0001193125-22-039861 | 10-Q | XBRL Viewer | Applied Genetic Technologies Corp

Cover Page - shares	6 Months Ended
Cover Page - shares	Dec. 31, 2021	Feb. 09, 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	Dec. 31, 2021
Document Fiscal Year Focus	2022
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		42,921,319

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 72,771	$ 105,052
Investments		2,000
Prepaid and other current assets	2,597	2,655
Total current assets	75,368	109,707
Property and equipment, net	4,416	4,658
Intangible assets, net	1,345	1,287
Investment in Bionic Sight, LLC	7,937	8,000
Right-of-use assets—operating leases	3,167	3,167
Right-of-use asset—financing lease	11	34
Other assets	126	113
Total assets	92,370	126,966
Current liabilities:
Accounts payable	1,674	1,879
Accrued and other liabilities	14,486	14,500
Lease liabilities—operating	1,227	1,116
Lease liability—finance	13	38
Current portion of long-term debt	6,714	2,181
Total current liabilities	24,114	19,714
Lease liabilities—operating, net of current portion	3,133	3,418
Long-term debt, net of debt discounts and deferred financing fees	13,538	17,727
Other liabilities	95	299
Total liabilities	40,880	41,158
Stockholders' equity:
Preferred stock, par value $0.001 per share, 5,000 shares authorized; no shares issued and outstanding	0
Common stock, par value $0.001 per share, 150,000 shares authorized; 42,975 and 42,835 shares issued; 42,921 and 42,794 shares outstanding at December 31, 2021 and June 30, 2021, respectively	43	43
Additional paid-in capital	327,235	325,245
Treasury stock at cost; 54 and 41 shares at December 31, 2021 and June 30, 2021, respectively	(256)	(211)
Accumulated deficit	(275,532)	(239,269)
Total stockholders' equity	51,490	85,808
Total liabilities and stockholders' equity	$ 92,370	$ 126,966

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2021	Jun. 30, 2021
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	42,975,000	42,835,000
Common stock, shares outstanding	42,921,000	42,794,000
Treasury stock, shares held	54,000	41,000

Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Research and development	14,454	11,811	26,779	23,437
General and administrative and other	3,989	3,304	8,089	6,740
Total operating expenses	18,443	15,115	34,868	30,177
Loss from operations	(18,443)	(15,115)	(34,868)	(30,177)
Other income (expense), net:
Investment income, net	6	29	12	93
Interest expense	(675)	(335)	(1,344)	(667)
Total other income (expense), net	(669)	(306)	(1,332)	(574)
Loss before provision for income taxes	(19,112)	(15,421)	(36,200)	(30,751)
Provision for income taxes	0	20	0	41
Loss before equity in net losses of an affiliate	(19,112)	(15,441)	(36,200)	(30,792)
Equity in net losses of an affiliate	(32)	(21)	(63)	(50)
Net loss	$ (19,144)	$ (15,462)	$ (36,263)	$ (30,842)
Weighted average shares outstanding:
Basic	42,886	25,883	42,855	25,850
Diluted	42,886	25,883	42,855	25,850
Net loss per common share:
Basic	$ (0.45)	$ (0.60)	$ (0.85)	$ (1.19)
Diluted	$ (0.45)	$ (0.60)	$ (0.85)	$ (1.19)

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, 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
Beginning balance at Jun. 30, 2021	85,808	$ 43	$ (211)	325,245	(239,269)
Beginning balance, shares at Jun. 30, 2021		42,794,000	41,000
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		65,000	13,000
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		42,859,000	54,000
Beginning balance at Jun. 30, 2021	85,808	$ 43	$ (211)	325,245	(239,269)
Beginning balance, shares at Jun. 30, 2021		42,794,000	41,000
Net loss	(36,263)
Ending balance at Dec. 31, 2021	51,490	$ 43	$ (256)	327,235	(275,532)
Ending balance, shares at Dec. 31, 2021		42,921,000	54,000
Beginning balance at Sep. 30, 2021	69,525	$ 43	$ (256)	326,126	(256,388)
Beginning balance, shares at Sep. 30, 2021		42,859,000	54,000
Issuance of common stock, net of issuance costs	143			143
Issuance of common stock, net of issuance costs, shares		56,000
Share-based compensation expense	946			946
Shares issued under employee plans and related share repurchases	20			20
Shares issued under employee plans and related share repurchases shares		6,000
Net loss	(19,144)				(19,144)
Ending balance at Dec. 31, 2021	$ 51,490	$ 43	$ (256)	$ 327,235	$ (275,532)
Ending balance, shares at Dec. 31, 2021		42,921,000	54,000

