Cover Page
Cover Page - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | APPLIED GENETIC TECHNOLOGIES CORP | |
Entity Central Index Key | 0001273636 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-36370 | |
Entity Tax Identification Number | 59-3553710 | |
Trading Symbol | AGTC | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 14193 NW 119th Terrace, Suite 10 | |
Entity Address, City or Town | Alachua | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32615 | |
City Area Code | 386 | |
Local Phone Number | 462-2204 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 42,657,878 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 19,108 | $ 38,463 |
Investments | 33,989 | 41,995 |
Prepaid and other current assets | 2,080 | 2,506 |
Total current assets | 55,177 | 82,964 |
Property and equipment, net | 4,095 | 4,311 |
Intangible assets, net | 1,194 | 1,098 |
Investment in Bionic Sight, LLC | 8,046 | 8,096 |
Right-of-use assets – operating leases | 3,249 | 3,422 |
Right-of-use asset – finance lease | 57 | 80 |
Other assets | 151 | 348 |
Total assets | 71,969 | 100,319 |
Current liabilities: | ||
Accounts payable | 1,775 | 1,355 |
Accrued and other liabilities | 11,352 | 10,502 |
Lease liabilities – operating | 1,067 | 1,058 |
Lease liability – finance | 50 | 48 |
Total current liabilities | 14,244 | 12,963 |
Lease liabilities – operating, net of current portion | 3,723 | 4,070 |
Lease liability – finance, net of current portion | 13 | 38 |
Long-term debt, net of debt discounts and deferred financing fees | 9,844 | 9,677 |
Other liabilities | 2,623 | 2,555 |
Total liabilities | 30,447 | 29,303 |
Stockholders' equity: | ||
Preferred stock, par value $0.001 per share, 5,000 shares authorized; no shares issued and outstanding | ||
Common stock, par value $0.001 per share, 150,000 shares authorized; 25,946 and 25,813 shares issued; 25,905 and 25,793 shares outstanding at December 31, 2020 and June 30, 2020, respectively | 25 | 25 |
Additional paid-in capital | 253,990 | 252,519 |
Treasury stock at cost; 41 and 20 shares at December 31, 2020 and June 30, 2020, respectively | (211) | (88) |
Accumulated deficit | (212,282) | (181,440) |
Total stockholders' equity | 41,522 | 71,016 |
Total liabilities and stockholders' equity | $ 71,969 | $ 100,319 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
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 | 25,946,000 | 25,813,000 |
Common stock, shares outstanding | 25,905,000 | 25,793,000 |
Treasury stock, shares held | 41,000 | 20,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | ||||
Total revenue | $ 2,453 | $ 2,453 | ||
Operating expenses: | ||||
Research and development | $ 11,811 | 8,375 | $ 23,437 | 17,017 |
General and administrative and other | 3,304 | 3,008 | 6,740 | 6,356 |
Total operating expenses | 15,115 | 11,383 | 30,177 | 23,373 |
Loss from operations | (15,115) | (8,930) | (30,177) | (20,920) |
Other income (expense), net: | ||||
Investment income, net | 29 | 336 | 93 | 782 |
Interest expense | (335) | (2) | (667) | (4) |
Total other income (expense), net | (306) | 334 | (574) | 778 |
Loss before provision for income taxes | (15,421) | (8,596) | (30,751) | (20,142) |
Provision for income taxes | 20 | 21 | 41 | 42 |
Loss before equity in net losses of an affiliate | (15,441) | (8,617) | (30,792) | (20,184) |
Equity in net losses of an affiliate | (21) | (6) | (50) | (16) |
Net loss | $ (15,462) | $ (8,623) | $ (30,842) | $ (20,200) |
Weighted average shares outstanding: | ||||
Basic | 25,883 | 18,219 | 25,850 | 18,215 |
Diluted | 25,883 | 18,219 | 25,850 | 18,215 |
Net loss per common share: | ||||
Basic | $ (0.60) | $ (0.47) | $ (1.19) | $ (1.11) |
Diluted | $ (0.60) | $ (0.47) | $ (1.19) | $ (1.11) |
Collaboration and milestone [Member] | ||||
Revenue: | ||||
Total revenue | $ 2,297 | $ 2,297 | ||
Grant [Member] | ||||
Revenue: | ||||
Total revenue | $ 156 | $ 156 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at Jun. 30, 2019 | $ 78,709 | $ 18 | $ (85) | $ 214,324 | $ (135,548) |
Beginning balance, shares at Jun. 30, 2019 | 18,207,000 | 19,000 | |||
Share-based compensation expense | 810 | 810 | |||
Shares issued under employee plans and related share repurchases | 31 | $ (3) | 34 | ||
Shares issued under employee plans and related share repurchases shares | 11,000 | 1,000 | |||
Net loss | (11,577) | (11,577) | |||
Ending balance at Sep. 30, 2019 | 67,973 | $ 18 | $ (88) | 215,168 | (147,125) |
Ending balance, shares at Sep. 30, 2019 | 18,218,000 | 20,000 | |||
Beginning balance at Jun. 30, 2019 | 78,709 | $ 18 | $ (85) | 214,324 | (135,548) |
Beginning balance, shares at Jun. 30, 2019 | 18,207,000 | 19,000 | |||
Net loss | (20,200) | ||||
Ending balance at Dec. 31, 2019 | 60,039 | $ 18 | $ (88) | 215,857 | (155,748) |
Ending balance, shares at Dec. 31, 2019 | 18,219,000 | 20,000 | |||
Beginning balance at Sep. 30, 2019 | 67,973 | $ 18 | $ (88) | 215,168 | (147,125) |
Beginning balance, shares at Sep. 30, 2019 | 18,218,000 | 20,000 | |||
Share-based compensation expense | 689 | 689 | |||
Shares issued under employee plans and related share repurchases shares | 1,000 | ||||
Net loss | (8,623) | (8,623) | |||
Ending balance at Dec. 31, 2019 | 60,039 | $ 18 | $ (88) | 215,857 | (155,748) |
Ending balance, shares at Dec. 31, 2019 | 18,219,000 | 20,000 | |||
Beginning balance at Jun. 30, 2020 | 71,016 | $ 25 | $ (88) | 252,519 | (181,440) |
Beginning balance, shares at Jun. 30, 2020 | 25,793,000 | 20,000 | |||
Share-based compensation expense | 646 | 646 | |||
Shares issued under employee plans and related share repurchases | (80) | $ (123) | 43 | ||
