Cover Page
Cover Page - shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 16, 2022 | |
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 | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | APPLIED GENETIC TECHNOLOGIES CORPORATION | |
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 | 67,632,195 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 34,241 | $ 46,366 |
Prepaid and other current assets | 2,998 | 3,195 |
Total current assets | 37,239 | 49,561 |
Restricted cash | 2,921 | 0 |
Property and equipment, net | 4,884 | 4,714 |
Intangible assets, net | 1,541 | 1,433 |
Investment in Bionic Sight, Inc. | 7,732 | 7,807 |
Right-of-use assets—operating leases | 2,890 | 3,043 |
Other assets | 126 | 126 |
Total assets | 57,333 | 66,684 |
Current liabilities: | ||
Accounts payable | 4,043 | 2,911 |
Accrued and other liabilities | 11,753 | 11,727 |
Lease liabilities—operating | 1,276 | 1,271 |
Current portion of long-term debt | 9,532 | 9,298 |
Total current liabilities | 26,604 | 25,207 |
Lease liabilities—operating, net of current portion | 2,530 | 2,780 |
Long-term debt, net of debt discounts and deferred financing fees | 6,812 | 9,122 |
Derivative liability—warrants | 3,642 | 0 |
Other liabilities | 99 | 98 |
Total liabilities | 39,687 | 37,207 |
Stockholders' equity: | ||
Preferred stock, par value $0.001 per share, 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, par value $0.001 per share, 150,000 shares authorized; 67,686 and 51,011 shares issued; 67,632 and 50,957 shares outstanding at September 30, 2022 and June 30, 2022, respectively | 68 | 51 |
Additional paid-in capital | 344,456 | 337,894 |
Treasury stock at cost; 54 shares at both September 30, 2022 and June 30, 2022 | (256) | (256) |
Accumulated deficit | (326,622) | (308,212) |
Total stockholders' equity | 17,646 | 29,477 |
Total liabilities and stockholders' equity | $ 57,333 | $ 66,684 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000 | 5,000 |
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 | 150,000 |
Common stock, shares issued | 67,686 | 51,011 |
Common stock, shares outstanding | 67,632 | 50,957 |
Treasury stock, shares held | 54 | 54 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||
Total revenue | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 12,884 | 12,325 |
General and administrative and other | 4,460 | 4,100 |
Total operating expenses | 17,344 | 16,425 |
Loss from operations | (17,344) | (16,425) |
Other income (expense), net: | ||
Investment income, net | 189 | 6 |
Interest expense | (657) | (669) |
Costs attributable to the issuance of freestanding warrants | (331) | 0 |
Change in fair value of derivative liability—warrants | (192) | 0 |
Total other income (expense), net | (991) | (663) |
Loss before equity in net losses of an affiliate | (18,335) | (17,088) |
Equity in net losses of an affiliate | (75) | (31) |
Net loss | $ (18,410) | $ (17,119) |
Weighted average shares outstanding: | ||
Basic | 64,911 | 42,823 |
Diluted | 64,911 | 42,823 |
Net loss per common share: | ||
Basic | $ (0.28) | $ (0.4) |
Diluted | $ (0.28) | $ (0.4) |
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, 2021 | $ 85,808 | $ 43 | $ (211) | $ 325,245 | $ (239,269) |
Beginning balance, shares at Jun. 30, 2021 | 42,794 | 41 | |||
Share-based compensation expense | 810 | 810 | |||
Shares issued under employee plans and related share repurchases | 26 | $ (45) | 71 | ||
Shares issued under employee plans and related share repurchases shares | 65 | 13 | |||
Net loss | (17,119) | (17,119) | |||
Ending balance at Sep. 30, 2021 | 69,525 | $ 43 | $ (256) | 326,126 | (256,388) |
Ending balance, shares at Sep. 30, 2021 | 42,859 | 54 | |||
Beginning balance at Jun. 30, 2022 | 29,477 | $ 51 | $ (256) | 337,894 | (308,212) |
Beginning balance, shares at Jun. 30, 2022 | 50,957 | 54 | |||
Share-based compensation expense | 651 | 651 | |||
Issuance of common stock and accompanying warrants, net of issuance costs | 5,928 | $ 17 | 5,911 | ||
Issuance of common stock and accompanying warrants, net of issuance costs, shares | 16,675 | ||||
Net loss | (18,410) | (18,410) | |||
Ending balance at Sep. 30, 2022 | $ 17,646 | $ 68 | $ (256) | $ 344,456 | $ (326,622) |
Ending balance, shares at Sep. 30, 2022 | 67,632 | 54 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net loss | $ (18,410) | $ (17,119) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 651 | 810 |
Expense for shares of common stock issued to a vendor | 4 | |
Depreciation and amortization | 372 | 364 |
Change in fair value of derivative liability—warrants | 192 | 0 |
Amortization of debt discounts and deferred financing fees | 161 | 169 |
Reduction in the carrying amount of operating lease right-of-use assets | 153 | 108 |
Equity in net losses of an affiliate | 75 | 31 |
Changes in operating assets and liabilities: | ||
Prepaid and other assets | 505 | (224) |
Accounts payable | 456 | 135 |
Operating lease liabilities | (245) | (195) |
Accrued and other liabilities | 49 | (15) |
Cash used in operating activities | (16,037) | (15,936) |
Investing activities: | ||
Purchases of property and equipment | (183) | (545) |
Purchases of and capitalized costs related to intangible assets | (121) | (70) |
Maturities of investments | 0 | 2,000 |
Cash provided by (used in) investing activities | (304) | 1,385 |
Financing activities: | ||