- Definition

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

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net loss	$ (36,263)	$ (30,842)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	1,756	1,270
Depreciation and amortization	751	771
Investment discount accretion, net		(2)
Amortization of debt discounts and deferred financing fees	344	167
Reduction in the carrying amount of operating lease right-of-use assets	243	173
Equity in net losses of an affiliate	63	50
Changes in operating assets and liabilities:
Prepaid and other assets	120	623
Accounts payable	(215)	420
Operating lease liabilities	(417)	(338)
Accrued and other liabilities	125	1,400
Cash used in operating activities	(33,493)	(26,308)
Investing activities:
Purchases of property and equipment	(821)	(768)
Purchases of and capitalized costs related to intangible assets	(131)	(213)
Maturities of investments	2,000	27,000
Purchases of investments		(18,992)
Cash provided by investing activities	1,048	7,027
Financing activities:
Proceeds from the issuance of common stock, net of issuance costs	143
Proceeds from exercises of common stock options	91	201
Payments for deferred financing fees		(129)
Taxes paid related to equity awards	(45)	(123)
Principal payments on a finance lease	(25)	(23)
Cash provided by (used in) financing activities	164	(74)
Net decrease in cash and cash equivalents	(32,281)	(19,355)
Cash and cash equivalents, beginning of the period	105,052	38,463
Cash and cash equivalents, end of the period	72,771	19,108
Supplemental non-cash information:
Costs for purchases of property and equipment included in accounts payable	9
Costs for intangible assets included in accounts payable/accrued and other liabilities	57	$ 33
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 243

Organization and Operations

6 Months Ended

Dec. 31, 2021

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 December 31, 2021, the Company had (i) an accumulated deficit of $275.5 million and (ii) cash and cash equivalents of $72.8

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. While the Company expects to generate some revenue from collaborations, sponsored research agreements, grants and licensing of its intellectual property, 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. Specifically, the Company’s future liquidity needs will be primarily based on: (i) the success and progression of its product candidates; (ii) its repayment obligations under the long-term debt agreement that is described in Note 5 to these Notes to Unaudited Condensed Financial Statements; and (iii) its costs to operate the leased

build-to-suit

manufacturing and quality control facility that is described in Note 8 to these Notes to Unaudited Condensed Financial Statements. To provide the maximum degree of financial flexibility and mitigate the abovementioned going concern risk, management’s near-term plans consider various potential opportunities to fund the Company’s future operations and/or modulate its liquidity needs, such as: (i) raising new capital through equity or debt financings or other sources, including the

“at-the-market

offering” program that is described in Note 7 to these Notes to Unaudited Condensed Financial Statements; (ii) amending the Company’s long-term debt agreement;

(iii) out-licensing the

rights to certain product candidates; (iv) entering into one or more collaborations to offset the costs of the leased manufacturing and quality control facility through third-party cash milestone and other payments; and (v) reducing spending on research and development activities and/or restructuring the Company’s operations. However, management may be unable to successfully execute any of the plans described above, or raise additional funds or enter into such other arrangements when needed on favorable terms, or at all.

Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2021

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

and Article 8 of Regulation

S-X.

Accordingly, such financial statements do not include all the information and footnotes required by U.S. GAAP for a complete set of financial statements. In the opinion of management, the Unaudited Condensed Financial Statements include all adjustments, consisting of normal recurring accruals and other adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows as of and for the periods presented. The accompanying Condensed Balance Sheet as of June 30, 2021 was derived from the Company’s audited financial statements at that date but does not include all of the footnote disclosures required by U.S. GAAP.

