Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Aug. 15, 2017 | Dec. 31, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | AYTU BIOSCIENCE, INC | ||
Entity Central Index Key | 1,385,818 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 10.5 | ||
Trading Symbol | AYTU | ||
Entity Common Stock, Shares Outstanding | 4,021,822 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets | ||
Cash and cash equivalents | $ 802,328 | $ 8,054,190 |
Restricted cash | 75,214 | 0 |
Accounts receivable, net | 528,039 | 162,427 |
Inventory, net | 1,312,221 | 524,707 |
Prepaid expenses and other | 310,760 | 215,558 |
Prepaid research and development - related party (Note 11) | 0 | 121,983 |
Investment in Acerus | 0 | 1,041,362 |
Total current assets | 3,028,562 | 10,120,227 |
Fixed assets, net | 647,254 | 231,430 |
Developed technology, net | 1,337,333 | 1,159,736 |
Customer contracts, net | 77,667 | 1,353,375 |
Trade names, net | 164,037 | 194,472 |
Natesto asset | 9,231,072 | 10,549,797 |
Goodwill | 238,426 | 221,000 |
Patents, net | 271,278 | 296,611 |
Long-term portion of prepaid research and development - related party (Note 11) | 0 | 213,471 |
Deposits | 2,888 | 2,888 |
Total long-term assets | 11,969,955 | 14,222,780 |
Total assets | 14,998,517 | 24,343,007 |
Current liabilities | ||
Accounts payable and other | 2,220,400 | 2,322,605 |
Accrued liabilities | 782,536 | 1,197,106 |
Natesto payable | 0 | 5,379,675 |
Accrued compensation | 339,704 | 1,200,930 |
Deferred rent | 6,673 | 4,109 |
Current contingent consideration | 261,155 | 0 |
Total current liabilities | 3,610,468 | 10,104,425 |
Contingent consideration | 7,386,782 | 3,869,122 |
Deferred rent | 1,451 | 8,215 |
Warrant derivative liability | 0 | 275,992 |
Total liabilities | 10,998,701 | 14,257,754 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity | ||
Preferred Stock, par value $.0001; 50,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, par value $.0001; 100,000,000 shares authorized; shares issued and outstanding 824,831 in 2017 and 187,098 in 2016 | 82 | 19 |
Additional paid-in capital | 73,069,463 | 56,646,659 |
Ampio stock subscription | 0 | 0 |
Accumulated deficit | (69,069,729) | (46,561,425) |
Total stockholders' equity | 3,999,816 | 10,085,253 |
Total liabilities and stockholders' equity | $ 14,998,517 | $ 24,343,007 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, issued shares | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 824,831 | 187,098 |
Common stock, outstanding shares | 824,831 | 187,098 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | ||
Product and service revenue | $ 3,221,590 | $ 2,050,838 |
License revenue | 0 | 511,607 |
Total revenue | 3,221,590 | 2,562,445 |
Operating expenses | ||
Cost of sales | 1,417,355 | 957,076 |
Research and development | 959,857 | 6,127,772 |
Research and development - related party (Note 11) | 387,960 | 191,991 |
Sales, general and administrative | 17,442,627 | 8,517,592 |
Sales, general and administrative - related party (Note 11) | 165,131 | 307,704 |
Impairment of intangible assets | 1,265,125 | 7,500,000 |
Amortization of intangible assets | 1,708,771 | 664,707 |
Total operating expenses | 23,346,826 | 24,266,842 |
Loss from operations | (20,125,236) | (21,704,397) |
Other (expense) | ||
Interest (expense) | (2,534,358) | (5,491,486) |
(Loss) on investment | (61,519) | (971,629) |
Derivative income (expense) | 212,809 | (12,572) |
Total other (expense) | (2,383,068) | (6,475,687) |
Net loss | $ (22,508,304) | $ (28,180,084) |
Weighted average number of Aytu common shares outstanding (in shares) | 466,024 | 87,057 |
Basic and diluted Aytu net loss per common share (in dollars per share) | $ (48.30) | $ (323.70) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Ampio Stock Subscription [Member] | Accumulated Deficit [Member] |
Balance at Jun. 30, 2015 | $ 15,616,452 | $ 6 | $ 38,997,787 | $ (5,000,000) | $ (18,381,341) |
Balance (in shares) at Jun. 30, 2015 | 59,415 | ||||
Ampio stock subscription | 5,000,000 | $ 0 | 0 | 5,000,000 | 0 |
Ampio stock subscription (in shares) | 0 | ||||
Stock subscription | 200,000 | $ 0 | 200,000 | 0 | 0 |
Stock subscription (in shares) | 1,282 | ||||
Conversion of convertible promissory notes and interest to common stock, net of $29,754 conversion costs | 10,090,849 | $ 5 | 10,090,844 | 0 | 0 |
Conversion of convertible promissory notes and interest to common stock, net of $29,754 conversion costs (in shares) | 48,108 | ||||
Issuance of warrants related to the convertible promissory notes | 136,828 | $ 0 | 136,828 | 0 | 0 |
Warrants issued in connection with registered offering to the placement agents for the over-allotment option | 20,493 | 0 | 20,493 | 0 | 0 |