Proceeds from the issuance of common stock and accompanying warrants, net of issuance costs | 9,019 | 0 |
Proceeds from the exercise of pre-funded warrants | 355 | 0 |
Proceeds from exercises of common stock options | 0 | 71 |
Principal payments on long-term debt | (2,237) | |
Taxes paid related to equity awards | 0 | (45) |
Principal payments on a finance lease | 0 | (12) |
Cash provided by financing activities | 7,137 | 14 |
Net decrease in cash and cash equivalents and restricted cash | (9,204) | (14,537) |
Cash and cash equivalents and restricted cash, beginning of the period | 46,366 | 105,052 |
Cash and cash equivalents and restricted cash, end of the period | 37,162 | 90,515 |
Supplemental information: | ||
Prepaid assets included in accounts payable | 393 | 0 |
Costs for purchases of property and equipment included in accounts payable | 338 | 96 |
Costs for intangible assets included in accounts payable/accrued and other liabilities | $ 64 | $ 25 |
Organization and Operations
Organization and Operations | 3 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Operations | 1. Organization and Operations General 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 people suffering from rare and debilitating ophthalmic, otologic and central nervous system diseases. The Company has devoted substantially all of its efforts to research and development activities, including conducting clinical trials for its product candidates, and has not completed the development of any products. The Company has generated revenue from collaboration agreements, licensing of its intellectual property, sponsored research agreements 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 need to obtain additional capital necessary to fund the development of its product candidates, the risk of failure of ongoing or future clinical studies, the difficulties inherent in the development of commercially viable products, the development by the Company or its competitors of technological innovations, the protection of proprietary technology, compliance with government regulations and the ability to transition to large-scale production of products. Liquidity and Financial Condition As of September 30, 2022, the Company had (i) an accumulated deficit of $326.6 million and (ii) cash and cash equivalents of $34.2 million. Management believes that there is presently insufficient funding available to allow the Company to generate data from its ongoing and planned clinical programs and fund currently planned research and discovery programs for a period exceeding one year from the date of this filing with the Securities and Exchange Commission. Additionally, management believes that the Company will incur losses and generate negative operating cash flows for the foreseeable future. As such, these circumstances collectively raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying Unaudited Condensed Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. 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. The ability of an entity to continue as a going concern depends on, among other things, positive cash flows and the availability of suitable financing. In the current business environment, the Company is unable to: (i) raise new capital through equity or debt financings or other sources; (ii) enter into one or more strategic collaboration arrangements to provide an adequate and immediate cash infusion for its ongoing operations and its leased build-to-suit proceedings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2022 | |
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 assuming that the Company will continue as a going concern and 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 Form 10-K”). 2022 Form 10-K 10-Q The Company’s fiscal year is the twelve-month period from July 1 to June 30. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2023 or any 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. Restricted Cash Restricted cash represents funds in an escrow account that was established in connection with certain tenant fit out work related to the Company’s leased build-to-suit million into the escrow account during August 2022. The use of such non-interest bearing cash is restricted due to provisions contained in the underlying escrow agreement. The escrow agent will disburse the restricted cash when approved fit out costs have been incurred; however, through September 30, 2022, no such disbursements have been made. Management expects that the Company’s restricted cash will be disbursed within As presented in the Company’s statements of cash flows, cash and cash equivalents and restricted cash at September 30, 2022 included (i) cash and cash equivalents of $34.2 million and (ii) restricted cash of $2.9 million. The Company only had cash and cash equivalents at June 30, 2022. Warrants The Company accounts for warrants as either equity-classified or liability-classified financial instruments based on an assessment of the warrant’s specific terms and the applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging For warrants that meet the criteria for equity classification, the net offering proceeds therefrom are recorded as a component of additional paid-in capital Non-cash Income Taxes 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 threshold, the There was no provision for (benefit from) income taxes during each of the three months ended September 30, 2022 and 2021 because, among other things, during those reporting periods, (i) the Company had no uncertain tax positions that would require the recognition of interest and penalties and (ii) any net deferred tax assets that were generated were fully offset by a valuation allowance. 