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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 04, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	PSDV
Entity Registrant Name	PSIVIDA CORP.
Entity Central Index Key	0001314102
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		39,268,692

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 12,871	$ 15,313
Marketable securities	2,499	13,679
Accounts and other receivables	300	488
Prepaid expenses and other current assets	800	483
Total current assets	16,470	29,963
Property and equipment, net	241	290
Intangible assets, net	540	1,102
Other assets	104	114
Restricted cash	150	150
Total assets	17,505	31,619
Current liabilities:
Accounts payable	741	1,363
Accrued expenses	3,943	3,583
Deferred revenue	256	147
Total current liabilities	4,940	5,093
Deferred revenue	0	5,585
Deferred rent	55	60
Total liabilities	4,995	10,738
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $.001 par value, 60,000,000 shares authorized, 35,668,685 and 34,172,919 shares issued and outstanding at March 31, 2017 and June 30, 2016, respectively	35	34
Additional paid-in capital	316,233	312,208
Accumulated deficit	(304,582)	(292,213)
Accumulated other comprehensive income	824	852
Total stockholders' equity	12,510	20,881
Total liabilities and stockholders' equity	$ 17,505	$ 31,619

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Jun. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	35,668,685	34,172,919
Common stock, shares outstanding	35,668,685	34,172,919

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Collaborative research and development	$ 372	$ 50	$ 6,108	$ 372
Royalty income	218	274	730	944
Total revenues	590	324	6,838	1,316
Operating expenses:
Research and development	3,324	3,074	10,667	10,277
General and administrative	2,426	2,346	8,611	6,357
Total operating expenses	5,750	5,420	19,278	16,634
Loss from operations	(5,160)	(5,096)	(12,440)	(15,318)
Interest and other income	20	21	71	41
Loss before income taxes	(5,140)	(5,075)	(12,369)	(15,277)
Income tax benefit	0	34	0	117
Net loss	$ (5,140)	$ (5,041)	$ (12,369)	$ (15,160)
Net loss per common share:
Basic and diluted	$ (0.15)	$ (0.15)	$ (0.36)	$ (0.49)
Weighted average common shares:
Basic and diluted	34,366	33,538	34,238	30,787
Net loss	$ (5,140)	$ (5,041)	$ (12,369)	$ (15,160)
Other comprehensive income (loss):
Foreign currency translation adjustments	0	(21)	(30)	(68)
Net unrealized gain on marketable securities	1	9	2	5
Other comprehensive income (loss)	1	(12)	(28)	(63)
Comprehensive loss	$ (5,139)	$ (5,053)	$ (12,397)	$ (15,223)

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Jun. 30, 2015	$ 23,368	$ 29	$ 293,060	$ (270,666)	$ 945
Balance, shares at Jun. 30, 2015		29,412,365
Net loss	(15,160)			(15,160)
Other comprehensive loss	(63)				(63)
Issuance of stock, net of issue costs	16,501	$ 5	16,496
Issuance of stock, shares		4,440,000
Exercise of stock options	358	$ 0	358	0	0
Exercise of stock options, shares		230,554
Stock-based compensation	1,549		1,549
Balance at Mar. 31, 2016	26,553	$ 34	311,463	(285,826)	882
Balance, shares at Mar. 31, 2016		34,082,919
Balance at Jun. 30, 2016	$ 20,881	$ 34	312,208	(292,213)	852
Balance, shares at Jun. 30, 2016	34,172,919	34,172,919
Net loss	$ (12,369)			(12,369)
Other comprehensive loss	(28)				(28)
Issuance of stock, net of issue costs	2,153	$ 1	2,152
Issuance of stock, shares		1,411,686
Exercise of stock options	99	$ 0	99	0	0
Exercise of stock options, shares		84,080
Stock-based compensation	1,774		1,774
Balance at Mar. 31, 2017	$ 12,510	$ 35	$ 316,233	$ (304,582)	$ 824
Balance, shares at Mar. 31, 2017	35,668,685	35,668,685

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (12,369)	$ (15,160)
Adjustments to reconcile net loss to cash flows from operating activities:
Amortization of intangible assets	542	569
Depreciation of property and equipment	59	88
Stock-based compensation expense	1,774	1,549
Amortization of bond (discount) premium on marketable securities	(9)	86
Amortization of noncurrent portion of deferred revenue	(5,584)	0
Changes in current assets and liabilities:
Accounts receivable and other current assets	(131)	284
Accounts payable and accrued expenses	(424)	635
Deferred revenue	109	(25)
Deferred rent	(5)	5
Net cash used in operating activities	(16,038)	(11,969)
Cash flows from investing activities:
Purchases of marketable securities	(5,052)	(10,242)
Maturities of marketable securities	16,243	11,168
Purchases of property and equipment	(21)	(67)
Proceeds from sale of property and equipment	33	0
Net cash provided by investing activities	11,203	859
Cash flows from financing activities:
Issuance of stock, net of issue costs	2,305	16,510
Exercise of stock options	99	358
Net cash provided by financing activities	2,404	16,868
Effect of foreign exchange rate changes on cash and cash equivalents	(11)	(12)
Net (decrease) increase in cash and cash equivalents	(2,442)	5,746
Cash and cash equivalents at beginning of period	15,313	19,121
Cash and cash equivalents at end of period	12,871	24,867
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment	22	0
Stock issuance costs	$ 152	$ 0

Operations and Basis of Presentation

9 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and Basis of Presentation

1.	Operations and Basis of Presentation

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

The Company currently develops proprietary sustained-release drug products for the treatment of chronic eye diseases. The Company’s approved products and product candidates deliver drugs at a controlled and steady rate for months or years. The Company has developed three of only four sustained-release products approved by the U.S. Food and Drug Administration (“FDA”) for treatment of back-of-the-eye diseases. Durasert™ three-year non-erodible fluocinolone acetonide (“FA”) insert for posterior segment uveitis (“Durasert three-year uveitis”) (formerly known as Medidur™), the Company’s lead product candidate, is in pivotal Phase 3 clinical trials, and ILUVIEN® for diabetic macular edema (“ILUVIEN”), the Company’s most recent out-licensed product, is sold directly in the U.S. and three European Union (“EU”) countries. Retisert®, which was approved by the FDA for the treatment of posterior segment uveitis, is sold by Bausch & Lomb Incorporated (“Bausch & Lomb”). The Company’s development programs are focused primarily on developing sustained release products that utilize its Durasert technology platform to deliver approved drugs to treat chronic diseases. The Company’s strategy includes developing products independently while continuing to leverage its technology platforms through collaborations and license agreements.

