Innovation Pharmaceuticals (IPIX) 10-Q 9 Feb 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Dec. 31, 2014	Feb. 05, 2015
Document And Entity Information
Entity Registrant Name	Cellceutix CORP
Entity Central Index Key	1355250
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		116,638,129
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Jun. 30, 2014
Current Assets:
Cash	$9,469,000	$4,988,000
Prepaid expenses and security deposits	98,000	568,000
Total Current Assets	9,567,000	5,556,000
Other Assets:
Patent costs - net	5,151,000	4,962,000
Property, plant and equipment -net	43,000	39,000
Deferred offering costs	94,000	295,000
Total Other Assets	5,288,000	5,296,000
Total Assets	14,855,000	10,852,000
Current Liabilities:
Accounts payable - (including related party payables of approx. $1,686,000 and $1,708,000, respectively)	2,085,000	2,664,000
Accrued expenses - (including related party accruals of approx. $49,000 and $290,000, respectively)	204,000	336,000
Accrued salaries and payroll taxes -(including related party accrued salaries of approx. $3,364,000 and $3,210,000, respectively)	3,428,000	3,224,000
Note payable - related party	2,022,000	2,022,000
Redeemable Common Stock		1,400,000
Total Current Liabilities	7,739,000	9,646,000
Total Liabilities	7,739,000	9,646,000
Stockholders' Equity
Preferred stock, $0.001 par value, 500,000 designated shares, no shares issued and outstanding
Additional paid-in capital	42,273,000	29,215,000
Accumulated deficit	-35,169,000	-28,020,000
Total Stockholders' Equity	7,116,000	1,206,000
Total Liabilities and Stockholders' Equity	14,855,000	10,852,000
Common Class A [Member]
Stockholders' Equity
Common Stock, Value	12,000
Common Class B [Member]
Stockholders' Equity
Common Stock, Value

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Accounts payable, related party payables (in dollars)	$1,686,000	$1,708,000
Accrued expenses, related party accruals (in dollars)	49,000	290,000
Accrued Salaries, due to related parties (in dollars)	$3,364,000	$3,210,000
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)
Preferred stock, shares outstanding (in shares)
Common Class A [Member]
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	115,838,129	109,787,129
Common stock, shares outstanding (in shares)	115,838,129	109,787,129
Common Class B [Member]
Number of votes entitled in class of stock (in votes)	10
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)
Common stock, shares outstanding (in shares)

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Condensed Consolidated Statements Of Operations
Revenues
Operating expenses:
Research and development expenses	1,943,000	1,014,000	5,798,000	1,586,000
General and administrative expenses	244,000	330,000	473,000	435,000
Officers' payroll and payroll tax expense	412,000	119,000	542,000	237,000
Professional fees	105,000	83,000	245,000	207,000
Total operating expenses	2,704,000	1,546,000	7,058,000	2,465,000
Loss from operations	-2,704,000	-1,546,000	-7,058,000	-2,465,000
Other expenses
Interest income	1,000		2,000
Interest expense	-51,000	-51,000	-101,000	-109,000
Sundry income			9,000
Total other expenses	-50,000	-51,000	-90,000	-109,000
Loss before provision for income taxes	-2,754,000	-1,597,000	-7,148,000	-2,574,000
Provision for income taxes
Net loss	-2,754,000	-1,597,000	-7,148,000	-2,574,000
Deemed dividends		-1,980,000		-1,980,000
Net loss attributable to common stockholders	($2,754,000)	($3,577,000)	($7,148,000)	($4,554,000)
Basic and diluted loss per share attributable to common stockholders	($0.02)	($0.03)	($0.06)	($0.04)
Weighted average number of common shares	114,716,009	104,640,788	112,918,961	102,659,696

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($7,148,000)	($2,574,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of fixed assets		73,000
Common stock and stock options issued as payment for services compensation, services rendered and financing costs	307,000	255,000
Amortization of patent costs	197,000	102,000
Depreciation of equipment	5,000
Changes in operating assets and liabilities:
Prepaid expenses and security deposits	470,000	-160,000
Accounts payable	-580,000	-72,000
Accrued expenses	-132,000	342,000
Accrued officers' salaries and payroll taxes	204,000	-193,000
Net cash used in operating activities	-6,677,000	-2,227,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of fixed assets		24,000
Additions to property, plant and equipment	-9,000
Patent Costs	-386,000	-2,135,000
Net cash used in investing activities	-395,000	-2,111,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Sale of common stock	10,780,000	5,618,000
Payment of settlement liabilities		-285,000
Exercise of stock options and warrants	773,000	1,025,000
Net cash provided by financing activities	11,553,000	6,358,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	4,481,000	2,020,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	4,988,000	2,955,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	9,469,000	4,975,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	336,000	37,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW INVESTING AND FINANCING ACTIVITIES
Cancellation of treasury stock		-275,000
Deemed dividend - warrants		1,980,000
Shares issued as deferred offering costs		373,000
Shares issued for acquisition of patent and equipment		2,702,000
Redeemable common stock	-1,400,000	1,400,000
Stock subscription receivable		$400,000

Basis_of_Presentation_and_Natu

Basis of Presentation and Nature of Operations	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 1 - Basis of Presentation and Nature of Operations	Unaudited Interim Financial Information
	The accompanying unaudited condensed consolidated financial statements of Cellceutix Corporation have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive consolidated financial statements and should be read in conjunction with our audited financial statements for the year ended June 30, 2014, included in our Annual Report on Form 10-K for the year ended June 30, 2014.
	In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three month periods have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms "Company", "we", "us" or "our" mean Cellceutix Corporation.
	Cellceutix Corporation, formerly known as EconoShare, Inc., (“Cellceutix” or the “Company”) was incorporated on August 1, 2005. On December 6, 2007, the Company acquired Cellceutix Pharma, Inc. which was incorporated in the State of Delaware on June 20, 2007, in exchange for newly issued shares of the Company’s common stock. As a result of the exchange, Cellceutix Pharma, Inc. became a wholly-owned subsidiary of the Company. The Company is a clinical stage biopharmaceutical company and has no customers, products or revenues to date.
	The Company’s Common Stock is quoted on the Over the Counter market (OTC), symbol “CTIX”.
	All amounts, where it is designated in these notes to the financial statements as an approximate amount, are rounded to the nearest thousand dollars.
	Nature of Operations
	Overview
	We are in the business of developing innovative small molecule therapies to treat diseases with significant medical need, particularly in the areas of cancer and inflammatory disease. Our strategy is to use our business and scientific expertise to maximize the value of our pipeline. We will do this by focusing initially on our lead compounds, Brilacidin, Kevetrin and Prurisol and advancing them as quickly as possible along the regulatory pathway. We will develop the highest quality data and broadest intellectual property to support our compounds.
	We currently own all development and marketing rights to our products. In order to successfully develop and market our products, we may have to partner with other companies. Prospective partners may require that we grant them significant development and/or commercialization rights in return for agreeing to share the risk of development and/or commercialization.