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, warrants to purchase the Company’s common stock, stock options, restricted stock awards, restricted stock units and performance service awards are considered to be common stock equivalents if they are dilutive. Common stock equivalents for the three months ended September 30, 2022 were nominal. The dilutive impact of common stock equivalents for the three months ended September 30, 2021 was approximately 0.2 million shares. However, common stock equivalents were excluded from the calculations of diluted net loss per share for all periods presented herein because their effects were anti-dilutive. Common stock equivalents for both the three months ended September 30, 2022 and 2021 excluded certain warrants to purchase the Company’s common stock, which are described at Note 7 to these Notes to Unaudited Condensed Financial Statements, because the exercise price of such warrants was greater than the average market price of the Company’s common stock during the related periods. |
Share-based Compensation Plans
Share-based Compensation Plans | 3 Months Ended |
Sep. 30, 2022 | |
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, nonemployee directors and certain consultants. The Company has two equity compensation plans under which awards are currently authorized for issuance: the 2013 Employee Stock Purchase Plan and the 2013 Equity and Incentive Plan. No awards have been issued to date under the 2013 Employee Stock Purchase Plan and, as such, all of the 128,571 shares previously authorized under that plan remain available for issuance. Stock Options Information about the Company’s stock options is provided below. Three Months Ended September 30, 2022 2021 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at the beginning of the period 5,551 $ 5.58 4,186 $ 7.69 Granted 1,201 0.40 1,467 3.62 Exercised — — (24 ) 3.00 Forfeited (97 ) 3.95 (234 ) 4.27 Expired (66 ) 8.53 (348 ) 12.93 Outstanding at the end of the period 6,589 $ 4.63 5,047 $ 6.32 Exercisable at the end of the period 3,048 2,667 Weighted average fair value of options granted during the period $ 0.29 $ 2.55 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. Three Months Ended September 30, Assumption 2022 2021 Dividend yield 0.00 % 0.00 % Expected term 6.25 years 6.00 to 6.25 years Risk-free interest rate 2.88% to 3.45% 0.80% to 0.96% Expected volatility 82.59 % 82.51 % Restricted Stock Units From May 2021 to July 2021, the Company granted 579,500 restricted stock units to certain employees under the 2013 Equity and Incentive Plan with a weighted average grant date fair value of $4.16. During August and September 2022, a total of 851,550 additional restricted stock units were granted to certain employees with a weighted average grant date fair value of $0.41. Restricted stock unit awards generally vest in equal amounts on each of the first and second anniversaries of the date of grant, assuming continuing service by the grantee. As of September 30, 2022, 218,625 and 180,125 restricted stock units have vested and been forfeited, respectively, and, accordingly, 1,032,300 restricted stock units remain outstanding as of such date. The fair value of each restricted stock unit awarded was determined based on the market value of the Company’s common stock on the date of grant and the related expense is being recognized using a graded vesting schedule that is aligned with the grantees’ vesting dates. During August 2019, restricted stock units with 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. On August 15, 2021, the remaining 54,500 outstanding restricted stock units issued in August 2019 vested and the underlying shares were issued to the grantees. Subsequent to that date, restricted stock units with market-based vesting conditions remain outstanding. General Share -based compensation expense for the three months ended September 30, 2022 and 2021 was $ million and $ million, respectively. The portion of such expense pertaining to stock options awarded to employees, nonemployee directors and consultants was $ million and $ million for the three months ended September 30, 2022 and 2021, respectively. Share-based compensation expense pertaining to restricted stock units awarded to employees and consultants totaled $ million and $ million for the three months ended September 30, 2022 and 2021, respectively. |
Investments and Fair Values of