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, 2021 (the “2021

Form 10-K”).

The Company’s significant accounting policies are described in Note 2 to the Notes to Financial Statements in the

2021 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, 2021 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2022 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.

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

amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Interest and penalties related to uncertain tax positions are reflected in the provision for income taxes.

The Company’s provision for income taxes was $20,000 and $41,000 for the three and six months ended December 31, 2020, respectively, which was entirely attributable to estimated interest and penalties on uncertain tax positions. There was no provision for income taxes during the three and six months ended December 31, 2021 because, among other things, the Company had

uncertain tax positions in those reporting periods.

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. The dilutive impact of common stock equivalents for (i) the three and six months ended December 31, 2021 was approximately 0.1 million shares and 0.2 million shares, respectively, and (ii) the three and six months ended December 31, 2020 was approximately 0.3 million shares and 0.4 million shares, respectively. However, those 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.

The common stock equivalents for the three and six months ended December 31, 2021 excluded certain warrants to purchase the Company’s common stock, which are described in 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.

New Accounting Pronouncements

Adopted during the six months ended December 31, 2021

Financial Instruments—Credit Losses

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”)

No. 2016-13,

Financial Instruments – Credit Losses (Topic

326): Measurement of Credit Losses on Financial Instruments

. The new standard requires that financial assets measured at amortized cost be presented at the net amount expected to be collected and separately measure an allowance for credit losses that is deducted from the amortized cost basis of those financial assets. The Company early adopted the new standard on July 1, 2021; however, it did not have a significant impact on the Company’s financial statements.

Income Taxes

In December 2019, the FASB issued

ASU No. 2019-12,

Income Taxes (Topic

740): Simplifying the Accounting for Income Taxes

. The new standard includes several provisions that simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and increasing consistency and clarity for the users of financial statements. The Company adopted the new standard on July 1, 2021; however, it did not have a significant impact on the Company’s financial statements.

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

. The new standard addresses interactions between the guidance to account for certain equity securities under Accounting Standards Codification (“ASC”) Topic 321, the guidance to account for investments under the equity method of accounting in ASC Topic 323 and the guidance in ASC Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC Topic 825,

Financial Instruments

. The Company adopted the new standard on July 1, 2021; however, it did not have a significant impact on the Company’s financial statements.

Share-based Compensation Plans

6 Months Ended

Dec. 31, 2021

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 that do not have performance conditions is provided below.


	Six Months Ended December 31,
	2021					2020
(In thousands, except per share amounts)	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at the beginning of the period		4,186		$	7.69		3,846		$	7.82
Granted		2,371			3.11		1,237			5.28
Exercised		(30	)		3.07		(57	)		3.55
Forfeited		(262	)		4.22		(407	)		4.43
Expired		(512	)		11.25		(62	)		10.23

Outstanding at the end of the period		5,753		$	5.66		4,557		$	7.45

Exercisable at the end of the period		2,710					2,690

Weighted average fair value of options granted during the period	$	2.19				$	3.81

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	2021			2020
Dividend yield		0.00	%		0.00	%
Expected term		6.00 to 6.25 years			6.00 to 6.25 years
Risk-free interest rate		0.80% to 1.35	%		0.30% to 0.54	%
Expected volatility		82.51	%		82.60	%

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 of

the total award. If any of the performance criteria are not satisfied, that corresponding tranche will be forfeited. As of December 31, 2021, one of the six performance criteria has been met and one criterion will likely never be met. The Company used a Black-Scholes stock option pricing model to estimate the grant date fair value of each option to be $2.58; however, determining the appropriate periodic share-based compensation expense for this award requires management to estimate the likelihood of the achievement of the performance targets.

Restricted Stock Units

During August 2019, 175,500 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. Those awards had 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, 2021 and 2020, 54,500 and 76,500 restricted stock units vested and the underlying shares were issued to the grantees. A total of 44,500 restricted stock units were forfeited through August 15, 2021 and, subsequent to that date, no restricted stock units with market-based vesting conditions remain outstanding. 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.