Shares issued under employee plans and related share repurchases shares | 67,000 | 21,000 | |||
Net loss | (15,380) | (15,380) | |||
Ending balance at Sep. 30, 2020 | 56,202 | $ 25 | $ (211) | 253,208 | (196,820) |
Ending balance, shares at Sep. 30, 2020 | 25,860,000 | 41,000 | |||
Beginning balance at Jun. 30, 2020 | 71,016 | $ 25 | $ (88) | 252,519 | (181,440) |
Beginning balance, shares at Jun. 30, 2020 | 25,793,000 | 20,000 | |||
Net loss | (30,842) | ||||
Ending balance at Dec. 31, 2020 | 41,522 | $ 25 | $ (211) | 253,990 | (212,282) |
Ending balance, shares at Dec. 31, 2020 | 25,905,000 | 41,000 | |||
Beginning balance at Sep. 30, 2020 | 56,202 | $ 25 | $ (211) | 253,208 | (196,820) |
Beginning balance, shares at Sep. 30, 2020 | 25,860,000 | 41,000 | |||
Share-based compensation expense | 624 | 624 | |||
Shares issued under employee plans and related share repurchases | 158 | 158 | |||
Shares issued under employee plans and related share repurchases shares | 45,000 | ||||
Net loss | (15,462) | (15,462) | |||
Ending balance at Dec. 31, 2020 | $ 41,522 | $ 25 | $ (211) | $ 253,990 | $ (212,282) |
Ending balance, shares at Dec. 31, 2020 | 25,905,000 | 41,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | ||
Net loss | $ (30,842) | $ (20,200) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 1,270 | 1,499 |
Depreciation and amortization | 771 | 649 |
Investment discount accretion, net | (2) | (278) |
Amortization of debt discounts and deferred financing fees | 167 | |
Reduction in the carrying amount of operating lease right-of-use assets | 173 | 145 |
Collaboration revenue from Bionic Sight, LLC | (2,197) | |
Equity in net losses of an affiliate | 50 | 16 |
Changes in operating assets and liabilities: | ||
Grants receivable | (156) | |
Prepaid and other assets | 623 | 289 |
Deferred revenue | 149 | |
Accounts payable | 420 | 441 |
Operating lease liabilities | (338) | (301) |
Accrued and other liabilities | 1,400 | 908 |
Cash used in operating activities | (26,308) | (19,036) |
Investing activities: | ||
Purchases of property and equipment | (768) | (434) |
Purchases of and capitalized costs related to intangible assets | (213) | (257) |
Maturities of investments | 27,000 | 40,500 |
Purchases of investments | (18,992) | (29,409) |
Cash provided by investing activities | 7,027 | 10,400 |
Financing activities: | ||
Proceeds from exercises of common stock options | 201 | 34 |
Payments for deferred financing fees | (129) | |
Taxes paid related to equity awards | (123) | (3) |
Principal payments on finance lease | (23) | (22) |
Cash provided by (used in) financing activities | (74) | 9 |
Net decrease in cash and cash equivalents | (19,355) | (8,627) |
Cash and cash equivalents, beginning of the period | 38,463 | 26,703 |
Cash and cash equivalents, end of the period | 19,108 | 18,076 |
Supplemental information: | ||
Payable related to investment in Bionic Sight, LLC (see Note 7) | $ 4,000 | |
Costs for intangible assets included in accrued and other liabilities | $ 33 |
Organization and Operations
Organization and Operations | 6 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Operations | 1. Organization and Operations Applied Genetic Technologies Corporation (the “Company” or “AGTC”) was incorporated as a Florida corporation on January 19, 1999 and reincorporated as a Delaware corporation on October 24, 2003. The Company is a clinical-stage biotechnology company that uses a proprietary gene therapy platform to develop transformational genetic therapies for patients suffering from rare and debilitating diseases. On February 11, 2020, the Company closed an underwritten public offering of 6.5 million shares of its common stock at $5.00 per share, generating gross proceeds of $32.5 million, before deducting underwriting discounts, commissions and other offering expenses payable by the Company. Additionally, the underwriters exercised their option to purchase an additional 975,000 shares of common stock to cover over-allotments. Such transaction closed on February 13, 2020 and generated additional gross proceeds of $4.9 million. As discussed at Note 10 in these Notes to Unaudited Condensed Financial Statements, subsequent to December 31, 2020, the Company also completed an underwritten public offering of its common stock and certain warrants to purchase its common stock. On June 30, 2020, the Company entered into a loan agreement for a term loan in the aggregate principal amount of up to $25.0 million. On that date, the Company received net loan proceeds of $9.9 million, before consideration of any related debt financing fees. The loan agreement is further discussed at Note 6 in these Notes to Unaudited Condensed Financial Statements. The Company has devoted substantially all of its efforts to research and development, including clinical trials. The Company has not completed the development of any products. The Company has generated revenue from collaboration agreements, sponsored research payments and grants, but has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies in the biotechnology industry, including dependence on key individuals, the difficulties inherent in the development of commercially viable products, the need to obtain additional capital necessary to fund the development of its products, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, protection of proprietary technology, compliance with government regulations and the ability to transition to large-scale production of products. As of December 31, 2020, the Company had (i) an accumulated deficit of $212.3 million and (ii) cash and cash equivalents and liquid investments of $53.1 million. Management believes that, after