Dex Liquidating (CRDC) 10-K 25 Sep 15 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Sep. 22, 2015	Dec. 31, 2014
Entity Registrant Name	CARDICA INC
Entity Central Index Key	1,178,104
Trading Symbol	crdc
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		89,018,550
Entity Public Float			$ 55.6
Document Type	10-K
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Current assets
Cash and cash equivalents	$ 8,264	$ 25,553
Short-term investments	12,972	14,928
Accounts receivable	424	706
Inventories	1,391	1,086
Prepaid expenses and other current assets	310	349
Total current assets	23,361	42,622
Property and equipment, net	1,859	2,536
Long-term investments	3,970	2,315
Restricted cash	104	104
Total assets	29,294	47,577
Current liabilities
Accounts payable	699	847
Accrued compensation	434	899
Other accrued liabilities	$ 522	437
Current portion of deferred rent		71
Current portion of deferred revenue	$ 403	403
Total current liabilities	2,058	2,657
Deferred revenue, net of current portion	2,125	1,610
Note payable	2,828	3,092
Other non-current liabilities	194	33
Total liabilities	$ 7,205	$ 7,392
Commitments and contingencies (Note 5)
Stockholders’ equity
Preferred stock, $0.001 par value: 5,000,000 shares authorized; 191,474 shares issued and outstanding at June 30, 2015 and 2014	$ 17,214	$ 17,214
Common stock, $0.001 par value: 125,000,000 shares authorized; 89,021,443 and 89,005,443 shares issued and 88,955,216 and 88,939,216 shares outstanding at June 30, 2015 and 2014, respectively	89	89
Additional paid-in capital	195,099	194,015
Treasury stock at cost (66,227 shares at June 30, 2015 and 2014)	(596)	(596)
Accumulated other comprehensive loss	(8)	(10)
Accumulated deficit	(189,709)	(170,527)
Total stockholders’ equity	22,089	40,185
Total liabilities and stockholders’ equity	$ 29,294	$ 47,577

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	191,474	191,474
Preferred stock, shares outstanding (in shares)	191,474	191,474
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	89,021,443	89,005,443
Common stock, shares outstanding (in shares)	88,955,216	88,939,216
Treasury stock shares (in shares)	66,227	66,227

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Net revenue
Product sales, net	$ 2,922,000	$ 3,505,000	$ 3,093,000
License and development revenue		41,000	336,000
Royalty revenue	$ 68,000	69,000	70,000
Total net revenue	2,990,000	3,615,000	3,499,000
Operating costs and expenses
Cost of product sales	4,235,000	4,770,000	3,604,000
Research and development	7,341,000	6,883,000	9,145,000
Selling, general and administrative	10,197,000	8,463,000	6,410,000
Total operating costs and expenses	21,773,000	20,116,000	19,159,000
Loss from operations	(18,783,000)	(16,501,000)	(15,660,000)
Interest income	56,000	12,000	15,000
Interest expense	(450,000)	(504,000)	(457,000)
Other income (expense), net	(5,000)	27,000	(35,000)
Net loss before income tax	$ (19,182,000)	$ (16,966,000)	$ (16,137,000)
Income tax benefit
Net loss	$ (19,182,000)	$ (16,966,000)	$ (16,137,000)
Deemed dividend related to beneficial conversion feature of convertible preferred stock		(1,915,000)
Net loss allocable to common stockholders	$ (19,182,000)	$ (18,881,000)	$ (16,137,000)
Basic and diluted net loss per share allocable to common stockholders (in dollars per share)	$ (0.22)	$ (0.32)	$ (0.40)
Shares used in computing basic and diluted net loss per share allocable to common stockholders (in shares)	88,953	58,395	40,842

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Net loss	$ (19,182,000)	$ (16,966,000)	$ (16,137,000)
Other comprehensive loss:
Change in unrealized loss on investment	2,000	(5,000)
Comprehensive loss	$ (19,180,000)	$ (16,971,000)	$ (16,137,000)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Wedbush [Member]Preferred Stock [Member]	Wedbush [Member]Common Stock [Member]	Wedbush [Member]Additional Paid-in Capital [Member]	Wedbush [Member]Treasury Stock [Member]	Wedbush [Member]AOCI Attributable to Parent [Member]	Wedbush [Member]Retained Earnings [Member]	Wedbush [Member]	Aspire [Member]Preferred Stock [Member]	Aspire [Member]Common Stock [Member]	Aspire [Member]Additional Paid-in Capital [Member]	Aspire [Member]Treasury Stock [Member]	Aspire [Member]AOCI Attributable to Parent [Member]	Aspire [Member]Retained Earnings [Member]	Aspire [Member]	MLV [Member]Preferred Stock [Member]	MLV [Member]Common Stock [Member]	MLV [Member]Additional Paid-in Capital [Member]	MLV [Member]Treasury Stock [Member]	MLV [Member]AOCI Attributable to Parent [Member]	MLV [Member]Retained Earnings [Member]	MLV [Member]	Convertible Preferred Stock [Member]Preferred Stock [Member]	Convertible Preferred Stock [Member]Common Stock [Member]	Convertible Preferred Stock [Member]Additional Paid-in Capital [Member]	Convertible Preferred Stock [Member]Treasury Stock [Member]	Convertible Preferred Stock [Member]AOCI Attributable to Parent [Member]	Convertible Preferred Stock [Member]Retained Earnings [Member]	Convertible Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at June 30, 2012 (in shares) at Jun. 30, 2012																														36,511,388
Balance at June 30, 2012 at Jun. 30, 2012																														$ 37	$ 149,348	$ (596)	$ (5)	$ (137,424)	$ 11,360
Issuance of common stock upon exercise of employee stock options for cash (in shares)																														10,518					(10,518)
Issuance of common stock upon exercise of employee stock options for cash																															88				$ 88
Issuance of common stock upon release of restricted share units (in shares)																														48,000
Sale of stock (in shares)		14,251,368							(166,759)							414,099
Sale of stock		$ 14	$ 13,998				$ 14,012										$ 729				$ 729
Stock-based compensation expense																															$ 922				922
Net loss																																		$ (16,137)	(16,137)
Balance at June 30, 2013 (in shares) at Jun. 30, 2013																														51,068,614
Balance at June 30, 2013 at Jun. 30, 2013																														$ 51	$ 165,085	$ (596)	$ (5)	$ (153,561)	$ 10,974
Deemed dividend related to beneficial conversion feature of convertible preferred stock
Change in unrealized loss on investment
Issuance of common stock upon release of restricted share units (in shares)																														122,666
Sale of stock (in shares)																439,163						191,474								37,375,000
Sale of stock																	$ 450				$ 450	$ 15,299						$ 15,299		$ 38	29,375				$ 29,413
Stock-based compensation expense																															$ 1,020				1,020
Net loss																																		$ (16,966)	(16,966)
Balance at June 30, 2013 (in shares) at Jun. 30, 2014																													191,474	89,005,443
Balance at June 30, 2013 at Jun. 30, 2014																													$ 17,214	$ 89	$ 194,015	$ (596)	$ (10)	$ (170,527)	40,185
Deemed dividend related to beneficial conversion feature of convertible preferred stock																													$ 1,915		$ (1,915)				1,915
Change in unrealized loss on investment																																	$ (5)		(5)
Issuance of common stock upon release of restricted share units (in shares)																														16,000
Sale of stock																															$ (65)				(65)
Stock-based compensation expense																															$ 1,149				1,149
Net loss																																		$ (19,182)	(19,182)
Balance at June 30, 2013 (in shares) at Jun. 30, 2015																													191,474	89,021,443
Balance at June 30, 2013 at Jun. 30, 2015																													$ 17,214	$ 89	$ 195,099	$ (596)	$ (8)	$ (189,709)	$ 22,089
Deemed dividend related to beneficial conversion feature of convertible preferred stock
Change in unrealized loss on investment																																	$ 2		$ 2

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Parentheticals) - Additional Paid-in Capital [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Wedbush [Member]
Stock issuance costs			$ 1,000
MLV [Member]
Stock issuance costs		$ 51	$ 25
Convertible Preferred Stock [Member]
Stock issuance costs		1,000
Stock issuance costs	$ 100	$ 2,300

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Operating activities
Net loss	$ (19,182,000)	$ (16,966,000)	$ (16,137,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization of property and equipment	1,255,000	1,387,000	1,154,000
Amortization of premiums on marketable securities	437,000	126,000	135,000
Loss on disposal or retirement of property and equipment	86,000	60,000	68,000
Stock-based compensation expense on grants of stock awards to non-employees	65,000	107,000	65,000
Stock-based compensation expense on grants of stock awards to employees	$ 1,084,000	913,000	857,000
Allowance for doubtful account		(33,000)	33,000
Non cash interest expense	$ 251,000	304,000	256,000
Changes in assets and liabilities
Accounts receivable	282,000	(282,000)	(125,000)
Prepaid expenses and other current assets	39,000	(96,000)	(39,000)
Inventories	(305,000)	371,000	(881,000)
Accounts payable and other accrued liabilities	(101,000)	171,000	(86,000)
Accrued compensation	$ (465,000)	299,000	190,000
Deferred revenue		(41,000)	(336,000)
Other non-current liabilities	$ 128,000	(128,000)	(19,000)
Net cash used in operating activities	(16,426,000)	(13,808,000)	(14,865,000)
Investing activities
Purchases of property and equipment	(664,000)	(822,000)	(2,079,000)
Proceeds from maturities of investments	30,334,000	8,648,000	10,082,000
Purchases of investments	(30,468,000)	(20,000,000)	(10,066,000)
Net cash used in investing activities	$ (798,000)	(12,174,000)	$ (2,063,000)
Financing activities
Proceeds from sales of convertible preferred stock, net of issuance costs		15,299,000
Proceeds from sales of common stock, net of issuance costs	$ (65,000)	$ 29,863,000	$ 14,741,000
Proceeds from issuance of common stock pursuant to the exercise of stock options			88,000
Net cash (used in) provided by financing activities	$ (65,000)	$ 45,162,000	14,829,000
Net increase (decrease) in cash and cash equivalents	(17,289,000)	19,180,000	(2,099,000)
Cash and cash equivalents at beginning of year	25,553,000	6,373,000	8,472,000
Cash and cash equivalents at end of year	8,264,000	25,553,000	6,373,000
Supplemental disclosure of cash flow information
Cash paid for interest	$ 200,000	200,000	$ 200,000
Supplemental disclosure of non-cash investing and financing information
Deemed dividend related to beneficial conversion feature of convertible preferred stock		$ 1,915,000
Incremental debt discount relating to note extension	$ 515,000