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. Those 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 December 31, 2021, 111,000 restricted stock units have been forfeited. 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. No additional restricted stock unit awards are expected to be granted under this program.

Share-based compensation expense for the three and six months ended December 31, 2021 was $0.9 million and $1.8 million, respectively, compared to $0.6 million and $1.3 million for the three and six months ended December 31, 2020, respectively. The portion of such expense pertaining to stock options awarded to employees, nonemployee directors and consultants was $1.2 million for each of the six months ended December 31, 2021 and 2020. Share-based compensation expense pertaining to restricted stock awards and restricted stock units awarded to employees and consultants totaled $0.6 million and $0.1 million for the six months ended December 31, 2021 and 2020, respectively.

Investments and Fair Values of Financial Instruments

6 Months Ended

Dec. 31, 2021

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. At June 30, 2021, the Company’s investments consisted of

a held-to-maturity debt

security that matured in July 2021 (the $2.0 million amortized cost of that investment approximated its fair value on such date). The Company held no investments at December 31, 2021.

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

, establishes a hierarchy of inputs used when available. Observable inputs are inputs that market participants would use when pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use when pricing an asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used when determining the reported fair value of financial instruments and is not a measure of an investment’s credit quality. The three levels of the fair value hierarchy are described below.

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.

The carrying value of cash and cash equivalents approximates fair value because the maturities thereof are less than three months.

Debt

securities—held-to-maturity.

The Company’s investments in debt securities classified as

held-to-maturity

have historically consisted of U.S. Treasury securities that were valued using quoted market prices. Valuation adjustments were not applied.

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 Value
December 31, 2021
Cash and cash equivalents	$	72,771	$	—	$	—	$	72,771

June 30, 2021
Cash and cash equivalents	$	105,052	$	—	$	—	$	105,052
Held-to-maturity investment (U.S. Treasury security)		2,000		—		—		2,000

Total assets	$	107,052	$	—	$	—	$	107,052

The Company’s financial instruments also include its variable-rate borrowing under a debt agreement that is described in Note 5 to these Notes to Unaudited Condensed Financial Statements. Management believes that the carrying amount of such debt (i.e., $20.3 million and $19.9 million at December 31, 2021 and June 30, 2021, respectively) reasonably approximates its fair value on those dates 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.

- Definition

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

+ References + Details

Debt

6 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

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

2021 Form 10-K.

On June 30, 2020, the Company entered into a Loan and Security Agreement (as amended effective May 13, 2021, the “Amended Loan Agreement”) with several banks and other financial institutions or entities from time to time parties to the Amended 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 Amended 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 “Term Loan”). The first two tranches under the Amended Loan Agreement consisted of term loan advances of $10.0 million on each of June 30, 2020 and May 13, 2021. 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 $5.0 million prior to April 1, 2022 or, if certain conditions are satisfied, then prior to January 1, 2023. However, there can be no assurances that any additional term loan advances will be funded by the Lenders in the future.

As of both December 31, 2021 and June 30, 2021, the variable contractual interest rate on the Term Loan was 9.75% per annum and the effective interest rate on the Term Loan was 13.26%. Prior to completing the loan amendment in May 2021, the effective interest rate on the Term Loan was 13.53%.

As of December 31, 2021, the Company was in full compliance with all covenants of the Amended Loan Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Collaboration Agreements and Contract Liabilities

6 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreements and Contract Liabilities

6.	Collaboration Agreements and Contract Liabilities

Bionic Sight, LLC

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 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,

which aggregated approximately $2.2 million, to an equity interest in Bionic Sight, in each case, consistent with the provisions of the collaboration agreement. AGTC is not obligated to purchase additional equity in Bionic Sight or make any

additional in-kind contributions

under the agreement. The Company recorded its initial investment in Bionic Sight using the equity method of accounting for investments. Upon receipt of additional equity in March 2020, management concluded that equity method accounting remained appropriate.