considering the underwritten public offering that is discussed at Note 10 in these Notes to Unaudited Condensed Financial Statements, there is sufficient funding available to allow the Company to generate data from its ongoing and planned clinical programs and fund currently planned research and discovery programs. While the Company expects to continue to generate some revenue from partnering, management believes that the Company will incur losses for the foreseeable future. The Company has funded its operations to date primarily through public offerings of its common stock and warrants to purchase its common stock, private placements of its preferred stock, collateralized borrowing and collaborations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with (i) U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and (ii) the instructions to Form 10-Q S-X. The Unaudited Condensed Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in its Annual Report on Form 10-K for the year ended June 30, 2020 (the “2020 Form 10-K”). The Company’s significant accounting policies are described in Note 2 to the Notes to Financial Statements in the 2020 Form 10-K and are updated, as necessary, in subsequent Form 10-Q filings. The Company’s fiscal year is the twelve-month period from July 1 to June 30. The results of operations for the three and six months ended December 31, 2020 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2021 or any other subsequent interim period within that year. Management views the Company’s operations and manages its business as one segment. Use of estimates The preparation of financial statements in conformity with U.S. GAAP and guidelines from the Securities and Exchange Commission requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. Net income or loss per share Basic net income or loss per share is calculated by dividing net income or loss by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income or loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effects of common stock equivalents outstanding during the period, determined using the treasury stock method. For purposes of diluted net income or loss per share calculations, stock options, restricted stock awards and performance service awards are considered to be common stock equivalents if they are dilutive. The dilutive impact of common stock equivalents for (i) the three and six months ended December 31, 2020 was approximately 0.3 million shares and 0.4 million shares, respectively, and (ii) both the three and six months ended December 31, 2019 was approximately 0.3 million shares. However, the dilutive impact of common stock equivalents was excluded from the calculations of diluted net loss per share for the three and six month periods ended December 31, 2020 and 2019 because their effects were anti-dilutive. New Accounting Pronouncements Adopted during the six months ended December 31, 2020 Fair Value Measurement In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 Revenue from Contracts with Customers Collaborative Arrangements the unit-of-account guidance To be adopted in future periods Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Investments – Equity Securities, Investments – Equity Method and Joint Ventures, and Derivatives and Hedging In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 Financial Instruments |
Share-based Compensation Plans
Share-based Compensation Plans | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Plans | 3. Share-based Compensation Plans The Company uses stock options, performance service awards, restricted stock awards and restricted stock units to provide long-term incentives to its employees, non-employee Information about the Company’s stock options that do not have performance conditions is provided below. Six Months Ended December 31, 2020 2019 Weighted Weighted Average Average Exercise Exercise (In thousands, except per share amounts) Shares Price Shares Price Outstanding at the beginning of the period 3,846 $ 7.82 3,585 $ 9.19 Granted 1,237 5.28 984 3.09 Exercised (57 ) 3.55 (10 ) 3.22 Forfeited (407 ) 4.43 (244 ) 4.05 Expired (62 ) 10.23 (299 ) 11.50 Outstanding at the end of the period 4,557 $ 7.45 4,016 $ 7.84 Exercisable at the end of the period 2,690 2,267 Weighted average fair value of options granted during the period $ 3.81 $ 2.00 The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes stock option pricing model. Below are the assumptions that were used when estimating fair value for the periods indicated. Six Months Ended December 31, Assumption 2020 2019 Dividend yield 0.00 % 0.00 % Expected term 6.00 to 6.25 years 6.00 to 6.25 years Risk-free interest rate 0.30% to 0.54% 1.45% to 1.90% Expected volatility 82.60 % 71.20 % In addition to the stock option activity described above, the Company also granted 100,000 performance-based stock options to a senior officer during July 2019 with an exercise price of $3.91. That award: (i) was issued under the 2013 Equity and Incentive Plan; (ii) has a term of ten years; and (iii) includes six separate tranches with performance criteria that will each vest 25% upon their achievement, with the remaining 75% of the tranche vesting on a monthly basis over a period of three years subsequent to achieving the underlying performance objective (assuming continued service by the awardee). Each tranche represents one-sixth During August 2019, 175,500 restricted stock units, which included a market-based vesting condition related to the trading price of the Company’s common stock, were granted to certain employees under the 2013 Equity and Incentive Plan with a weighted average grant date fair value of $2.56. Prior to June 30, 2020, the market condition embedded in the award was met. On August 15, 2020, 76,500 restricted stock units vested and, through December 31, 2020, a total of 25,000 awards have been forfeited. Assuming continuing service by the grantees, the remaining restricted stock units that are outstanding will vest on August 15, 2021. The fair value of each restricted stock unit awarded was estimated on the grant date using a Monte Carlo simulation pricing model, which incorporated the probability of satisfying the related market-based vesting condition. Share-based compensation expense for the three and six months ended December 31, 2020 was $0.6 million and $1.3 million, respectively, compared to $0.7 million and $1.5 million, respectively, for the three and six months ended December 31, 2019. |
