shares	$ 3.05
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2019	7 years 8 months 23 days
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2019	5 years 11 months 23 days
Aggregate Intrinsic Value, Outstanding at December 31, 2019 \| $	$ 539
Aggregate Intrinsic Value, Exercisable at December 31, 2019 \| $	$ 46

Share-Based Payment Awards - Stock Options - Additional Information (Detail) - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2019
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Ratable monthly vesting period	4 years
Contractual life of option grants	10 years
Stock Compensation Plan [Member]
Class of Stock [Line Items]
Ratable monthly vesting period	1 year
Cliff vesting period	3 years
Common stock vested during the period		2,099,851
Newly Appointed Non Executive Director [Member]
Class of Stock [Line Items]
Ratable annual vesting period	3 years
External consultant [Member]
Class of Stock [Line Items]
Cliff vesting period	1 year

Share-Based Payment Awards - Summary of Company Applied the Black-Scholes Option Pricing (Detail) - 2016 Long Term Incentive Plan [Member]	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	59.00%	60.00%	59.00%	70.00%
Stock volatility, maximum	61.00%	65.00%	64.00%	72.00%
Risk-free interest rate, minimum	2.78%	1.37%	2.18%	1.23%
Risk-free interest rate, maximum	3.09%	2.63%	2.89%	2.08%
Expected dividends	0.00%	0.00%	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months	5 years 6 months	5 years 6 months	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years	6 years 29 days	6 years	6 years 3 months

Share-Based Payment Awards - Summary of Information about Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Total cash received from exercise of stock options	$ 536	$ 414	$ 503	$ 99
Equity Incentive Plans [Member]
Weighted-average grant date fair value per share	$ 1.37	$ 0.93	$ 1.06	$ 1.95
Total cash received from exercise of stock options	$ 219	$ 414	$ 503	$ 99
Total intrinsic value of stock options exercised	$ 284	$ 84	$ 152	$ 53

Share-Based Payment Awards - Time-Vested Restricted Stock Units - Additional Information (Detail) - 2016 Long Term Incentive Plan [Member]	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Ratable annual vesting period of equity awards	4 years
RSU [Member]
Class of Stock [Line Items]
Ratable annual vesting period of equity awards		3 years
Weighted average remaining vesting term		1 year 14 days

Share-Based Payment Awards - Summary of Restricted Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - RSU [Member]	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	590,213
Number of stock units, granted \| shares	587,761
Number of Stock Units, Vested \| shares	(229,294)
Number of Stock Units, Forfeited \| shares	(161,781)
Number of Stock Units Outstanding, Ending Balance \| shares	786,899
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.86
Weighted average grant date fair value, granted \| $ / shares	1.90
Weighted Average Grant Date Fair value, Vested \| $ / shares	1.81
Weighted Average Grant Date Fair value, Forfeited \| $ / shares	2.19
Weighted Average Grant Date Fair Value Nonvested, Ending balance \| $ / shares	$ 1.83

Share-Based Payment Awards - Performance-Based Stock Units - Additional Information (Detail) - Performance Stock Units [Member] - shares					12 Months Ended
	Oct. 12, 2019	Mar. 19, 2019	Oct. 12, 2018	Mar. 19, 2018	Dec. 31, 2019	Dec. 31, 2018
Former Chief Financial Officer [Member]
Class of Stock [Line Items]
Cumulative measurement period					3 years
Resignation date of employee					Jul. 08, 2019
Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of Stock Units Outstanding					0	225,000
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 YUTIQ for review on or before March 31, 2018					One third
Stock units vesting, percentage		50.00%		50.00%
Number of Performance-Based Stock Units, vested				48,332
Number of performance-based stock units subject to service-based vesting of one year from performance condition achievement date		48,334
Performance Condition Two [Member]
Class of Stock [Line Items]
Portion of stock units subject to an FDA approval of YUTIQ on or before March 31, 2019					Two-thirds
Stock units vesting, percentage	50.00%		50.00%
Number of Performance-Based Stock Units, vested			96,668
Number of performance-based stock units subject to service-based vesting of one year from performance condition achievement date	96,666
Inducement Award Grants [Member] \| Former Chief Financial Officer [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award					The PSUs are subject to proportional vesting based on cumulative measurement over a 3-year period, with two-thirds of the award based upon the achievement of defined amounts of the Company’s product revenues through June 30, 2021 and one-third of the award based upon the net present value of each applicable business development transaction, as defined, through August 1, 2021 measured as of the date that each such transaction is consummated by the Company.