Going_Concern

Going Concern	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 2 - Going Concern	The accompanying financial statements have been prepared assuming the Company will continue as a going concern. At December 31, 2014, we had $9,469,000 in cash and cash equivalents. We have expended substantial funds on the research and development of our product candidates. Our net losses incurred for the six months ended December 31, 2014 and 2013, amounted to $7,148,000 and $4,554,000, respectively, and we have a working capital of approximately $1,828,000 at December 31, 2014 and a working capital (deficit) of approximately $(4,090,000) at June 30, 2014. In view of these matters, the ability of the Company to continue as a going concern is dependent upon the Company’s ability to generate additional financing. Since inception, the Company has financed its activities principally from the use of equity securities, debt issuance and loans from an officer to pay for its operations. The Company intends on financing its future development activities and its working capital needs largely from the issuance of debt and the sale of equity securities, until such time that funds provided by operations are sufficient to fund working capital requirements. On October 25, 2013, we terminated a previous agreement with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”), and entered into a new stock purchase agreement (the “Purchase Agreement”) with Aspire Capital.
	The Purchase Agreement provides that upon meeting the terms of the agreement, Aspire Capital is committed to purchase up to an aggregate of $20,000,000 of our shares of Class A Common Stock over the approximately 36-month term of the Purchase Agreement. In consideration for entering into the Purchase Agreement, the Company issued to Aspire Capital 210,523 shares of its Class A Common Stock as a commitment fee. The commitment fee will be amortized as the funding is received. The unamortized portion is carried on the balance sheet as deferred offering costs. Concurrently with entering into the Purchase Agreement, the Company agreed to file one or more registration statements as permissible and necessary under the Securities Act of 1933, as amended, or the Securities Act, for the sale of shares of our Class A Common Stock that have been and may be issued to Aspire Capital under the Purchase Agreement. On November 4, 2013, the Company filed a Form S-3 registration statement and the registration statement was declared effective by the SEC on November 15, 2013.
	These factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability of the recorded assets or the classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

Significant_Accounting_Policie

Significant Accounting Policies and Recent Accounting Pronouncements	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include contract research accruals, recoverability of long-lived assets, measurement of stock-based compensation, and the periods of performance under collaborative research and development agreements. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
	Concentration of Credit Risk
	The Company maintains its cash in bank deposit accounts (checking) that at times exceed federally insured limits. Approximately $9.5 million is subject to credit risk at December 31, 2014. However, these cash balances are maintained at creditworthy financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk.
	Basic Earnings (Loss) per Share
	Basic and diluted earnings (loss) per share are computed based on the weighted-average common shares and common share equivalents outstanding during the period. Common share equivalents consist of stock options, warrants and convertible notes payable. Common share equivalents of 44.6 million and 47.6 million were excluded from the computation of diluted earnings (loss) per share for the three months and six months ended December 31, 2014 and 2013, respectively, because their effect is anti-dilutive.
	Accounting for Stock Based Compensation
	The stock-based compensation expense incurred by Cellceutix for employees and directors in connection with its stock option plan is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S.“tax regulations”. Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50.
	ASC 505-50-30-11 (previously EITF 96-18) further provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:
		i.	The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and
		ii.	The date at which the counterparty’s performance is complete.
	We have elected to use the Black-Scholes-Merton pricing model to determine the fair value of stock options on the dates of grant. Restricted stock units are measured based on the fair market values of the underlying stock on the dates of grant. We recognize stock-based compensation using the straight-line method.
	The components of share-based compensation related to stock options in the Company’s Statement of Operations for the three and six months ended December 31, 2014 and 2013 are as follows (rounded to nearest thousand):
			Three Months Ended		Three Months Ended		Six Months		Six Months
			December 31,		December 31,		Ended		Ended
			2014		2013		December 31,		December 31,
							2014		2013
	Payroll expenses – under General and administrative expenses		$	12,000	$	105,000	$	12,000	$	105,000
	Professional fee – separately disclosed at statement of operations			-		20,000		-		46,000
	Officers share-based compensation – under Research and development expenses			199,000		-		199,000		-
	Employee share-based compensation – under Research and development expenses			96,000		-		96,000		-
	Professional fee – under Research and development expenses			-		104,000		-		104,000
		Total share-based compensation expense	$	307,000	$	229,000	$	307,000	$	255,000
	Recent Accounting Pronouncements
	Recently Adopted Standards
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation." This ASU removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the ASU eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. This ASU is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company has adopted this ASU effective with our Annual Report on Form 10-K and its adoption resulted in the removal of previously required development stage disclosures.
	ASU 2014-15 – “Presentation of Financial Statements—Going Concern—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”).” In August 2014, the FASB issued ASU 2014-15 requiring management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for annual periods, and interim periods within those annual periods, starting December 15, 2016; the Company’s first quarter of fiscal 2018.
	Standards Issued Not Yet Adopted
	In April 2014, the FASB issued guidance for the reporting of discontinued operations, which also contains new disclosure requirements for both discontinued operations and other disposals that do not meet the definition of a discontinued operation. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Management believes that the adoption of this guidance will not have a material impact on our financial statements.
	In May 2014, the FASB issued guidance on the accounting for revenue from contracts with customers that will supersede most existing revenue recognition guidance, including industry-specific guidance. The core principle requires an entity to recognize revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the guidance requires enhanced disclosures regarding the nature, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance is effective for interim and annual reporting periods beginning on or after December 15, 2016. Entities can choose to apply the guidance using either the full retrospective approach or a modified retrospective approach. Management believes that the adoption of this guidance will not have a material impact on our financial statements.
	In June 2014, the FASB issued guidance that clarifies the accounting for share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. In this case, the performance target would be required to be treated as a performance condition, and should not be reflected in estimating the grant-date fair value of the award. The guidance also addresses when to recognize the related compensation cost. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Management is currently reviewing this guidance to determine the impact it may have, if any, on our financial statements.
	In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation. The amendments in this ASU apply to reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target can be achieved after the requisite service period. This ASU is the final version of Proposed ASU EITF-13D--Compensation--Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which has been deleted. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. The Company has not evaluated whether ASU 2014-12 will have a material impact on the consolidated financial statements.