Investments
Investments | 6 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Investments | 4. Investments Cash in excess of immediate requirements is invested in accordance with the Company’s investment policy, which primarily seeks to maintain adequate liquidity and preserve capital. At both December 31, 2020 and June 30, 2020, the Company’s investments consisted entirely of held-to-maturity The Company’s debt securities that are classified as held-to-maturity In thousands December 31, 2020 June 30, 2020 U.S. Treasury securities: Amortized cost $ 33,989 $ 41,995 Gross unrealized gains 4 54 Gross unrealized losses (1 ) (3 ) Fair value of investments $ 33,992 $ 42,046 The Company expects to collect the principal and interest due on its debt securities that have an amortized cost in excess of fair value. At the end of each reporting period, the Company evaluates its securities for impairment, if and when, the fair value of an investment is less than its amortized cost. In the event that the fair value of an investment is less than its amortized cost, the Company will evaluate the underlying credit quality and credit ratings of the issuer. Specifically, the Company believes that the unrealized losses disclosed in the above table were primarily driven by interest rate changes rather than by unfavorable changes in the credit ratings associated with those securities. The Company does not intend to sell any of its investments before recovering its amortized cost, which may be at maturity. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Investments | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Investments | 5. Fair Value of Financial Instruments and Investments The Company is required to disclose information regarding all assets and liabilities reported at fair value that enables an assessment of the inputs used when determining the reported fair values. ASC Topic 820, Fair Value Measurements and Disclosures, Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company when determining fair value is greatest for financial instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Certain assets and liabilities are measured at fair value in the Company’s financial statements or have fair values disclosed in these Notes to Unaudited Condensed Financial Statements. Such assets and liabilities are classified into one of three levels of the fair value hierarchy. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The methods and assumptions described below were used to estimate fair values and determine the fair value hierarchy classification of each class of financial instrument held by the Company. Cash and Cash Equivalents. Debt securities—held-to-maturity. held-to-maturity The fair value hierarchy table below provides information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis or disclosed at fair value in these Notes to Unaudited Condensed Financial Statements. In thousands Level 1 Level 2 Level 3 Total Fair December 31, 2020 Cash and cash equivalents $ 19,108 $ — $ — $ 19,108 Held-to-maturity 33,992 — — 33,992 Total assets $ 53,100 $ — $ — $ 53,100 June 30, 2020 Cash and cash equivalents $ 38,463 $ — $ — $ 38,463 Held-to-maturity 42,046 — — 42,046 Total assets $ 80,509 $ — $ — $ 80,509 The Company’s financial instruments also include its variable-rate borrowing under a debt agreement that is described at Note 6 in these Notes to Unaudited Condensed Financial Statements. The Company believes that the carrying amount of such debt (i.e., $9.8 million and $9.7 million at December 31, 2020 and June 30, 2020, respectively) reasonably approximates its fair value because the rate of interest on such borrowing reflects current market rates of interest for similar instruments with comparable maturities and risk profiles. This assessment primarily uses Level 2 inputs under the fair value hierarchy. |
Debt
Debt | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following discussion of the Company’s debt should be read in conjunction with Note 8 to the Notes to Financial Statements in the 2020 Form 10-K. On June 30, 2020, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as the “Lenders”) and Hercules Capital, Inc. in its capacity as administrative agent and collateral agent for itself and the Lenders. The Loan Agreement provides for a term loan in an aggregate principal amount of up to $25.0 million to be delivered in multiple tranches. The tranches consist of (i) a term loan advance of $10.0 million on June 30, 2020 (the “Closing Date”) and (ii) subject to the Lenders’ investment committee’s sole discretion, the Company has the right to request that the Lenders make additional term loan advances in an aggregate principal amount of up to $15.0 million prior to January 1, 2022 or, if certain conditions are satisfied, then July 1, 2022. There can be no assurances that any term loan advances will be funded by the Lenders in the future. As of December 31, 2020, the Company has not borrowed any amount under the Loan Agreement other than the initial term loan advance on the Closing Date. As of both December 31, 2020 and June 30, 2020, the variable contractual interest rate on the Term Loan was 9.75% per annum and the effective rate on the Term Loan was 13.53%. As of December 31, 2020, the Company was in full compliance with all covenants of the Loan Agreement. |