Share-Based Payment Awards - Summary of Performance Stock Unit Activity (Detail) - 2016 Long Term Incentive Plan [Member] - Performance Stock Units [Member]	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	370,000
Number of Stock Units, Vested \| shares	(115,000)
Number of Stock Units, Forfeited \| shares	(255,000)
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 2.01
Weighted Average Grant Date Fair value, Vested \| $ / shares	1.45
Weighted Average Grant Date Fair value, Forfeited \| $ / shares	$ 2.26

Share-Based Payment Awards - Deferred Stock Units - Additional Information (Detail) - shares	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Ratable annual vesting period of equity awards	4 years
Non Executive Directors [Member]
Class of Stock [Line Items]
Non-vested deferred stock units outstanding		0	35,418
Deferred Stock Units [Member]
Class of Stock [Line Items]
Non-vested deferred stock units outstanding			35,418
Ratable annual vesting period of equity awards		1 year
Deferred Stock Units [Member] \| 2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Vested deferred stock units vested		71,251

Share-Based Payment Awards - Summary of Deferred Stock Unit Activity (Detail) - Deferred Stock Units [Member]	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Units Outstanding, Beginning Balance \| shares	35,418
Number of Stock Units, Vested \| shares	(35,418)
Weighted Average Grant Date Fair Value Nonvested, Beginning balance \| $ / shares	$ 1.95
Weighted Average Grant Date Fair value, Vested \| $ / shares	$ 1.95

Share-Based Payment Awards - Market-Based Restricted Stock Units - Additional Information (Detail) - Market-based RSUs [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Restricted stock units outstanding	0	500,000
Change in closing price of common stock period	3 years
Grant date fair value per share	$ 1.45

Share-Based Payment Awards - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	Jun. 25, 2019	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, shares issued		109,417,322	95,372,236
ESPP [Member]
Class of Stock [Line Items]
Number of common stock, authorized for issuance	1,100,000
Price of common stock purchased twice a year under ESPP, percent	85.00%
Employee stock purchase plan aggregate fair market value of common stock	$ 25,000
Employee stock purchase plan aggregate fair market value of common stock shares	50,000
Offering period, start date	Aug. 01, 2019
Offering period, end date	Jan. 31, 2020
Common stock, shares issued	0

Share-Based Payment Awards - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,550	$ 4,568	$ 2,704	$ 2,456
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	913	1,073	1,252	1,109
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	325	715	50	0
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,312	$ 2,780	$ 1,402	$ 1,347

Share-Based Payment Awards - Stock-Based Compensation Expense - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2017
Class of Stock [Line Items]
Amount of stock-based compensation attributable to accelerated vesting and extension of option exercise period of certain stock options, net of non-vested option forfeitures			$ (104,000)
Unrecognized compensation expense		$ 4,100,000
Unrecognized compensation expense weighted average period		1 year 5 months 12 days
General and Administrative Expense [Member]
Class of Stock [Line Items]
Amount of stock-based compensation attributable to accelerated vesting and extension of option exercise period of certain stock options, net of non-vested option forfeitures			274,000
Research and Development Expense [Member] \| UNITED KINGDOM
Class of Stock [Line Items]
Amount of stock-based compensation attributable to extension of option exercise period of vested options and forfeiture of all non-vested stock options in connection with U.K. restructuring			$ (35,000)
Selling and Marketing Expense [Member]
Class of Stock [Line Items]
Amount of stock-based compensation attributable to accelerated vesting, net of non-vested option forfeitures	$ 171,000