Patents_net

Patents, net	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 4 - Patents, net	Patents, net consisted of the following (rounded to nearest thousand):
		Useful life	December 31,		June 30,
			2014		2014
	Purchased Patent Rights– Brilacidin, and related compounds	14	$	4,082,000	$	4,082,000
	Purchased Patent Rights–Delparantag and related compounds	12		480,000		480,000
	Purchased Patent Rights–Anti-microbial- surfactants and related compounds	12		144,000		144,000
	Patents – Kevetrin and related compounds	17		927,000		542,000
			$	5,633,000	$	5,248,000
	Accumulated amortization			482,000		286,000
			$	5,151,000	$	4,962,000
	The patents are amortized on a straight-line basis over the estimated remaining useful lives of the assets, determined 12-17 years from the date of acquisition.
	Amortization expense for the three and six months ended December 31, 2014 and 2013 and was approximately $100,000, $80,000, $197,000, and $102,000, respectively.
	At December 31, 2014, the future amortization period for all patents was approximately 11 to 16.45 years. Future estimated annual amortization expenses are approximately $199,000 for year ending June 30, 2015, approximately $398,000 for each year from 2016 to 2025, $356,000 for the year 2026, $346,000 for the year 2027, $108,000 for the year 2028, $55,000 for Years 2029 and 2030 and $52,000 for Year 2031.

Accrued_Expenses

Accrued Expenses	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 5 - Accrued Expenses	Accrued expenses consisted of the following (rounded to nearest thousand):
		December 31,		June 30,
		2014		2014
	Accrued research and development consulting fees	$	155,000	$	46,000
	Accrued rent (Note 8) – related parties		48,000		53,000
	Accrued interest – related parties		1,000		237,000
	Total	$	204,000	$	336,000

Accrued_Salaries_and_Payroll_T

Accrued Salaries and Payroll Taxes - Related Parties And Other	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 6 - Accrued Salaries and Payroll Taxes - Related Parties And Other	Accrued salaries and payroll taxes consisted of the following (rounded to nearest thousand):
		December 31,		June 30,
		2014		2014
	Accrued salaries – related parties	$	2,840,000	$	3,032,000
	Accrued payroll taxes – related parties		149,000		149,000
	Withholding tax – related parties		375,000		29,000
	Other		64,000		14,000
	Total	$	3,428,000	$	3,224,000
	On December 29, 2010, the Company entered into employment agreements with its two executive officers, Leo Ehrlich, the Company’s Chief Executive Officer, and Krishna Menon, Chief Scientific Officer. Both agreements provide for a three year term with each executive receiving an annual base salary of $350,000 per year commencing January 1, 2011, with an annual increase of 10% for each year commencing January 2012. The Board, at its discretion, may increase the base salary based upon relevant circumstances. On each of January 1, 2014, and on February 2015 the Board approved one year extensions of the employment agreements with a 10% increase in salaries. The annual salary for each of these officers for 2015 is $512,435.
	On October 20, 2014 the Board of Directors approved the appointment of Dr. William James Alexander as the Chief Operations Officer of the Company for the term of one year effective October 27, 2014 (“the Effective Date”). Commencing on the Effective Date and ending on the six month anniversary of the Effective Date (the "Six Month Anniversary"), the Company shall pay Dr. Alexander at the per annum rate of $350,000. Commencing on the Six Month Anniversary and ending on the one year anniversary of the Effective Date (the "One Year Anniversary"), the Company shall pay the Executive at the per annum rate of $400,000.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 7 - Commitments and Contingencies	Lease Commitments
	Operating Leases
	The Company signed a lease extension agreement with Cummings Properties which began on October 1, 2013. The lease is for a term of five years ending on September 30, 2018, and requires monthly payments of $17,000. Innovative Medical Research Inc., a company owned by Leo Ehrlich and Dr. Krishna Menon, officers of the Company, have co-signed the lease and will sublease 200 square feet of space previously used by the Company and pay the Company $900 per month.
	As of December 31, 2014, future minimum lease payments required under the non-cancelable operating lease are as follows (rounded to nearest thousand):
	Year ending June 30,
	2015	$	105,000
	2016		209,000
	2017		209,000
	2018		209,000
	2019		53,000
	Total minimum payments	$	785,000
	Rental expense, net of lease income, under this operating lease agreement for the three and six months ended December 31, 2014 and 2013 was approximately $55,000, $71,000, $106,000, and $80,000, respectively. Before September, 2013, the Company paid rent to KARD for share of office space and details are shown at Note 8.
	Contractual Commitments
	The Company has no contractual minimum commitments to Contract Research Organizations as of December 31, 2014. Services are billed to Cellceutix, when performed by the vendors.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 8 - Related Party Transactions	Office Lease
	Dr. Menon, the Company’s principal shareholder, President, and Director, also serves as the Chief Operating Officer and Director of Kard Scientific (“KARD”). On December 7, 2007, the Company began renting office space from KARD, on a month to month basis for $900 per month.
	In September 2013, the Company signed a lease agreement with Cummings Properties for the company’s offices and laboratories at 100 Cummings Center, Suite 151-B Beverly, MA 01915. The lease is for a term of five years from October 1, 2013 to September 30, 2018 and requires monthly payments of approximately $17,000. The Company had taken over the space occupied by KARD. In addition, Innovative Medical Research Inc., (“Innovative Medical”) a company owned by Leo Ehrlich and Dr. Krishna Menon, officers of the Company has co-signed the lease and will rent approximately 200 square feet of office space, the space previously used by the Company and will pay the Company $900 per month, the same amount the Company previously paid KARD. Innovative Medical paid total rent of $6,000 and $2,000 to the Company for the six months ended December 31, 2014 and 2013, respectively, and the rental payment was offset with the accrued rent owed to KARD.
	At December 31, 2014 and June 30, 2014, rent payables to KARD of approximately $48,000 and $53,000, respectively, were included in accrued expenses.
	Clinical Studies
	The Company previously engaged KARD to conduct specified pre-clinical studies. The Company did not have an exclusive arrangement with KARD. All work performed by KARD needed prior approval by the executive officers of the Company, and the Company retained all intellectual property resulting from the services by KARD. The Company now has its own research study capabilities and no longer uses KARD. At December 31, 2014 and June 30, 2014, the accrued research and development expenses to KARD was approximately $1,686,000 and this amount was included in accounts payable.