Note 1 - Organization and Summa

Note 1 - Organization and Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1. Organization and Summary of Significant Accounting Policies Organization Cardica, Inc. ( the “Company”) was incorporated in the state of Delaware on October 15, 1997, as Vascular Innovations, Inc. On November 26, 2001, the Company changed its name to Cardica, Inc. The Company is commercializing and developing a commercializing and developing the MicroCutter XCHANGE® 30 based on its proprietary “staple-on-a-strip” technology intended for use by thoracic, pediatric, bariatric, colorectal and general surgeons. The MicroCutter XCHANGE® 30, which is currently commercially-available, is a cartridge based microcutter device with a 5 millimeter shaft diameter and a 30 millimeter staple line currently approved for use in the United States for specified indications of use, and in the European Union, or EU, for a broader range of specified indications of use. The Company previously had additional products in development, including the MicroCutter XCHANGE® 45, a cartridge based microcutter device with an 8 millimeter shaft and a 45 millimeter staple line, and the MicroCutter FLEXCHANGE™ 30, a cartridge based microcutter device with a flexible shaft to facilitate endoscopic procedures requiring cutting and stapling; however, the Company suspended development of these additional potential products to focus solely on development of the MicroCutter XCHANGE® 30. In March 2012, the Company completed the design verification for and applied Conformité Européenne, or the CE Mark, to the MicroCutter XCHANGE 30 and, in December 2012, began a controlled commercial launch of the MicroCutter XCHANGE 30 in Europe. The Company received from the United States Food and Drug Administration, or FDA, 510(k) clearances for the MicroCutter XCHANGE 30 and blue cartridge in January 2014, and for the white cartridge in February 2014, for use in multiple open or minimally-invasive surgical procedures for the transection, resection and/or creation of anastomoses in small and large intestine, as well as the transection of the appendix. The blue cartridge is for use in medium thickness tissue, and the white cartridge is for use in thin tissue. In March 2014, the Company made its first sale of the MicroCutter XCHANGE 30 in the United States, and subsequently temporarily suspended its controlled commercial launch in November 2014, as the Company shifted its focus to improved performance based on surgeon feedback. In April 2015, the Company resumed its controlled commercial launch primarily in Europe, of the MicroCutter XCHANGE 30 for thinner tissue usually requiring deployment of white cartridges. While the Company continues this controlled commercial launch, the Company’s goal is to complete product improvements on the MicroCutter XCHANGE 30 combo device that will accommodate thicker tissue ranges requiring deployment of both white and blue cartridges. To further expand the use of the MicroCutter XCHANGE 30, the Company submitted a 510(k) Premarket Notification to the FDA in April 2015, to expand the indications for use to include vascular structures. This 510(k) submission has not yet received FDA clearance. The Company is attempting to expand in the international market of its MicroCutter XCHANGE 30 with additional selected regualtory filings. The Company also submitted the MicroCutter XCHANGE 30 blue and white cartridges application to Health Canada for regulatory approval of the MicroCutter XCHANGE 30 and, if the Company receives approval, anticipate launching it in Canada. In addition, in August 2013, the Company’s exclusive distributor in Japan, Century Medical, Inc., or Century, filed for regulatory approval of the MicroCutter XCHANGE 30 cartridges with the Pharmaceuticals and Medical Devices Agency, or PMDA, in Japan and in April 2014, filed for the MicroCutter XCHANGE 30 stapler with TUV Rheinland Japan Ltd, a registered third-party agency in Japan and received approvals in late 2014 for both, to market in Japan. Also, in January 2015, Century submitted an application to PMDA, relating to a change in the material of the cartridge insert component within the MicroCutter XCHANGE 30 cartridges, changing the distal tip of the cartridge insert material from a Vectra Liquid Crystal Polymer, or LCP, to IXEF Polyarylamide, or IXEF, and recently received approval in August 2015, to market in Japan. Historically, the Company generated product revenues primarily from the sale of automated anastomotic systems; however, the Company started generating revenues from the commercial sales of the MicroCutter XCHANGE 30 since its introduction in Europe in December 2012, and in the United States in March 2014, and through June 30, 2015, the Company generated $1.4 million of net product revenues from the commercial sales of the MicroCutter XCHANGE 30. For the years ended June 30, 2015, 2014 and 2013, the Company generated $0.7 million, $0.5 million and $0.2 million, respectively of net product revenues from the commercial sales of the MicroCutter XCHANGE 30. Liquidity The Company has incurred cumulative net losses of $189.7 million through June 30, 2015, negative cash flows from operating activities and expects to incur losses for the next several years. As of June 30, 2015, the Company had approximately $21.2 million of cash, cash equivalents and short-term investments, $4.0 million in long-term investments and $4.0 million of debt principal outstanding. The Company believes that its existing cash, cash equivalents, short-term and long-term investments, will be sufficient to meet its anticipated cash needs to enable the Company to conduct its business substantially as currently conducted for at least the next 12 months. The Company would be able to extend this time period to the extent that it decreases its planned expenditures, or raises additional capital. Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of Cardica, Inc. and its wholly-owned subsidiary in Germany. All significant intercompany balances and transactions have been eliminated in consolidation. Foreign Currency Translation The Company’s foreign operations are subject to exchange rate fluctuations and foreign currency costs. The functional currency of the German subsidiary is the United States dollar. Transactions and balances denominated in dollars are presented at their original amounts. Monetary assets and liabilities denominated in currencies other than the dollar are re-measured at the current exchange rate prevailing at the balance sheet date. All transaction gains or losses from the re-measurement of monetary assets and liabilities are included in the consolidated statements of operations within other income (expense). Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) generally requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could materially differ from these estimates. Reclassification During fiscal year 2015, the Company identified that it had not appropriately classified $20.2 million of short-term investments as cash equivalents for the fiscal year ended June 30, 2014. Accordingly, the Company reclassified $20.2 million of short-term investments to cash equivalents for the year ended June 30, 2014 as these investments had an active market and original maturity dates of 90 days or less upon purchase. The reclassification resulted in the following changes to the June 30, 2014 consolidated financial statements: a decrease in net cash used in investing activities by $20.2 million in the Consolidated Statements of Cashflows; decrease in money market funds of $17.7 million, corporate debt securities of $1.0 million and commercial paper of $1.5 million from the available-for-sale securities as disclosed in Note 1 to the Consolidated Financial Statements; increase in cash equivalents and decrease in short-term investments by $20.2 million as disclosed in Note 2 to the Consolidated Financial Statements. The misclassification had no effect on previously reported results of operations, total assets or accumulated deficit. Cash and Cash Equivalents The Company’s cash and cash equivalents are maintained in checking, money market, commercial paper and corporate debt securities investment accounts. The Company considers all highly liquid investments with maturities remaining on the date of purchase of three months or less to be cash equivalents. Accounts Receivable Accounts receivable consists of trade receivables and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company evaluates the collectability of accounts receivable on a case-by-case basis and makes adjustments to the bad debt reserve for expected losses. The Company considers factors such as ability to pay, bankruptcy, credit ratings, payment history and past-due status of the accounts. If circumstances related to customers change, estimates of recoverability would be further adjusted. For the fiscal year ended June 30, 2014, the Company recovered $33,000 of bad debt reserve that was recorded in the fiscal year ended June 30, 2013. Available-for-Sale Securities Available-for-sale securities consist primarily of corporate debt securities, commercial papers, and certificates of deposits, and, by the Company's investment policy, restrict exposure to any single corporate issuer by imposing concentration limits. Although maturities may extend beyond one year, it is management's intent that these securities are available for use in current operations. The Company held investments in marketable securities as of June 30, 2015 and 2014, with maturity dates of less than one year for short-term and greater than one year for long-term. The Company records its marketable securities at fair value and classifies them as available-for-sale. The cost of securities sold is based on the specific-identification method. Interest on securities classified as available-for-sale is included in interest income. Unrealized gains or losses on available-for-sale securities are classified as other comprehensive income or loss and reported as a separate component of stockholders’ equity until realized. When the resulting fair value is significantly below cost basis and/or the significant decline has lasted for an extended period of time, the Company performs an evaluation to determine whether the marketable equity security is other than temporarily impaired. The evaluation that the Company uses to determine whether a marketable equity security is other than temporarily impaired is based on the specific facts and circumstances present at the time of assessment, which include significant quantitative and qualitative assessments and estimates regarding credit ratings, collateralized support, the length of time and significance of a security’s loss position and intent and ability to hold a security to maturity or forecasted recovery. Investments are summarized as follows (in thousands): As of June 30, 201 5 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: Corporate debt securities – Short-term $ 12,978 $ — $ (6 ) $ 12,972 Corporate debt securities – Long-term 3,972 — (2 ) 3,970 Total $ 16,950 $ — $ (8 ) $ 16,942 As of June 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: Corporate debt securities – Short-term $ 13,434 $ — $ (6 ) $ 13,428 Commercial paper - Short-term 1,500 — — 1,500 Corporate debt securities – Long-term 2,319 — (4 ) 2,315 Total $ 17,253 $ — $ (10 ) $ 17,243 Restricted Cash Under an operating lease for its facility in Redwood City, California, the Company is required to maintain a letter of credit with a restricted cash balance at the Company’s bank. A certificate of deposit of $0.1 million at June 30, 2015 and 2014, has been recorded as restricted cash in the accompanying balance sheets, related to the letter of credit (see Note 5). A certificate of deposit of $4,000 at June 30, 2015 and 2014, has been recorded as restricted cash in the accompanying balance sheets related to the deposit on the Company’s merchant credit card. Concentrations of Credit Risk and Certain Other Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, long-term investments and accounts receivable. The Company places its cash, cash equivalents, short-term and long-term investments with high-credit quality financial institutions. The Company is exposed to credit risk in the event of default by the institutions holding the cash, cash equivalents, short-term and long-term investments to the extent of the amounts recorded on the balance sheet. The Company sells its products to hospitals in the U.S. and Europe and to distributors in Europe, Japan and Saudi Arabia that resell the products to hospitals. The Company does not require collateral to support credit sales. The Company has had insignificant credit losses to date. The following table illustrates total net revenue from the geographic location in which the Company’s customers are located and sales revenue by product line. Net revenue by geographic location: Fiscal Year Ended June 30, 2015 2014 2013 United States 50 % 45 % 53 % Japan 28 % 29 % 29 % Germany 14 % 15 % 11 % Rest of world 8 % 11 % 7 % Sales revenue by product line: Fiscal Year Ended June 30, 2015 2014 2013 Microcutter $ 684 $ 488 $ 176 Cardiac (automated anastomotic systems) 2,238 3,017 2,917 Total $ 2,922 $ 3,505 $ 3,093 The following table illustrates concentrations of credit risk for the periods presented. Percent of Total Net Revenue for Fiscal Year Ended June 30, Percent of Total Accounts Receivable as of June 30, 2015 2014 2013 2015 2014 Century Medical 28 % 29 % 29 % 46 % 35 % Herz-Und Diabeteszentrum 10 % 12 % 7 % — 8 % As of June 30, 2015, 2014 and 2013, and for the years then ended, no other customer accounted for equal to or greater than 10% of net revenue or account receivable balances. The Company does not believe that accounts receivable from Century Medical and Herz-Und Diabeteszentrum represent a significant credit risk based on past collection experiences and the general creditworthiness of these customers. The Company depends upon a number of key suppliers, including single source suppliers, the loss of which would materially harm the Company’s business. Single source suppliers are relied upon for certain components and services used in manufacturing the Company’s products. The Company does not have long-term contracts with any of the suppliers; rather, purchase orders are submitted for each order. Because long-term contracts do not exist, none of the suppliers are required to provide the Company any guaranteed minimum quantities. Inventories Inventories are recorded at the lower of cost or market on a first-in, first-out basis. The Company periodically assesses the recoverability of all inventories, including materials, work-in-process and finished goods, to determine whether adjustments for impairment are required. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Further reduced demand may result in the need for additional inventory write-downs in the near term. Inventory write-downs are charged to cost of product sales and establish a lower cost basis for the inventory. Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, which are generally three to five years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the related assets. Upon sale or retirement of assets, the costs and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in the statement of operations. Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Impairment, if any, is assessed using discounted cash flows. All long-lived assets are in the United States, and through June 30, 2015, there have been no indications of impairment; therefore, the Company has recorded no such losses. Revenue Recognition The Company recognizes revenue when four basic criteria are met: (1) persuasive evidence of an arrangement exists; (2) title has transferred; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. The Company uses contracts and customer purchase orders to determine the existence of an arrangement. The Company uses shipping documents and third-party proof of delivery to verify that title has transferred. The Company assesses whether the fee is fixed or determinable based upon the terms of the agreement associated with the transaction. To determine whether collection is probable, the Company assesses a number of factors, including past transaction history with the customer and the creditworthiness of the customer. If the Company determines that collection is not reasonably assured, then the recognition of revenue is deferred until collection becomes reasonably assured, which is generally upon receipt of payment. The Company records product sales net of estimated product returns and discounts from the list prices for its products. The amounts of product returns and the discount amounts have not been material to date. The Company’s sales to distributors do not include price protection. Payments that are contingent upon the achievement of a substantive milestone are recognized in their entirety in the period in which the milestone is achieved subject to satisfaction of all revenue recognition criteria at that time. Revenue generated from license fees and performing development services are recognized when they are earned and non-refundable upon receipt, over the period of performance, or upon incurrence of the related development expenses in accordance with contractual terms, based on the actual costs incurred to date plus overhead costs for certain project activities. Amounts paid but not yet earned on a project are recorded as deferred revenue until such time as performance is rendered or the related development expenses, plus overhead costs for certain project activities, are incurred. Research and Development Research and development expenses consist of costs incurred for internally sponsored research and development, direct expenses, research-related overhead expenses, and costs incurred on development contracts. Research and development costs are charged to research and development expenses as incurred. Clinical Trials The Company accrues and expenses costs for clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with contract research organizations and clinical trial sites. The Company determines the estimates through discussion with internal clinical personnel and outside service providers as to progress or stage of completion of trials or services and the agreed upon fee to be paid for such services. Costs of setting up clinical trial sites for participation in the trials are expensed immediately as research and development expenses. Clinical trial site costs related to patient enrollment are accrued as patients are entered into the trial. Deferred Rent Rent expense is recognized on a straight-line basis over the non-cancelable term of the Company’s facility operating lease. The difference between the actual amounts paid and amounts recorded as rent expense is recorded to deferred rent. The current portion of deferred rent is recorded as other accrued liabilities, while the non-current portion is recorded in non-current accrued liabilities. Income Taxes The Company utilizes the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company would classify interest and penalties related to uncertain tax positions in income tax expense, if applicable. There was no interest expense or penalties related to unrecognized tax benefits recorded through June 30, 2015. Segments The Company operates in a single reporting segment. Management uses one measurement of profitability and does not segregate its business for internal reporting purposes. All of the Company’s long-lived assets are maintained in the United States. Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period without consideration of potential common shares. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive potential common share equivalents outstanding for the period less the dilutive potential common shares for the period determined using the treasury-stock method. Dilutive potential common share equivalents are excluded from the computation of net loss per share in the loss periods as their effect would be antidilutive. For purposes of this calculation, options, warrants and underlying convertible preferred shares to purchase stock and unvested restricted stock awards are considered to be potential common shares and are only included in the calculation of diluted net loss per share when their effect is dilutive. In the years the Preferred Stock was outstanding, the two-class method was used to calculate basic and diluted earnings (loss) per common share since it is a participating security under ASC 260 Earnings per Share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except per share data): Fiscal Year Ended June 30, 2015 2014 2013 Numerator: Net loss $ (19,182 ) $ (16,966 ) $ (16,137 ) Deemed dividend related to beneficial conversion feature of convertible preferred stock — (1,915 ) — Net loss allocable to common stockholders $ (19,182 ) $ (18,881 ) $ (16,137 ) Denominator: Weighted-average shares outstanding allocable to common stockholders 88,953 58,395 40,842 Denominator for basic and diluted net loss per share allocable to common stockholders 88,953 58,395 40,842 Basic and diluted net loss per share allocable to common stockholders $ (0.22 ) $ (0.32 ) $ (0.40 ) The following table sets forth the outstanding securities not included in the diluted net loss per common share calculation for the fiscal years ended June 30, 2015, 2014 and 2013, because their effect would be antidilutive (in thousands): As of June 30, 2015 2014 2013 Options to purchase common stock 4,556 5,601 3,936 Non-vested restricted stock units and awards 190 16 46 Shares reserved for issuance upon conversion of Series A Preferred 19,147 19,147 — Warrants — 3,991 3,991 23,893 28,755 7,973 Stock-Based Compensation Stock-based compensation expense related to employee and director share-based compensation plans, including stock options and restricted stock units, is measured on the grant date, based on the fair value-based measurement of the award and is recognized as an expense over the requisite service period which generally equals the vesting period of each grant. The Company recognizes compensation expense using the accelerated method and the Company accounts for the non-employee share-based grants pursuant to ASC 505-50, Equity Based Payments to Non-Employees. The Company selected the Black-Scholes option pricing model for determining the estimated fair value-based measurements of share-based awards. The use of the Black-Scholes model requires the use of assumptions including expected term, expected volatility, risk-free interest rate and expected dividends. The Company used the following assumptions in its fair value-based measurements: Fiscal Year Ended June 30, 2015 2014 2013 Risk-free interest rate 0.21% – 1.65% 0.91% – 1.49% 0.44% – 0.74% Dividend yield — — — Weighted-average expected life (years) 4.3 – 4.9 3.8 – 4.6 3.8 – 4.6 Volatility 65% – 72% 66% – 80% 78% – 88% The Company estimates the expected life of options granted based on historical exercise and post-vest cancellation patterns, which the Company believes are representative of future behavior . The risk-free interest rate for the expected term of each option is based on a risk-free zero-coupon spot interest rate at the time of grant. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. The expected volatility is based on the Company’s historical stock price. The Company estimates forfeitures in calculating the expense related to stock-based compensation. The Company recorded stock-based compensation expenses under ASC 718 of $1.1 million, or $0.01 per share, $0.9 million, or $0.02 per share, and $0.9 million, or $0.02 per share for the fiscal years ended June 30, 2015, 2014 and 2013, respectively. The Company did not record any stock-based compensation expenses under ASC 505-50 for fiscal year ended June 30, 2015. The Company recorded stock-based compensation expenses under ASC 505-50 of $0.1 million, or $0 per share for fiscal years ended June 30, 2014 and 2013. In December 2014, the Company cancelled certain options granted to employees in excess of the stock plan limits, which resulted in the recognition of $0.2 million of unamortized expense recorded as stock-based compensation expenses. Total compensation expense related to unvested awards not yet recognized is approximately $0.6 million at June 30, 2015, and is expected to be recognized over a weighted average period of 3 years. Included in the statement of operations is the following non-cash stock-based compensation expense for the periods reported, including non-employee stock based compensation expense and the amortization of deferred compensation (in thousands): Fiscal Year Ended June 30, 2015 2014 2013 Cost of product sales $ 63 $ 117 $ 88 Research and development 183 133 236 Selling, general and administrative 903 770 598 Total $ 1,149 $ 1,020 $ 922 Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update which provides guidance on whether a cloud computing arrangement includes a software license to a customer of such an arrangement. If a cloud computing arrangement includes a software license, a customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses, otherwise the customer should account for the arrangement as a service contract. The standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The standard can be applied prospectively to all arrangements entered into or materially modified after the effective date, or retrospectively. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements and disclosures. In April 2015, the FASB issued an accounting standard update which requires an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The standard will be applied retrospectively to each prior period presented. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated balance sheets. In February 2015, the FASB issued an amendment to the accounting standard regarding the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendments in this update are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this update is not expected to have a material effect on the Company’s consolidated financial statements or disclosures. In August 2014, the FASB issued an accounting standard update related to the disclosures around going concern. The new standard provides guidance around management’s responsibility to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The new standard is effective for the annual periods and interim periods within those annual periods beginning after December 15, 2016. Early application is permitted. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers Revenue Recognition