Fair Value Measurements - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash equivalents	$ 19,976	$ 43,194
Total cash equivalents	19,976	43,194
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	19,976	43,194
Total cash equivalents	19,976	43,194
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

Fair Value Measurements - Additional Information (Detail) - $ / shares		1 Months Ended	12 Months Ended
	Mar. 28, 2019	Sep. 30, 2018	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remeasurement of second tranche transaction liability to fair value description			This valuation at settlement was calculated as the excess of the sum of (i) the fair value of the Second Tranche Warrants and (ii) the fair value of the shares of Common Stock issued to settle the liability over the cash proceeds received by the Company for the Units
Second Tranche Transaction [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common Stock purchase price description			The purchase price for each share of Common Stock issuable in the Second Tranche Transaction was defined as the lower of (a) $1.265 (which was a 15% premium to the First Tranche Purchase Price) and (b) a 20% discount to the volume weighted average price (“VWAP”) of the shares of Common Stock on the Nasdaq Stock Market for the 20 trading days immediately prior to the closing of the Second Tranche Transaction; provided, however, that the purchase price could not be lower than $0.88, which was a 20% discount to the First Tranche Purchase Price
Percentage discount to volume weighted average price for 20 days immediately preceding the closing of the Second Tranche Transaction	20.00%
Second Tranche Transaction [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock price per share	$ 1.265
Percentage of premium to first tranche share purchase price	15.00%
Second Tranche Transaction [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock price per share	$ 0.88
Percentage of discount to first tranche share purchase price	20.00%
Second Tranche Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage discount to volume weighted average price for 20 days immediately preceding the closing of the Second Tranche Transaction		20.00%
Warrant purchase price description			The exercise price of each Second Tranche Warrant was an amount equal to the lower of (a) $1.43 (a 30% premium to the First Tranche Purchase Price) and (b) a 20% discount to the VWAP of the shares of the Company’s Common Stock on Nasdaq for the 20 trading days immediately prior to the exercise of a Second Tranche Warrant; provided, however, that the exercise price could not be lower than $0.88, which was a 20% discount to the First Tranche Purchase Price
Exercise price of issued warrants		$ 1.43
Second Tranche Warrants [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price of issued warrants		$ 1.43
Percentage of premium to first tranche share purchase price		30.00%
Second Tranche Warrants [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of discount to first tranche share purchase price		20.00%
Exercise price of issued warrants		$ 0.88

Fair Value Measurements - Schedule of Assumptions Used to Value Liability (Detail) - Second Tranche Transaction Liability [Member]	Jun. 25, 2018 shares	Mar. 28, 2018 shares
Estimated date of stockholder approval		2018-06
Estimated number of units issuable	20,184,224	26,900,000
Measurement Input, Price Volatility % [Member]
Measurement input		54.20
Measurement Input, Risk Free Interest Rate % [Member]
Measurement input		1.70
Measurement Input, Valuation Date Stock Price % [Member]
Measurement input	1.93	1.07

Fair Value Measurements - Summary of Changes in Fair Value of the Company's Derivative Liability (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	6 Months Ended
	Dec. 31, 2018 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 19,780
Change in fair value	18,886
Reclassification to equity	(38,666)
Ending balance	0
Additional Advance Warrant Liability [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Change in fair value	0
Reclassification to equity	0
Ending balance	0
Second Tranche Transaction Liability [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Change in fair value	0
Reclassification to equity	0
Ending balance	0
Second Tranche Warrants [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	19,780
Change in fair value	18,886
Reclassification to equity	(38,666)
Ending balance	$ 0

Retirement Plans - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Compensation And Retirement Disclosure [Abstract]
Maximum percentage of eligible compensation matched by employer		5.00%
Employer contributions to retirement plans	$ 216,000	$ 619,000	$ 220,000	$ 193,000

Income Taxes - Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
U.S. operations	$ (44,804)	$ (56,866)	$ (53,000)	$ (17,566)
Non-U.S. operations	84	73	(171)	(919)
Loss before income taxes	$ (44,720)	$ (56,793)	$ (53,171)	$ (18,485)