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

The first of two Phase 3 clinical trials investigating Durasert three-year uveitis met its primary efficacy endpoint of prevention of recurrence of disease through six months with high statistical significance (p < 0.001, intent to treat analysis) and with safety data consistent with the known effects of ocular corticosteroid use. The same high statistical significance for efficacy and encouraging safety results were maintained through 12 months of follow-up. Due to the high level of statistical significance achieved, the Company plans to file its EU marketing approval application (“MAA”) based on data from the first Phase 3 clinical trial, rather than two clinical trials. The Company expects to file the MAA in June 2017. The second Phase 3 clinical trial completed its target enrollment of 150 patients at the end of September 2016. This clinical trial has the same clinical trial design and the same endpoint as the first Phase 3 clinical trial, and a read-out of its top-line results is expected in June 2017. Assuming favorable results, the Company plans to file a new drug application (“NDA”) with the FDA in the fourth quarter of calendar 2017. The Company’s new Durasert three-year uveitis inserter with a smaller diameter needle, and original inserter with a slightly larger diameter needle and simpler mechanism, were evaluated in a utilization study that will be filed in both the MAA and NDA. Both inserters met their primary endpoint of ease of intravitreal administration.

ILUVIEN is an injectable, sustained-release micro-insert that provides three years of treatment of diabetic macular edema from a single injection. ILUVIEN is based on the same technology as the Durasert three-year uveitis insert, and delivers the same corticosteroid, FA. ILUVIEN was developed in collaboration with, and is licensed to and sold by, Alimera Sciences, Inc. (“Alimera”). The Company is entitled to a share of the net profits (as defined) from Alimera’s sales of ILUVIEN on a quarter-by-quarter, country-by-country basis. ILUVIEN has been sold directly in the United Kingdom (“U.K.”) and Germany since June 2013 and in the U.S. and Portugal since 2015, and also has marketing approvals in 14 other European countries. Alimera has sublicensed distribution, regulatory and reimbursement matters for ILUVIEN in Australia and New Zealand, Canada, Italy, Spain and numerous countries in the Middle East.

The Company’s FDA-approved Retisert is an implant that provides sustained treatment of posterior segment uveitis for 30 months. Administered in a surgical procedure, Retisert delivers the same corticosteroid as the Durasert three-year non-erodible insert, but in a larger dose. Retisert was co-developed with, and is licensed to, Bausch & Lomb, and the Company receives royalties from its sales.

The Company’s development programs are focused primarily on developing sustained release drug products using its proven Durasert technology platform to deliver small molecule drugs to treat uveitis, wet age-related macular degeneration (“AMD”), osteoarthritis and other diseases. A sustained-release surgical implant delivering a corticosteroid to treat pain associated with severe knee osteoarthritis that was jointly developed by the Company and Hospital for Special Surgery is currently being evaluated in an investigator-sponsored safety and tolerability study. The Company has minimized further development work of its Tethadur™ technology platform designed to deliver large molecules, such as biologics, both locally and systemically, in order to focus its resources on leveraging its proven Durasert technology for delivery of small molecules.

The Company has financed its operations primarily from sales of equity securities and the receipt of license fees, milestone payments, research and development funding and royalty income from its collaboration partners. The Company has a history of operating losses and, to date, has not had significant recurring cash inflows from revenue. The Company believes that its cash, cash equivalents and marketable securities of $15.4 million at March 31, 2017, together with subsequent cash proceeds received from additional utilization of its at-the-market (“ATM”) equity program (refer to Note 8) and from existing collaboration agreements, will enable the Company to maintain its current and planned operations (including its two Durasert three-year uveitis Phase 3 clinical trials) through approximately the third quarter of fiscal 2018. This estimate excludes any potential receipts under the Alimera agreement. In order to extend the Company’s ability to fund operations beyond the third quarter of fiscal 2018, management’s plans include reducing or deferring operating expenses and/or accessing additional equity financing from the sale of its common stock through its ATM program or other financing transactions. The timing and extent of the Company’s implementation of these plans is expected to depend on the amount and timing of cash receipts from Alimera’s commercialization of ILUVIEN, proceeds from any future collaboration or other agreements and/or proceeds from any financing transactions. There is no assurance that the Company will receive significant, if any, revenues from Alimera’s commercialization of ILUVIEN or financing from any other sources.

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

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

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern. ASU 2014-15 provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The new standard is effective for annual periods ending after December 15, 2016, and interim periods thereafter. As a result, ASU 2014-15 will become effective for the annual period ending June 30, 2017, and interim periods thereafter. The Company is evaluating the impact the adoption of this standard will have on its consolidated financial statements.

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

In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 intends to simplify various aspects of how share-based payments are accounted for and presented in the financial statements. The main provisions include: all tax effects related to stock awards will now be recorded through the statement of operations instead of through equity, all tax-related cash flows resulting from stock awards will be reported as operating activities on the cash flow statement, and entities can make an accounting policy election to either estimate forfeitures or account for forfeitures as they occur. The amendments in ASU 2016-09 are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and may be applied prospectively with earlier adoption permitted. As a result, ASU 2016-09 will become effective on July 1, 2017. The Company is evaluating the impact the amendment of this guidance will have on its consolidated financial statements.

License and Collaboration Agreements

9 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Collaboration Agreements

2.	License and Collaboration Agreements

Alimera

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

Because the Company has no remaining performance obligations under the Alimera Agreement, all amounts received from Alimera are generally recognized as revenue upon receipt or at such earlier date, if applicable, on which any such amounts are both fixed and determinable and reasonably assured of collectability. In instances when payments are received and subject to a contingency, revenue is deferred until such contingency is resolved. See Note 10 regarding net profit share receipts subject to arbitration proceedings.

Revenue under the Alimera Agreement totaled $290,000 and $35,000 for the three months ended March 31, 2017 and 2016, respectively, and $324,000 and $226,000 for the nine months ended March 31, 2017 and 2016, respectively. In addition to patent fee reimbursements in both periods, the Company received $252,000 of net profits in the three and nine months ended March 31, 2017 and earned $157,000 of non-royalty sublicense consideration during the nine months ended March 31, 2016.

Pfizer

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

The estimated selling price of the combined deliverables under the Restated Pfizer Agreement of $6.7 million has been partially recognized to date as collaborative research and development revenue over the estimated performance period using the proportional performance method with costs associated with developing the Latanoprost Product reflected in operating expenses in the period in which they have been incurred. No collaborative research and development revenue was recorded during each of the three and nine month periods ended March 31, 2016.

On October 25, 2016, the Company notified Pfizer that it had discontinued development of the Latanoprost Product, which provided Pfizer a 60-day option to acquire a worldwide license in return for a $10.0 million payment and potential sales-based royalties and development, regulatory and sales performance milestone payments. Pfizer did not exercise its option and the Restated Pfizer Agreement automatically terminated on December 26, 2016. The remaining deferred revenue balance of $5.6 million was recognized as revenue in the three month period ended December 31, 2016. Provided that the Company does not conduct any research and development of the Latanoprost Product through calendar 2017, the Company retains the right thereafter to develop and commercialize the Latanoprost Product on its own or with a partner. By letter agreement effective as of April 11, 2017, Pfizer officially waived that restriction.