Collaboration Agreements and Co
Collaboration Agreements and Contract Liabilities | 6 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements and Contract Liabilities | 7. Collaboration Agreements and Contract Liabilities Bionic Sight On February 2, 2017, the Company entered into a strategic research and development collaboration agreement with Bionic Sight, LLC (“Bionic Sight”) to develop therapies for patients with visual deficits and blindness due to retinal disease. Through the AGTC-Bionic Sight collaboration, the companies seek to develop a new optogenetic therapy that leverages AGTC’s deep experience in gene therapy and ophthalmology and Bionic Sight’s innovative neuro-prosthetic device and algorithm for retinal coding. The collaboration agreement grants to AGTC, subject to achievement by Bionic Sight of certain development milestones, an option to exclusively negotiate for a limited period of time to acquire: (i) a majority equity interest in Bionic Sight; (ii) the Bionic Sight assets to which the collaboration agreement relates; or (iii) an exclusive license with respect to the product to which the collaboration agreement relates. Under the agreement, AGTC made an initial $2.0 million payment to Bionic Sight for an equity interest in that company. This initial investment represented an equity interest of approximately 5% in Bionic Sight. In addition to the initial investment, AGTC contributed ongoing research and development support costs through additional payments and other in-kind in-kind in-kind Upon achievement of the IND Trigger, AGTC was (i) entitled to receive additional equity in Bionic Sight, based on a valuation that was in place at the beginning of the agreement, for the AGTC Ongoing R&D Support payments and in-kind pre-determined in-kind The Company concluded that the AGTC Ongoing R&D Support was within the scope of Topic 606 because the services rendered represented a distinct service delivered to a counterparty that meets the definition of a customer. The Company further concluded that those services represented one combined performance obligation. Because the consideration that the Company was entitled to was contingent upon achievement of the IND Trigger, that consideration was determined to be variable and the amount was fully constrained until achievement of the IND Trigger. As a result of achieving the IND Trigger in December 2019, the Company recognized $2.2 million of collaboration revenue during the three months ended December 31, 2019. With regard to the obligation to purchase additional equity in Bionic Sight, the Company concluded at contract inception that such option represented a forward contract to be accounted for within the scope of ASC 321, Investments—Equity Securities. The Company recorded its initial investment in Bionic Sight using the equity method of accounting for investments. Upon receipt of additional shares in March 2020, the Company concluded that equity method accounting was still appropriate. Given that the conversion price used to calculate the number of additional shares that the Company was to receive was based on contractually fixed valuation amounts, the Company assessed whether there was a difference between the cost of the investment and the underlying equity in the net assets of Bionic Sight. The Company concluded that any such difference was not material to the Company’s financial statements and, therefore, recorded its additional investment in Bionic Sight at $6.2 million during March 2020. Otonomy, Inc. During October 2019, the Company entered into a strategic collaboration agreement with Otonomy, Inc. (“Otonomy”) to co-develop co-commercialize AAV-based severe-to-profound The Company concluded that the Otonomy collaboration agreement is within the scope of Topic 808, which defines collaborative arrangements and addresses the presentation of transactions between the two parties in the income statement and related disclosures. However, Topic 808 does not provide guidance on the recognition of consideration exchanged or accounting for the obligations that may arise between the parties. The Company concluded that ASC Topic 730, Research and Development, Contract Liabilities As of both December 31, 2020 and June 30, 2020, accrued and other liabilities on the Condensed Balance Sheets included $149,000 of deferred revenue. Management is unable to estimate when the Company will satisfy the performance obligations pertaining to such deferred revenue, which does not pertain to either the Bionic Sight or Otonomy collaboration agreements. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes As required by U.S. GAAP, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not Income tax expense for the three and six months ended December 31, 2020 was $20,000 and $41,000, respectively, compared to $21,000 and $42,000 for the three and six months ended December 31, 2019, respectively. During those periods, income tax expense was primarily attributable to estimated interest and penalties on uncertain tax positions. The Company’s aggregate reserve for uncertain tax positions was $2.1 million at both December 31, 2020 and June 30, 2020, including aggregate interest and penalties of $0.5 million on each such date. For the six months ended December 31, 2020, the Company’s gross unrecognized tax benefits, excluding interest and penalties, was unchanged at $1.6 million. If recognized, the entire amount of the uncertain tax position liability at December 31, 2020 would reduce the Company’s annual effective tax rate. It is reasonably possible that the Company’s gross unrecognized tax benefits as of December 31, 2020, which relate to certain state tax matters, will decline by approximately $1.6 million during the next twelve months due to the expiration of certain statutes of limitations. Any such decline would also affect the then-outstanding balance of accrued interest and penalties. The Company’s liability for uncertain tax positions is included in other long-term liabilities on its Condensed Balance Sheets. |
Contingencies
Contingencies | 6 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 9. Contingencies COVID-19 On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (“COVID-19”) COVID-19 The worldwide spread of COVID-19 COVID-19 follow-up lab-based stay-at-home COVID-19 COVID-19, Notwithstanding the recent development and initial rollout of certain vaccines, it is unknown how long the COVID-19 COVID-19 General From time to time, the Company may be involved in claims and legal actions that arise in the normal course of business. Management has no reason to believe that the outcome of any such legal actions would have a significant adverse effect on the Company’s financial position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Event On February 1, 2021, the Company closed an underwritten public offering of 16,741,573 shares of its common stock, together with accompanying warrants to purchase 8,370,786 shares of its common stock. The combined offering price of each share of common stock and accompanying warrant was $4.45, generating gross proceeds of $74.5 million, before deducting underwriting discounts, commissions and other offering expenses payable by the Company, which total approximately million. The warrants may only be exercised in integral multiples of two, have an exercise price per share (subject to certain adjustments), are immediately exercisable and expire on The Company intends to use the net proceeds from the offering, together with other available funds, to fund ongoing clinical trials in its X-linked |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying Unaudited Condensed Financial Statements have been prepared in accordance with (i) U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and (ii) the instructions to Form 10-Q S-X. The Unaudited Condensed Financial Statements should be read in conjunction with the Company’s audited financial statements and related notes included in its Annual Report on Form 10-K for the year ended June 30, 2020 (the “2020 Form 10-K”). The Company’s significant accounting policies are described in Note 2 to the Notes to Financial Statements in the 2020 Form 10-K and are updated, as necessary, in subsequent Form 10-Q filings. The Company’s fiscal year is the twelve-month period from July 1 to June 30. The results of operations for the three and six months ended December 31, 2020 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2021 or any other subsequent interim period within that year. Management views the Company’s operations and manages its business as one segment. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP and guidelines from the Securities and Exchange Commission requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during reporting periods. Actual results could differ from those estimates. |
Net income or loss per share | Net income or loss per share Basic net income or loss per share is calculated by dividing net income or loss by the weighted average shares outstanding during the period, without consideration of common stock equivalents. Diluted net income or loss per share is calculated by adjusting the weighted average shares outstanding for the dilutive effects of common stock equivalents outstanding during the period, determined using the treasury stock method. For purposes of diluted net income or loss per share calculations, stock options, restricted stock awards and performance service awards are considered to be common stock equivalents if they are dilutive. The dilutive impact of common stock equivalents for (i) the three and six months ended December 31, 2020 was approximately 0.3 million shares and 0.4 million shares, respectively, and (ii) both the three and six months ended December 31, 2019 was approximately 0.3 million shares. However, the dilutive impact of common stock equivalents was excluded from the calculations of diluted net loss per share for the three and six month periods ended December 31, 2020 and 2019 because their effects were anti-dilutive. |
New Accounting Pronouncements | New Accounting Pronouncements Adopted during the six months ended December 31, 2020 Fair Value Measurement In August 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Collaborative Arrangements In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 Revenue from Contracts with Customers Collaborative Arrangements the unit-of-account guidance To be adopted in future periods Financial Instruments—Credit Losses In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Investments – Equity Securities, Investments – Equity Method and Joint Ventures, and Derivatives and Hedging In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 Financial Instruments |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | Information about the Company’s stock options that do not have performance conditions is provided below. Six Months Ended December 31, 2020 2019 Weighted Weighted Average Average Exercise Exercise (In thousands, except per share amounts) Shares Price Shares Price Outstanding at the beginning of the period 3,846 $ 7.82 3,585 $ 9.19 Granted 1,237 5.28 984 3.09 Exercised (57 ) 3.55 (10 ) 3.22 Forfeited (407 ) 4.43 (244 ) 4.05 Expired (62 ) 10.23 (299 ) 11.50 Outstanding at the end of the period 4,557 $ 7.45 4,016 $ 7.84 Exercisable at the end of the period 2,690 2,267 Weighted average fair value of options granted during the period $ 3.81 $ 2.00 |