Income Taxes - Additional Information (Detail) £ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2017	Jun. 30, 2017 USD ($)	Dec. 31, 2019 GBP (£)
Statutory federal corporate income tax rate	21.00%	21.00%	27.50%		34.00%
Changes in valuation allowance	$ 7,166,000	$ 15,608,000		$ (5,385,000)		$ 7,489,000
Change in valuation allowance due to impact of 2017 Tax Act				765,000
Unrecognized tax benefits		0
Accrued penalties or interest related to uncertain tax positions	$ 0	0	$ 0
U.S. Federal [Member]
Operating loss carry forwards		236,600,000
Net operating loss carry forwards		$ 151,800,000
Operating loss carry forwards, expiration range start dates		2023
Operating loss carry forwards, expiration range end dates		2038
Tax years that remain subject to examination		2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
State [Member]
Operating loss carry forwards		$ 190,100,000
United Kingdom Tax Authority [Member]
Operating loss carry forwards		$ 26,700,000					£ 21.0
Tax years that remain subject to examination		2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Federal and State Research and Development Tax Credit Carryforward [Member]
Research and development tax credit carry forwards		$ 3,100,000
Federal And State Tax [Member]
Research and development tax credit carry forwards expiration begin date		2018
Research and development tax credit carry forwards expiration end date		2038
Icon Bioscience Inc [Member]
Deferred tax asset				$ 6,200,000
Icon Bioscience Inc [Member] \| U.S. Federal [Member]
Operating loss carry forwards		$ 49,300,000

Income Taxes - Difference Between Expected Income Tax Benefit and Actual Income Tax Benefit (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	$ (9,391)	$ (11,927)	$ (14,622)	$ (6,284)
State income taxes, net of federal benefit	(1,657)	(3,685)	(1,552)	(928)
Non-U.S. income tax rate differential	186	374	(66)	(121)
Change in fair value of derivative	3,900	0	7,227	0
Change in federal tax rate	0	0	14,673	0
Research and development tax credits	(231)	(150)	(284)	(242)
Permanent items	0	55	(15)	(9)
Changes in valuation allowance	7,166	15,608	(5,385)	7,489
Other, net	27	(275)	24	95
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0

Income Taxes - Significant Components of Deferred Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 66,400	$ 53,259
Deferred revenue	8	70
Lease liability	923	0
Stock-based compensation	5,805	4,788
Tax credits	3,687	3,696
Other	1,473	682
Total deferred tax assets	78,296	62,495
Deferred tax liabilities:
Intangible assets	7,559	8,207
Right-of-use assets	841	0
Total deferred tax liabilities	8,400	8,207
Deferred tax assets, net	69,896	54,288
Valuation allowance	69,896	54,288
Total deferred tax liability	$ 0	$ 0

Segment and Geographic Area Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Number of business segments	1

Segment and Geographic Area Information - Summary of Company's Revenues and Long-Lived Assets, Net, by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 8,634	$ 2,509	$ 7,210	$ 2,012	$ 2,442	$ 486	$ 715	$ 928	$ 933	$ 385	$ 2,928	$ 1,318	$ 20,365	$ 4,571	$ 2,961	$ 7,539
Long-lived assets, net	357				288						288		357	288
Country US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues											1,108		19,144		2,861	7,439
Long-lived assets, net	$ 357				288						288		357	288
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues											1,720		1,121
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues											100		$ 100		$ 100	$ 100
Long-lived assets, net					$ 0						$ 0			$ 0

Subsequent Events - Additional Information (Detail) - Share Offering [Member] - Subsequent Event [Member] $ / shares in Units, $ in Thousands	Feb. 25, 2020 USD ($) $ / shares shares
Common stock issued \| shares	15,000,000
Price per share \| $ / shares	$ 1.45
Gross proceeds from issuance of common stock	$ 21,750
Share issuance costs	$ 1,750