Pfizer owned approximately 5.2% of the Company’s outstanding common stock at March 31, 2017.

Bausch & Lomb

Pursuant to a licensing and development agreement, as amended, Bausch & Lomb has a worldwide exclusive license to make and sell Retisert in return for royalties based on sales. Royalty income totaled $218,000 and $274,000 for the three months ended March 31, 2017 and 2016, respectively, and $730,000 and $944,000 for the nine months ended March 31, 2017 and 2016, respectively. Accounts receivable from Bausch & Lomb totaled $220,000 at March 31, 2017 and $288,000 at June 30, 2016.

OncoSil Medical

The Company entered into an exclusive, worldwide royalty-bearing license agreement in December 2012, amended and restated in March 2013, with OncoSil Medical UK Limited (f/k/a Enigma Therapeutics Limited), a wholly owned subsidiary of OncoSil Medical Ltd (“OncoSil”) for the development of BrachySil, the Company’s BioSilicon product candidate for the treatment of pancreatic and other types of cancer. The Company received an upfront fee of $100,000 and is entitled to 8% sales-based royalties, 20% of sublicense consideration and milestone payments based on aggregate product sales. OncoSil is obligated to pay an annual license maintenance fee of $100,000 by the end of each calendar year, the most recent of which was received in December 2016. For each calendar year commencing with 2014, the Company is entitled to receive reimbursement of any patent maintenance costs, sales-based royalties and sub-licensee sales-based royalties earned, but only to the extent such amounts, in the aggregate, exceed the $100,000 annual license maintenance fee. The Company has no consequential performance obligations under the OncoSil license agreement and, accordingly, any amounts to which the Company is entitled under the agreement are recognized as revenue on the earlier of receipt or when collectability is reasonably assured. There was no revenue related to the OncoSil agreement in either of the three-month periods ended March 31, 2017 and 2016 and $100,000 of revenue for each of the nine-month periods ended March 31, 2017 and 2016. As of March 31, 2017, no deferred revenue was recorded for this agreement.

Evaluation Agreements

The Company from time to time enters into funded agreements to evaluate the potential use of its technology systems for sustained release of third party drug candidates in the treatment of various diseases. Consideration received is generally recognized as revenue over the term of the feasibility study agreement. Revenue recognition for consideration, if any, related to a license option right is assessed based on the terms of any such future license agreement or is otherwise recognized at the completion of the evaluation agreement. Revenues under evaluation agreements totaled $80,000 and $8,000 for the three-months ended March 31, 2017 and 2016, respectively, and $91,000 and $25,000 for the nine months ended March 31, 2017 and 2016, respectively. Deferred revenue for these agreements totaled $120,000 and $11,000 at March 31, 2017 and June 30, 2016, respectively.

Intangible Assets

9 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

3.	Intangible Assets

The reconciliation of intangible assets for the nine months ended March 31, 2017 and for the year ended June 30, 2016 was as follows (in thousands):


	Nine Months Ended March 31, 2017			Year Ended June 30, 2016
Patented technologies
Gross carrying amount at beginning of period	$	36,196		$	39,710
Foreign currency translation adjustments		(1,364	)		(3,514	)

Gross carrying amount at end of period		34,832			36,196

Accumulated amortization at beginning of period		(35,094	)		(37,785	)
Amortization expense		(542	)		(756	)
Foreign currency translation adjustments		1,344			3,447

Accumulated amortization at end of period		(34,292	)		(35,094	)

Net book value at end of period	$	540		$	1,102

The Company amortizes its intangible assets with finite lives on a straight-line basis over their respective estimated useful lives. Amortization of intangible assets totaled $180,000 and $187,000 for the three months ended March 31, 2017 and 2016, respectively, and $542,000 and $569,000 for the nine months ended March 31, 2017 and 2016, respectively. The carrying value of intangible assets at March 31, 2017 of $540,000 (approximately $397,000 attributable to the Durasert technology and $143,000 attributable to the Tethadur technology) is expected to be amortized on a straight-line basis over the remaining estimated useful life of 9 months.

Marketable Securities

9 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4.	Marketable Securities

The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at March 31, 2017 and June 30, 2016 were as follows (in thousands):


	March 31, 2017
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	500	$	—		$	500
Commercial paper		1,999		—			1,999

Total marketable securities	$	2,499	$	—		$	2,499


	June 30, 2016
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	5,999	$	(2	)	$	5,997
Commercial paper		7,682		—			7,682

Total marketable securities	$	13,681	$	(2	)	$	13,679

During the nine months ended March 31, 2017, $5.1 million of marketable securities were purchased and $16.2 million of such securities matured. At March 31, 2017, the marketable securities had maturities ranging from 4 days to 1.3 months, with a weighted average maturity of 18 days.

- Definition

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

+ References + Details

Fair Value Measurements

9 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

5.	Fair Value Measurements

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

•

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

•

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

•

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

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. At March 31, 2017, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one U.S. Government money market fund that has investments consisting primarily of U.S. Government Agency debt, U.S. Treasury Repurchase Agreements and U.S. Government Agency Repurchase Agreements. At June 30, 2016, substantially all of the Company’s interest-bearing cash equivalent balances were concentrated in one institutional money market fund that had investments consisting primarily of certificates of deposit, commercial paper, time deposits, U.S. Government Agency debt, treasury bills and U.S. Treasury Repurchase Agreements. These deposits may be redeemed upon demand and, therefore, generally have minimal risk.

The Company’s cash equivalents and marketable securities are classified within Level 1 or Level 2 on the basis of valuations using quoted market prices or alternative pricing sources and models utilizing market observable inputs, respectively. Certain of the Company’s corporate debt securities were valued based on quoted prices for the specific securities in an active market and were therefore classified as Level 1. The remaining marketable securities have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security, and have been classified as Level 2. The following tables summarize the Company’s assets carried at fair value measured on a recurring basis at March 31, 2017 and June 30, 2016 by valuation hierarchy (in thousands):


	March 31, 2017
	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	10,985	$	10,985	$	—	$	—
Marketable securities
Corporate bonds		500		500		—		—
Commercial paper		1,999		—		1,999		—

	$	13,484	$	11,485	$	1,999	$	—


	June 30, 2016
	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	13,856	$	12,957	$	899	$	—
Marketable securities
Corporate bonds		5,997		4,596		1,401		—
Commercial paper		7,682		—		7,682		—

	$	27,535	$	17,553	$	9,982	$	—

- Definition

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

+ References + Details

Accrued Expenses

9 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Accrued Expenses

6.	Accrued Expenses

Accrued expenses consisted of the following at March 31, 2017 and June 30, 2016 (in thousands):


	March 31, 2017		June 30, 2016
Clinical trial costs	$	2,166	$	1,678
Personnel costs		1,052		1,314
Professional fees		715		535
Other		10		56

	$	3,943	$	3,583

Restructuring

9 Months Ended

Mar. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring

7.	Restructuring

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


	Balance at June 30, 2016		Charged to Expense		Payments			Balance at March 31, 2017
Termination benefits	$	118	$	273	$	(391	)	$	—
Facility closure		40		73		(113	)		—
Other		29		126		(155	)		—

	$	187	$	472	$	(659	)	$	—

The Company recorded approximately $472,000 of restructuring costs during the nine months ended March 31, 2017. These costs consisted of (i) $273,000 of additional employee severance for discretionary termination benefits upon notification of the affected employees in accordance with ASC 420, Exit or Disposal Cost Obligations; and (ii) $199,000 of professional fees, travel and lease extension costs.