Note_PayableRelated_Party

Note Payable-Related Party	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 9 - Note Payable - Related Party	During the year ended June 30, 2010, Mr. Ehrlich loaned the Company a total of approximately $973,000. A condition for this note was that the Ehrlich Promissory Note A and Ehrlich Promissory Note B be replaced with a new note, Ehrlich Promissory Note C. The Ehrlich Promissory Note C is an unsecured demand note that bears 9% simple interest per annum and is convertible into the Company’s common stock at $0.50 per share. The note requires that the interest rate on the amounts due on Ehrlich Promissory Notes A and B be changed retroactively, beginning October 1, 2009, to 9%. On April 1, 2011, the Company amended the Ehrlich Promissory Note C and agreed to retroactively convert accrued interest of approximately $97,000 through December 31, 2010 into additional principal. During the year ended June 30, 2011, Mr. Ehrlich loaned the Company an additional (approximate) $997,000 which brought the total balance of the demand note to approximately $2,002,000. During the year ended June 30, 2012, Mr. Ehrlich loaned the Company an additional $20,000 which brought the balance of the demand note to approximately $2,022,000.
	On May 8, 2012, the Company did not have the ability to repay the Ehrlich Promissory Note C loan and agreed to change the interest rate on the outstanding balance of principal and interest of approximately $2,248,000, as of March 31, 2012, from 9% simple interest to 10% simple interest, and the Company issued 2,000,000 Equity Incentive Options exercisable at $0.51 per share equal to 110% of the closing bid price of $0.46 per share on May 7, 2012. Options are valid for ten (10) years from the date of issuance.
	At December 31, 2014 and June 30, 2014, approximately $1,000 and $237,000 was accrued as interest expense on this note.
	At December 31, 2014 and June 30, 2014, principal balances of the demand note was approximately $2,022,000.

Stock_Options_and_Warrants_Out

Stock Options and Warrants Outstanding	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 10 - Stock Options and Warrants Outstanding	Stock Options
	The fair value of each option for the six months ended December 31, 2014 was estimated on the date of grant using the Black Scholes model that uses assumptions noted in the following table.
			Six Months
			Ended
			December 31,
			2014
	Expected term (in years)			3
	Expected stock price volatility			62.79% to 63.26%
	Risk-free interest rate			0.76% to 1.19%
	Expected dividend yield			0
	On April 5, 2009 the Board of Directors of the Registrant adopted the 2009 Stock Option Plan (“the Plan”). The Plan permits the grant of 2,000,000 shares of both Incentive Stock Options (“ISOs”), intended to qualify under section 422 of the Code, and Non-Qualified Stock Options.
	Under the 2010 Equity Incentive Plan the total number of shares of Common Stock reserved and available for issuance under the Plan shall be 45,000,000 shares. Shares of Common Stock under the Plan (“Shares”) may consist, in whole or in part, of authorized and unissued shares or treasury shares. The term of each Stock Option shall be fixed by the Committee; provided, however, that an Incentive Stock Option may be granted only within the ten-year period commencing from the Effective Date and may only be exercised within ten years of the date of grant (or five years in the case of an Incentive Stock Option granted to an optionee who, at the time of grant, owns Common Stock possessing more than 10% of the total combined voting power of all classes of voting stock of the Company (“10% Shareholder”).
	On April 1, 2014 the Board of Directors approved a stock option grant, for services rendered from January 7, 2014 to July 6, 2014, to a consultant to purchase 40,000 shares of common stock exercisable at $1.64 per share. The option was vested on April 1, 2014, the option life is 5 years and will expire on March 31, 2019. In addition, the Company will pay the consultant $20,000 per month during the six month period from January 7, 2014 to July 6, 2014. The total value of these 40,000 shares of stock option was $55,396 and charged to additional paid-in capital on April 1, 2014.
	On October 20, 2014 the Board of Directors approved the appointment of Dr. William James Alexander as the Chief Operations Officer of Cellceutix Corporation for the term of one year effective October 27, 2014 (“the Effective Date”). Pursuant to his employment agreement, Dr. Alexander received immediately 50,000 shares of the Company's common stock, par value $0.0001 per share ("Common Stock") as a sign on bonus and 50,000 stock options to purchase shares of the Company’s common stock, par value $0.0001 per share, at $2.93 per share. Such options vest in equal installments on July 27, 2015 and October 27, 2015 and the option life is 3 years and expires on July 27, 2018 and October 27, 2018, respectively.
	On December 26, 2014 the Board of Directors approved the cash and option bonus payments to officers and employees, including cash of $250,000 each to Mr. Leo Ehrlich, our CEO and Dr. Krishna Menon, our President, and 25,000 options exercisable for 3 years at $4.71 per share of common stock to Dr. William James Alexander, our COO and 65,000 options exercisable for 3 years at $4.29 per share of common stock, to our employees.
	The following table summarizes all stock option activity under the plans:
				Number of			Weighted		Weighted Average Remaining Contractual Life (Years)		Aggregate
				Options			Average				Intrinsic
							Exercise Price				Value
	Outstanding at June 30, 2014				39,007,500		$	0.14		6.5	$	59,613,000
		Granted			140,000			4.07
		Exercised			(60,000	)		0.29
		Forfeited/expired			(30,000	)		0.35
	Outstanding at December 31, 2014				39,057,500		$	0.16		5.99	$	165,416,000
	Exercisable at December 31, 2014				39,007,500		$	0.15		6	$	165,343,000
	The Company recognized approximately $307,000, $229,000, $307,000 and $255,000 of stock based compensation costs related to stock and stock options awards for the three months and six months ended December 31, 2014 and 2013, respectively.
	Stock Warrants
	For the six months ended December 31, 2014
	From July 1, 2014 to September 30, 2014, the Company issued 200,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1 per share. The Company received an aggregate of $200,000 in total for the exercise of 200,000 warrants. The issuance was exempt from registration under Section 4(2) of the Securities Act.
	From October 1, 2014 to December 31, 2014, the Company issued 370,500 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1 per share and 370,500 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $0.50 per share. The Company received an aggregate of $556,000 in total for the exercise of 741,000 warrants. The issuance was exempt from registration under Section 4(2) of the Securities Act.
	The following table summarizes stock warrants:
				Warrants			Weighted		Weighted Average Remaining Contractual Life (Years)		Aggregate
							Average				Intrinsic
							Exercise Price				Value
	Outstanding at June 30, 2014				2,448,000		$	1.01		1.43	$	1,623,000
		Extended			-			-		-
		Granted			-			-		-
		Exercised			(941,000	)		0.8		-
		Expired			-			-		-
	Outstanding at December 31, 2014				1,507,000		$	1.14		1.02	$	4,839,000
	Exercisable at December 31, 2014				1,507,000		$	1.14		1.02	$	4,839,000