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 2. Fair Value Measurements FASB Accounting Standards Codification (“ ASC”) 820, “ Fair Value Measurements and Disclosures Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company does not have any liabilities that are measured at fair value on a recurring basis. All assets that are measured at fair value on a recurring basis have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. These assets measured at fair value are summarized below (in thousands): As of June 30, 201 5 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,399 $ — $ — $ 6,399 Corporate debt securities — 668 — 668 Short-term investments: Corporate debt securities — 12,972 — 12,972 Long-term investments: Corporate debt securities — 3,970 — 3,970 Total assets at fair value $ 6,399 $ 17,610 $ — $ 24,009 As of June 30, 2014 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 20,158 $ — $ — $ 20,158 Corporate debt securities — 1,000 — 1,000 Commercial paper — 1,500 — 1,500 Short-term investments: Corporate debt securities — 13,428 — 13,428 Commercial paper 1,500 — 1,500 Long-term investments: Corporate debt securities — 2,315 — 2,315 Total assets at fair value $ 20,158 $ 19,743 $ — $ 39,901 Funds held in money market instruments, are included in Level 1 as their fair values are based on market prices/quotes for identical assets in active markets. Corporate debt securities and commercial papers are valued primarily using market prices comparable securities, bid/ask quotes, interest rate yields, and prepayment spreads and are included in Level 2. Cash balances of $1.2 million and $2.9 million at June 30, 2015 and 2014, respectively, are not included in the fair value hierarchy disclosure. For June 30, 2014, the Company reclassified $17.7 million of money market funds from short-term investments to cash equivalents money market funds, $1.5 million from commercial paper short-term investments to cash equivalents commercial paper and $1.0 million from corporate debt securities short-term investments to cash equivalents corporate debt securities as these investments had original maturity dates of 90 days or less upon purchase. As of June 30, 2015, the Company’s material financial assets and liabilities were reported at their current carrying values which approximate fair value given the short-term nature of less than a year, except for its note payable. As of June 30, 2015, the Company’s note payable was reported at its current carrying value which approximates fair value based on Level 3 unobservable inputs involving discounted cash flows and the estimated market rate of borrowing that could be obtained by companies with credit risk similar to the Company’s credit risk.

Note 3 - Inventories

Note 3 - Inventories	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3. Inventories Inventories consisted of the following (in thousands): June 30, 201 5 June 30, 201 4 Raw materials $ 870 $ 669 Work in progress 162 207 Finished goods 359 210 Total $ 1,391 $ 1,086

Note 4 - Property and Equipment

Note 4 - Property and Equipment	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 4. Property and Equipment Property and equipment consisted of the following (in thousands): June 30, 2015 2014 Computer hardware and software $ 98 $ 70 Office furniture and equipment 27 27 Machinery and equipment 6,378 6,306 Leasehold improvements 183 174 6,686 6,577 Less: accumulated depreciation and amortization (4,827 ) (4,215 ) Subtotal 1,859 2,362 Construction in process (1) — 174 Total $ 1,859 $ 2,536 (1) Construction in process includes equipments paid based on installment plan, but not yet placed in service pending completion. The completion dates for these equipments range from three months to two years, and the future payments are immaterial.

Note 5 - Commitments and Contin

Note 5 - Commitments and Contingencies	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 5. Commitments and Contingencies On November 11, 2010, the Company entered into an amendment to its facility lease (the “Lease Amendment”). Pursuant to the Lease Amendment, the term of the lease was extended by four years, through August 31, 2015, and the Company was granted an improvement allowance of $148,070 to be used in connection with the construction of alterations and refurbishment of improvements in the premises, which was used and reimbursed in the fiscal year ended June 30, 2012. The leasehold improvement allowance will be recorded as a reduction of rent expense on a straight-line basis over the term of the lease. On November 24, 2014, the Company entered into another amendment to its facility lease (the “Second Lease Amendment”), extended its lease by three years, from September 1, 2015, through August 31, 2018 (the “Second Extended Term”). In addition, under the Second Lease Amendment, the Company was granted an option to further extend the lease for a period of three years beyond August 31, 2018 (the “Option Term”), with the annual rent payable by the Company during the Option Term to be equal to the annual rent for comparable buildings, as described in the Second Lease Amendment. Under the operating lease, the Company is required to maintain a letter of credit with a restricted cash balance at the Company’s bank. A certificate of deposit of $0.1 million was recorded as restricted cash in the condensed balance sheets as of June 30, 2015 and 2014, related to the letter of credit. Future minimum lease payments under the non-cancelable operating leases having initial terms of a year or more as of June 30, 2015, including the Lease Amendment, are as follows (in thousands): Fiscal year ending June 30, Operating Leases 2016 $ 932 2017 1,001 2018 1,032 2019 173 Total minimum lease payments $ 3,138 Rent expense for fiscal years 2015, 2014 and 2013, was $0.8 million, $0.6 million and $0.6 million, respectively.

Note 6 - Distribution, License,

Note 6 - Distribution, License, Development and Commercialization Agreements	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	Note 6. Distribution, License, Development and Commercialization Agreements Century On September 2, 2011, the Company signed a distribution agreement (the “Distribution Agreement”) with Century Medical, Inc. (“Century”) with respect to distribution of the Company’s planned microcutter products in Japan. Under the terms of a secured note purchase agreement, Century agreed to loan the Company an aggregate of up to $4.0 million, with principal due in September 30, 2016, subject to certain conditions, which principal due date was extended by two years effective July 1, 2014. Under this facility, the Company received $2.0 million on September 30, 2011, and the remaining $2.0 million on December 27, 2011. The note bears 5% annual interest which is payable quarterly in arrears through September 30, 2018, the maturity date when the total $4.0 million of principal becomes due. In return for the loan commitment, the Company granted Century distribution rights to the Company’s planned microcutter product line in Japan, and a right of first negotiation for distribution rights in Japan to future products. Century is responsible for securing regulatory approval from the Ministry of Health in Japan for the microcutter product line. In August 2013, Century filed for regulatory approval of the MicroCutter XCHANGE 30 cartridges with the Pharmaceuticals and Medical Devices Agency and in April 2014, filed for the MicroCutter XCHANGE 30 stapler with TUV Rheinland Japan Ltd, a registered third-party agency in Japan and received approvals in late 2014 for both, to market in Japan. Also, in January 2015, Century submitted an application to PMDA, relating to a change in the material of the cartridge insert component within the MicroCutter XCHANGE 30 cartridges, changing the distal tip of the cartridge insert material from a LCP to IXEF, and recently received approval in August 2015, to market in Japan. After approval for marketing in Japan, the Company would sell microcutter units to Century, who would then sell the microcutter devices to their customers in Japan. Proceeds from the note and granting the distribution rights were allocated to the note based on its aggregate fair value of $2.4 million at the dates of receipt. This fair value was determined by discounting cashflows using a discount rate of 18%, which the Company estimated a market rate of borrowing that could be obtained by companies with credit risk similar to the Company’s. The remainder of the proceeds of $1.6 million was recognized as debt issuance discount and was allocated to the value of the distribution rights granted to Century under the Distribution Agreement and is included in deferred revenue. The deferred revenue will be recognized over the term of the Distribution Agreement, beginning upon the first sale by Century of the microcutter products in Japan. The Company’s distribution agreement with Century pertaining to the PAS-Port system, originally dated June 16, 2003, as amended, was due to expire on July 31, 2014. Concurrently and in return for the amendment of the note, as discussed above, to extend the maturity date to September 30, 2018, the Company amended its distribution agreement with Century for the PAS-Port system, effective July 1, 2014, to, among other things, renew the contract for another five years, extending the expiration date to July 31, 2019. The note amendment was accounted for as the modification of the 2011 note agreement, as the value of the consideration provided by the Company in the form of additional distribution rights was estimated to be approximately equal to the reduction in the fair value of the note. Accordingly, the Company reduced the carrying value of the note of $3.1 million to its post-modification fair value of $2.6 million, and recorded the resulting incremental discount of $0.5 million as deferred revenue. The Company determined the fair value of the amended note using the discount rate of 18%, which the Company estimated as the market rate of borrowing as of the modification date that could be obtained by companies with credit risk similar to the Company’s. The incremental discount of $0.5 million will be amortized over the remaining term of the note using the effective interest rate method. The deferred revenue will be recognized over the term of the distribution agreement beginning upon the first sale by Century of the microcutter products in Japan. Cook Incorporated In June 2007, the Company entered into, and in September 2007 and in June 2009 amended, a license, development and commercialization agreement with Cook, to develop and commercialize a specialized device, referred to as the PFO device, designed to close holes in the heart from genetic heart defects known as patent foramen ovales (“PFOs”). Under the agreement, Cook funded certain development activities and the Company and Cook jointly developed the device. The Company’s significant deliverables under the arrangement were the license rights and the associated development activities. These deliverables were determined to represent one unit of accounting as there was no standalone value to the license rights. If developed, Cook would receive an exclusive, worldwide, royalty-bearing license, with the right to grant sublicenses, to make, have made, use, sell, offer for sale and import the PFO device. Under this agreement, the Company received no payments in the fiscal years ended June 30, 2015, 2014 and 2013. Amounts paid but not yet earned on the project are recorded as deferred revenue until such time as the related development expenses for certain project activities are incurred. A total of $0.4 million under this agreement has been recorded as deferred development revenue on the balance sheet as of June 30, 2015. On January 6, 2010, the Company and Cook mutually agreed to suspend work on the PFO project and, accordingly, the Company does not anticipate receiving any additional payments or recording any additional revenue related to this agreement in the foreseeable future. Intuitive Surgical On August 16, 2010, the Company entered into a license agreement with Intuitive Surgical Operations, Inc., or Intuitive Surgical, (the “License Agreement”) pursuant to which the Company granted to Intuitive Surgical a worldwide, sublicenseable, exclusive license to use the Company’s intellectual property in the robotics field in diagnostic or therapeutic medical procedures, but excluding vascular anastomosis applications, for an upfront license fee of $9.0 million. Each party has the right to terminate the License Agreement in the event of the other party’s uncured material breach or bankruptcy. Following any termination of the License Agreement, the licenses granted to Intuitive Surgical will continue, and except in the case of termination for the Company’s uncured material breach or insolvency, Intuitive Surgical’s payment obligations will continue as well. Under the License Agreement, Intuitive Surgical has rights to improvements in the Company’s technology and intellectual property over a specified period of time. The Company determined that there were two substantive deliverables under the License Agreement representing separate units of accounting: license rights to technology that existed as of August 16, 2010, and license rights to technology that may be developed over the following three years. The $9.0 million upfront license payment and $1.0 million premium on the stock purchase by Intuitive Surgical (see Note 8) were aggregated and allocated to the two units of accounting based upon the relative estimated selling prices of the deliverables. The relative estimated selling prices of the deliverables were determined using a probability weighted expected return model with significant inputs relating to the nature of potential future outcomes and the probability of occurrence of future outcomes. Based upon the relative estimated selling prices of the deliverables, $9.0 million of the total consideration of $10.0 million was allocated to the license rights to technology that existed as of August 16, 2010, that has been recognized as revenue in the fiscal year ended June 30, 2011, and $1.0 million was allocated to technology that may be developed over the following three years that is being recognized as revenue ratably over that three year period. In total, the revenue recognized for the fiscal years ended June 30, 2015, 2014 and 2013, related to this arrangement were $0, $41,000 and $0.3 million, respectively. The Company has fully recognized such revenue, and as of June 30, 2015, no deferred revenue related to this arrangement.

Note 7 - Note Payable

Note 7 - Note Payable	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 7. Notes Payable In connection with the Distribution Agreement with Century (see Note 6), the Company entered into a secured note purchase agreement and a related security agreement pursuant to which Century agreed to loan to the Company up to an aggregate of $4.0 million, which amount was received in the fiscal year ended June 30, 2012, and the secured note purchase agreement was amended effective July 1, 2014, to extend the principal due date by two years. Under this facility, the Company received $2.0 million on September 30, 2011, and the remaining $2.0 million on December 27, 2011. This note bears 5% annual interest which is payable quarterly in arrears on the last business day of March, June, September and December of each year through September 30, 2018, the maturity date when the total $4.0 million of principal becomes due. The debt issuance discount of approximately $2.1 million is reflected as a reduction in long-term debt and is being amortized as interest expense over the term of the note using the effective interest method. The note is secured by substantially all of the Company's assets, including the Company’s intellectual property related to the PAS-Port® Proximal Anastomosis System, but excluding all other intellectual property, until the note is repaid. There are no covenants associated with this debt. The Company made interest payments of $0.2 million for each of the fiscal years ended June 30, 2015, 2014 and 2013. The interest payable at June 30, 2015 and 2014, was $50,000 and $50,000, respectively, and included in other accrued liabilities in the accompanying balance sheets.