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

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

Stockholders' Equity

9 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity

8.	Stockholders’ Equity

In February 2017, the Company entered into an ATM program pursuant to which, under its Form S-3 shelf registration statement, the Company may, at its option, offer and sell shares of its common stock from time to time for an aggregate offering price of up to $20.0 million. The Company will pay the sales agent a commission of up to 3.0% of the gross proceeds from the sale of such shares. The Company’s ability to sell shares under the ATM program is subject to Australian Securities Exchange (the “ASX”) listing rules, as defined, limiting the number of shares the Company may issue in any 12-month period without stockholder approval, as well as other applicable rules and regulations of the ASX and the NASDAQ Global Market. During the three months ended March 31, 2017, the Company incurred approximately $223,000 of legal, accounting and other costs to establish and activate the ATM program.

During March 2017, the Company sold 1,411,686 shares of common stock under the ATM program at a weighted average price of $1.74 per share for gross proceeds of $2.45 million. Share issue costs, including sales agent commissions, totaled $76,000.

From April 1, 2017 through May 4, 2017, the Company sold an additional 3,600,007 shares of common stock at a weighted average price of $1.74 per share for gross proceeds of approximately $6.3 million under its ATM program. On account of the ASX listing rules noted above, and after aggregating all of the shares sold under the ATM program from March 1, 2017 through May 4, 2017, the Company may issue approximately 100,000 additional shares of common stock without obtaining stockholder approval of any further issuances of common shares during the ensuing 12-month period (see Note 12).

Warrants to Purchase Common Shares

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


	Nine Months Ended March 31,
	2017				2016
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price
Balance at beginning of period		623,605	$	2.50		1,176,105		$	3.67
Expired		—		—		(552,500	)		5.00

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

The outstanding warrants at March 31, 2017 have an expiration date of August 7, 2017.

2016 Long Term Incentive Plan

The Company’s shareholders approved the adoption of the 2016 Incentive Plan on December 12, 2016 (the Adoption Date”), which was approved by the Board of Directors on October 3, 2016 and subsequently amended by the Compensation Committee of the Board of Directors on February 3, 2017 to change the name of the plan to the 2016 Long Term Incentive Plan (the “2016 Plan”). The 2016 Plan provides for the issuance of stock options and other awards to employees and directors of, and consultants and advisors to, the Company. The 2016 Plan provides for the issuance of up to 3,000,000 shares of common stock reserved for issuance under the 2016 Plan plus, as of December 31, 2016, (i) 489,241 shares of common stock that were previously available for grant under the pSivida Corp. 2008 Incentive Plan, as amended (the “2008 Plan”) and (ii) up to 6,257,891 shares of common stock that would otherwise have become available for grant under the 2008 Plan as a result of subsequent termination or forfeiture of awards under the 2008 Plan.

During the three months ended March 31, 2017, no equity awards were made under the 2016 Plan and 30,200 options that were forfeited under the 2008 Plan became available for grant under the 2016 Plan. At March 31, 2017, a total of 3,519,441 shares were available for grant under the 2016 Plan.

2008 Plan

The 2008 Plan provides for the issuance of stock options and other stock awards to directors, employees and consultants. As of December 12, 2016, which was the effective date of the 2016 Plan, there were 336,741 shares available for grant of future awards under the 2008 Plan, which were carried over to the 2016 Plan. Effective as of such date, the Compensation Committee terminated the 2008 Plan in all respects, other than with respect to previously-granted awards, and no additional stock options and other stock awards will be issued under the 2008 Plan. Subsequent to December 12, 2016 and through March 31, 2017, an additional 182,700 stock options under the 2008 Plan were forfeited and became available for grant under the 2016 Plan. The following table provides a reconciliation of stock option activity under the 2008 Plan for the nine months ended March 31, 2017:


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2016		4,981,421		$	3.60
Granted		1,535,300			3.24
Exercised		(84,080	)		1.18
Forfeited		(484,950	)		4.02

Outstanding at March 31, 2017		5,947,691		$	3.50		4.59	$	130

Outstanding at March 31, 2017 - vested or unvested and expected to vest		5,826,821		$	3.50		4.51	$	130

Exercisable at March 31, 2017		4,100,657		$	3.53		2.62	$	130

During the nine months ended March 31, 2017, the Company granted 1,405,300 options to employees with ratable annual vesting over 4 years, 90,000 options to non-executive directors with 1-year cliff vesting and 40,000 options to a newly appointed non-executive director with ratable vesting over 3 years. All option grants have a 10-year term. The weighted-average grant date fair value of these options was $1.95 per share. A total of 964,503 options vested during the nine months ended March 31, 2017. In determining the grant date fair value of options, the Company uses the Black-Scholes option pricing model. The Company calculated the Black-Scholes value of options awarded under the 2008 Plan during the nine months ended March 31, 2017 based on the following key assumptions:


Option life (in years)		5.50 - 6.25
Stock volatility		70% - 72%
Risk-free interest rate		1.23% - 2.08%
Expected dividends		0%

Inducement Option Grant

In connection with the September 15, 2016 hire of the Company’s President and CEO, the Company granted, as an inducement award, 850,000 options to purchase common stock with ratable vesting over 4 years, an exercise price of $3.63 per share and a 10-year term. Although the stock options were not awarded under the 2008 Plan, the stock options are subject to and governed by the terms and conditions of the 2008 Plan. The grant date fair value of $0.84 per share, measured at the Adoption Date, was determined based upon assumptions of an option life of 6.25 years, historical stock volatility of 70%, a risk-free interest rate of 2.13% and expected dividends of 0%.

Restricted Stock Units

During the nine months ended March 31, 2017, the Company issued 700,000 market-based Restricted Stock Units (“market-based RSUs”) to two employees, which included 500,000 as an inducement grant to the Company’s President and CEO, and 200,000 issued under the 2008 Plan. The market-based RSUs vest based upon a relative percentile rank of the 3-year change in the closing price of the Company’s common stock compared to that of the companies that make up the NASDAQ Biotechnology Index (“NBI”). The Company estimated the fair value of the market-based RSUs using a Monte Carlo valuation model on the respective dates of grant, using the following key assumptions:


Grant date stock price		$1.91 - $3.63
Stock volatility		50% - 60%
Risk-free interest rate		0.87% - 0.98%
Expected dividends		0%

The weighted-average grant date fair value of the market-based RSUs was $1.35 per share.