Equity_Transactions

Equity Transactions	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 11 - Equity Transactions	(1) Issuance of Common Stock for Cash
	For the period from October 25, 2013 to December 31, 2014,
	$20 million Class A Common Stock Purchase Agreement with Aspire Capital Fund, LLC – (“New Agreement’ or “October 2013 Agreement”)
	On October 25, 2013, we terminated a previous agreement with Aspire Capital Fund, LLC, an Illinois limited liability company (Aspire Capital), and entered into a new Class A Common Stock Purchase Agreement (the “Purchase Agreement”) with Aspire Capital, which provides that upon meeting the terms of the agreement, Aspire Capital is committed to purchase up to an aggregate of $20,000,000 of our shares of Class A Common Stock over the approximately 36-month term of the Purchase Agreement. In consideration for entering into the Purchase Agreement, the Company issued to Aspire Capital 210,523 shares of our Class A Common Stock as a commitment fee. The commitment fee of $373,000 will be amortized as the funding is received. The amortized amount of $84,000 and $201,000 was debited to additional paid-in capital for the three months and six months ended December 31, 2014. The unamortized portion is carried on the balance sheet as deferred offering costs and was $94,000 at December 31, 2014.
	Concurrently with entering into the Purchase Agreement, the Company agreed to file one or more registration statements as permissible and necessary under the Securities Act of 1933, as amended, or the Securities Act, for the sale of shares of our Class A Common Stock that have been and may be issued to Aspire Capital under the Purchase Agreement. On November 4, 2013, the Company filed a Form S-3 registration statement and the registration statement was declared effective by the SEC on November 15, 2013.
	Under the Purchase Agreement, on any trading day selected by the Company which the closing sale price of our Class A Common Stock exceeds $0.25 per share, we may direct Aspire Capital to purchase up to 200,000 shares of our Class A Common Stock per trading day. The Purchase Price of such shares is equal to the lesser of a) the lowest sale price of our Class A Common Stock on the purchase date; or b) the arithmetic average of the three lowest closing sale prices for our Class A Common Stock during the twelve consecutive trading days ending on the trading day immediately preceding the purchase date.
	In addition, on any date on which we submit a Purchase Notice to Aspire Capital for purchase of at least 100,000 Purchase Shares and the closing sale price of our stock is equal to or greater than $0.50 per share, we also have the right to direct Aspire Capital to purchase an amount of stock equal to up to 30% of the aggregate shares of the our Class A Common Stock traded on the OTC Bulletin Board on the next trading day, subject to the VWAP Purchase Share Volume Maximum and the VWAP Minimum Price Threshold, which is equal to the greater of (a) 90% of the closing price of our Class A Common Stock on the business day immediately preceding the VWAP Purchase Date or (b) such higher price as set forth by the Company in the VWAP Purchase Notice. The VWAP Purchase Price of such shares is the lower of (a) the Closing Sale Price on the VWAP Purchase Date; or 95% of the volume-weighted average price for our Class A Common Stock traded on the OTC Bulletin Board; and (b)on the VWAP Purchase Date, if the aggregate shares to be purchased on that date have not exceeded the VWAP Purchase Share Volume Maximum or during that portion of the VWAP Purchase Date until such time as the sooner to occur of (i) the time at which the aggregate shares traded on the OTC Bulletin Board exceed the VWAP Purchase Share Volume Maximum or (ii) the time at which the sale price of our Class A Common Stock falls below the VWAP Minimum Price Threshold.
	The purchase price will be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, or other similar transaction occurring during the trading day(s) used to compute the purchase price. We may deliver multiple Purchase Notices and VWAP Purchase Notices to Aspire Capital from time to time during the term of the Purchase Agreement, so long as the most recent purchase has been completed.
	Under the Purchase Agreement, we and Aspire Capital may not affect any sales of shares of our Class A Common Stock under the Purchase Agreement on any trading day that the closing sale price of our Class A Common Stock is less than $0.25 per share.
	The Company is never under any obligation to sell shares to Aspire Capital Fund. Aspire Capital Fund has no rights to require the Company to sell shares.
	During the period from October 25, 2013 to December 31, 2014, the Company had completed sales to Aspire totaling 7,500,000 shares of common stock generating gross proceeds of approximately $14.9 million. As of December 31, 2014, a balance of $5.1 million remains and is available under the financing arrangement.
	(2) Issuance of Common Stock by Exercise of Common Stock Purchase Warrants
	For the six months ended December 31, 2014
	From July 1, 2014 to September 30, 2014, the Company issued 200,000 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1 per share. The Company received an aggregate of $200,000 in total for the exercise of 200,000 warrants. The issuance was exempt from registration under Section 4(2) of the Securities Act.
	From October 1, 2014 to December 31, 2014, the Company issued 370,500 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $1 per share and 370,500 Class A common shares par value $.0001 to a warrant holder upon exercise of Common Stock Purchase Warrants exercisable at $0.5 per share. The Company received an aggregate of $556,000 in total for the exercise of 741,000 warrants. The issuance was exempt from registration under Section 4(2) of the Securities Act.
	(3) Issuance of Common Stock by Exercise of Common Stock Options
	For the six months ended December 31, 2014
	The Board of Directors approved the exercise of 30,000 Common Stock options at $0.20 per share for $6,000 on November 24, 2014 and the exercise of another 30,000 Common Stock options at a range of $0.32 – $0.43 per share for $11,200 from October 2014 to December, 2014.
	(4) Issuance of Common Stock to Consultants and Employees
	On October 20, 2014 the Board of Directors approved the appointment of Dr. William James Alexander as the Chief Operations Officer of Cellceutix Corporation for the term of one year effective October 27, 2014 (“the Effective Date”). Commencing on the Effective Date and ending on the six month anniversary of the Effective Date (the "Six Month Anniversary"), the Company shall pay Dr. Alexander at the per annum rate of $350,000. Commencing on the Six Month Anniversary and ending on the one year anniversary of the Effective Date (the "One Year Anniversary"), the Company shall pay Dr. Alexander at the per annum rate of $400,000. Pursuant to his employment agreement, Dr. Alexander received immediately 50,000 shares of the Company's common stock, par value $0.0001 per share ("Common Stock") as a sign on bonus and 50,000 stock options vesting during the next 12 months. The Company may award Dr. Alexander an annual bonus at the sole discretion of the Board of Directors of the Company.