Note 8 - Stockholders' Equity

Note 8 - Stockholders' Equity	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 8. Stockholders’ Equity As of June 30, 2015 and June 30, 2014, the total number of shares that the Company is authorized to issue is 130,000,000 shares, with 125,000,000 shares designated as common stock and 5,000,000 shares designated as preferred stock. Common Stock Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders of the Company. Subject to the preferences that may be applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors. No dividends have been declared to date. In April 2014, the Company sold 37,375,000 shares of its common stock at $0.85 per share, and 191,474 shares of Series A Convertible Preferred Stock at $85 per share. The Series A convertible preferred stock is non-voting and is convertible into shares of its common stock at a conversion rate of 100 shares of common stock for each share of Series A convertible preferred stock, provided that conversion will be prohibited if, as a result, the holder and their affiliates would own more than 9.98% of the total number of shares of the Company’s common stock then outstanding unless the holder gives the Company at least 61 days prior notice of an intent to convert into shares of common stock that would cause the holder to own more than 9.98% of the total number of shares of common stock then issued and outstanding. Net proceeds from the financing to the Company were approximately $44.6 million. For fiscal year ended June 30, 2014, the Company recorded a deemed dividend of $1.9 million related to beneficial conversion feature of series A convertible preferred stock. A one-time beneficial conversion charge was due to the difference between the common stock price and conversion price on the closing date of the Company’s public offering in April 2014 . On March 20, 2013, the Company completed the sale of 14,251,368 shares of its common stock at a price to the public of $1.05 per share. Net proceeds from the financing to the Company were $14.0 million. On August 3, 2011, the Company entered into the At The Market Issuance Sales Agreement (the “ATM Agreement”) with McNicoll, Lewis & Vlak LLC (“MLV”), which provided for the sale of the Company’s common stock through MLV as the Company’s sales agent. The ATM Agreement expired on August 2, 2014. During the fiscal years ended June 30, 2014 and 2013, the Company received net proceeds of $0.4 million and $0.7 million, respectively, from the sale of an aggregate of 439,163 and 414,099 shares of common stock through MLV, respectively. During the fiscal year ended June 30, 2015, the Company did not sell any shares of common stock through MLV. On December 14, 2010, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”), which provided for the sale of the Company’s common stock through Aspire as the Company’s sales agent. In consideration for entering into the Purchase Agreement, concurrently with the execution of the Purchase Agreement, the Company issued to Aspire Capital 295,567 shares of the Company’s common stock as a commitment fee (the “Commitment Shares”). The value of the Commitment Shares of $966,000 and other costs related to entering into the Purchase Agreement of $134,000 represented financing costs that were recorded to additional paid-in capital upon capital being raised under the Purchase Agreement. The Purchase Agreement provided that the Company may not issue and sell more than 4,930,747 shares of the Company’s common stock, including the Commitment Shares. The Purchase Agreement terminated on February 10, 2013, and 166,759 shares of the Company’s common stock issued pursuant to the Purchase Agreement were returned to the Company as the maximum numbers of shares available under the Purchase Agreement were not sold to Aspire. Based on the quoted price, the shares were valued at $1.38 per share, or $230,000. The Company is no longer entitled to sell any further shares of its common stock to Aspire Capital under the Purchase Agreement. Preferred Stock The Company has 5,000,000 shares of authorized preferred stock issuable in one or more series. The Company can determine the number of shares constituting any series and the designation of such series and the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms, any or all of which may be greater than the rights of common stock. The issuance of the preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company or other corporate action. As of June 30, 2015, the Company had designated 250,000 shares of preferred stock as series A convertible preferred stock, and there were 191,474 shares of series A convertible preferred stock issued and outstanding. For the fiscal year ended June 30, 2014, the Company recorded a deemed dividend of $1.9 million related to beneficial conversion feature of series A convertible preferred stock. A one-time beneficial conversion charge was due to the difference between the common stock price and conversion price on the closing date of the Company’s public offering in April 2014 . Each share of Series A preferred stock is convertible into 100 shares of the Company’s common stock at any time at the option of the holder, provided that the holder will be prohibited from converting Series A preferred stock into shares of the Company’s common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 9.98% of the total number of shares of the Company’s common stock then issued and outstanding, unless the holder gives us at least 61 days prior notice of an intent to convert into shares of common stock that would cause the holder to own more than 9.98% of the total number of shares of the Company’s common stock then issued and outstanding. In the event of the Company’s liquidation, dissolution, or winding up, holders of the Company’s Series A preferred stock will share ratably with the holders of the Company’s common stock on an as-if-converted basis. Shares of Series A preferred stock will generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series A Preferred Stock will be required to alter or change adversely the powers, preferences or rights given to the Series A preferred stock (an increase the number of authorized shares of Series A preferred stock shall not constitute an adverse change) or enter into any agreement to do so. Shares of Series A Preferred Stock will not be entitled to receive any dividends, unless a cash dividend is declared by the Company’s board of directors to be paid to the holders of common stock, in which case the holders of Series A Preferred Stock will be entitled to receive a cash dividend equal to the amount of dividends declared on the common stock on an as-if-converted basis. Shares Reserved Shares of common stock reserved for future issuance are as follows: June 30, 2015 Stock options and RSUs outstanding 4,745,728 Shares available for grant under stock option plan 6,472,692 Shares reserved for issuance upon conversion of Series A Preferred 19,147,400 Warrants for common stock — 30,365,820 Stock Options In 1997, the Company adopted the 1997 Equity Incentive Plan (the “1997 Plan”). The 1997 Plan provides for the granting of options to purchase common stock and the issuance of shares of common stock, subject to Company repurchase rights, to directors, employees and consultants. Certain options are immediately exercisable, at the discretion of the Board of Directors. Shares issued pursuant to the exercise of an unvested option are subject to the Company’s right of repurchase which lapses over periods specified by the board of directors, generally four years from the date of grant. In February 2006, the Company terminated all remaining unissued shares under the 1997 Plan. Although the 1997 Plan terminated, all outstanding options thereunder will continue to be governed by their existing terms. In October 2005, the Company’s Board of Directors adopted, and in December 2005 the stockholders approved, the 2005 Equity Incentive Plan, as amended (the “2005 Plan”). Pursuant to a series of amendments, a total of 11,400,000 shares of common stock have been reserved for issuance under the 2005 Plan as of June 30, 2015. Stock awards granted under the 2005 Plan may either be incentive stock options, nonstatutory stock options, stock bonuses or rights to acquire restricted stock. Incentive stock options may be granted to employees with exercise prices of no less than the fair value of the common stock on the date of grant, as determined by the Board of Directors, and nonstatutory options may be granted to employees, directors or consultants at exercise prices of no less than the fair value. If, at the time the Company grants an option, the awardee directly or by attribution owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, the option price shall be at least 110% of the fair value and shall not be exercisable more than five years after the date of grant. Options may be granted with vesting terms as determined by the Board of Directors. Options expire no more than 10 years after the date of grant, or earlier if employment is terminated. Common stock options may include a provision whereby the holder, while an employee, director or consultant, may elect at any time to exercise the option as to any part or all of the shares subject to the option prior to the full vesting of the option. Any unvested shares so purchased are subject to repurchase by the Company at its option and at a price equal to the original purchase price of the stock. The Company does not consider the stock issued upon exercise of an unvested stock option substantively exercised, and the cash paid for the exercise price is considered a deposit or a prepayment of the exercise price that is recognized by the Company as a liability. As the underlying shares vest, the deposit liability is reclassified as equity. As of June 30, 2015 and 2014, no such shares are subject to the Company’s right of repurchase and excluded from stockholders’ equity. On May 20, 2015, the Board of Directors of the Company adopted the Cardica, Inc. Inducement Plan pursuant to which the Company reserved 400,000 shares for issuance under the Inducement Plan. The only persons eligible to receive grants of Stock Awards under Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM 5635-1 – that is, generally, a person not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to the individual's entering into employment with the Company. A “ Stock Award On May 20, 2015, the Company’s new vice president of operations, was granted a stock option to purchase 400,000 shares of the Company common stock pursuant to the Inducement Plan. Award activity under all Plans is as follows: Outstanding Options Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Balance at June 30, 2012 865,433 3,854,171 $ 2.53 Shares reserved 750,000 — — Restricted stock awards granted (48,000 ) — — Options granted (671,150 ) 671,150 1.53 Options exercised — (10,518 ) 1.31 Options forfeited 578,908 (578,908 ) 2.22 Balance at June 30, 2013 1,475,191 3,935,895 $ 2.43 Shares reserved 1,000,000 — — Restricted stock awards granted (92,666 ) — — Options granted (1,944,500 ) 1,944,500 1.24 Options forfeited 278,916 (278,916 ) 3.94 Balance at June 30, 2014 716,941 5,601,479 $ 1.95 Shares reserved 5,000,000 — — Restricted stock awards granted (290,000 ) — — Options granted (2,509,615 ) 2,509,615 0.69 Options forfeited 3,555,366 (3,555,366 ) 1.45 Balance at June 30, 2015 6,472,692 4,555,728 $ 1.65 The following table summarizes information about options outstanding, vested and exercisable at June 30, 2015: Options Outstanding Options exercisable Exercise Prices Number of Shares Weighted- Average Remaining Contractual Life (years) Weighted Average Exercise Price per Share Number of Shares Weighted Average Exercise Price per Share $0.41 – $1.00 1,551,833 6.77 0.59 368,358 0.81 $1.12 – $1.43 1,526,400 3.54 1.27 1,069,368 1.27 $1.55 – $9.75 1,477,495 1.64 3.16 1,407,692 3.22 Total outstanding 4,555,728 4.03 $ 1.65 2,845,418 $ 2.17 Options vested and expected to vest 4,295,133 3.87 $ 1.71 The weighted average remaining contractual life for all currently exercisable options as of June 30, 2015, was 2.5 years. The aggregate intrinsic value as of June 30, 2015, of all outstanding options was $53,000, options vested and expected to vest was $43,000 and options exercisable was $0. The aggregate intrinsic value as of June 30, 2014, of all outstanding options was $105,000, options vested and expected to vest was $93,000 and options exercisable was $22,000. The weighted-average estimated grant date fair value of options granted to employees and directors during fiscal years 2015, 2014 and 2013 was $0.37, $0.80 and $1.03 per share, respectively. The intrinsic value of all options exercised during fiscal years 2015, 2014 and 2013 was $0, $0 and $4,000, respectively. The fair value of all stock options actually vesting in fiscal years 2015, 2014 and 2013 was $568,000, $528,000 and $746,000, respectively. Restricted Stock Units and Awards The following table summarizes information about restricted stock activity. Shares Non-vested restricted stock at June 30, 2012 46,000 Awarded 48,000 Vested (48,000 ) Forfeited — Non-vested restricted stock at June 30, 2013 46,000 Awarded 92,666 Vested (122,666 ) Forfeited — Non-vested restricted stock at June 30, 2014 16,000 Awarded 290,000 Vested (16,000 ) Forfeited (100,000 ) Non-vested restricted stock at June 30, 2015 190,000 The aggregate intrinsic value as of June 30, 2015, of all non-vested restricted stock awards was $95,000, and awards expected to vest was $82,000. The estimated grant date fair value of awards granted during fiscal years 2015, 2014 and 2013, was $1.14, $1.15 and $1.43 per share, respectively. The intrinsic value of all awards granted during fiscal years 2015, 2014 and 2013 was $330,000, $106,000 and $66,000, respectively. The fair value of all stock awards actually vesting in fiscal years 2015, 2014 and 2013 was $19,000, $165,000 and $75,000, respectively. The fair value of each restricted stock award is estimated based upon the closing price of the Company’s common stock on the grant date. Share-based compensation expense related to restricted stock units and awards is recognized over the requisite service period as adjusted for estimated forfeitures. Warrants The Company’s warrants to purchase 3,991,205 shares of common stock at $1.45 per share related to the 2009 Private Placement expired in September 2014.

Note 9 - Reductions in Force

Note 9 - Reductions in Force	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	Note 9 – Reductions in Force During the fiscal year 2015, the Company reduced its workforce by 24 positions to conserve cash and to match its use of cash with its stage of development. The Company’s decision to engage in the corporate restructurings and layoffs resulted from the necessary improvements required for the MicroCutter XCHANGE 30 blue cartridge. As a result, the Company recorded a restructuring charge of $0.3 million for severance and other benefits which was fully paid during the fiscal year 2015. The charges were included in all departmental expenses.

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10. Income Taxes Deferred income taxes reflect the net tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows (in thousands): June 30, 2015 2014 Net operating loss carry-forwards $ 62,457 $ 55,591 Research credits 3,448 3,084 Fixed asset depreciation 31 (109 ) Stock compensation 546 1,103 Deferred revenue 158 158 Other 885 764 Total deferred tax assets 67,525 60,591 Valuation allowance (67,525 ) (60,591 ) Net deferred tax assets $ — $ — Realization of the deferred tax assets is dependent upon future taxable income, the amount and timing of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. The net valuation allowance increased by approximately $6.9 million, $4.4 million and $6.8 million during fiscal years ended June 30, 2015, 2014 and 2013, respectively. As of June 30, 2015, the Company had federal net operating loss carry-forwards and research credit carry-forwards of approximately $171.0 million and $1.8 million, respectively. The net operating loss carry-forwards begin to expire in the fiscal year 2019. The federal credits begin to expire in fiscal year 2021 if not utilized. Additionally, the Company’s state net operating loss carry-forwards of approximately $108.4 million begin to expire in the fiscal year 2015 and the Company has state research credit carry-forwards of $3.8 million. The California state credit carry-forwards have an unlimited carry-forward period and the State of Arizona credits begin to expire in fiscal year 2024. Included in the valuation allowance balance as of June 30, 2015, is $0.3 million related to the exercise of stock options which are not reflected as an expense for financial reporting purposes. Accordingly, any future reduction in the valuation allowance relating to this amount will be credited directly to equity and not reflected as an income tax benefit in the Statement of Operations. The reconciliation of income tax benefits attributable to the net loss computed at the U.S. federal statutory rates to the income tax benefit recorded (in thousands): Fiscal Year Ended June 30, 2015 2014 2013 Tax benefit at U.S. statutory rate $ (6,520 ) $ (5,768 ) $ (5,487 ) Loss for which no tax benefit is currently recognizable 6,341 5,584 5,341 Stock based compensation 160 164 128 Other, net 19 20 18 $ — $ — $ — Utilization of the net operating loss carry-forwards and credit carry-forwards may be subject to a substantial annual limitation due to the limitations set forth in Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, and similar state provisions. In the fiscal year ended June 30, 2014, the Company concluded a detailed analysis to determine whether an ownership change under Section 382 of the Internal Revenue Code had occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of the net operating loss carry-forwards and credit carry-forwards attributable to periods before the change. Any subsequent ownership changes could further limit the use of net operating losses and credits. The Company concluded that approximately $4.9 million of federal net operating loss carry-forwards, $1.5 million of federal credit carry-forwards, $122,000 of California state credit carry-forwards and approximately $19.5 million of California state net operating loss carry-forwards are significantly limited to offset future income, if any. The reductions are reflected in the carry-forward amounts included above. At June 30, 2015, the Company had unrecognized tax benefits of $1.1 million, all of which would not currently affect the Company’s effective tax rate if recognized due to the Company’s deferred tax assets being fully offset by a valuation allowance. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Amount Balance at June 30, 2013 $ 939 Additions based on tax positions related to current year 74 Balance at June 30, 2014 1,013 Additions based on tax positions related to prior years 26 Additions based on tax positions related to current year 82 Balance at June 30, 2015 $ 1,121 The Company would classify interest and penalties related to uncertain tax positions in income tax expense, if applicable. There was no interest expense or penalties related to unrecognized tax benefits recorded through June 30, 2015. The tax years 1998 through 2015 remain open to examination by one or more major taxing jurisdictions to which the Company is subject.