Stock-Based Compensation Expense

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Compensation expense included in:
Research and development	$	267	$	180	$	803	$	521
General and administrative		377		481		971		1,028

	$	644	$	661	$	1,774	$	1,549

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

In connection with termination benefits provided to the Company’s former Vice President, Corporate Affairs and General Counsel, the vesting of certain options was accelerated in accordance with the terms of the options, the exercise period for all vested options was extended through June 28, 2018 and all remaining non-vested options were forfeited. The option modification and forfeitures were accounted for in the quarter ended December 31, 2016, the net effect of which resulted in an approximate $117,000 reduction of stock-based compensation expense included in general and administrative expense for the nine months ended March 31, 2017 in the table above.

At March 31, 2017, there was approximately $3.4 million of unrecognized compensation expense related to unvested stock options under the 2008 Plan, the inducement stock option grant to the Company’s President and CEO and the market-based RSUs, which is expected to be recognized as expense over a weighted-average period of approximately 2.1 years.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Income Taxes

9 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

9.	Income Taxes

The Company recognizes deferred tax assets and liabilities for estimated future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is established if, based on management’s review of both positive and negative evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Because of its historical losses from operations, the Company established a valuation allowance for the net deferred tax assets. The Company recorded an income tax benefit of $34,000 for the three months ended March 31, 2016 and $117,000 for the nine months ended March 31, 2016. The tax benefits for the three and nine months ended March 31, 2016 represented earned foreign research and development tax credits, which were not available to the Company in fiscal 2017.

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

Commitments and Contingencies

9 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

Commitments and Contingencies

Operating Leases

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

In addition, the Company occupied approximately 2,200 square feet of laboratory and office space in Malvern, U.K. under a lease with a term that was to expire on August 31, 2016. The lease term was extended through November 2016 to facilitate an orderly transition of the closure of a substantial portion of the U.K. facility in connection with the consolidation of the Company’s research and development activities in its U.S. laboratory facilities. The Company has entered into a new lease in Malvern for 420 square feet of office space under a 3-year lease term effective December 1, 2016, with termination rights by the Company upon 30 days advance notice.

Legal Proceedings

In December 2014, the Company exercised its right under the Alimera Agreement to conduct an audit by an independent accounting firm of Alimera’s commercialization reporting for ILUVIEN for calendar 2014. In April 2016, the independent accounting firm issued its report, which concluded that Alimera under-reported net profits payable to the Company for 2014 by $136,000. In June 2016, Alimera remitted $354,000 to the Company, which consisted of the under-reported net profits plus interest and reimbursement of the audit costs of $204,000. In July 2016, Alimera filed a demand for arbitration with the American Arbitration Association (“AAA”) in Boston, Massachusetts to dispute the audit findings and requested a full refund of the $354,000 previously paid to the Company. Pending the arbitration outcome, $136,000 of net profits participation had been recorded as deferred revenue and the remaining $218,000 as accrued expenses at each of March 31, 2017 and June 30, 2016.

On May 3, 2017, the parties reached a settlement of the arbitration, which was dismissed with prejudice. As a result of the settlement, the $136,000 of net profits became fixed and determinable, while the gain contingency resulting from reimbursement of the audit costs of $204,000 became resolved. Accordingly, these transactions will be recognized in the fourth quarter of fiscal 2017.

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

Net Loss per Share

9 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Net Loss per Share

11.

Net Loss per Share

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

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Options outstanding		6,797,691		5,071,421		6,797,691		5,071,421
Warrants outstanding		623,605		623,605		623,605		623,605
RSUs outstanding		700,000		—		700,000		—

		8,121,296		5,695,026		8,121,296		5,695,026

Subsequent Events

9 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

12.

Subsequent Events

On May 4, 2017, the Company filed a preliminary proxy statement with the SEC in connection with a special meeting of stockholders to be held on June 27, 2017. The purpose of the special meeting will be to seek (i) stockholder ratification of the issuance of approximately 5.1 million shares of common stock under the ATM program pursuant to ASX Listing Rule 7.4 to refresh the Company’s capacity to issue shares of common stock without prior stockholder approval pursuant to ASX Listing Rule 7.1; and (ii) stockholder approval of an amendment to the Company’s Certificate of Incorporation, as amended, to increase the number of authorized shares of common stock from 60,000,000 shares to 120,000,000 shares.

Intangible Assets (Tables)

9 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation of Intangible Assets

The reconciliation of intangible assets for the nine months ended March 31, 2017 and for the year ended June 30, 2016 was as follows (in thousands):


	Nine Months Ended March 31, 2017			Year Ended June 30, 2016
Patented technologies
Gross carrying amount at beginning of period	$	36,196		$	39,710
Foreign currency translation adjustments		(1,364	)		(3,514	)

Gross carrying amount at end of period		34,832			36,196

Accumulated amortization at beginning of period		(35,094	)		(37,785	)
Amortization expense		(542	)		(756	)
Foreign currency translation adjustments		1,344			3,447

Accumulated amortization at end of period		(34,292	)		(35,094	)

Net book value at end of period	$	540		$	1,102

Marketable Securities (Tables)

9 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

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

The amortized cost, unrealized loss and fair value of the Company’s available-for-sale marketable securities at March 31, 2017 and June 30, 2016 were as follows (in thousands):


	March 31, 2017
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	500	$	—		$	500
Commercial paper		1,999		—			1,999

Total marketable securities	$	2,499	$	—		$	2,499


	June 30, 2016
	Amortized Cost		Unrealized Loss			Fair Value
Corporate bonds	$	5,999	$	(2	)	$	5,997
Commercial paper		7,682		—			7,682

Total marketable securities	$	13,681	$	(2	)	$	13,679

Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Assets 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 March 31, 2017 and June 30, 2016 by valuation hierarchy (in thousands):


	March 31, 2017
	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	10,985	$	10,985	$	—	$	—
Marketable securities
Corporate bonds		500		500		—		—
Commercial paper		1,999		—		1,999		—

	$	13,484	$	11,485	$	1,999	$	—


	June 30, 2016
	Total carrying value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash equivalents	$	13,856	$	12,957	$	899	$	—
Marketable securities
Corporate bonds		5,997		4,596		1,401		—
Commercial paper		7,682		—		7,682		—

	$	27,535	$	17,553	$	9,982	$	—

Accrued Expenses (Tables)

9 Months Ended

Mar. 31, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following at March 31, 2017 and June 30, 2016 (in thousands):


	March 31, 2017		June 30, 2016
Clinical trial costs	$	2,166	$	1,678
Personnel costs		1,052		1,314
Professional fees		715		535
Other		10		56

	$	3,943	$	3,583

Restructuring (Tables)

9 Months Ended

Mar. 31, 2017

Restructuring and Related Activities [Abstract]