Investments and Fair Values of Financial Instruments | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Values of Financial Instruments | 4. Investments and Fair Values of Financial Instruments 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; however, the Company had investments at September 30, 2022 or June 30, 2022. 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 the 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 and Restricted Cash. 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 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 Value September 30, 2022 Cash and cash equivalents $ 34,241 $ — $ — $ 34,241 Restricted cash 2,921 — — 2,921 Total assets $ 37,162 $ — $ — $ 37,162 June 30, 2022 Cash and cash equivalents $ 46,366 $ — $ — $ 46,366 The Company’s financial instruments also include its variable-rate borrowing under a debt agreement and certain freestanding warrants that are described at Note 5 and Note 7, respectively, in these Notes to Unaudited Condensed Financial Statements. Management believes that the carrying amount of its variable-rate debt (i.e., $16.3 million and $18.4 million at September 30, 2022 and June 30, 2022, respectively) reasonably approximates its fair value on those dates because of the relatively short duration of the borrowing arrangement. This assessment primarily uses Level 2 inputs under the fair value hierarchy. Management concluded that the aforementioned warrants, which were issued on July 15, 2022, met the definition of a derivative and required bifurcation from the related common stock on the date of warrant issuance and thereafter. Accordingly, the corresponding warrant liability on the Company’s balance sheets is remeasured and recorded at fair value at the end of each reporting period. As of both September 30, 2022 and July 15, 2022, the estimated fair value of the warrants was determined using a probability-weighted scenario analysis with a combination of a Monte Carlo simulation model and a Black-Scholes calculation, each of which requires the use of unobservable Level 3 inputs under the fair value hierarchy. Those estimated fair values were $3.6 million and $3.4 million on September 30, 2022 and July 15, 2022, respectively, with the only change between those dates being an increase in the fair value of the warrant of $0.2 million. Below are the significant assumptions under the two “best case” scenarios that were considered when estimating the fair values of the warrant derivative liability. Probability weightings and projected future transaction dates were based on management’s judgment after considering the then-current circumstances on the respective valuation dates. • Scenario #1 (AGTC remain an independent publicly traded company): • Scenario #2 (AGTC to experience a fundamental transaction as described in Note 7 to these Notes to Unaudited Condensed Financial Statements): • Projected fundamental transaction date in scenario #2: • Starting stock price for the Monte Carlo simulation model: • Stock volatility for the Monte Carlo simulation model: • Stock volatility for the Black-Scholes calculation in scenario #2: 100-day • Risk-free interest rate for the Monte Carlo simulation model: • Risk-free interest rate for the Black-Scholes calculation in scenario #2: Although management believes that the above modelling and assumptions are appropriate for the circumstances and that the resulting valuation amounts are reasonable, the use of alternate assumptions and/or modelling could yield dissimilar results and the differences could be material. |
Debt
Debt | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The following discussion of the Company’s debt should be read in conjunction with Note 7 to the Notes to Financial Statements in the 2022 Form 10-K. On June 30, 2020, the Company entered into a Loan and Security Agreement (as subsequently amended, 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, delivered in multiple tranches (the “Term Loan”). There were two tranches under the Loan Agreement, which consisted of term loan advances of $10.0 million on each of June 30, 2020 and May 13, 2021. No additional term loan advances were requested by the Company before the expiration of the Loan Agreement’s borrowing availability on April 1, 2022. As of September 30, 2022 and June 30, 2022, the per annum variable contractual interest rate on the Term Loan was 12.75% and 11.25%, respectively, and the effective interest rate on the Term Loan was approximately 16.3% and 14.8%, respectively. Effective November 21, 2022, the per annum variable contractual interest rate on the Term Loan was 13.5%. As of September 30, 2022, the Company was in full compliance with all covenants of the Loan Agreement. |
Collaboration Agreements and Co
Collaboration Agreements and Contract Liabilities | 3 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements and Contract Liabilities | 6. Collaboration Agreements and Contract Liabilities Bionic Sight, Inc. On February 2, 2017, the Company entered into a strategic research and development collaboration agreement with Bionic Sight, LLC (now operating as Bionic Sight, Inc.) (referred to herein as “Bionic Sight”) to develop product candidates 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 for an equity interest of approximately 5% in Bionic Sight. During March 2020, the Company’s equity interest in Bionic Sight increased to approximately 15.5% in connection with (i) AGTC’s purchase of additional equity for $4.0 million and (ii) the conversion of certain AGTC-provided research and development support costs and in-kind contributions, additional in-kind contributions Otonomy, Inc. During October 2019, the Company entered into a strategic collaboration agreement with Otonomy, Inc. (“Otonomy”) to co-develop and co-commercialize an The Company concluded that the Otonomy collaboration agreement is within the scope of ASC Topic 808, Collaborative Arrangements Research and Development, development activities. As such, payments made to or received from Otonomy for development activities are recorded as research and development expenses. For each of the three months ended September 30, 2022 and 2021, settlement activity between the parties under the Otonomy agreement had an immaterial effect on the Company’s research and development expenses. Contract Liabilities As of both September 30, 2022 and June 30, 2022, accrued and other liabilities on the Company’s balance sheets included $149,000 of deferred revenue. Management is unable to estimate when the Company will satisfy the performance obligations pertaining to its deferred revenue at September 30, 2022. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity July 2022 Public Offering of AGTC Equity Securities On July 15, 2022, the Company closed an underwritten public offering of (i) 16,075,000 shares of the Company’s common stock, together with accompanying warrants to purchase up to 16,075,000 shares of its common stock, at a combined offering price of $0.60 per share and (ii) pre-funded warrants each pre-funded warrant pre-funded Effective July 15, 2022, (i) the holder of the pre-funded The abovementioned underwritten public offering, including the underwriter’s exercise of its option to purchase additional warrants, generated proceeds of $10.0 million, before deducting underwriting discounts, commissions and other offering expenses payable by the Company, which totaled $1.0 million. As of September 30, 2022, there were 19,166,667 warrants outstanding from the abovementioned underwritten public offering and the underwriter’s exercise of its option to purchase additional warrants (other than the pre-funded In the event of a fundamental transaction, which generally includes: (i) any reorganization, recapitalization or reclassification of the Company’s common stock; (ii) the sale, transfer or other disposition of all or substantially all of the Company’s properties or assets; (iii) the Company’s consolidation or merger with or into another person or group; (iv) the acquisition of more than Alternatively, in the event of a fundamental transaction, the warrant holders have an option to receive consideration in cash equal to the Black-Scholes value of the warrants determined according to a formula set forth in the underlying warrant, provided, however, that, if the fundamental transaction is not within the Company’s control, including not approved by its board of directors, then the holder shall only be entitled to receive the same type or form of consideration (and in the same proportion), at the Black-Scholes value, of the unexercised portion of the warrant, that is being offered and paid to the holders of the Company’s common stock in connection with the fundamental transaction. The warrants that were issued on July 15, 2022 were evaluated based on the provisions of Topic 480 and Topic 815. Management concluded that the warrants met the definition of a derivative and required bifurcation on the date of warrant issuance and thereafter because they were not considered to be indexed to the Company’s common stock. Accordingly, such warrants are remeasured and recorded at fair value at the end of each reporting period with any adjustment recognized in the Company’s statement of operations. The Company classifies its derivative warrant liability as long-term on its balance sheet until it is probable that a triggering event will occur. The aggregate fair value of the warrants on July 15, 2022 was determined to be $3.4 million and was deducted from the gross proceeds from the underwritten public offering, with the residual amount recorded in stockholders’ equity. The Company also expensed $0.3 million of costs in connection with the issuance of the warrants. See Note 4 to these Notes to Unaudited Condensed Financial Statements for further information regarding the Company’s valuation methodologies and significant assumptions pertaining to its financial instruments. March 2022 Public Offering of AGTC Equity Securities On March 24, 2022, the Company closed an underwritten public offering of 7.5 million shares of its common stock, with Cantor Fitzgerald & Co. acting as the sole underwriter for the offering. The indicative public offering price of each share of common stock was $1.30, generating gross proceeds of $9.8 million, before deducting underwriting discounts, commissions and other offering expenses payable by the Company, which totaled $1.2 million. Issuance costs totaling $140,000 were unpaid on September 30, 2022 and June 30, 2022 and have been included in accrued and other liabilities on the Company’s balance sheets as of such dates. Shares Issued to a Vendor During the three months ended September 30, 2022, the Company issued 7,500 shares of its unregistered common stock to a vendor for services rendered. No February 2021 Outstanding Warrants On February 1, 2021, the Company closed an underwritten public offering of its common stock, together with accompanying warrants to purchase 8,370,786 shares of its common stock. The warrants have an initial exercise price of $6.00 per share (subject to certain adjustments), are immediately exercisable and expire on February 1, 2026. The warrants are legally detachable from the common stock that was issued on February 1, 2021 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Lease Commitment As of September 30, 2022, the