Note 11 - Employee Benefit Plan

Note 11 - Employee Benefit Plan	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 1 1 . Employee Benefit Plan In January 2001, the Company adopted a 401(k) Profit Sharing Plan that allows voluntary contributions by eligible employees. Employees may elect to contribute up to the maximum allowed under the Internal Revenue Service regulations. The Company may make discretionary contributions as determined by the Board of Directors. No amount was contributed by the Company to the plan during fiscal years ended June 30, 2015, 2014 or 2013.

Note 12 - Indemnification

Note 12 - Indemnification	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Indemnification [Text Block]	Note 1 2 . Indemnification From time to time, the Company enters into contracts that require the Company, upon the occurrence of certain contingencies, to indemnify parties against third-party claims. These contingent obligations primarily relate to (i) claims against the Company’s customers for violation of third-party intellectual property rights caused by the Company’s products; (ii) claims resulting from personal injury or property damage resulting from the Company’s activities or products; (iii) claims by the Company’s office lessor arising out of the Company’s use of the premises; and (iv) agreements with the Company’s officers and directors under which the Company may be required to indemnify such persons for liabilities arising out of their activities on behalf of the Company. Because the obligated amounts for these types of agreements usually are not explicitly stated, the overall maximum potential amount of these obligations cannot be reasonably estimated. No liabilities have been recorded for these obligations on the Company’s consolidated balance sheets as of June 30, 2015 or 2014, as there are no amounts currently estimable and probable of payment.

Note 13 - Consolidated Financia

Note 13 - Consolidated Financial Information by Quarter	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Quarterly Financial Information [Text Block]	Note 1 3 . Consolidated Financial Information by Quarter Consolidated Financial Information by Quarter (unaudited) Fiscal Year 201 5 : 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (In thousands, except per share data) Total net revenue $ 1,068 $ 657 $ 564 $ 701 Gross profit (loss) on product sales (1) (582 ) (305 ) (259 ) (167 ) Net loss (5,065 ) (5,442 ) (4,824 ) (3,851 ) Basic and diluted net loss per common share (0.06 ) (0.06 ) (0.05 ) (0.04 ) Shares used in computing basic and diluted net loss per common share 88,946 88,955 88,955 88,955 Fiscal Year 2014: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (In thousands, except per share data) Total net revenue $ 805 $ 851 $ 934 $ 1,025 Gross profit (loss) on product sales (1) (255 ) (219 ) (452 ) (339 ) Net loss (3,739 ) (4,172 ) (4,379 ) (4,676 ) Net loss allocable to common stockholders (3,739 ) (4,172 ) (4,379 ) (6,591 ) Basic and diluted net loss per share allocable to common stockholders (0.07 ) (0.08 ) (0.09 ) (0.08 ) Shares used in computing basic and diluted net loss per share allocable to common stockholders 51,089 51,314 51,587 79,590 (1) Gross profit is computed as total net product sales less cost of product sales.

Note 14 - Subsequent Event

Note 14 - Subsequent Event	12 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	Note 1 4 . Subsequent Event On August 6, 2015, the Company announced that Bernard A. Hausen, M.D., Ph.D., has informed the Board of Directors that he will step down as chief executive officer, president and as a member of the Board of Directors. By request of the Company, Dr. Hausen has agreed to stay on in his role as president and chief executive officer and a director for a transition period expected to be completed by December 31, 2015.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization [Policy Text Block]	Organization Cardica, Inc. ( the “Company”) was incorporated in the state of Delaware on October 15, 1997, as Vascular Innovations, Inc. On November 26, 2001, the Company changed its name to Cardica, Inc. The Company is commercializing and developing a commercializing and developing the MicroCutter XCHANGE® 30 based on its proprietary “staple-on-a-strip” technology intended for use by thoracic, pediatric, bariatric, colorectal and general surgeons. The MicroCutter XCHANGE® 30, which is currently commercially-available, is a cartridge based microcutter device with a 5 millimeter shaft diameter and a 30 millimeter staple line currently approved for use in the United States for specified indications of use, and in the European Union, or EU, for a broader range of specified indications of use. The Company previously had additional products in development, including the MicroCutter XCHANGE® 45, a cartridge based microcutter device with an 8 millimeter shaft and a 45 millimeter staple line, and the MicroCutter FLEXCHANGE™ 30, a cartridge based microcutter device with a flexible shaft to facilitate endoscopic procedures requiring cutting and stapling; however, the Company suspended development of these additional potential products to focus solely on development of the MicroCutter XCHANGE® 30. In March 2012, the Company completed the design verification for and applied Conformité Européenne, or the CE Mark, to the MicroCutter XCHANGE 30 and, in December 2012, began a controlled commercial launch of the MicroCutter XCHANGE 30 in Europe. The Company received from the United States Food and Drug Administration, or FDA, 510(k) clearances for the MicroCutter XCHANGE 30 and blue cartridge in January 2014, and for the white cartridge in February 2014, for use in multiple open or minimally-invasive surgical procedures for the transection, resection and/or creation of anastomoses in small and large intestine, as well as the transection of the appendix. The blue cartridge is for use in medium thickness tissue, and the white cartridge is for use in thin tissue. In March 2014, the Company made its first sale of the MicroCutter XCHANGE 30 in the United States, and subsequently temporarily suspended its controlled commercial launch in November 2014, as the Company shifted its focus to improved performance based on surgeon feedback. In April 2015, the Company resumed its controlled commercial launch primarily in Europe, of the MicroCutter XCHANGE 30 for thinner tissue usually requiring deployment of white cartridges. While the Company continues this controlled commercial launch, the Company’s goal is to complete product improvements on the MicroCutter XCHANGE 30 combo device that will accommodate thicker tissue ranges requiring deployment of both white and blue cartridges. To further expand the use of the MicroCutter XCHANGE 30, the Company submitted a 510(k) Premarket Notification to the FDA in April 2015, to expand the indications for use to include vascular structures. This 510(k) submission has not yet received FDA clearance. The Company is attempting to expand in the international market of its MicroCutter XCHANGE 30 with additional selected regualtory filings. The Company also submitted the MicroCutter XCHANGE 30 blue and white cartridges application to Health Canada for regulatory approval of the MicroCutter XCHANGE 30 and, if the Company receives approval, anticipate launching it in Canada. In addition, in August 2013, the Company’s exclusive distributor in Japan, Century Medical, Inc., or Century, filed for regulatory approval of the MicroCutter XCHANGE 30 cartridges with the Pharmaceuticals and Medical Devices Agency, or PMDA, in Japan and in April 2014, filed for the MicroCutter XCHANGE 30 stapler with TUV Rheinland Japan Ltd, a registered third-party agency in Japan and received approvals in late 2014 for both, to market in Japan. Also, in January 2015, Century submitted an application to PMDA, relating to a change in the material of the cartridge insert component within the MicroCutter XCHANGE 30 cartridges, changing the distal tip of the cartridge insert material from a Vectra Liquid Crystal Polymer, or LCP, to IXEF Polyarylamide, or IXEF, and recently received approval in August 2015, to market in Japan. Historically, the Company generated product revenues primarily from the sale of automated anastomotic systems; however, the Company started generating revenues from the commercial sales of the MicroCutter XCHANGE 30 since its introduction in Europe in December 2012, and in the United States in March 2014, and through June 30, 2015, the Company generated $1.4 million of net product revenues from the commercial sales of the MicroCutter XCHANGE 30. For the years ended June 30, 2015, 2014 and 2013, the Company generated $0.7 million, $0.5 million and $0.2 million, respectively of net product revenues from the commercial sales of the MicroCutter XCHANGE 30.
Liquidity [Policy Text Block]	Liquidity The Company has incurred cumulative net losses of $189.7 million through June 30, 2015, negative cash flows from operating activities and expects to incur losses for the next several years. As of June 30, 2015, the Company had approximately $21.2 million of cash, cash equivalents and short-term investments, $4.0 million in long-term investments and $4.0 million of debt principal outstanding. The Company believes that its existing cash, cash equivalents, short-term and long-term investments, will be sufficient to meet its anticipated cash needs to enable the Company to conduct its business substantially as currently conducted for at least the next 12 months. The Company would be able to extend this time period to the extent that it decreases its planned expenditures, or raises additional capital.
Basis of Presentation and Principles of Consolidation [Policy Text Block]	Basis of Presentation and Principles of Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of Cardica, Inc. and its wholly-owned subsidiary in Germany. All significant intercompany balances and transactions have been eliminated in consolidation.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The Company’s foreign operations are subject to exchange rate fluctuations and foreign currency costs. The functional currency of the German subsidiary is the United States dollar. Transactions and balances denominated in dollars are presented at their original amounts. Monetary assets and liabilities denominated in currencies other than the dollar are re-measured at the current exchange rate prevailing at the balance sheet date. All transaction gains or losses from the re-measurement of monetary assets and liabilities are included in the consolidated statements of operations within other income (expense).
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) generally requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could materially differ from these estimates.
Reclassification, Policy [Policy Text Block]	Reclassification During fiscal year 2015, the Company identified that it had not appropriately classified $20.2 million of short-term investments as cash equivalents for the fiscal year ended June 30, 2014. Accordingly, the Company reclassified $20.2 million of short-term investments to cash equivalents for the year ended June 30, 2014 as these investments had an active market and original maturity dates of 90 days or less upon purchase. The reclassification resulted in the following changes to the June 30, 2014 consolidated financial statements: a decrease in net cash used in investing activities by $20.2 million in the Consolidated Statements of Cashflows; decrease in money market funds of $17.7 million, corporate debt securities of $1.0 million and commercial paper of $1.5 million from the available-for-sale securities as disclosed in Note 1 to the Consolidated Financial Statements; increase in cash equivalents and decrease in short-term investments by $20.2 million as disclosed in Note 2 to the Consolidated Financial Statements. The misclassification had no effect on previously reported results of operations, total assets or accumulated deficit.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company’s cash and cash equivalents are maintained in checking, money market, commercial paper and corporate debt securities investment accounts. The Company considers all highly liquid investments with maturities remaining on the date of purchase of three months or less to be cash equivalents.
Receivables, Policy [Policy Text Block]	Accounts Receivable Accounts receivable consists of trade receivables and other receivables. Accounts receivable are recorded at net realizable value, which approximates fair value. The Company evaluates the collectability of accounts receivable on a case-by-case basis and makes adjustments to the bad debt reserve for expected losses. The Company considers factors such as ability to pay, bankruptcy, credit ratings, payment history and past-due status of the accounts. If circumstances related to customers change, estimates of recoverability would be further adjusted. For the fiscal year ended June 30, 2014, the Company recovered $33,000 of bad debt reserve that was recorded in the fiscal year ended June 30, 2013.
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]	Available-for-Sale Securities Available-for-sale securities consist primarily of corporate debt securities, commercial papers, and certificates of deposits, and, by the Company's investment policy, restrict exposure to any single corporate issuer by imposing concentration limits. Although maturities may extend beyond one year, it is management's intent that these securities are available for use in current operations. The Company held investments in marketable securities as of June 30, 2015 and 2014, with maturity dates of less than one year for short-term and greater than one year for long-term. The Company records its marketable securities at fair value and classifies them as available-for-sale. The cost of securities sold is based on the specific-identification method. Interest on securities classified as available-for-sale is included in interest income. Unrealized gains or losses on available-for-sale securities are classified as other comprehensive income or loss and reported as a separate component of stockholders’ equity until realized. When the resulting fair value is significantly below cost basis and/or the significant decline has lasted for an extended period of time, the Company performs an evaluation to determine whether the marketable equity security is other than temporarily impaired. The evaluation that the Company uses to determine whether a marketable equity security is other than temporarily impaired is based on the specific facts and circumstances present at the time of assessment, which include significant quantitative and qualitative assessments and estimates regarding credit ratings, collateralized support, the length of time and significance of a security’s loss position and intent and ability to hold a security to maturity or forecasted recovery. Investments are summarized as follows (in thousands): As of June 30, 201 5 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: Corporate debt securities – Short-term $ 12,978 $ — $ (6 ) $ 12,972 Corporate debt securities – Long-term 3,972 — (2 ) 3,970 Total $ 16,950 $ — $ (8 ) $ 16,942 As of June 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: Corporate debt securities – Short-term $ 13,434 $ — $ (6 ) $ 13,428 Commercial paper - Short-term 1,500 — — 1,500 Corporate debt securities – Long-term 2,319 — (4 ) 2,315 Total $ 17,253 $ — $ (10 ) $ 17,243
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash Under an operating lease for its facility in Redwood City, California, the Company is required to maintain a letter of credit with a restricted cash balance at the Company’s bank. A certificate of deposit of $0.1 million at June 30, 2015 and 2014, has been recorded as restricted cash in the accompanying balance sheets, related to the letter of credit (see Note 5). A certificate of deposit of $4,000 at June 30, 2015 and 2014, has been recorded as restricted cash in the accompanying balance sheets related to the deposit on the Company’s merchant credit card.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk and Certain Other Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, long-term investments and accounts receivable. The Company places its cash, cash equivalents, short-term and long-term investments with high-credit quality financial institutions. The Company is exposed to credit risk in the event of default by the institutions holding the cash, cash equivalents, short-term and long-term investments to the extent of the amounts recorded on the balance sheet. The Company sells its products to hospitals in the U.S. and Europe and to distributors in Europe, Japan and Saudi Arabia that resell the products to hospitals. The Company does not require collateral to support credit sales. The Company has had insignificant credit losses to date. The following table illustrates total net revenue from the geographic location in which the Company’s customers are located and sales revenue by product line. Net revenue by geographic location: Fiscal Year Ended June 30, 2015 2014 2013 United States 50 % 45 % 53 % Japan 28 % 29 % 29 % Germany 14 % 15 % 11 % Rest of world 8 % 11 % 7 % Sales revenue by product line: Fiscal Year Ended June 30, 2015 2014 2013 Microcutter $ 684 $ 488 $ 176 Cardiac (automated anastomotic systems) 2,238 3,017 2,917 Total $ 2,922 $ 3,505 $ 3,093 The following table illustrates concentrations of credit risk for the periods presented. Percent of Total Net Revenue for Fiscal Year Ended June 30, Percent of Total Accounts Receivable as of June 30, 2015 2014 2013 2015 2014 Century Medical 28 % 29 % 29 % 46 % 35 % Herz-Und Diabeteszentrum 10 % 12 % 7 % — 8 % As of June 30, 2015, 2014 and 2013, and for the years then ended, no other customer accounted for equal to or greater than 10% of net revenue or account receivable balances. The Company does not believe that accounts receivable from Century Medical and Herz-Und Diabeteszentrum represent a significant credit risk based on past collection experiences and the general creditworthiness of these customers. The Company depends upon a number of key suppliers, including single source suppliers, the loss of which would materially harm the Company’s business. Single source suppliers are relied upon for certain components and services used in manufacturing the Company’s products. The Company does not have long-term contracts with any of the suppliers; rather, purchase orders are submitted for each order. Because long-term contracts do not exist, none of the suppliers are required to provide the Company any guaranteed minimum quantities.
Inventory, Policy [Policy Text Block]	Inventories Inventories are recorded at the lower of cost or market on a first-in, first-out basis. The Company periodically assesses the recoverability of all inventories, including materials, work-in-process and finished goods, to determine whether adjustments for impairment are required. Inventory that is obsolete or in excess of forecasted usage is written down to its estimated net realizable value based on assumptions about future demand and market conditions. Further reduced demand may result in the need for additional inventory write-downs in the near term. Inventory write-downs are charged to cost of product sales and establish a lower cost basis for the inventory.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, which are generally three to five years. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the related assets. Upon sale or retirement of assets, the costs and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in the statement of operations.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Impairment, if any, is assessed using discounted cash flows. All long-lived assets are in the United States, and through June 30, 2015, there have been no indications of impairment; therefore, the Company has recorded no such losses.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenue when four basic criteria are met: (1) persuasive evidence of an arrangement exists; (2) title has transferred; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. The Company uses contracts and customer purchase orders to determine the existence of an arrangement. The Company uses shipping documents and third-party proof of delivery to verify that title has transferred. The Company assesses whether the fee is fixed or determinable based upon the terms of the agreement associated with the transaction. To determine whether collection is probable, the Company assesses a number of factors, including past transaction history with the customer and the creditworthiness of the customer. If the Company determines that collection is not reasonably assured, then the recognition of revenue is deferred until collection becomes reasonably assured, which is generally upon receipt of payment. The Company records product sales net of estimated product returns and discounts from the list prices for its products. The amounts of product returns and the discount amounts have not been material to date. The Company’s sales to distributors do not include price protection. Payments that are contingent upon the achievement of a substantive milestone are recognized in their entirety in the period in which the milestone is achieved subject to satisfaction of all revenue recognition criteria at that time. Revenue generated from license fees and performing development services are recognized when they are earned and non-refundable upon receipt, over the period of performance, or upon incurrence of the related development expenses in accordance with contractual terms, based on the actual costs incurred to date plus overhead costs for certain project activities. Amounts paid but not yet earned on a project are recorded as deferred revenue until such time as performance is rendered or the related development expenses, plus overhead costs for certain project activities, are incurred.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development expenses consist of costs incurred for internally sponsored research and development, direct expenses, research-related overhead expenses, and costs incurred on development contracts. Research and development costs are charged to research and development expenses as incurred.
Clinical Trials [Policy Text Block]	Clinical Trials The Company accrues and expenses costs for clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with contract research organizations and clinical trial sites. The Company determines the estimates through discussion with internal clinical personnel and outside service providers as to progress or stage of completion of trials or services and the agreed upon fee to be paid for such services. Costs of setting up clinical trial sites for participation in the trials are expensed immediately as research and development expenses. Clinical trial site costs related to patient enrollment are accrued as patients are entered into the trial.
Deferred Charges, Policy [Policy Text Block]	Deferred Rent Rent expense is recognized on a straight-line basis over the non-cancelable term of the Company’s facility operating lease. The difference between the actual amounts paid and amounts recorded as rent expense is recorded to deferred rent. The current portion of deferred rent is recorded as other accrued liabilities, while the non-current portion is recorded in non-current accrued liabilities.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company utilizes the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company would classify interest and penalties related to uncertain tax positions in income tax expense, if applicable. There was no interest expense or penalties related to unrecognized tax benefits recorded through June 30, 2015.
Segment Reporting, Policy [Policy Text Block]	Segments The Company operates in a single reporting segment. Management uses one measurement of profitability and does not segregate its business for internal reporting purposes. All of the Company’s long-lived assets are maintained in the United States.
Earnings Per Share, Policy [Policy Text Block]	Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period without consideration of potential common shares. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive potential common share equivalents outstanding for the period less the dilutive potential common shares for the period determined using the treasury-stock method. Dilutive potential common share equivalents are excluded from the computation of net loss per share in the loss periods as their effect would be antidilutive. For purposes of this calculation, options, warrants and underlying convertible preferred shares to purchase stock and unvested restricted stock awards are considered to be potential common shares and are only included in the calculation of diluted net loss per share when their effect is dilutive. In the years the Preferred Stock was outstanding, the two-class method was used to calculate basic and diluted earnings (loss) per common share since it is a participating security under ASC 260 Earnings per Share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except per share data): Fiscal Year Ended June 30, 2015 2014 2013 Numerator: Net loss $ (19,182 ) $ (16,966 ) $ (16,137 ) Deemed dividend related to beneficial conversion feature of convertible preferred stock — (1,915 ) — Net loss allocable to common stockholders $ (19,182 ) $ (18,881 ) $ (16,137 ) Denominator: Weighted-average shares outstanding allocable to common stockholders 88,953 58,395 40,842 Denominator for basic and diluted net loss per share allocable to common stockholders 88,953 58,395 40,842 Basic and diluted net loss per share allocable to common stockholders $ (0.22 ) $ (0.32 ) $ (0.40 ) The following table sets forth the outstanding securities not included in the diluted net loss per common share calculation for the fiscal years ended June 30, 2015, 2014 and 2013, because their effect would be antidilutive (in thousands): As of June 30, 2015 2014 2013 Options to purchase common stock 4,556 5,601 3,936 Non-vested restricted stock units and awards 190 16 46 Shares reserved for issuance upon conversion of Series A Preferred 19,147 19,147 — Warrants — 3,991 3,991 23,893 28,755 7,973
Stockholders' Equity, Policy [Policy Text Block]	Stock-Based Compensation Stock-based compensation expense related to employee and director share-based compensation plans, including stock options and restricted stock units, is measured on the grant date, based on the fair value-based measurement of the award and is recognized as an expense over the requisite service period which generally equals the vesting period of each grant. The Company recognizes compensation expense using the accelerated method and the Company accounts for the non-employee share-based grants pursuant to ASC 505-50, Equity Based Payments to Non-Employees. The Company selected the Black-Scholes option pricing model for determining the estimated fair value-based measurements of share-based awards. The use of the Black-Scholes model requires the use of assumptions including expected term, expected volatility, risk-free interest rate and expected dividends. The Company used the following assumptions in its fair value-based measurements: Fiscal Year Ended June 30, 2015 2014 2013 Risk-free interest rate 0.21% – 1.65% 0.91% – 1.49% 0.44% – 0.74% Dividend yield — — — Weighted-average expected life (years) 4.3 – 4.9 3.8 – 4.6 3.8 – 4.6 Volatility 65% – 72% 66% – 80% 78% – 88% The Company estimates the expected life of options granted based on historical exercise and post-vest cancellation patterns, which the Company believes are representative of future behavior . The risk-free interest rate for the expected term of each option is based on a risk-free zero-coupon spot interest rate at the time of grant. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. The expected volatility is based on the Company’s historical stock price. The Company estimates forfeitures in calculating the expense related to stock-based compensation. The Company recorded stock-based compensation expenses under ASC 718 of $1.1 million, or $0.01 per share, $0.9 million, or $0.02 per share, and $0.9 million, or $0.02 per share for the fiscal years ended June 30, 2015, 2014 and 2013, respectively. The Company did not record any stock-based compensation expenses under ASC 505-50 for fiscal year ended June 30, 2015. The Company recorded stock-based compensation expenses under ASC 505-50 of $0.1 million, or $0 per share for fiscal years ended June 30, 2014 and 2013. In December 2014, the Company cancelled certain options granted to employees in excess of the stock plan limits, which resulted in the recognition of $0.2 million of unamortized expense recorded as stock-based compensation expenses. Total compensation expense related to unvested awards not yet recognized is approximately $0.6 million at June 30, 2015, and is expected to be recognized over a weighted average period of 3 years. Included in the statement of operations is the following non-cash stock-based compensation expense for the periods reported, including non-employee stock based compensation expense and the amortization of deferred compensation (in thousands): Fiscal Year Ended June 30, 2015 2014 2013 Cost of product sales $ 63 $ 117 $ 88 Research and development 183 133 236 Selling, general and administrative 903 770 598 Total $ 1,149 $ 1,020 $ 922
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update which provides guidance on whether a cloud computing arrangement includes a software license to a customer of such an arrangement. If a cloud computing arrangement includes a software license, a customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses, otherwise the customer should account for the arrangement as a service contract. The standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The standard can be applied prospectively to all arrangements entered into or materially modified after the effective date, or retrospectively. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements and disclosures. In April 2015, the FASB issued an accounting standard update which requires an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The standard will be applied retrospectively to each prior period presented. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated balance sheets. In February 2015, the FASB issued an amendment to the accounting standard regarding the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendments in this update are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The adoption of this update is not expected to have a material effect on the Company’s consolidated financial statements or disclosures. In August 2014, the FASB issued an accounting standard update related to the disclosures around going concern. The new standard provides guidance around management’s responsibility to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The new standard is effective for the annual periods and interim periods within those annual periods beginning after December 15, 2016. Early application is permitted. The Company will be evaluating the impact of the adoption of this guidance on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers Revenue Recognition