Otonomy, Inc.

During October 2019, the Company entered into a strategic collaboration agreement with Otonomy, Inc. (“Otonomy”) to

co-develop

and

co-commercialize

an adeno-associated virus-based gene therapy to restore hearing in patients with sensorineural hearing loss caused by a mutation in the gap junction protein beta 2 gene (“GJB2”) – the most common cause of congenital hearing loss. Mutations in GJB2 account for approximately 30% of

all genetic hearing loss cases. People with this mutation can have

severe-to-profound

deafness in both ears that is identified in screening tests routinely performed on newborns. Under the collaboration agreement, the parties began equally sharing the program costs and any proceeds from potential licensing transactions in January 2020 and can include additional genetic hearing loss targets in the future. Effective January 1, 2022, the Otonomy collaboration agreement was amended to increase Otonomy’s responsibility for the overall development and commercialization of the program, which resulted in (i) a reduction in the Company’s share of future product development costs and (ii) the Company’s potential receipt of future payments, and royalties on any product sales in lieu of equal sharing of any potential profits or proceeds related to the program.

The Company concluded that the Otonomy collaboration agreement is within the scope of ASC Topic 808,

Collaborative Arrangements

(“Topic 808”), which defines collaborative arrangements and addresses the presentation of transactions between the parties in an entity’s statement of operations and the 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,

should be applied by analogy to payments between the parties during the 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 six months ended December 31, 2021 and 2020, 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 December 31, 2021 and June 30, 2021, accrued and other liabilities on the Company’s balance sheets included $449,000 and $374,000, respectively, of deferred revenue. The account balance at December 31, 2021 included $75,000 that was billed to a customer but remained uncollected as of such date. The corresponding uncollected account balance at June 30, 2021 was $225,000 (such amount was collected by the Company in July 2021). Management expects that $300,000 of the deferred revenue at December 31, 2021 will be recognized as revenue during the year ending June 30, 2022; however, management is unable to estimate when the Company will satisfy the performance obligations pertaining to its residual deferred revenue at December 31, 2021.

Stockholders' Equity

6 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

7.	Stockholders’ Equity

Public Offering of AGTC Equity Securities

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 totaled $5.2 million.

The warrants have an 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 and are separately exercisable by the warrant holders. While the warrants are outstanding (but unexercised), the warrant holders will participate in any dividend or other distribution of the Company’s assets to its common stockholders by way of return of capital or otherwise. As of December 31, 2021, none of the warrants have been exercised.

At-The-Market Offering Program

On April 2, 2021, the Company entered into a Controlled Equity Offering

Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) as sales agent to sell shares of the Company’s common stock, from time to time,

through an “at-the-market offering” program

with an aggregate offering amount of up to

$50.0

million. Cantor is entitled to aggregate compensation equal to

3.0%

of the gross sales price of the shares sold through it pursuant to the Sales Agreement. During the six months ended December 31, 2021, the Company received net proceeds of

$143,000 from selling 55,580

shares of its common stock under the Sales Agreement; however, neither Cantor nor the Company is obligated to sell additional shares under this program in the future.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

6 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8.	Commitments and Contingencies

Lease Commitment

As of December 31, 2021, 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

2021 Form 10-K

under the

heading “Build-To-Suit Manufacturing and

Quality Control Facility in Alachua, Florida,”

requires non-cancelable undiscounted

future base rent payments aggregating

$26.8 million over twenty years

(assuming that the Company does not elect the early termination option). In connection with the new leased facility, the Company had financial commitments for equipment and shared building fit out costs of approximately $6 million as of December 31, 2021.

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 risks to the international community as the virus spread globally beyond its point of origin. In March 2020, the WHO classified the

COVID-19

outbreak as a pandemic based on the rapid increase in exposure globally. National, state and local governments in affected regions have implemented, and are likely to continue to implement, safety precautions, including quarantines, border closures, increased border controls, travel restrictions, shelter in place orders and shutdowns, business closures, cancellations of public gatherings and other measures. Organizations and individuals are taking additional steps to avoid or reduce infection, including limiting travel and staying home from work.