Quarterly Financial Data - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 8,634	$ 2,509	$ 7,210	$ 2,012	$ 2,442	$ 486	$ 715	$ 928	$ 933	$ 385	$ 2,928	$ 1,318	$ 20,365	$ 4,571	$ 2,961	$ 7,539
Operating loss	(8,985)	(14,060)	(10,165)	(14,651)	(11,005)	(13,554)	(9,782)	(4,678)	(5,808)	(6,006)	(24,559)	(11,814)	(47,861)	(39,019)	(26,274)	(18,576)
Net loss	$ (10,410)	$ (15,647)	$ (11,498)	$ (19,238)	$ (11,594)	$ (33,126)	$ (34,428)	$ (6,978)	$ (5,782)	$ (5,983)	$ (44,720)	$ (11,765)	$ (56,793)	$ (86,125)	$ (53,171)	$ (18,485)
Net loss per share - basic and diluted	$ (0.10)	$ (0.15)	$ (0.11)	$ (0.20)	$ (0.12)	$ (0.44)	$ (0.62)	$ (0.15)	$ (0.13)	$ (0.15)	$ (0.53)	$ (0.28)	$ (0.54)	$ (1.27)	$ (1.15)	$ (0.52)
Weighted average common shares - basic and diluted	106,680	106,938	106,238	95,452	94,494	75,170	55,387	45,644	44,530	39,430	85,057	41,980	104,307	67,942	46,226	35,344

- Definition

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

+ References + Details

Quarterly Financial Data - Summary of Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2018	Jun. 30, 2018
Quarterly Financial Data [Line Items]
Change in fair value of derivative liability				$ (18,886)	$ (45,164)	$ (26,278)
Second Tranche Transaction [Member]
Quarterly Financial Data [Line Items]
Change in fair value of derivative liability	$ (18,900)	$ (2,300)	$ (24,000)
Overstatement (understatement) of change in fair value of derivative		$ 1,200	$ (1,200)

Stub Period Comparative Data (Unaudited) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended										6 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 8,634	$ 2,509	$ 7,210	$ 2,012	$ 2,442	$ 486	$ 715	$ 928	$ 933	$ 385	$ 2,928	$ 1,318	$ 20,365	$ 4,571	$ 2,961	$ 7,539
Operating expenses:
Research and development											10,412	8,088	15,368	18,502	16,178	14,880
Sales and marketing											8,174		29,772	9,658	1,512
General and administrative											8,901	5,044	17,939	15,430	11,545	11,235
Total operating expenses											27,487	13,132	68,226	43,590	29,235	26,115
Loss from operations	(8,985)	(14,060)	(10,165)	(14,651)	(11,005)	(13,554)	(9,782)	(4,678)	(5,808)	(6,006)	(24,559)	(11,814)	(47,861)	(39,019)	(26,274)	(18,576)
Interest and other income											367	49	1,054	420	101	91
Interest expense											(1,642)		(6,176)	(2,362)	(720)
Change in fair value of derivative liability											(18,886)			(45,164)	(26,278)
Net loss	$ (10,410)	$ (15,647)	$ (11,498)	$ (19,238)	$ (11,594)	$ (33,126)	$ (34,428)	$ (6,978)	$ (5,782)	$ (5,983)	$ (44,720)	$ (11,765)	$ (56,793)	$ (86,125)	$ (53,171)	$ (18,485)
Net loss per share - basic and diluted	$ (0.10)	$ (0.15)	$ (0.11)	$ (0.20)	$ (0.12)	$ (0.44)	$ (0.62)	$ (0.15)	$ (0.13)	$ (0.15)	$ (0.53)	$ (0.28)	$ (0.54)	$ (1.27)	$ (1.15)	$ (0.52)
Weighted average common shares - basic and diluted	106,680	106,938	106,238	95,452	94,494	75,170	55,387	45,644	44,530	39,430	85,057	41,980	104,307	67,942	46,226	35,344
Collaborative Research and Development [Member]
Revenues:
Total revenues												$ 601		$ 2,625
Royalty [Member]
Revenues:
Total revenues											$ 1,045	$ 717	$ 2,180	$ 1,946	$ 1,618	$ 970