Note 1 - Organization and Sum24

Note 1 - Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	As of June 30, 201 5 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: Corporate debt securities – Short-term $ 12,978 $ — $ (6 ) $ 12,972 Corporate debt securities – Long-term 3,972 — (2 ) 3,970 Total $ 16,950 $ — $ (8 ) $ 16,942 As of June 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: Corporate debt securities – Short-term $ 13,434 $ — $ (6 ) $ 13,428 Commercial paper - Short-term 1,500 — — 1,500 Corporate debt securities – Long-term 2,319 — (4 ) 2,315 Total $ 17,253 $ — $ (10 ) $ 17,243
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Fiscal Year Ended June 30, 2015 2014 2013 United States 50 % 45 % 53 % Japan 28 % 29 % 29 % Germany 14 % 15 % 11 % Rest of world 8 % 11 % 7 %
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Fiscal Year Ended June 30, 2015 2014 2013 Microcutter $ 684 $ 488 $ 176 Cardiac (automated anastomotic systems) 2,238 3,017 2,917 Total $ 2,922 $ 3,505 $ 3,093
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Percent of Total Net Revenue for Fiscal Year Ended June 30, Percent of Total Accounts Receivable as of June 30, 2015 2014 2013 2015 2014 Century Medical 28 % 29 % 29 % 46 % 35 % Herz-Und Diabeteszentrum 10 % 12 % 7 % — 8 %
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Fiscal Year Ended June 30, 2015 2014 2013 Numerator: Net loss $ (19,182 ) $ (16,966 ) $ (16,137 ) Deemed dividend related to beneficial conversion feature of convertible preferred stock — (1,915 ) — Net loss allocable to common stockholders $ (19,182 ) $ (18,881 ) $ (16,137 ) Denominator: Weighted-average shares outstanding allocable to common stockholders 88,953 58,395 40,842 Denominator for basic and diluted net loss per share allocable to common stockholders 88,953 58,395 40,842 Basic and diluted net loss per share allocable to common stockholders $ (0.22 ) $ (0.32 ) $ (0.40 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	As of June 30, 2015 2014 2013 Options to purchase common stock 4,556 5,601 3,936 Non-vested restricted stock units and awards 190 16 46 Shares reserved for issuance upon conversion of Series A Preferred 19,147 19,147 — Warrants — 3,991 3,991 23,893 28,755 7,973
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Fiscal Year Ended June 30, 2015 2014 2013 Risk-free interest rate 0.21% – 1.65% 0.91% – 1.49% 0.44% – 0.74% Dividend yield — — — Weighted-average expected life (years) 4.3 – 4.9 3.8 – 4.6 3.8 – 4.6 Volatility 65% – 72% 66% – 80% 78% – 88%
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Fiscal Year Ended June 30, 2015 2014 2013 Cost of product sales $ 63 $ 117 $ 88 Research and development 183 133 236 Selling, general and administrative 903 770 598 Total $ 1,149 $ 1,020 $ 922

Note 2 - Fair Value Measureme25

Note 2 - Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	As of June 30, 201 5 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,399 $ — $ — $ 6,399 Corporate debt securities — 668 — 668 Short-term investments: Corporate debt securities — 12,972 — 12,972 Long-term investments: Corporate debt securities — 3,970 — 3,970 Total assets at fair value $ 6,399 $ 17,610 $ — $ 24,009 As of June 30, 2014 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 20,158 $ — $ — $ 20,158 Corporate debt securities — 1,000 — 1,000 Commercial paper — 1,500 — 1,500 Short-term investments: Corporate debt securities — 13,428 — 13,428 Commercial paper 1,500 — 1,500 Long-term investments: Corporate debt securities — 2,315 — 2,315 Total assets at fair value $ 20,158 $ 19,743 $ — $ 39,901

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 201 5 June 30, 201 4 Raw materials $ 870 $ 669 Work in progress 162 207 Finished goods 359 210 Total $ 1,391 $ 1,086

Note 4 - Property and Equipme27

Note 4 - Property and Equipment (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2015 2014 Computer hardware and software $ 98 $ 70 Office furniture and equipment 27 27 Machinery and equipment 6,378 6,306 Leasehold improvements 183 174 6,686 6,577 Less: accumulated depreciation and amortization (4,827 ) (4,215 ) Subtotal 1,859 2,362 Construction in process (1) — 174 Total $ 1,859 $ 2,536