The worldwide

spread of COVID-19 led to

a global slowdown of economic activity and decreased demand for a broad variety of goods and services, while also disrupting sales channels and marketing activities and precipitating many corporate bankruptcy filings. As a result of the

COVID-19

outbreak, the Company has experienced delays in enrollment of its clinical trials and may continue to see delays as the rise in

COVID-19

and/or related variants causes capacity constraints at various clinical trial sites. The Company could also experience delays resulting from critical

follow-up visits required

under clinical trial protocols, which could increase the cost of

those trials and also impact their expected timelines. Management’s ability to fully interpret the trial outcomes and the ability of certain

lab-based employees to

perform their jobs

due to stay-at-home orders or

other restrictions

related to COVID-19 could also

result in delays and increase the Company’s operating expenses. Furthermore, third-party vendors, such as raw material suppliers and contract manufacturing, testing or research organizations, have also been impacted

by COVID-19

and could continue to be impacted, which could result in unavoidable delays and/or increases in the Company’s operating costs.

Notwithstanding the rapid development and rollout of certain vaccines, it is unknown: (i) how long the

COVID-19

outbreak will continue before the virus, including newly identified strains and variants, is adequately contained; (ii) the severity of the virus; and (iii) the effectiveness of actions to prevent transmission and treat those who have contracted

COVID-19.

The extent to which the

COVID-19

outbreak may impact the Company’s financial condition, results of operations or cash flows is uncertain; however, as of the date of these financial statements, management is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments, or adjust the carrying values of its assets or liabilities. Because future events are subject to change, management’s best estimates and judgments may require future modification. Therefore, actual results could differ materially from current estimates. Management is closely monitoring the evolving impact of the pandemic on all aspects of the Company’s business and periodically evaluates its estimates, which are adjusted prospectively based on such evaluations.

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.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
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 and Article 8 of Regulation S-X. Accordingly, such financial statements do not include all the information and footnotes required by U.S. GAAP for a complete set of financial statements. In the opinion of management, the Unaudited Condensed Financial Statements include all adjustments, consisting of normal recurring accruals and other adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows as of and for the periods presented. The accompanying Condensed Balance Sheet as of June 30, 2021 was derived from the Company’s audited financial statements at that date but does not include all of the footnote disclosures required by U.S. GAAP. 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, 2021 (the “2021 Form 10-K”). The Company’s significant accounting policies are described in Note 2 to the Notes to Financial Statements in the 2021 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, 2021 are not necessarily indicative of the Company’s operating results for the full year ending June 30, 2022 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.
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 amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Interest and penalties related to uncertain tax positions are reflected in the provision for income taxes. The Company’s provision for income taxes was $20,000 and $41,000 for the three and six months ended December 31, 2020, respectively, which was entirely attributable to estimated interest and penalties on uncertain tax positions. There was no provision for income taxes during the three and six months ended December 31, 2021 because, among other things, the Company had no uncertain tax positions in those reporting periods.
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. The dilutive impact of common stock equivalents for (i) the three and six months ended December 31, 2021 was approximately 0.1 million shares and 0.2 million shares, respectively, and (ii) the three and six months ended December 31, 2020 was approximately 0.3 million shares and 0.4 million shares, respectively. However, those 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. The common stock equivalents for the three and six months ended December 31, 2021 excluded certain warrants to purchase the Company’s common stock, which are described in 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.
New Accounting Pronouncements	New Accounting Pronouncements Adopted during the six months ended December 31, 2021 Financial Instruments—Credit Losses In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new standard requires that financial assets measured at amortized cost be presented at the net amount expected to be collected and separately measure an allowance for credit losses that is deducted from the amortized cost basis of those financial assets. The Company early adopted the new standard on July 1, 2021; however, it did not have a significant impact on the Company’s financial statements. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The new standard includes several provisions that simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and increasing consistency and clarity for the users of financial statements. The Company adopted the new standard on July 1, 2021; however, it did not have a significant impact on the Company’s financial statements. 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 . The new standard addresses interactions between the guidance to account for certain equity securities under Accounting Standards Codification (“ASC”) Topic 321, the guidance to account for investments under the equity method of accounting in ASC Topic 323 and the guidance in ASC Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC Topic 825, Financial Instruments . The Company adopted the new standard on July 1, 2021; however, it did not have a significant impact on the Company’s financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Share-based Compensation Plans (Tables)