Company had entered into a long-term real property lease agreement that has not yet commenced and, therefore, is not recorded on its balance sheets. This lease, which is discussed in Note 3 to the Notes to Financial Statements in the 2022 Form 10-K heading “Build-To-Suit Manufacturing and requires non-cancelable undiscounted 20 years and one month the build-out of million as of September 30, 2022 for: (i) equipment; (ii) long-lead time raw materials; and (iii) supplemental future contributions to the construction escrow account (due to an increase in the total tenant fit out cost estimate from approximately COVID-19 Pandemic On January 30, 2020, the World Health Organization (the “WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (“COVID-19”) and the WHO classified the COVID-19 outbreak as a The worldwide spread of COVID-19 led to X-linked retinitis COVID-19 COVID-19 follow-up visits required lab-based employees to due to stay-at-home orders or related to COVID-19 could also by COVID-19 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying Unaudited Condensed Financial Statements have been prepared assuming that the Company will continue as a going concern and 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 Form 10-K”). 2022 Form 10-K 10-Q The Company’s fiscal year is the twelve-month period from July 1 to June 30. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2023 or any 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. |
Restricted Cash | Restricted Cash Restricted cash represents funds in an escrow account that was established in connection with certain tenant fit out work related to the Company’s leased build-to-suit million into the escrow account during August 2022. The use of such non-interest bearing cash is restricted due to provisions contained in the underlying escrow agreement. The escrow agent will disburse the restricted cash when approved fit out costs have been incurred; however, through September 30, 2022, no such disbursements have been made. Management expects that the Company’s restricted cash will be disbursed within As presented in the Company’s statements of cash flows, cash and cash equivalents and restricted cash at September 30, 2022 included (i) cash and cash equivalents of $34.2 million and (ii) restricted cash of $2.9 million. The Company only had cash and cash equivalents at June 30, 2022. |
Warrants | Warrants The Company accounts for warrants as either equity-classified or liability-classified financial instruments based on an assessment of the warrant’s specific terms and the applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging For warrants that meet the criteria for equity classification, the net offering proceeds therefrom are recorded as a component of additional paid-in capital Non-cash |
Income taxes | Income Taxes 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 threshold, the There was no provision for (benefit from) income taxes during each of the three months ended September 30, 2022 and 2021 because, among other things, during those reporting periods, (i) the Company had no uncertain tax positions that would require the recognition of interest and penalties and (ii) any net deferred tax assets that were generated were fully offset by a valuation allowance. |
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, warrants to purchase the Company’s common stock, stock options, restricted stock awards, restricted stock units and performance service awards are considered to be common stock equivalents if they are dilutive. Common stock equivalents for the three months ended September 30, 2022 were nominal. The dilutive impact of common stock equivalents for the three months ended September 30, 2021 was approximately 0.2 million shares. However, common stock equivalents were excluded from the calculations of diluted net loss per share for all periods presented herein because their effects were anti-dilutive. Common stock equivalents for both the three months ended September 30, 2022 and 2021 excluded certain warrants to purchase the Company’s common stock, which are described at Note 7 to these Notes to Unaudited Condensed Financial Statements, because the exercise price of such warrants was greater than the average market price of the Company’s common stock during the related periods. |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | Information about the Company’s stock options is provided below. Three Months Ended September 30, 2022 2021 (In thousands, except per share amounts) Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at the beginning of the period 5,551 $ 5.58 4,186 $ 7.69 Granted 1,201 0.40 1,467 3.62 Exercised — — (24 ) 3.00 Forfeited (97 ) 3.95 (234 ) 4.27 Expired (66 ) 8.53 (348 ) 12.93 Outstanding at the end of the period 6,589 $ 4.63 5,047 $ 6.32 Exercisable at the end of the period 3,048 2,667 Weighted average fair value of options granted during the period $ 0.29 $ 2.55 |
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. Three Months Ended September 30, Assumption 2022 2021 Dividend yield 0.00 % 0.00 % Expected term 6.25 years 6.00 to 6.25 years Risk-free interest rate 2.88% to 3.45% 0.80% to 0.96% Expected volatility 82.59 % 82.51 % |
Investments and Fair Values o_2
Investments and Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