Stock Option Pricing Model Assumption | The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes stock option pricing model. Below are the assumptions that were used when estimating fair value for the periods indicated. Six Months Ended December 31, Assumption 2020 2019 Dividend yield 0.00 % 0.00 % Expected term 6.00 to 6.25 years 6.00 to 6.25 years Risk-free interest rate 0.30% to 0.54% 1.45% to 1.90% Expected volatility 82.60 % 71.20 % |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Summary of Company's Debt Securities Held-to-Maturity | The Company’s debt securities that are classified as held-to-maturity In thousands December 31, 2020 June 30, 2020 U.S. Treasury securities: Amortized cost $ 33,989 $ 41,995 Gross unrealized gains 4 54 Gross unrealized losses (1 ) (3 ) Fair value of investments $ 33,992 $ 42,046 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Investments (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The fair value hierarchy table below provides information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis or disclosed at fair value in these Notes to Unaudited Condensed Financial Statements. In thousands Level 1 Level 2 Level 3 Total Fair December 31, 2020 Cash and cash equivalents $ 19,108 $ — $ — $ 19,108 Held-to-maturity 33,992 — — 33,992 Total assets $ 53,100 $ — $ — $ 53,100 June 30, 2020 Cash and cash equivalents $ 38,463 $ — $ — $ 38,463 Held-to-maturity 42,046 — — 42,046 Total assets $ 80,509 $ — $ — $ 80,509 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2020 | Feb. 13, 2020 | Feb. 11, 2020 | Dec. 31, 2020 |
Summary Of Organization And Operations [Line Items] | ||||
Common stock, shares issued | 25,813,000 | 6,500,000 | 25,946,000 | |
Common stock, share price | $ 5 | |||
Aggregate proceeds received | $ 32,500 | |||
Accumulated deficit | $ (181,440) | $ (212,282) | ||
Cash and cash equivalents and liquid investments | $ 53,100 | |||
Aggregate principal amount limit | 25,000 | |||
Aggregate loan amount received ,Net | $ 9,900 | |||
Underwritten Public Offering [Member] | ||||
Summary Of Organization And Operations [Line Items] | ||||
Common stock, shares issued | 975,000 | |||
Aggregate proceeds received | $ 4,900 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) shares in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020shares | Dec. 31, 2019shares | Dec. 31, 2020Segmentshares | Dec. 31, 2019shares | |
Summary of Significant Accounting Policies [Line Items] | ||||
Number of operating segments | Segment | 1 | |||
Dilutive impact of common stock equivalents | shares | 0.3 | 0.3 | 0.4 | 0.3 |
Share-based Compensation Plan_2
Share-based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Aug. 31, 2019$ / sharesshares | Jul. 31, 2019$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2020USD ($)Plan$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Aug. 15, 2020shares | Jun. 30, 2020$ / shares | Jun. 30, 2019$ / shares | |
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of equity compensation plans | Plan | 2 | ||||||||
Stock options granted | 1,237,000 | 984,000 | |||||||
Exercise price | $ / shares | $ 7.45 | $ 7.84 | $ 7.45 | $ 7.84 | $ 7.82 | $ 9.19 | |||
Grant date fair value | $ / shares | $ 3.81 | $ 2 | |||||||
2013 Employee Stock Purchase Plan [Member] | |||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share based awards issued | 0 | ||||||||
Number of shares authorized | 128,571 | 128,571 | |||||||
Stock Options [Member] | |||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation expense | $ | $ 0.6 | $ 0.7 | $ 1.3 | $ 1.5 | |||||
Restricted Shares Awards [Member] | |||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Restricted stock awards to employees, Granted | 175,500 | ||||||||
Grant date fair value | $ / shares | $ 2.56 | ||||||||
Restricted stock awards to employees, forfeited | 25,000 | ||||||||
Restricted stock awards vested | 76,500 | ||||||||
Six Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock options granted | 100,000 | ||||||||
Exercise price | $ / shares | $ 3.91 | ||||||||
Expiration period | 10 years | ||||||||
Award vesting period | 3 years | ||||||||
Six Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member] | Vesting Period One [Member] | |||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting rights, percentage | 25.00% | ||||||||
Six Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member] | Vesting Period Two [Member] | |||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Award vesting rights, percentage | 75.00% | ||||||||
First Performance Criteria Based Stock Options [Member] | Senior Executive [Member] | 2013 Equity and Incentive Plan [Member] | |||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Grant date fair value | $ / shares | $ 2.58 |
Share-based Compensation Plan_3
Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding Beginning Balance, Shares | 3,846 | 3,585 |
Granted, Shares | 1,237 | 984 |
Exercised, Shares | (57) | (10) |