Subsequent_Events

Subsequent Events	6 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 12 - Subsequent Events	Equity Transactions
	From January 1, 2015 to February 5, 2015, the Company has generated additional proceeds of approximately $3,031,000 under the Common Stock Purchase Agreement with Aspire from the sale 800,000 shares of its common stock.
	In January 2015, the Company submitted a request to the Food and Drug Administration (FDA) Division of Gastroenterology and Inborn Errors Products for a pre-Investigational New Drug (IND) meeting to discuss development of a topical defensin-mimetic compound for the indication of induction of remission of ulcerative proctitis and ulcerative proctosigmoiditis.

Significant_Accounting_Policie1

Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Dec. 31, 2014
Significant Accounting Policies And Recent Accounting Pronouncements Policies
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include contract research accruals, recoverability of long-lived assets, measurement of stock-based compensation, and the periods of performance under collaborative research and development agreements. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Concentration of Credit Risk	The Company maintains its cash in bank deposit accounts (checking) that at times exceed federally insured limits. Approximately $9.5 million is subject to credit risk at December 31, 2014. However, these cash balances are maintained at creditworthy financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk.
Basic Earnings (Loss) per Share	Basic and diluted earnings (loss) per share are computed based on the weighted-average common shares and common share equivalents outstanding during the period. Common share equivalents consist of stock options, warrants and convertible notes payable. Common share equivalents of 44.6 million and 47.6 million were excluded from the computation of diluted earnings (loss) per share for the three months and six months ended December 31, 2014 and 2013, respectively, because their effect is anti-dilutive.
Accounting for Stock Based Compensation	The stock-based compensation expense incurred by Cellceutix for employees and directors in connection with its stock option plan is based on the employee model of ASC 718, and the fair market value of the options is measured at the grant date. Under ASC 718 employee is defined as “An individual over whom the grantor of a share-based compensation award exercises or has the right to exercise sufficient control to establish an employer-employee relationship based on common law as illustrated in case law and currently under U.S.“tax regulations”. Our consultants do not meet the employer-employee relationship as defined by the IRS and therefore are accounted for under ASC 505-50.
	ASC 505-50-30-11 (previously EITF 96-18) further provides that an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:
		i.	The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and
		ii.	The date at which the counterparty’s performance is complete.
	We have elected to use the Black-Scholes-Merton pricing model to determine the fair value of stock options on the dates of grant. Restricted stock units are measured based on the fair market values of the underlying stock on the dates of grant. We recognize stock-based compensation using the straight-line method.
	The components of share-based compensation related to stock options in the Company’s Statement of Operations for the three and six months ended December 31, 2014 and 2013 are as follows (rounded to nearest thousand):
			Three Months Ended		Three Months Ended		Six Months		Six Months
			December 31,		December 31,		Ended		Ended
			2014		2013		December 31,		December 31,
							2014		2013
	Payroll expenses – under General and administrative expenses		$	12,000	$	105,000	$	12,000	$	105,000
	Professional fee – separately disclosed at statement of operations			-		20,000		-		46,000
	Officers share-based compensation – under Research and development expenses			199,000		-		199,000		-
	Employee share-based compensation – under Research and development expenses			96,000		-		96,000		-
	Professional fee – under Research and development expenses			-		104,000		-		104,000
		Total share-based compensation expense	$	307,000	$	229,000	$	307,000	$	255,000
Recent Accounting Pronouncements	Recently Adopted Standards
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation." This ASU removes the definition of a development stage entity from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities from GAAP. In addition, the ASU eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of operations, cash flows, and stockholders’ equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. This ASU is effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The Company has adopted this ASU effective with our Annual Report on Form 10-K and its adoption resulted in the removal of previously required development stage disclosures.
	ASU 2014-15 – “Presentation of Financial Statements—Going Concern—Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”).” In August 2014, the FASB issued ASU 2014-15 requiring management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. ASU 2014-15 is effective for annual periods, and interim periods within those annual periods, starting December 15, 2016; the Company’s first quarter of fiscal 2018.
	Standards Issued Not Yet Adopted
	In April 2014, the FASB issued guidance for the reporting of discontinued operations, which also contains new disclosure requirements for both discontinued operations and other disposals that do not meet the definition of a discontinued operation. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Management believes that the adoption of this guidance will not have a material impact on our financial statements.
	In May 2014, the FASB issued guidance on the accounting for revenue from contracts with customers that will supersede most existing revenue recognition guidance, including industry-specific guidance. The core principle requires an entity to recognize revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the guidance requires enhanced disclosures regarding the nature, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance is effective for interim and annual reporting periods beginning on or after December 15, 2016. Entities can choose to apply the guidance using either the full retrospective approach or a modified retrospective approach. Management believes that the adoption of this guidance will not have a material impact on our financial statements.
	In June 2014, the FASB issued guidance that clarifies the accounting for share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. In this case, the performance target would be required to be treated as a performance condition, and should not be reflected in estimating the grant-date fair value of the award. The guidance also addresses when to recognize the related compensation cost. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Management is currently reviewing this guidance to determine the impact it may have, if any, on our financial statements.
	In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation. The amendments in this ASU apply to reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target can be achieved after the requisite service period. This ASU is the final version of Proposed ASU EITF-13D--Compensation--Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which has been deleted. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. The Company has not evaluated whether ASU 2014-12 will have a material impact on the consolidated financial statements.

Significant_Accounting_Policie2

Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	6 Months Ended
	Dec. 31, 2014
Significant Accounting Policies And Recent Accounting Pronouncements Tables
Schedule of components of stock based compensation related to stock options recognized in the company's statement of operations	The components of share-based compensation related to stock options in the Company’s Statement of Operations for the three and six months ended December 31, 2014 and 2013 are as follows (rounded to nearest thousand):
			Three Months Ended		Three Months Ended		Six Months		Six Months
			December 31,		December 31,		Ended		Ended
			2014		2013		December 31,		December 31,
							2014		2013
	Payroll expenses – under General and administrative expenses		$	12,000	$	105,000	$	12,000	$	105,000
	Professional fee – separately disclosed at statement of operations			-		20,000		-		46,000
	Officers share-based compensation – under Research and development expenses			199,000		-		199,000		-
	Employee share-based compensation – under Research and development expenses			96,000		-		96,000		-
	Professional fee – under Research and development expenses			-		104,000		-		104,000
		Total share-based compensation expense	$	307,000	$	229,000	$	307,000	$	255,000