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 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 Value September 30, 2022 Cash and cash equivalents $ 34,241 $ — $ — $ 34,241 Restricted cash 2,921 — — 2,921 Total assets $ 37,162 $ — $ — $ 37,162 June 30, 2022 Cash and cash equivalents $ 46,366 $ — $ — $ 46,366 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Summary Of Organization And Operations [Line Items] | ||
Accumulated deficit | $ (326,622) | $ (308,212) |
Cash and cash equivalents | $ 34,241 | $ 46,366 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands, shares in Millions | 3 Months Ended | |||
Sep. 30, 2022 USD ($) Segment | Sep. 30, 2021 USD ($) shares | Aug. 22, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Summary of Significant Accounting Policies [Line Items] | ||||
Number of operating segments | Segment | 1 | |||
Dilutive impact of common stock equivalents | shares | 0.2 | |||
Provision for income taxes | $ 0 | $ 0 | ||
Escrow Deposit | $ 2,900 | |||
Restricted cash disbursed maturity term | 1 year | |||
Cash and cash equivalents | $ 34,241 | $ 46,366 | ||
Restricted cash | $ 2,921 | $ 0 |
Share-based Compensation Plan_2
Share-based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2022 $ / shares shares | Aug. 31, 2022 $ / shares shares | Sep. 30, 2022 USD ($) Agreement shares | Sep. 30, 2021 USD ($) shares | Jul. 31, 2021 $ / shares shares | Jun. 30, 2022 shares | Aug. 15, 2021 shares | Jun. 30, 2021 shares | |
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of equity compensation plans | Agreement | 2 | |||||||
Share-based compensation arrangement by share-based payment award, options, outstanding | 6,589,000 | 6,589,000 | 5,047,000 | 5,551,000 | 4,186,000 | |||
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 | $ 0.5 | ||||||
Restricted Shares Awards [Member] | ||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share-based compensation expense | $ | 0.1 | 0.3 | ||||||
Restricted stock awards vested | 54,500 | |||||||
Restricted Stock Units [Member] | ||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share-based compensation expense | $ | $ 0.7 | $ 0.8 | ||||||
Restricted stock awards to employees, Granted | 851,550 | 851,550 | 579,500 | |||||
Grant date fair value | $ / shares | $ 0.41 | $ 0.41 | ||||||
Restricted stock awards to employees, forfeited | 180,125 | |||||||
Share-based compensation arrangement by share-based payment award, options, outstanding | 1,032,300 | 1,032,300 | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, Vested in period | 218,625 | |||||||
Restricted Stock Units [Member] | 2013 Equity and Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock awards to employees, Granted | 579,500 | |||||||
Grant date fair value | $ / shares | $ 4.16 | |||||||
Restricted Stock Units [Member] | Market Based Vesting Conditions [Member] | ||||||||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Share based compensation arrangement,Number of awards outstanding | 0 |
Share-based Compensation Plan_3
Share-based Compensation Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding Beginning Balance, Shares | 5,551 | 4,186 |
Granted, Shares | 1,201 | 1,467 |
Exercised, Shares | 0 | (24) |
Forfeited, Shares | (97) | (234) |
Expired, Shares | (66) | (348) |
Outstanding Ending Balance, Shares | 6,589 | 5,047 |
Exercisable, end of period, Shares | 3,048 | 2,667 |
Weighted average fair value of options granted during the year | $ 0.29 | $ 2.55 |
Outstanding Beginning Balance, Weighted Average Exercise Price | 5.58 | 7.69 |
Granted, Weighted Average Exercise Price | 0.4 | 3.62 |
Exercised, Weighted Average Exercise Price | 0 | 3 |
Forfeited, Weighted Average Exercise Price | 3.95 | 4.27 |
Expired, Weighted Average Exercise Price | 8.53 | 12.93 |
Outstanding Ending Balance, Weighted Average Exercise Price | $ 4.63 | $ 6.32 |
Share-based Compensation Plan_4
Share-based Compensation Plans - Stock Option Pricing Model Assumption (Detail) | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Expected term | 6 years 3 months | |
Expected volatility | 82.59% | 82.51% |
Minimum [Member] | ||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 years | |
Risk-free interest rate, minimum | 2.88% | 0.80% |
Maximum [Member] | ||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term | 6 years 3 months | |
Risk-free interest rate, maximum | 3.45% | 0.96% |
Investments and Fair Values o_3
Investments and Fair Values of Financial Instruments - 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 | Sep. 30, 2022 | Jun. 30, 2022 |
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 37,162 | |
Cash and Cash Equivalents [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 34,241 | $ 46,366 |
Restricted cash [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 2,921 | |
Quoted Prices in Active markets (Level 1) [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 37,162 | |
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 | 34,241 | $ 46,366 |
Quoted Prices in Active markets (Level 1) [Member] | Restricted cash [Member] | ||
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 2,921 |
Investments and Fair Values o_4
Investments and Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Sep. 30, 2022 | Jul. 15, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying amount of long-term debt, net of unamortized deferred financing costs and debt discounts | $ 16,300 | $ 16,300 | $ 18,400 | ||