Forfeited, Shares | (407) | (244) |
Expired, Shares | (62) | (299) |
Outstanding Ending Balance, Shares | 4,557 | 4,016 |
Exercisable, end of period, Shares | 2,690 | 2,267 |
Weighted average fair value of options granted during the year | $ 3.81 | $ 2 |
Outstanding Beginning Balance, Weighted Average Exercise Price | 7.82 | 9.19 |
Granted, Weighted Average Exercise Price | 5.28 | 3.09 |
Exercised, Weighted Average Exercise Price | 3.55 | 3.22 |
Forfeited, Weighted Average Exercise Price | 4.43 | 4.05 |
Expired, Weighted Average Exercise Price | 10.23 | 11.50 |
Outstanding Ending Balance, Weighted Average Exercise Price | $ 7.45 | $ 7.84 |
Share-based Compensation Plan_4
Share-based Compensation Plans - Stock Option Pricing Model Assumption (Detail) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, minimum | 0.30% | 1.45% |
Risk-free interest rate, maximum | 0.54% | 1.90% |
Expected volatility | 82.60% | 71.20% |
Minimum [Member] | ||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 years | 6 years |
Maximum [Member] | ||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 years 3 months | 6 years 3 months |
Investments - Summary of Compan
Investments - Summary of Company's Debt Securities Held-to-Maturity (Detail) - US Treasury securities [Member] - Investments [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 33,989 | $ 41,995 |
Gross Unrealized Gains | 4 | 54 |
Gross Unrealized Losses | (1) | (3) |
Fair value of investments | $ 33,992 | $ 42,046 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Investments - Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value on a Recurring Basis [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 53,100 | $ 80,509 |
Cash and Cash Equivalents [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 19,108 | 38,463 |
US Treasury Securities [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 33,992 | 42,046 |
Quoted Prices in Active markets (Level 1) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 53,100 | 80,509 |
Quoted Prices in Active markets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 19,108 | 38,463 |
Quoted Prices in Active markets (Level 1) [Member] | US Treasury Securities [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 33,992 | $ 42,046 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Investments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value Disclosures [Abstract] | ||
Carrying amount of long-term debt, net of unamortized deferred financing costs and debt discounts | $ 9.8 | $ 9.7 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 |
Debt instrument maximum borrowing capacity | $ 25 | |
Debt instrument,interest rate | 9.75% | 9.75% |
Debt instrument, Effective interest rate | 13.53% | 13.53% |
Term loan [Member] | ||
Debt instrument maximum borrowing capacity | $ 25 | |
Debt instrument, additional borrowing capacity | 15 | |
Long-term Debt, Gross | $ 10 |
Collaboration Agreements and _2
Collaboration Agreements and Contract Liabilities - Additional Information (Detail) | Feb. 02, 2017USD ($)Site | Mar. 31, 2020USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2019 | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Number of clinical site required to conduct clinical trials | Site | 1 | ||||||||
Collaboration revenue | $ 2,453,000 | $ 2,453,000 | |||||||
Deferred revenue | $ 149,000 | $ 149,000 | |||||||
Mutations in GJB2 [Member] | Otonomy Inc [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Percentage on mutations in GJB2 account | 30.00% | ||||||||
Bionic Sight LLC [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Additional Equity method investments | $ 6,200,000 | ||||||||
Strategic Research And Development Collaboration Agreement [Member] | Bionic Sight LLC [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Payments to acquire equity interest | $ 2,000,000 | $ 4,000,000 | $ 4,000,000 | ||||||
Percentage of investment in equity interest | 5.00% | 15.50% | 15.50% | ||||||
Collaboration revenue | $ 2,200,000 | ||||||||
Ongoing research and development support costs | $ 2,200,000 | ||||||||
Strategic Research And Development Collaboration Agreement [Member] | Bionic Sight LLC [Member] | If IND Trigger Attained [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Obligated to purchase additional equity at pre-determined valuation | $ 4,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Income Taxes [Line Items] | |||||
Uncertain tax position reserve recorded | $ 2,100 | $ 2,100 | $ 2,100 | ||
Interest and/or penalties accrued related to uncertain income tax positions | 500 | 500 | $ 500 | ||
Unrecognised tax benefits that would impact effective income tax rate | 1,600 | 1,600 | |||
Provision for income taxes | 20 | $ 21 | 41 | $ 42 | |
Possible Expiration Of Certain Statutes Due To Limitations [Member] | |||||
Income Taxes [Line Items] | |||||
Significant reduction in unrecognised tax benenfits is reasonably possible | $ 1,600 | $ 1,600 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2021 | Feb. 11, 2020 | Dec. 31, 2020 | Jun. 30, 2020 |
Subsequent Event [Line Items] | ||||
Common stock, shares issued | 6,500,000 | 25,946,000 | 25,813,000 | |
Common stock, share price | $ 5 | |||
Proceeds from the issuance of common stock, net of issuance costs | $ 32.5 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued | 16,741,573 | |||
Maximum number of stocks acquired by outstanding warrants | 8,370,786 | |||
Common stock, share price | $ 4.45 | |||
Proceeds from the issuance of common stock, net of issuance costs | $ 74.5 | |||
Payments of Stock Issuance Costs | $ 5.3 | |||
Warrants exercise price | $ 6 | |||
Warrants expiration date | Feb. 1, 2026 |