Note 5 - Commitments and Cont28

Note 5 - Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Fiscal year ending June 30, Operating Leases 2016 $ 932 2017 1,001 2018 1,032 2019 173 Total minimum lease payments $ 3,138

Note 8 - Stockholders' Equity (

Note 8 - Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Stock Options Roll Forward [Table Text Block]	June 30, 2015 Stock options and RSUs outstanding 4,745,728 Shares available for grant under stock option plan 6,472,692 Shares reserved for issuance upon conversion of Series A Preferred 19,147,400 Warrants for common stock — 30,365,820
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Outstanding Options Shares Available for Grant Number of Shares Weighted- Average Exercise Price Per Share Balance at June 30, 2012 865,433 3,854,171 $ 2.53 Shares reserved 750,000 — — Restricted stock awards granted (48,000 ) — — Options granted (671,150 ) 671,150 1.53 Options exercised — (10,518 ) 1.31 Options forfeited 578,908 (578,908 ) 2.22 Balance at June 30, 2013 1,475,191 3,935,895 $ 2.43 Shares reserved 1,000,000 — — Restricted stock awards granted (92,666 ) — — Options granted (1,944,500 ) 1,944,500 1.24 Options forfeited 278,916 (278,916 ) 3.94 Balance at June 30, 2014 716,941 5,601,479 $ 1.95 Shares reserved 5,000,000 — — Restricted stock awards granted (290,000 ) — — Options granted (2,509,615 ) 2,509,615 0.69 Options forfeited 3,555,366 (3,555,366 ) 1.45 Balance at June 30, 2015 6,472,692 4,555,728 $ 1.65
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Options Outstanding Options exercisable Exercise Prices Number of Shares Weighted- Average Remaining Contractual Life (years) Weighted Average Exercise Price per Share Number of Shares Weighted Average Exercise Price per Share $0.41 – $1.00 1,551,833 6.77 0.59 368,358 0.81 $1.12 – $1.43 1,526,400 3.54 1.27 1,069,368 1.27 $1.55 – $9.75 1,477,495 1.64 3.16 1,407,692 3.22 Total outstanding 4,555,728 4.03 $ 1.65 2,845,418 $ 2.17 Options vested and expected to vest 4,295,133 3.87 $ 1.71
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Shares Non-vested restricted stock at June 30, 2012 46,000 Awarded 48,000 Vested (48,000 ) Forfeited — Non-vested restricted stock at June 30, 2013 46,000 Awarded 92,666 Vested (122,666 ) Forfeited — Non-vested restricted stock at June 30, 2014 16,000 Awarded 290,000 Vested (16,000 ) Forfeited (100,000 ) Non-vested restricted stock at June 30, 2015 190,000

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	June 30, 2015 2014 Net operating loss carry-forwards $ 62,457 $ 55,591 Research credits 3,448 3,084 Fixed asset depreciation 31 (109 ) Stock compensation 546 1,103 Deferred revenue 158 158 Other 885 764 Total deferred tax assets 67,525 60,591 Valuation allowance (67,525 ) (60,591 ) Net deferred tax assets $ — $ —
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Fiscal Year Ended June 30, 2015 2014 2013 Tax benefit at U.S. statutory rate $ (6,520 ) $ (5,768 ) $ (5,487 ) Loss for which no tax benefit is currently recognizable 6,341 5,584 5,341 Stock based compensation 160 164 128 Other, net 19 20 18 $ — $ — $ —
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	Amount Balance at June 30, 2013 $ 939 Additions based on tax positions related to current year 74 Balance at June 30, 2014 1,013 Additions based on tax positions related to prior years 26 Additions based on tax positions related to current year 82 Balance at June 30, 2015 $ 1,121

Note 13 - Consolidated Financ31

Note 13 - Consolidated Financial Information by Quarter (Tables)	12 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Quarterly Financial Information [Table Text Block]	1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (In thousands, except per share data) Total net revenue $ 1,068 $ 657 $ 564 $ 701 Gross profit (loss) on product sales (1) (582 ) (305 ) (259 ) (167 ) Net loss (5,065 ) (5,442 ) (4,824 ) (3,851 ) Basic and diluted net loss per common share (0.06 ) (0.06 ) (0.05 ) (0.04 ) Shares used in computing basic and diluted net loss per common share 88,946 88,955 88,955 88,955 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter (In thousands, except per share data) Total net revenue $ 805 $ 851 $ 934 $ 1,025 Gross profit (loss) on product sales (1) (255 ) (219 ) (452 ) (339 ) Net loss (3,739 ) (4,172 ) (4,379 ) (4,676 ) Net loss allocable to common stockholders (3,739 ) (4,172 ) (4,379 ) (6,591 ) Basic and diluted net loss per share allocable to common stockholders (0.07 ) (0.08 ) (0.09 ) (0.08 ) Shares used in computing basic and diluted net loss per share allocable to common stockholders 51,089 51,314 51,587 79,590

Note 1 - Organization and Sum32

Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended	3 Months Ended								12 Months Ended			31 Months Ended	213 Months Ended
	Dec. 31, 2014	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2015
MicroCutter XCHANGE 30 [Member]
Revenue, Net										$ 700,000	$ 500,000	$ 200,000	$ 1,400,000
Money Market Funds [Member]
Reclassification of Short-term Investment to Cash Equivalents						$ 17,700,000					17,700,000
Corporate Debt Securities with Maturity Less than 90 Days [Member]
Reclassification of Short-term Investment to Cash Equivalents						1,000,000					1,000,000
Commercial Paper [Member]
Reclassification of Short-term Investment to Cash Equivalents						1,500,000					1,500,000
Certificates of Deposit [Member]
Restricted Cash and Cash Equivalents		$ 100,000				100,000				100,000	100,000		100,000	$ 100,000
Restricted Cash, Credit Card [Member]
Restricted Cash and Cash Equivalents		4,000				4,000				4,000	$ 4,000		4,000	4,000
Minimum [Member]
Property, Plant and Equipment, Useful Life											3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life											5 years
Non Employee Compensation [Member]
Allocated Share-based Compensation Expense											$ 100,000	$ 100,000
Share-based Compensation, Effect on Earnings Per Share											$ 0	$ 0
Employee Stock Option [Member] | Unamortized Expense Related to Share-based Awards Granted to Employees in Excess of Plan Limits [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	200,000
Revenue, Net		701,000	$ 564,000	$ 657,000	$ 1,068,000	1,025,000	$ 934,000	$ 851,000	$ 805,000	2,990,000	$ 3,615,000	$ 3,499,000
Net Income (Loss) Attributable to Parent		(3,851,000)	$ (4,824,000)	$ (5,442,000)	$ (5,065,000)	(4,676,000)	$ (4,379,000)	$ (4,172,000)	$ (3,739,000)	(19,182,000)	(16,966,000)	(16,137,000)		189,700,000
Cash, Cash Equivalents, and Short-term Investments		21,200,000								21,200,000			21,200,000	21,200,000
Long-term Investments		3,970,000				2,315,000				3,970,000	2,315,000		3,970,000	3,970,000
Debt Instrument, Face Amount		4,000,000								4,000,000			4,000,000	4,000,000
Reclassification of Short-term Investment to Cash Equivalents						20,200,000					20,200,000
Decrease in Net Cash Used in Investing Activities, Attributable to Reclassification from Short-term Investments to Cash Equivalents											20,200,000
Allowance for Loan and Lease Loss, Recovery of Bad Debts											33,000
Restricted Cash and Cash Equivalents		104,000				$ 104,000				104,000	104,000		104,000	104,000
Allocated Share-based Compensation Expense										$ 1,100,000	$ 900,000	$ 900,000
Share-based Compensation, Effect on Earnings Per Share										$ 0.01	$ 0.02	$ 0.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period										3,555,366	278,916	578,908
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 600,000								$ 600,000			$ 600,000	$ 600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition										3 years

Note 1 - Investments (Details)

Note 1 - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Corporate Debt Securities [Member]
Amortized Cost	$ 12,978	$ 13,434
Gross Unrealized Losses	(6)	(6)
Fair Value	12,972	13,428
Corporate Bond Securities [Member]
Amortized Cost	3,972	2,319
Gross Unrealized Losses	(2)	(4)
Fair Value	3,970	2,315
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost		$ 1,500
Gross Unrealized Losses
Fair Value		$ 1,500
Amortized Cost	16,950	17,253
Gross Unrealized Losses	(8)	(10)
Fair Value	$ 16,942	$ 17,243

Note 1 - Net Revenue from Geogr

Note 1 - Net Revenue from Geographic Location (Details)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
UNITED STATES
Revenue percentage by location	50.00%	45.00%	53.00%
JAPAN
Revenue percentage by location	28.00%	29.00%	29.00%
GERMANY
Revenue percentage by location	14.00%	15.00%	11.00%
All Other Countries [Member]
Revenue percentage by location	8.00%	11.00%	7.00%

Note 1 - Sales Revenue by Produ

Note 1 - Sales Revenue by Product Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
MicroCutter XCHANGE 30 [Member]
Product sales	$ 684	$ 488	$ 176
Cardiac [Member]
Product sales	2,238	3,017	2,917
Product sales	$ 2,922	$ 3,505	$ 3,093

Note 1 - Concentration of Risk,

Note 1 - Concentration of Risk, by Risk Factor (Details) - Customer Concentration Risk [Member]	12 Months Ended		36 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015
Sales Revenue, Goods, Net [Member] | Century Medical [Member]
Concentration by customer	28.00%	29.00%	29.00%
Sales Revenue, Goods, Net [Member] | Herz-Und Diabeteszentrum [Member]
Concentration by customer	10.00%	12.00%	7.00%
Accounts Receivable [Member] | Century Medical [Member]
Concentration by customer	46.00%	35.00%
Accounts Receivable [Member] | Herz-Und Diabeteszentrum [Member]
Concentration by customer		8.00%

Note 1 - Computation of Basic a

Note 1 - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) shares in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Net loss	$ (19,182,000)	$ (16,966,000)	$ (16,137,000)
Deemed dividend related to beneficial conversion feature of convertible preferred stock		(1,915,000)
Net loss allocable to common stockholders	$ (19,182,000)	$ (18,881,000)	$ (16,137,000)
Weighted-average shares outstanding allocable to common stockholders (in shares)	88,953	58,395	40,842
Shares used in computing basic and diluted net loss per share allocable to common stockholders (in shares)	88,953	58,395	40,842
Basic and diluted net loss per share allocable to common stockholders (in dollars per share)	$ (0.22)	$ (0.32)	$ (0.40)

Note 1 - Antidilutive Securitie

Note 1 - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Employee Stock Option [Member]
Anti-dilutive securities (in shares)	4,556	5,601	3,936
Restricted Stock [Member]
Anti-dilutive securities (in shares)	190	16	46
Common Stock Shares Reserved for Future Issuance [Member]
Anti-dilutive securities (in shares)	19,147	19,147
Warrant [Member]
Anti-dilutive securities (in shares)		3,991	3,991
Anti-dilutive securities (in shares)	23,893	28,755	7,973

Note 1 - Share-based Payment Aw

Note 1 - Share-based Payment Award, Stock Options, Valuation Assumptions (Details)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Minimum [Member]
Risk-free interest rate	0.21%	0.91%	0.44%
Weighted-average expected life (years)	4 years 109 days	3 years 292 days	3 years 292 days
Volatility	65.00%	66.00%	78.00%
Maximum [Member]
Risk-free interest rate	1.65%	1.49%	0.74%
Weighted-average expected life (years)	4 years 328 days	4 years 219 days	4 years 219 days
Volatility	72.00%	80.00%	88.00%

Note 1 - Non-cash Stock-based C

Note 1 - Non-cash Stock-based Compensation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Cost of Sales [Member] | Noncash Stockbased Compensation [Member]
Allocated share-based compensation expense	$ 63,000	$ 117,000	$ 88,000
Research and Development Expense [Member] | Noncash Stockbased Compensation [Member]
Allocated share-based compensation expense	183,000	133,000	236,000
Selling, General and Administrative Expenses [Member] | Noncash Stockbased Compensation [Member]
Allocated share-based compensation expense	903,000	770,000	598,000
Noncash Stockbased Compensation [Member]
Allocated share-based compensation expense	1,149,000	1,020,000	922,000
Allocated share-based compensation expense	$ 1,100,000	$ 900,000	$ 900,000

Note 2 - Fair Value Measureme41

Note 2 - Fair Value Measurements (Details Textual) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Money Market Funds [Member]
Reclassification of Short-term Investment to Cash Equivalents		$ 17,700,000
Commercial Paper [Member]
Reclassification of Short-term Investment to Cash Equivalents		1,500,000
Corporate Debt Securities with Maturity Less than 90 Days [Member]
Reclassification of Short-term Investment to Cash Equivalents		1,000,000
Cash	$ 1,200,000	2,900,000
Reclassification of Short-term Investment to Cash Equivalents		$ 20,200,000

Note 2 - Fair Value Measureme42

Note 2 - Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	$ 6,399	$ 20,158
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents
Money Market Funds [Member]
Cash equivalents	$ 6,399	$ 20,158
Corporate Debt Securities1 [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents
Corporate Debt Securities1 [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents	$ 668	$ 1,000
Corporate Debt Securities1 [Member]
Cash equivalents	$ 668	$ 1,000
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents		$ 1,500
Commercial Paper [Member]
Cash equivalents		$ 1,500
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Short-term investments
Long-term investments
Fair Value, Inputs, Level 1 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Short-term investments
Fair Value, Inputs, Level 1 [Member]
Assets at fair value	$ 6,399	$ 20,158
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Short-term investments	12,972	13,428
Long-term investments	3,970	2,315
Fair Value, Inputs, Level 2 [Member] | Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Short-term investments		1,500
Fair Value, Inputs, Level 2 [Member]
Assets at fair value	17,610	19,743
Corporate Debt Securities [Member]
Short-term investments	12,972	13,428
Long-term investments	3,970	2,315
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Short-term investments		1,500
Assets at fair value	$ 24,009	$ 39,901

Note 3 - Inventories (Details)

Note 3 - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Raw materials	$ 870	$ 669
Work in progress	162	207
Finished goods	359	210
Total	$ 1,391	$ 1,086

Note 4 - Property and Equipme44

Note 4 - Property and Equipment (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Jun. 30, 2014
Computer Equipment [Member]
Property plant equipment gross		$ 98	$ 70
Office Equipment [Member]
Property plant equipment gross		27	27
Machinery and Equipment [Member]
Property plant equipment gross		6,378	6,306
Leasehold Improvements [Member]
Property plant equipment gross		$ 183	174
Construction in Progress [Member]
Property, Plant and Equipment, Net	[1]		174
Property plant equipment gross		$ 6,686	6,577
Less: accumulated depreciation and amortization		(4,827)	(4,215)
Subtotal		1,859	2,362
Property, Plant and Equipment, Net		$ 1,859	$ 2,536
[1]	Construction in process includes equipments paid based on installment plan, but not yet placed in service pending completion. The completion dates for these equipments range from three months to two years, and the future payments are immaterial.