6 Months Ended

Dec. 31, 2021

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,
	2021					2020
(In thousands, except per share amounts)	Shares			Weighted Average Exercise Price		Shares			Weighted Average Exercise Price
Outstanding at the beginning of the period		4,186		$	7.69		3,846		$	7.82
Granted		2,371			3.11		1,237			5.28
Exercised		(30	)		3.07		(57	)		3.55
Forfeited		(262	)		4.22		(407	)		4.43
Expired		(512	)		11.25		(62	)		10.23

Outstanding at the end of the period		5,753		$	5.66		4,557		$	7.45

Exercisable at the end of the period		2,710					2,690

Weighted average fair value of options granted during the period	$	2.19				$	3.81

Stock Option Pricing Model Assumption


	Six Months Ended December 31,
Assumption	2021			2020
Dividend yield		0.00	%		0.00	%
Expected term		6.00 to 6.25 years			6.00 to 6.25 years
Risk-free interest rate		0.80% to 1.35	%		0.30% to 0.54	%
Expected volatility		82.51	%		82.60	%

Investments and Fair Values of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Major Category of Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


In thousands	Level 1		Level 2		Level 3		Total Fair Value
December 31, 2021
Cash and cash equivalents	$	72,771	$	—	$	—	$	72,771

June 30, 2021
Cash and cash equivalents	$	105,052	$	—	$	—	$	105,052
Held-to-maturity investment (U.S. Treasury security)		2,000		—		—		2,000

Total assets	$	107,052	$	—	$	—	$	107,052

Organization and Operations - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Summary Of Organization And Operations [Line Items]
Accumulated deficit	$ (275,532)	$ (239,269)
Cash and cash equivalents	$ 72,771	$ 105,052

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2021 USD ($) Segment shares	Dec. 31, 2020 USD ($) shares
Summary of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment			1
Dilutive impact of common stock equivalents \| shares	0.1	0.3	0.2	0.4
Provision for income taxes \| $	$ 0	$ 20	$ 0	$ 41

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Share-based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Millions				1 Months Ended		3 Months Ended			6 Months Ended
	Dec. 31, 2021 $ / shares shares	Aug. 15, 2021 shares	May 31, 2021 $ / shares shares	Aug. 31, 2019 $ / shares shares	Jul. 31, 2019 $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jul. 31, 2021 $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2021 USD ($) Agreement $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Jun. 30, 2021 $ / shares	Aug. 15, 2020 shares	Jun. 30, 2020 $ / shares
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of equity compensation plans \| Agreement									2
Stock options granted									2,371,000	1,237,000
Exercise price \| $ / shares	$ 5.66					$ 5.66		$ 7.45	$ 5.66	$ 7.45	$ 7.69		$ 7.82
Grant date fair value \| $ / shares									$ 2.19	$ 3.81
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			128,571
Stock Options [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense \| $									$ 1.2	$ 1.2
Restricted Shares Awards [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense \| $									$ 0.6	0.1
Restricted stock awards to employees, Granted				175,500
Grant date fair value \| $ / shares				$ 2.56
Restricted stock awards vested		54,500										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
Restricted Stock Units [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense \| $						$ 0.9		$ 0.6	$ 1.8	$ 1.3
Restricted stock awards to employees, Granted							579,500
Restricted stock awards to employees, forfeited	111,000	44,500
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				$ 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 Plans - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding Beginning Balance, Shares	4,186	3,846
Granted, Shares	2,371	1,237
Exercised, Shares	(30)	(57)
Forfeited, Shares	(262)	(407)
Expired, Shares	(512)	(62)
Outstanding Ending Balance, Shares	5,753	4,557
Exercisable, end of period, Shares	2,710	2,690
Weighted average fair value of options granted during the year	$ 2.19	$ 3.81
Outstanding Beginning Balance, Weighted Average Exercise Price	7.69	7.82
Granted, Weighted Average Exercise Price	3.11	5.28
Exercised, Weighted Average Exercise Price	3.07	3.55
Forfeited, Weighted Average Exercise Price	4.22	4.43
Expired, Weighted Average Exercise Price	11.25	10.23
Outstanding Ending Balance, Weighted Average Exercise Price	$ 5.66	$ 7.45