Summary of Reconciliation of Restructuring Costs

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


	Balance at June 30, 2016		Charged to Expense		Payments			Balance at March 31, 2017
Termination benefits	$	118	$	273	$	(391	)	$	—
Facility closure		40		73		(113	)		—
Other		29		126		(155	)		—

	$	187	$	472	$	(659	)	$	—

Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2017

Summary of Reconciliation of Warrants to Purchase Common Stock

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


	Nine Months Ended March 31,
	2017				2016
	Number of Warrants		Weighted Average Exercise Price		Number of Warrants			Weighted Average Exercise Price
Balance at beginning of period		623,605	$	2.50		1,176,105		$	3.67
Expired		—		—		(552,500	)		5.00

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

Key Assumptions Used to Apply Option Pricing Model for Options Awarded

The Company calculated the Black-Scholes value of options awarded under the 2008 Plan during the nine months ended March 31, 2017 based on the following key assumptions:


Option life (in years)		5.50 - 6.25
Stock volatility		70% - 72%
Risk-free interest rate		1.23% - 2.08%
Expected dividends		0%

Compensation Expense from Stock-Based Payment Awards


	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Compensation expense included in:
Research and development	$	267	$	180	$	803	$	521
General and administrative		377		481		971		1,028

	$	644	$	661	$	1,774	$	1,549

2008 Plan [Member]

Stock Option Activity Under Plan

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


	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at July 1, 2016		4,981,421		$	3.60
Granted		1,535,300			3.24
Exercised		(84,080	)		1.18
Forfeited		(484,950	)		4.02

Outstanding at March 31, 2017		5,947,691		$	3.50		4.59	$	130

Outstanding at March 31, 2017 - vested or unvested and expected to vest		5,826,821		$	3.50		4.51	$	130

Exercisable at March 31, 2017		4,100,657		$	3.53		2.62	$	130

RSU [Member]

Key Assumptions Used to Apply Option Pricing Model for Options Awarded

The Company estimated the fair value of the market-based RSUs using a Monte Carlo valuation model on the respective dates of grant, using the following key assumptions:

Grant date stock price		$1.91 - $3.63
Stock volatility		50% - 60%
Risk-free interest rate		0.87% - 0.98%
Expected dividends		0%

- Definition

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

+ References + Details

Net Loss per Share (Tables)

9 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

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

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2017		2016		2017		2016
Options outstanding		6,797,691		5,071,421		6,797,691		5,071,421
Warrants outstanding		623,605		623,605		623,605		623,605
RSUs outstanding		700,000		—		700,000		—

		8,121,296		5,695,026		8,121,296		5,695,026

Operations and Basis of Presentation - Additional Information (Detail) $ in Millions	9 Months Ended
	Mar. 31, 2017 USD ($) Country
Operations [Line Items]
Cash equivalents and marketable securities \| $	$ 15.4
Europe [Member] \| ILUVIEN [Member]
Operations [Line Items]
Number of other countries for which marketing approvals obtained for lead product \| Country	14

License and Collaboration Agreements - Additional Information (Detail) - USD ($)		1 Months Ended			3 Months Ended			9 Months Ended
	Oct. 25, 2016	Dec. 31, 2016	Mar. 31, 2013	Jun. 30, 2011	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue					$ 372,000		$ 50,000	$ 6,108,000	$ 372,000
Royalty income					218,000		274,000	730,000	944,000
Accounts receivable					300,000			$ 300,000		$ 488,000
Alimera [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of company's share of net profits								20.00%
Pre-profitability net losses percentage								20.00%
Maximum percentage offset of current period net profits against previously incurred and unapplied pre-profitability quarterly net losses								4.00%
Percentage of net profit share after offset of previously incurred and unapplied pre-profitability net losses								16.00%
Percentage of royalties received from sublicense								20.00%
Percentage of non-royalty consideration received from sublicense								33.00%
Collaborative research and development revenue					290,000		35,000	$ 324,000	226,000
Amount received, profit share from sale of licensed products					252,000			252,000
Non-royalty consideration received from sublicense									157,000
Deferred revenue					$ 136,000			$ 136,000		136,000
Pfizer Collaboration Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue						$ 5,600,000	0		0
Upfront cash payment received under collaboration agreement				$ 2,300,000
Estimated selling price of the deliverables for revenue recognition				$ 6,700,000
Option period to acquire license	60 days
License option upfront payment upon exercise	$ 10,000,000
Percentage of outstanding share capital owned by Pfizer					5.20%			5.20%
OncoSil Medical UK Limited [Member]
Collaborative Agreements And Contracts [Line Items]
Percentage of non-royalty consideration received from sublicense								20.00%
Collaborative research and development revenue					$ 0		0	$ 100,000	100,000
License agreement commencement date								2012-12
Receipt of upfront license fee			$ 100,000
Royalty percentage earned from sales of product								8.00%
Payment of annual license maintenance fee		$ 100,000
Deferred revenue					0			$ 0
Feasibility Study Agreement [Member]
Collaborative Agreements And Contracts [Line Items]
Collaborative research and development revenue					80,000		8,000	91,000	25,000
Deferred revenue					120,000			120,000		11,000
Bausch and Lomb [Member]
Collaborative Agreements And Contracts [Line Items]
Royalty income					218,000		$ 274,000	730,000	$ 944,000
Accounts receivable					$ 220,000			$ 220,000		$ 288,000

Intangible Assets - Reconciliation of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount at beginning of period			$ 36,196	$ 39,710	$ 39,710
Foreign currency translation adjustments			(1,364)		(3,514)
Gross carrying amount at end of period	$ 34,832		34,832		36,196
Accumulated amortization at beginning of period			(35,094)	(37,785)	(37,785)
Amortization expense	(180)	$ (187)	(542)	$ (569)	(756)
Foreign currency translation adjustments			1,344		3,447
Accumulated amortization at end of period	(34,292)		(34,292)		(35,094)
Net book value at end of period	$ 540		$ 540		$ 1,102

Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 180,000	$ 187,000	$ 542,000	$ 569,000	$ 756,000
Intangible assets, net	540,000		$ 540,000		$ 1,102,000
Remaining estimated useful life			9 months
Durasert [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	397,000		$ 397,000
Tethadur [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 143,000		$ 143,000

Marketable Securities - Schedule of Amortized Cost, Unrealized Loss and Fair Value of Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	$ 2,499	$ 13,681
Marketable securities, Unrealized Loss	0	(2)
Marketable securities, Fair Value	2,499	13,679
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	500	5,999
Marketable securities, Unrealized Loss	0	(2)
Marketable securities, Fair Value	500	5,997
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities, Amortized Cost	1,999	7,682
Marketable securities, Unrealized Loss	0	0
Marketable securities, Fair Value	$ 1,999	$ 7,682

Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Marketable securities purchased	$ 5,052	$ 10,242
Marketable securities matured	$ 16,243	$ 11,168
Weighted average maturity	18 days
Minimum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	4 days
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturity period	1 month 9 days