Note 5 - Commitments and Cont45

Note 5 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2012
Restricted Cash, Letter of Credit [Member]
Restricted Cash and Cash Equivalents	$ 100,000	$ 100,000
Leasehold Improvements, Gross				$ 148,070
Restricted Cash and Cash Equivalents	104,000	104,000
Operating Leases, Rent Expense	$ 800,000	$ 600,000	$ 600,000

Note 5 - Future Minimum Lease P

Note 5 - Future Minimum Lease Payments for Operating Leases (Details) $ in Thousands	Jun. 30, 2015USD ($)
2,016	$ 932
2,017	1,001
2,018	1,032
2,019	173
Total minimum lease payments	$ 3,138

Note 6 - Distribution, Licens47

Note 6 - Distribution, License, Development and Commercialization Agreements (Details Textual) - USD ($)	Dec. 27, 2011	Sep. 30, 2011	Sep. 02, 2011	Aug. 16, 2010	Sep. 30, 2011	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2015	Jun. 30, 2011
Intuitive Surgical [Member]
Deferred Revenue, Current							$ 0
Licenses Revenue				$ 9,000,000			0	$ 41,000	$ 300,000
Common Stock Premium				1,000,000
Noncash or Part Noncash Divestiture, Amount of Consideration Received				$ 10,000,000
Deferred Revenue, Noncurrent											$ 1,000,000
Cook Incorporated [Member]
Proceeds from License Fees Received							0	0	$ 0
Deferred Revenue							400,000
Century Medical [Member] | Notes Payable, Other Payables [Member]
Debt Instrument, Face Amount			$ 4,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%									5.00%
Fair Value Inputs, Discount Rate			18.00%
Debt Instrument, Unamortized Discount			$ 1,600,000				500,000
Deferred Revenue							500,000
Century Medical [Member]
Proceeds from Secured Notes Payable	$ 2,000,000	$ 2,000,000			$ 2,000,000
Notes Payable, Fair Value Disclosure			$ 2,400,000				2,600,000	3,100,000
Debt Instrument, Unamortized Discount							2,100,000
Distribution Agreement Term of Extension						5 years
Deferred Revenue, Current							403,000	403,000
Debt Instrument, Face Amount							4,000,000
Deferred Revenue, Noncurrent							$ 2,125,000	$ 1,610,000

Note 7 - Note Payable (Details

Note 7 - Note Payable (Details Textual) - USD ($)	Dec. 27, 2011	Sep. 30, 2011	Sep. 30, 2011	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2015	Sep. 02, 2011
Century Medical [Member] | Notes Payable, Other Payables [Member]
Debt Instrument, Face Amount								$ 4,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%						5.00%
Debt Instrument, Unamortized Discount				$ 500,000				$ 1,600,000
Century Medical [Member]
Proceeds from Secured Notes Payable	$ 2,000,000	$ 2,000,000	$ 2,000,000
Debt Instrument, Unamortized Discount				2,100,000
Interest Expense, Debt				200,000	$ 200,000	$ 200,000
Interest Payable, Current				50,000	$ 50,000
Debt Instrument, Face Amount				$ 4,000,000

Note 8 - Stockholders' Equity49

Note 8 - Stockholders' Equity (Details Textual) - USD ($)	Mar. 20, 2013	Feb. 10, 2013	Dec. 14, 2010	May. 20, 2015	Sep. 30, 2014	Apr. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized							250,000
Preferred Stock, Shares Outstanding							191,474
Stock Issued During Period, Shares, New Issues						191,474
Share Price						$ 85
Convertible Preferred Stock, Shares Issued upon Conversion						100
Common Stock Ownership Threshold, Preferred Stock Conversion						9.98%
Dividends Payable								$ 1,900,000
Preferred Stock, Shares Issued							191,474
Dividends, Preferred Stock							$ 1,900,000
Number of Common Stock Convertible to Preferred Stock							100
MLV [Member]
Stock Issued During Period, Shares, New Issues							0	439,163	414,099
Proceeds from Issuance of Common Stock								$ 400,000	$ 700,000
Aspire [Member]
Stock Issued During Period, Shares, New Issues			295,567
Share Price		$ 1.38
Stock Issued During Period, Value, New Issues			$ 966,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			$ 134,000
Maximum Number of Shares That May Be Issued under Purchase Agreement			4,930,747
Shares Returned to Company		166,759
Value of Shares Returned to Company		$ 230,000
Common Stock [Member]
Stock Issued During Period, Shares, New Issues	14,251,368					37,375,000		37,375,000
Share Price	$ 1.05					$ 0.85
Stock Issued During Period, Value, New Issues								$ 38,000
1997 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							4 years
2005 Plan [Member] | Maximum [Member]
Option Term If Minimum Ownership Threshold Is Met							5 years
2005 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized							11,400,000
Minimum Ownership Percentage Threshold for Increased Option Price							10.00%
Percentage of Option Price If Minimum Ownership Threshold Is Met							110.00%
Inducement Plan [Member] | Vice President [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				400,000
Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				400,000
Maximum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							10 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value							$ 82,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value							$ 330,000	$ 106,000	$ 66,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 1.14	$ 1.15	$ 1.43
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value							$ 19,000	$ 165,000	$ 75,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested							$ 95,000
Stock Shares Authorized							130,000,000	130,000,000
Common Stock, Shares Authorized							125,000,000	125,000,000
Preferred Stock, Shares Authorized							5,000,000	5,000,000
Preferred Stock, Shares Outstanding							191,474	191,474
Proceeds from Issuance or Sale of Equity						$ 44,600,000
Proceeds from Issuance of Common Stock	$ 14,000,000						$ (65,000)	$ 29,863,000	$ 14,741,000
Stock Issued During Period, Value, New Issues							$ (65,000)	$ 29,413,000
Preferred Stock, Shares Issued							191,474	191,474
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							2,509,615	1,944,500	671,150
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term							2 years 182 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value							$ 53,000	$ 105,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value							43,000	93,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value							$ 0	$ 22,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 0.37	$ 0.80	$ 1.03
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value							$ 0	$ 0	$ 4,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value							$ 568,000	$ 528,000	$ 746,000
Class of Warrant or Right, Expired During Period					3,991,205
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 1.45

Note 8 - Common Stock Reserved

Note 8 - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2015
Series A Preferred Stock [Member]
Shares reserved for issuance upon conversion of Series A Preferred (in shares)	19,147,400
Stock options and RSUs outstanding (in shares)	4,745,728
Shares available for grant under stock option plan (in shares)	6,472,692
Warrants for common stock (in shares)	0
Total (in shares)	30,365,820

Note 8 - Option Activity Under

Note 8 - Option Activity Under All Plans (Details) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Employee Stock Option [Member]
Shares reserved (in shares)	5,000,000	1,000,000	750,000
Restricted Stock [Member]
Restricted stock awards granted (in shares)	(290,000)	(92,666)	(48,000)
Balance (in shares)	716,941	1,475,191	865,433
Balance (in shares)	5,601,479	3,935,895	3,854,171
Balance (in dollars per share)	$ 1.95	$ 2.43	$ 2.53
Options granted (in shares)	(2,509,615)	(1,944,500)	(671,150)
Options granted (in shares)	2,509,615	1,944,500	671,150
Options granted (in dollars per share)	$ 0.69	$ 1.24	$ 1.53
Options exercised (in shares)			(10,518)
Options exercised (in dollars per share)			$ 1.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	3,555,366	278,916	578,908
Options forfeited (in shares)	(3,555,366)	(278,916)	(578,908)
Options forfeited (in dollars per share)	$ 1.45	$ 3.94	$ 2.22
Balance (in shares)	6,472,692	716,941	1,475,191
Balance (in shares)	4,555,728	5,601,479	3,935,895
Balance (in dollars per share)	$ 1.65	$ 1.95	$ 2.43

Note 8 - Stock Options Outstand

Note 8 - Stock Options Outstanding, Vested and Exercisable (Details) - $ / shares	12 Months Ended
	Jun. 30, 2015
Range One [Member]
Options outstanding, exercise price range, lower limit (in dollars per share)	$ 0.41
Options outstanding, exercise price range, upper limit (in dollars per share)	$ 1
Options outstanding, number of shares (in shares)	1,551,833
Options outstanding, weighted average remaining contractual life	6 years 281 days
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 0.59
Options exercisable, number of shares (in shares)	368,358
Options exercisable, weighted average exercise price (in dollars per share)	$ 0.81
Range Two [Member]
Options outstanding, exercise price range, lower limit (in dollars per share)	1.12
Options outstanding, exercise price range, upper limit (in dollars per share)	$ 1.43
Options outstanding, number of shares (in shares)	1,526,400
Options outstanding, weighted average remaining contractual life	3 years 197 days
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 1.27
Options exercisable, number of shares (in shares)	1,069,368
Options exercisable, weighted average exercise price (in dollars per share)	$ 1.27
Range Three [Member]
Options outstanding, exercise price range, lower limit (in dollars per share)	1.55
Options outstanding, exercise price range, upper limit (in dollars per share)	$ 9.75
Options outstanding, number of shares (in shares)	1,477,495
Options outstanding, weighted average remaining contractual life	1 year 233 days
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 3.16
Options exercisable, number of shares (in shares)	1,407,692
Options exercisable, weighted average exercise price (in dollars per share)	$ 3.22
Options outstanding, number of shares (in shares)	4,555,728
Options outstanding, weighted average remaining contractual life	4 years 10 days
Options outstanding, weighted average exercise price per share (in dollars per share)	$ 1.65
Options exercisable, number of shares (in shares)	2,845,418
Options exercisable, weighted average exercise price (in dollars per share)	$ 2.17
Options vested and expected to vest, number of shares (in shares)	4,295,133
Options vested and expected to vest, weighted average remaining contractual life	3 years 317 days
Options vested and expected to vest, weighted average exercise price per share (in dollars per share)	$ 1.71

Note 8 - Restricted Stock Activ

Note 8 - Restricted Stock Activity (Details) - Restricted Stock [Member] - shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Non-vested (in shares)	16,000	46,000	46,000
Awarded (in shares)	290,000	92,666	48,000
Vested (in shares)	(16,000)	(122,666)	(48,000)
Forfeited (in shares)	(100,000)
Non-vested (in shares)	190,000	16,000	46,000

Note 9 - Reductions in Force (D

Note 9 - Reductions in Force (Details Textual) - 12 months ended Jun. 30, 2015 $ in Millions	USD ($)
Restructuring and Related Cost, Number of Positions Eliminated	24
Severance Costs	$ 0.3

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
State and Local Jurisdiction [Member]
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 3,800,000
Employee Stock Option [Member]
Deferred Tax Assets, Valuation Allowance	300,000
California [Member]
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	122,000
Deferred Tax Assets, Tax Credit Carryforwards	19,500,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	6,900,000	$ 4,400,000	$ 6,800,000
Operating Loss Carryforwards	171,000,000
Deferred Tax Assets, Tax Credit Carryforwards, Research	1,800,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	108,400,000
Deferred Tax Assets, Valuation Allowance	67,525,000	60,591,000
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	4,900,000
Deferred Tax Assets, Tax Credit Carryforwards	1,500,000
Unrecognized Tax Benefits	$ 1,121,000	$ 1,013,000	$ 939,000

Note 10 - Deferred Tax Assets (

Note 10 - Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Net operating loss carry-forwards	$ 62,457,000	$ 55,591,000
Research credits	3,448,000	3,084,000
Fixed asset depreciation	31,000	(109,000)
Stock compensation	546,000	1,103,000
Deferred revenue	158,000	158,000
Other	885,000	764,000
Total deferred tax assets	67,525,000	60,591,000
Valuation allowance	(67,525,000)	(60,591,000)
Net deferred tax assets	$ 0	$ 0

Note 10 - Effective Income Tax

Note 10 - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Tax benefit at U.S. statutory rate	$ (6,520)	$ (5,768)	$ (5,487)
Loss for which no tax benefit is currently recognizable	6,341	5,584	5,341
Stock based compensation	160	164	128
Other, net	$ 19	$ 20	$ 18

Note 10 - Unrecognized Tax Bene

Note 10 - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Balance	$ 1,013	$ 939
Additions based on tax positions related to current year	82	74
Balance	1,121	$ 1,013
Additions based on tax positions related to prior years	$ 26

Note 11 - Employee Benefit Pl59

Note 11 - Employee Benefit Plan (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Defined Benefit Plan, Contributions by Employer	$ 0	$ 0	$ 0

Note 12 - Indemnification (Deta

Note 12 - Indemnification (Details Textual) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Indemnification Agreement [Member]
Loss Contingency Accrual	$ 0	$ 0

Note 13 - Financial Information

Note 13 - Financial Information by Quarter (Unaudited) (Details) - USD ($) shares in Thousands		3 Months Ended
		Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013
Revenue, Net		$ 701,000	$ 564,000	$ 657,000	$ 1,068,000	$ 1,025,000	$ 934,000	$ 851,000	$ 805,000
Gross profit (loss) on product sales (1)	[1]	(167,000)	(259,000)	(305,000)	(582,000)	(339,000)	(452,000)	(219,000)	(255,000)
Net Income (Loss) Attributable to Parent		$ (3,851,000)	$ (4,824,000)	$ (5,442,000)	$ (5,065,000)	$ (4,676,000)	$ (4,379,000)	$ (4,172,000)	$ (3,739,000)
Basic and diluted net loss per common share (in dollars per share)		$ (0.04)	$ (0.05)	$ (0.06)	$ (0.06)	$ (0.08)	$ (0.09)	$ (0.08)	$ (0.07)
Shares used in computing basic and diluted net loss per common share (in shares)		88,955	88,955	88,955	88,946	79,590	51,587	51,314	51,089
Net loss allocable to common stockholders						$ (6,591,000)	$ (4,379,000)	$ (4,172,000)	$ (3,739,000)
[1]	Gross profit is computed as total net product sales less cost of product sales.