Patents_net_Tables

Patents, net (Tables)	6 Months Ended
	Dec. 31, 2014
Patents Net Tables
Schedule of patents	Patents, net consisted of the following (rounded to nearest thousand):
		Useful life	December 31,		June 30,
			2014		2014
	Purchased Patent Rights– Brilacidin, and related compounds	14	$	4,082,000	$	4,082,000
	Purchased Patent Rights–Delparantag and related compounds	12		480,000		480,000
	Purchased Patent Rights–Anti-microbial- surfactants and related compounds	12		144,000		144,000
	Patents – Kevetrin and related compounds	17		927,000		542,000
			$	5,633,000	$	5,248,000
	Accumulated amortization			482,000		286,000
			$	5,151,000	$	4,962,000

Accrued_Expenses_Tables

Accrued Expenses (Tables)	6 Months Ended
	Dec. 31, 2014
Accrued Expenses Tables
Schedule of accrued expenses	Accrued expenses consisted of the following (rounded to nearest thousand):
		December 31,		June 30,
		2014		2014
	Accrued research and development consulting fees	$	155,000	$	46,000
	Accrued rent (Note 8) – related parties		48,000		53,000
	Accrued interest – related parties		1,000		237,000
	Total	$	204,000	$	336,000

Accrued_Salaries_and_Payroll_T1

Accrued Salaries and Payroll Taxes - Related Parties And Other (Tables)	6 Months Ended
	Dec. 31, 2014
Accrued Salaries And Payroll Taxes - Related Parties And Other Tables
Schedule of accrued salaries and payroll taxes	Accrued salaries and payroll taxes consisted of the following (rounded to nearest thousand):
		December 31,		June 30,
		2014		2014
	Accrued salaries – related parties	$	2,840,000	$	3,032,000
	Accrued payroll taxes – related parties		149,000		149,000
	Withholding tax – related parties		375,000		29,000
	Other		64,000		14,000
	Total	$	3,428,000	$	3,224,000

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	6 Months Ended
	Dec. 31, 2014
Commitments And Contingencies Tables
Future minimum lease payments required under the non-cancelable operating lease	As of December 31, 2014, future minimum lease payments required under the non-cancelable operating lease are as follows (rounded to nearest thousand):
	Year ending June 30,
	2015	$	105,000
	2016		209,000
	2017		209,000
	2018		209,000
	2019		53,000
	Total minimum payments	$	785,000

Stock_Options_and_Warrants_Tab

Stock Options and Warrants (Tables)	6 Months Ended
	Dec. 31, 2014
Stock Warrants [Member]
Schedule of stock option activity	The following table summarizes stock warrants:
				Warrants			Weighted		Weighted Average Remaining Contractual Life (Years)		Aggregate
							Average				Intrinsic
							Exercise Price				Value
	Outstanding at June 30, 2014				2,448,000		$	1.01		1.43	$	1,623,000
		Extended			-			-		-
		Granted			-			-		-
		Exercised			(941,000	)		0.8		-
		Expired			-			-		-
	Outstanding at December 31, 2014				1,507,000		$	1.14		1.02	$	4,839,000
	Exercisable at December 31, 2014				1,507,000		$	1.14		1.02	$	4,839,000
Stock Options [Member]
Valuation assumptions for stock options/warrants and SARs	The fair value of each option for the six months ended December 31, 2014 was estimated on the date of grant using the Black Scholes model that uses assumptions noted in the following table.
			Six Months
			Ended
			December 31,
			2014
	Expected term (in years)			3
	Expected stock price volatility			62.79% to 63.26%
	Risk-free interest rate			0.76% to 1.19%
	Expected dividend yield			0
Schedule of stock option activity	The following table summarizes all stock option activity under the plans:
				Number of			Weighted		Weighted Average Remaining Contractual Life (Years)		Aggregate
				Options			Average				Intrinsic
							Exercise Price				Value
	Outstanding at June 30, 2014				39,007,500		$	0.14		6.5	$	59,613,000
		Granted			140,000			4.07
		Exercised			(60,000	)		0.29
		Forfeited/expired			(30,000	)		0.35
	Outstanding at December 31, 2014				39,057,500		$	0.16		5.99	$	165,416,000
	Exercisable at December 31, 2014				39,007,500		$	0.15		6	$	165,343,000

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013
Going Concern Details Narrative
Cash and cash equivalents	$9,469,000	$4,975,000	$9,469,000	$4,975,000	$4,988,000	$2,955,000
Net loss	-2,754,000	-3,577,000	-7,148,000	-4,554,000
Working capital deficit	$1,828,000		$1,828,000		($4,090,000)

Significant_Accounting_Policie3

Significant Accounting Policies and Recent Accounting Pronouncements (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
General and administrative expenses
Payroll expenses	$12,000	$105,000	$12,000	$105,000
Professional fees		20,000		46,000
Research and development expenses
Officers share-based compensation	199,000		199,000
Employee share-based compensation	96,000		96,000
Professional fee		104,000		104,000
Total share-based compensation expense	$307,000	$229,000	$307,000	$255,000

Significant_Accounting_Policie4

Significant Accounting Policies and Recent Accounting Pronouncements (Details Narrative) (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies And Recent Accounting Pronouncements Details Narrative
Concentration of Credit Risk	$9,500,000
Common share equivalents exclude from the computation of diluted earnings (loss) per share	44,600,000	47,600,000

Patents_net_Details

Patents, net (Details) (USD $)	6 Months Ended
	Dec. 31, 2014	Jun. 30, 2014
Purchased Patent Rights	$5,633,000	$5,248,000
Accumulated amortization	482,000	286,000
Patent costs - net	5,151,000	4,962,000
Patents [Member]
Useful life	14 years
Purchased Patent Rights	4,082,000	4,082,000
Patents Two [Member]
Useful life	12 years
Purchased Patent Rights	480,000	480,000
Patents Three [Member]
Useful life	12 years
Purchased Patent Rights	144,000	144,000
Patents Four [Member]
Useful life	17 years
Purchased Patent Rights	$927,000	$542,000

Patents_net_Details_Narrative

Patents, net (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Amortization expense	$100,000	$80,000	$197,000	$102,000
Year Ending June 30, 2015 [Member]
Estimated annual amortization expense			199,000
Year 2016-2025 [Member]
Estimated annual amortization expense			398,000
Year 2026 [Member]
Estimated annual amortization expense			356,000
Year 2027 [Member]
Estimated annual amortization expense			346,000
Year 2028 [Member]
Estimated annual amortization expense			108,000
Year 2029 and 2030 [Member]
Estimated annual amortization expense			55,000
Year 2031 [Member]
Estimated annual amortization expense			$52,000
Minimum and Intangible Assets - Patent (Member)
Estimated remaining useful lives of the assets			12 years
Amortization period			11 years
Maxiimum and Intangible Assets - Patent (Member)
Estimated remaining useful lives of the assets			17 years
Amortization period			16 years 5 months 12 days