Fair Value Measurements - Assets Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Assets:
Cash equivalents	$ 10,985	$ 13,856
Marketable securities	2,499	13,679
Cash equivalents and marketable securities	13,484	27,535
Corporate Bonds [Member]
Assets:
Marketable securities	500	5,997
Commercial Paper [Member]
Assets:
Marketable securities	1,999	7,682
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Cash equivalents	10,985	12,957
Cash equivalents and marketable securities	11,485	17,553
Quoted Prices in Active Markets (Level 1) [Member] \| Corporate Bonds [Member]
Assets:
Marketable securities	500	4,596
Quoted Prices in Active Markets (Level 1) [Member] \| Commercial Paper [Member]
Assets:
Marketable securities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents	0	899
Cash equivalents and marketable securities	1,999	9,982
Significant Other Observable Inputs (Level 2) [Member] \| Corporate Bonds [Member]
Assets:
Marketable securities	0	1,401
Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Assets:
Marketable securities	1,999	7,682
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Cash equivalents	0	0
Cash equivalents and marketable securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Corporate Bonds [Member]
Assets:
Marketable securities	0	0
Significant Unobservable Inputs (Level 3) [Member] \| Commercial Paper [Member]
Assets:
Marketable securities	$ 0	$ 0

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Payables and Accruals [Abstract]
Clinical trial costs	$ 2,166	$ 1,678
Personnel costs	1,052	1,314
Professional fees	715	535
Other	10	56
Accrued expenses	$ 3,943	$ 3,583

Restructuring - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Restructuring Cost [Line Items]
Restructuring charges			$ 472,000
Non-cash stock-based compensation expense for modification of exercise period of vested stock options	$ 644,000	$ 661,000	$ 1,774,000	$ 1,549,000
U.K. [Member]
Restructuring Cost [Line Items]
Extended lease term expiration date			Nov. 30, 2016
Restructuring charges			$ 472,000
Discretionary termination benefits			273,000
Other restructuring costs			199,000
Non-cash stock-based compensation expense for modification of exercise period of vested stock options			99,000
Reduction of stock-based compensation to account for forfeitures of non-vested stock options			$ 133,000

Restructuring - Summary of Reconciliation of Restructuring Costs (Detail) $ in Thousands	9 Months Ended
	Mar. 31, 2017 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 187
Charged to Expense	472
Payments	(659)
Ending Balance	0
Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	118
Charged to Expense	273
Payments	(391)
Ending Balance	0
Facility Closure [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	40
Charged to Expense	73
Payments	(113)
Ending Balance	0
Other [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	29
Charged to Expense	126
Payments	(155)
Ending Balance	$ 0

Stockholders' Equity - Additional Information (Detail) - At-the-Market Offering [Member] - USD ($)	1 Months Ended			2 Months Ended	3 Months Ended
	May 04, 2017	Mar. 31, 2017	Feb. 28, 2017	May 04, 2017	Mar. 31, 2017
Class of Stock [Line Items]
Common stock shares maximum aggregate offering price			$ 20,000,000
Stock issuances, sales agent commission maximum percentage			3.00%
Legal, accounting and other costs					$ 223,000
Common stock issued to investors		1,411,686
Common stock price per share		$ 1.74			$ 1.74
Gross proceeds from issuance of common stock		$ 2,450,000
Share issuance costs		$ 76,000
Subsequent Event [Member]
Class of Stock [Line Items]
Common stock issued to investors	3,600,007			5,100,000
Common stock price per share	$ 1.74			$ 1.74
Gross proceeds from issuance of common stock	$ 6,300,000
Common stock that can be issued without further stockholder approval				100,000

Stockholders' Equity - Summary of Reconciliation of Warrants to Purchase Common Stock (Detail) - $ / shares	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Common Stock Warrants [Abstract]
Number of Warrants, Outstanding and exercisable, Beginning balance	623,605	1,176,105
Number of Warrants, Expired	0	(552,500)
Number of Warrants, Outstanding and exercisable, Ending balance	623,605	623,605
Weighted Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 2.50	$ 3.67
Weighted Average Exercise Price, Expired	0.00	5.00
Weighted Average Exercise Price, Outstanding and exercisable, Ending balance	$ 2.50	$ 2.50

Stockholders' Equity - Warrants to Purchase Common Shares - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2017
Warrants [Member]
Class of Stock [Line Items]
Warrants expiration date	Aug. 07, 2017

Stockholders' Equity - 2016 Long Term Incentive Plan - Additional Information (Detail) - shares	3 Months Ended	4 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 12, 2016
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Number of new shares reserved for issuance				3,000,000
Number of previously authorized shares reserved for issuance from the 2008 Plan			489,241
Shares available for grant	3,519,441	3,519,441	3,519,441
2016 Long Term Incentive Plan [Member] \| Maximum [Member]
Class of Stock [Line Items]
Maximum potential number of previously outstanding shares equity awards from 2008 plan which could become available for grant as a result of future expirations or forfeitures	6,257,891	6,257,891	6,257,891
2008 Plan [Member]
Class of Stock [Line Items]
Number of options, Forfeited	30,200	182,700	484,950
Shares available for grant					336,741

Stockholders' Equity - 2008 Plan - Additional Information (Detail) - $ / shares	3 Months Ended	4 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Dec. 12, 2016
2008 Plan [Member]
Class of Stock [Line Items]
Shares available for grant				336,741
Number of options, Forfeited	30,200	182,700	484,950
Options granted with annual vesting			1,535,300
Contractual life of option grants			10 years
Weighted-average grant date fair value, per share			$ 1.95
Options vested during the period			964,503
2008 Plan [Member] \| Employees [Member]
Class of Stock [Line Items]
Options granted with annual vesting			1,405,300
Vesting period of granted options			4 years
2008 Plan [Member] \| Non-executive Directors [Member]
Class of Stock [Line Items]
Options granted with annual vesting			90,000
Vesting period of granted options			1 year
2008 Plan [Member] \| Newly Appointed Non-executive Director [Member]
Class of Stock [Line Items]
Options granted with annual vesting			40,000
Vesting period of granted options			3 years
2016 Long Term Incentive Plan [Member]
Class of Stock [Line Items]
Shares available for grant	3,519,441	3,519,441	3,519,441
Options available for grant	182,700	182,700	182,700