Investments | 0 | 0 | $ 0 | ||
Fair value adjustment of warrants | $ 200 | $ 3,400 | $ 192 | $ 0 | |
Scenario One [Member] | Measurement Input Probability Weighting [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding, measurement input | 40% | 80% | 40% | ||
Scenario One [Member] | Measurement Input, Price Volatility [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding, measurement input | 70% | 70% | 70% | ||
Scenario Two [Member] | Measurement Input Probability Weighting [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding, measurement input | 60% | 20% | 60% | ||
Scenario Two [Member] | Measurement Input Transaction Date [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Projected fundamental transaction date | Nov. 30, 2022 | Oct. 15, 2022 | |||
Scenario Two [Member] | Measurement Input, Price Volatility [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding, measurement input | 148% | 106% | 148% | ||
Scenario Two [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding, measurement input | 100% | 100% | |||
Scenario Two [Member] | Measurement Input Price Volatility Term [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurements, measurement input description | 100-day | ||||
Fair Value on a Recurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants and rights outstanding | $ 3,600 | $ 3,400 | $ 3,600 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 21, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | May 13, 2021 | Jun. 30, 2020 |
Debt instrument,interest rate | 12.75% | 11.25% | |||
Debt instrument, Effective interest rate | 16.30% | 14.80% | |||
Maximum [Member] | |||||
Debt instrument,interest rate | 13.50% | ||||
Term loan [Member] | |||||
Debt instrument maximum borrowing capacity | $ 25,000 | ||||
Long-term Debt, Gross | $ 10,000 | $ 10,000 | |||
Line of credit facility additional borrowing capacity | $ 0 |
Collaboration Agreements and _2
Collaboration Agreements and Contract Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Feb. 02, 2017 | Sep. 30, 2022 | Jun. 30, 2022 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Deferred revenue | $ 149,000 | $ 149,000 | ||
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 | $ 4,000 | $ 2,000 | ||
Ongoing research and development support costs | $ 2,200 | |||
Strategic Research And Development Collaboration Agreement [Member] | Bionic Sight LLC [Member] | Equity Interest [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Percentage of investment in equity interest | 15.50% | 5% | 15.20% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Sep. 30, 2022 | Jul. 15, 2022 | Mar. 24, 2022 | Feb. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Feb. 01, 2022 | |
Class of Stock [Line Items] | ||||||||
Common stock, shares issued | 67,686,000 | 67,686,000 | 51,011,000 | |||||
Maximum number of stocks acquired by outstanding warrants | 8,370,786 | |||||||
Shares Issued, Price Per Share | $ 1.3 | |||||||
Aggregate proceeds received | $ 9,019 | $ 0 | ||||||
Exercise Price of Warrants or Rights | $ 6 | |||||||
Warrants and Rights Outstanding, Maturity Date | Feb. 01, 2026 | |||||||
Warrants Exercised | 0 | |||||||
Business acquisition percentage of voting interests needed to be acquired | 50% | |||||||
Fair value adjustment of warrants | $ 200 | $ 3,400 | $ 192 | $ 0 | ||||
Business Combination [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Business acquisition percentage of voting interests needed to be acquired | 50% | |||||||
Pre Funded Warrants [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Exercise Price of Warrants or Rights | $ 0.6 | $ 0.6 | ||||||
Warrants and Rights Outstanding, Maturity Date | Jul. 15, 2027 | Jul. 15, 2027 | ||||||
Class Of Warrants and Rights Issued, Price Per Warrant | $ 0.001 | |||||||
Class Of Warrants and Rights Issued During the Period | 591,667 | |||||||
Number of warrants or rights outstanding. | 19,166,667 | 19,166,667 | ||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share Price | $ 0.599 | |||||||
Warrant [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Payments of Stock Issuance Costs | $ 300 | |||||||
Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock issued during period, shares, issued for services | 7,500 | |||||||
Cantor Fitzgerald & Co [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares issued | 7,500,000 | |||||||
Aggregate proceeds received | $ 9,800 | |||||||
Payments of Stock Issuance Costs | $ 1,200 | |||||||
Unpaid issuance costs | $ 140,000 | $ 140,000 | $ 140,000 | |||||
Underwritten Public Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Issued, Price Per Share | $ 0.6 | |||||||
Payments of Stock Issuance Costs | $ 1,000 | |||||||
Number of shares issued during the period | 16,075,000 | |||||||
Proceeds from Issuance Initial Public Offering | $ 10,000 | |||||||
Over-Allotment Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Issued, Price Per Share | $ 0.001 | |||||||
Number of shares issued during the period | 2,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2022 | |
Loss Contingencies [Line Items] | ||
Operating leases, lease terms | 20 years 30 days | |
Lessee annual rent paid | $ 30.4 | |
Financial commitments | 2.8 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Financial commitments | $ 10.9 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Financial commitments | $ 11.8 |