Share-based Compensation Plans - Stock Option Pricing Model Assumption (Detail)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	82.51%	82.60%
Minimum [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 years	6 years
Risk-free interest rate, minimum	0.80%	0.30%
Maximum [Member]
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	6 years 3 months	6 years 3 months
Risk-free interest rate, maximum	1.35%	0.54%

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	Dec. 31, 2021	Jun. 30, 2021
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		$ 107,052
Cash and Cash Equivalents [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 72,771	105,052
US Treasury Securities [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		2,000
Quoted Prices in Active markets (Level 1) [Member]
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		107,052
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	$ 72,771	105,052
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		$ 2,000

Investments and Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Carrying amount of long-term debt, net of unamortized deferred financing costs and debt discounts	$ 20,300	$ 19,900
Debt Securities, Held-to-maturity, Fair Value		$ 2,000
Investments	$ 0
Debt Securities, Maturity, Date	Jul. 31, 2021

Debt - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Debt instrument,interest rate	9.75%	9.75%
After Amendment To Loan [Member]
Debt instrument, Effective interest rate	13.26%
Before Amendment To Loan [Member]
Debt instrument, Effective interest rate	13.53%
Term loan [Member]
Debt instrument maximum borrowing capacity			$ 25.0
Long-term Debt, Gross			10.0
Line of credit facility additional borrowing capacity			$ 5.0

Collaboration Agreements and Contract Liabilities - Additional Information (Detail) - USD ($)			1 Months Ended	12 Months Ended
	Mar. 31, 2020	Feb. 02, 2017	Oct. 31, 2019	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue balance					$ 75,000	$ 225,000
Deferred revenue					$ 449,000	$ 374,000
Subsequent Event [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Contract with Customer, Liability, Revenue Recognized				$ 300,000
Mutations in GJB2 [Member] \| Otonomy Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage on mutations in GJB2 account			30.00%
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	$ 4,000,000.0	$ 2,000,000.0
Percentage of investment in equity interest	15.50%	5.00%
Ongoing research and development support costs	$ 2,200,000

Stockholders' Equity - Additional Information (Detail) - USD ($)		6 Months Ended
	Feb. 01, 2021	Dec. 31, 2021	Jun. 30, 2021	Apr. 02, 2021
Class of Stock [Line Items]
Common stock, shares issued	16,741,573	42,975,000	42,835,000
Maximum number of stocks acquired by outstanding warrants	8,370,786
Common stock, share price	$ 4.45
Aggregate proceeds received	$ 74,500,000	$ 143,000
Payments of Stock Issuance Costs	$ 5,200,000
Warrants exercise price	$ 6.00
Warrants expiration date	Feb. 01, 2026
Aggregate offering price				$ 50,000,000.0
Warrants Exercised		0
Cantor Fitzgerald & Co [Member]
Class of Stock [Line Items]
Percentage of compensation cost on gross sales price of shares				3.00%
Cantor Fitzgerald & Co [Member] \| Controlled Equity Offering Sales Agreement or Sales Agreement [Member]
Class of Stock [Line Items]
Net proceeds received from issuance of common stock		$ 143,000
Number of shares issued during the period		55,580

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Non-cancelable undiscounted future base rent payments	$ 26.8
Operating leases, lease terms	20 years
Financial commitments for equipment and shared building fit out costs	$ 6.0