Accrued_Expenses_Details

Accrued Expenses (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Accrued Expenses Details
Accrued research and development consulting fees	$155,000	$46,000
Accrued rent (Note 8) - related parties	48,000	53,000
Accrued interest - related parties	1,000	237,000
Total	$204,000	$336,000

Accrued_Salaries_and_Payroll_T2

Accrued Salaries and Payroll Taxes - Related Parties And Other (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Accrued Salaries And Payroll Taxes - Related Parties And Other Details
Accrued salaries - related parties	$2,840,000	$3,032,000
Accrued payroll taxes - related parties	149,000	149,000
Withholding tax-related parties	375,000	29,000
Other	64,000	14,000
Total	$3,428,000	$3,224,000

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	Dec. 31, 2014
Year ending June 30,
2015	$105,000
2016	209,000
2017	209,000
2018	209,000
2019	53,000
Total minimum payments	$785,000

Commitments_and_Contingencies_2

Commitments and Contingencies (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Commitments And Contingencies Details Narrative
Operating leases, rental expense	$55,000	$106,000	$71,000	$80,000

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2014
Kard Scientific [Member]
Medical paid total rent	$6,000	$2,000
Rent payables included in accrued expenses	48,000		53,000
Clinical Studies [Member]
Accrued research and development expenses	$1,686,000		$1,686,000

Note_Payable_Related_Party_Det

Note Payable - Related Party (Details Narrative) (USD $)	Dec. 31, 2014	Jun. 30, 2014
Note Payable - Related Party Details Narrative
Interest expense	$1,000	$237,000
Principal balances of the demand note	$2,022,000	$2,022,000

Stock_Options_and_Warrants_Det

Stock Options and Warrants (Details)	6 Months Ended
	Dec. 31, 2014
Minimum [Member]
Expected stock price volatility	62.79%
Risk-free interest rate	0.76%
Maximum [Member]
Expected stock price volatility	63.26%
Risk-free interest rate	1.19%
Stock Warrants [Member]
Expected term (in years)	3 years
Expected dividend yield	0.00%

Stock_Options_and_Warrants_Det1

Stock Options and Warrants (Details 1) (USD $)	3 Months Ended	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2014
Exercised	-30,000
Stock Options [Member]
Number of Outstanding, Beginning Balance		39,007,500
Granted		140,000
Exercised		-60,000
Forfeited/expired		-30,000
Number of Outstanding, Ending Balance	39,057,500	39,057,500
Number of Outstanding, Exercisable	39,057,500	39,057,500
Weighted Average Exercise Price, Beginning Balance		$0.14
Granted		$4.07
Exercised		$0.29
Forfeited/expired		$0.35
Weighted Average Exercise Price, Ending Balance	0.16	$0.16
Weighted Average Exercise Price, Exercisable	0.15	$0.15
Weighted average remaining contractual life (Years), Outstanding		6 years 6 months
Weighted average remaining contractual life (Years), Outstanding		5 years 11 months 27 days
Weighted average remaining contractual life (Years), Exercisable		6 years
Aggregate intrinsic value, Outstanding		$59,613,000
Aggregate intrinsic value, Outstanding	165,416,000	165,416,000
Aggregate intrinsic value, Exercisable	165,343,000	$165,343,000

Stock_Options_and_Warrants_Det2

Stock Options and Warrants (Details 2) (USD $)	3 Months Ended	6 Months Ended
	Dec. 31, 2014	Dec. 31, 2014
Exercised	30,000
Stock Warrants [Member]
Number of Outstanding, Beginning Balance		2,448,000
Extended
Granted
Exercised		-941,000
Forfeited/expired
Number of Outstanding, Ending Balance	1,507,000	1,507,000
Number of Outstanding, Exercisable	1,507,000	1,507,000
Weighted Average Exercise Price, Beginning Balance		$1.01
Extended
Granted
Exercised		$0.80
Forfeited/expired
Weighted Average Exercise Price, Ending Balance	1.14	$1.14
Weighted Average Exercise Price, Exercisable	1.14	$1.14
Weighted average remaining contractual life (Years), Outstanding		1 year 5 months 5 days
Weighted average remaining contractual life (Years), Outstanding		1 year 7 days
Weighted average remaining contractual life (Years), Exercisable		1 year 7 days
Aggregate intrinsic value, Outstanding		$1,623,000
Aggregate intrinsic value, Outstanding	4,839,000	4,839,000
Aggregate intrinsic value, Exercisable	4,839,000	$4,839,000

Stock_Options_and_Warrants_Det3

Stock Options and Warrants (Details Narrative) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014	Jun. 30, 2014
Stock based compensation	$307,000	$307,000	$229,000	$255,000
Warrants/Options exercise	30,000
Proceed from warrants/Options exercise	11,200
Common Class A [Member]
Common stock, par value	$0.00		$0.00		$0.00	$0.00
Common stock purchase warrant exercisable price	$1				$1
Common stock to a warrant holder	370,500				200,000
Warrants/Options exercise	741,000				200,000
Proceed from warrants/Options exercise	$556,000				$200,000
Common Class A One [Member]
Common stock, par value	$0.00		$0.00
Common stock purchase warrant exercisable price	$0.50
Common stock to a warrant holder	370,500

Equity_Transactions_Details_Na

Equity Transactions (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2014	Jun. 30, 2014
Warrants/Options exercise	30,000
Proceed from warrants/Options exercise	$11,200
Minimum [Member]
Stock options exercise price	$0.32
Maximum [Member]
Stock options exercise price	$0.43
Common Class A [Member]
Common stock, par value	$0.00	$0.00	$0.00	$0.00
Common stock purchase warrant exercisable price	$1	$1
Common stock to a warrant holder	370,500	200,000
Warrants/Options exercise	741,000	200,000
Proceed from warrants/Options exercise	556,000	200,000
Common Class A [Member] | 20 Million Common Stock Purchase Agreement [Member] | Aspire Capital Fund Llc [Member]
Common stock issued for commitment fee			210,523
Commitment fee			373,000
Amortization amount	84,000		201,000
Deferred offering costs			94,000
Amount available under the financing arrangement			$5,100,000
Common Class A One [Member]
Common stock, par value	$0.00		$0.00
Common stock purchase warrant exercisable price	$0.50
Common stock to a warrant holder	370,500