Stockholders' Equity - Stock Option Activity Under Plan (Detail) - 2008 Plan [Member] $ / shares in Units, $ in Thousands	3 Months Ended	4 Months Ended	9 Months Ended
	Mar. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares			4,981,421
Number of Options, Granted \| shares			1,535,300
Number of Options, Exercised \| shares			(84,080)
Number of Options Forfeited \| shares	(30,200)	(182,700)	(484,950)
Number of Options Outstanding, Ending balance \| shares	5,947,691	5,947,691	5,947,691
Number of Options, Outstanding at March 31, 2017 - vested or unvested and expected to vest \| shares	5,826,821	5,826,821	5,826,821
Number of Options, Exercisable at March 31, 2017 \| shares	4,100,657	4,100,657	4,100,657
Weighted Average Exercise Price Outstanding, beginning balance \| $ / shares			$ 3.60
Weighted Average Exercise Price, Granted \| $ / shares			3.24
Weighted Average Exercise Price, Exercised \| $ / shares			1.18
Weighted Average Exercise Price,Forfeited \| $ / shares			4.02
Weighted Average Exercise Price Outstanding, ending balance \| $ / shares	$ 3.50	$ 3.50	3.50
Weighted Average Exercise Price, Outstanding at March 31, 2017 - vested or unvested and expected to vest \| $ / shares	3.50	3.50	3.50
Weighted Average Exercise Price, Exercisable at March 31, 2017 \| $ / shares	$ 3.53	$ 3.53	$ 3.53
Weighted Average Remaining Contractual Life Outstanding, Ending balance			4 years 7 months 2 days
Weighted Average Remaining Contractual Life, Outstanding at March 31, 2017 - vested or unvested and expected to vest			4 years 6 months 4 days
Weighted Average Remaining Contractual Life, Exercisable at March 31, 2017			2 years 7 months 13 days
Aggregate Intrinsic Value Outstanding, Ending balance \| $	$ 130	$ 130	$ 130
Aggregate Intrinsic Value, Outstanding at March 31, 2017 - vested or unvested and expected to vest \| $	130	130	130
Aggregate Intrinsic Value, Exercisable at March 31, 2017 \| $	$ 130	$ 130	$ 130

Stockholders' Equity - Key Assumptions Used to Apply Option Pricing Model for Options Awarded (Detail) - 2008 Plan [Member]	9 Months Ended
	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	70.00%
Stock volatility, maximum	72.00%
Risk-free interest rate, minimum	1.23%
Risk-free interest rate, Maximum	2.08%
Expected dividends	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option life (in years)	6 years 3 months

Stockholders' Equity - Inducement Option Grant - Additional Information (Detail) - President and CEO [Member]	9 Months Ended
	Mar. 31, 2017 $ / shares shares
Class of Stock [Line Items]
Options granted with annual vesting \| shares	850,000
Vesting period of granted options	4 years
Exercise price of option	$ 3.63
Contractual life of option grants	10 years
Weighted-average grant date fair value, per share	$ 0.84
Expected life of option	6 years 3 months
Stock volatility	70.00%
Risk-free interest rate	2.13%
Expected dividends	0.00%

Stockholders' Equity - Restricted Stock Units - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2017 $ / shares shares
Class of Stock [Line Items]
Weighted-average fair value of market-based RSU, per share \| $ / shares	$ 1.35
Market-based RSUs[Member]
Class of Stock [Line Items]
Restricted stock issued	700,000
Market-based RSUs[Member] \| 2008 Plan [Member]
Class of Stock [Line Items]
Restricted stock issued	200,000
Market-based RSUs[Member] \| President and CEO [Member]
Class of Stock [Line Items]
Restricted stock issued	500,000

Stockholders' Equity - Key Assumptions Used to Estimate Fair Value of Market-based RSU (Detail) - Market-based RSUs[Member]	9 Months Ended
	Mar. 31, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock volatility, minimum	50.00%
Stock volatility, maximum	60.00%
Risk-free interest rate, minimum	0.87%
Risk-free interest rate, Maximum	0.98%
Expected dividends	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date stock price	$ 1.91
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date stock price	$ 3.63

Stockholders' Equity - Compensation Expense from Stock-Based Payment Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 644	$ 661	$ 1,774	$ 1,549
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	267	180	803	521
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 377	$ 481	$ 971	$ 1,028

Stockholders' Equity - Stock-Based Compensation Expense - Additional Information (Detail)	9 Months Ended
	Mar. 31, 2017 USD ($)
Class of Stock [Line Items]
Unrecognized compensation expense	$ 3,400,000
Unrecognized compensation expense weighted average period	2 years 1 month 6 days
General and Administrative Expense [Member]
Class of Stock [Line Items]
Increase in stock-based compensation expense attributable to option modification to extend exercise period of vested stock options, net of non-vested option forfeitures	$ 274,000
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options	117,000
Research and Development Expense [Member] \| U.K. [Member]
Class of Stock [Line Items]
Decrease in stock-based compensation expense attributable to stock option forfeitures, net of option modification to extend exercise period of vested stock options	$ 35,000

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income tax benefit	$ 0	$ 34,000	$ 0	$ 117,000
Unrecognized tax benefits	0	$ 0	0	$ 0
Accrued penalties or interest related to uncertain tax positions	$ 0		$ 0		$ 0

Commitments and Contingencies - Additional Information (Detail)			1 Months Ended		9 Months Ended
	Dec. 01, 2016 ft²	Apr. 30, 2016 USD ($)	Jul. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2017 USD ($) ft²
Commitments and Contingencies [Line Items]
Irrevocable standby letter of credit					$ 150,000
Accrued expenses				$ 3,583,000	3,943,000
Alimera [Member]
Commitments and Contingencies [Line Items]
Under-reported net profit share for 2014 based on independent audit findings		$ 136,000
Payment received based on audit findings and reimbursement of audit costs				354,000
Amount received for reimbursement of audit costs				204,000
Refund claim submitted to arbitration by Alimera			$ 354,000
Receipt of under-reported net profits recorded as deferred revenue pending dispute resolution				136,000	136,000
Accrued expenses				$ 218,000	$ 218,000
Watertown [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space \| ft²					13,650
Lease term expiration date					Apr. 30, 2019
Lease renewal option period					5 years
Malvern, U.K. [Member]
Commitments and Contingencies [Line Items]
Area of leased office and laboratory space \| ft²	420				2,200
Lease term expiration date					Nov. 30, 2016
Lease term period	3 years
Lease termination, advance notice period	30 days
Lease effective date	Dec. 01, 2016

Net Loss per Share - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares (Detail) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	8,121,296	5,695,026	8,121,296	5,695,026
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	6,797,691	5,071,421	6,797,691	5,071,421
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	623,605	623,605	623,605	623,605
RSU [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents outstanding excluded from diluted earnings per share calculation	700,000	0	700,000	0

Subsequent Events - Additional Information (Detail) - shares		1 Months Ended		2 Months Ended
	May 08, 2017	May 04, 2017	Mar. 31, 2017	May 04, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Common stock, shares authorized			60,000,000		60,000,000
At-the-Market Offering [Member]
Subsequent Event [Line Items]
Shares issued for which the Company seeks ratification by the stockholders in order to refresh its capacity to issue additional shares			1,411,686
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares authorized	60,000,000
Proposed new total of authorized shares, subject to stockholder approval	120,000,000
Subsequent Event [Member] \| At-the-Market Offering [Member]
Subsequent Event [Line Items]
Shares issued for which the Company seeks ratification by the stockholders in order to refresh its capacity to issue additional shares		3,600,007		5,100,000