Adjustment for rounding of shares due to stock split | 0 | $ 0 | 0 | 0 | 0 |
Adjustment for rounding of shares due to stock split (in shares) | 168 | ||||
Stock-based compensation | 902,946 | $ 0 | 902,946 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Issuance of common stock, net of issuance costs | 4,237,874 | $ 8 | 4,237,866 | 0 | 0 |
Issuance of common stock, net of issuance costs (in shares) | 78,125 | ||||
Warrants issued in connection with registered offering | 2,059,895 | $ 0 | 2,059,895 | 0 | 0 |
Net loss | (28,180,084) | 0 | 0 | 0 | (28,180,084) |
Balance at Jun. 30, 2016 | 10,085,253 | $ 19 | 56,646,659 | 0 | (46,561,425) |
Balance (in shares) at Jun. 30, 2016 | 187,098 | ||||
Stock subscription | 648,933 | $ 2 | 648,931 | 0 | 0 |
Stock subscription (in shares) | 19,309 | ||||
Issuance of warrants related to the convertible promissory notes | 0 | ||||
Warrants issued in connection with registered offering to the placement agents for the over-allotment option | 172,629 | $ 0 | 172,629 | 0 | 0 |
Stock-based compensation | 2,502,092 | $ 0 | 2,502,092 | 0 | 0 |
Stock-based compensation (in shares) | 0 | ||||
Issuance of restricted stock | 724,613 | $ 5 | 724,608 | 0 | 0 |
Issuance of restricted stock (in shares) | 50,000 | ||||
Common stock issued to executives | 509,996 | $ 0 | 509,996 | 0 | 0 |
Common stock issued to executives (in shares) | 7,123 | ||||
Issuance of warrants to initial investors | 596,434 | $ 0 | 596,434 | 0 | 0 |
Issuance of common stock, net of issuance costs | 3,671,581 | $ 29 | 3,671,552 | 0 | 0 |
Issuance of common stock, net of issuance costs (in shares) | 286,749 | ||||
Warrants issued in connection with registered offering | 3,470,646 | 3,470,646 | 0 | 0 | |
Warrants issued in connection with the registered offering to the placement agents, non-cash issuance costs | 292,630 | $ 0 | 292,630 | 0 | 0 |
Warrant tender offer, net of $312,159 in issuance costs | 1,931,123 | $ 15 | 1,931,108 | 0 | 0 |
Warrant tender offer, net of $312,159 in issuance costs (in shares) | 149,552 | ||||
Warrant amendments | 64,690 | $ 0 | 64,690 | 0 | 0 |
Investment in Subsidiary | 1,837,500 | $ 12 | 1,837,488 | 0 | 0 |
Investment in Subsidiary (in shares) | 125,000 | ||||
Net loss | (22,508,304) | $ 0 | 0 | 0 | (22,508,304) |
Balance at Jun. 30, 2017 | $ 3,999,816 | $ 82 | $ 73,069,463 | $ 0 | $ (69,069,729) |
Balance (in shares) at Jun. 30, 2017 | 824,831 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | $ 29,754 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 1,202,231 | |
Common Stock [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 997,865 | |
Warrant [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 312,159 | |
LincolnPark [Member] | ||
Adjustments to Additional Paid in Capital, Stock Issued, Own-share Lending Arrangement, Issuance Costs | $ 90,924 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (22,508,304) | $ (28,180,084) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation, amortization and accretion | 4,364,680 | 874,789 |
Asset impairment | 1,265,125 | 7,500,000 |
Stock-based compensation expense | 2,502,092 | 902,946 |
Issuance of restricted stock | 724,613 | 0 |
Amortization of debt issuance costs | 0 | 182,759 |
Amortization of beneficial conversion feature | 0 | 4,943,073 |
Noncash interest expense | 0 | 221,024 |
Derivative (income) expense | (212,809) | 12,572 |
Amortization of prepaid research and development - related party (Note 11) | 335,454 | 121,983 |
Loss on investment | 61,519 | 971,629 |
Common stock issued to executives | 509,996 | 0 |
Issuance of warrants to initial investors | 596,434 | 0 |
Gain on sale of asset | (428,374) | 0 |
Warrant amendment | 1,507 | 0 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Increase) in accounts receivable | (355,031) | (5,369) |
Decrease (increase) in inventory | 195,427 | (485,265) |
(Increase) decrease in prepaid expenses and other | (95,202) | 155,330 |
Increase in accounts payable and other | 493,217 | 698,237 |
(Decrease) increase in accrued liabilities | (414,570) | 925,232 |
(Decrease) increase in accrued compensation | (861,226) | 1,004,427 |
(Decrease) increase in deferred rent | (4,200) | 10,875 |
(Decrease) in deferred revenue | 0 | (511,607) |
Net cash used in operating activities | (13,829,652) | (10,657,449) |
Cash flows used in investing activities: | ||
Purchases of fixed assets | (111,608) | (252,932) |
Purchase of Natesto assets | (6,000,000) | (2,000,000) |
Investment in Acerus | 1,071,707 | (2,012,991) |
Sale of investment in Acerus cost | (91,864) | 0 |
Sales of Primsol assets | 1,750,000 | 0 |
Purchase of Primsol asset | (750,000) | (1,040,000) |
Cash proceed from Nuelle | 613,309 | 0 |
Cost related to Nuelle acquisition | (16,082) | 0 |
Deposits | 0 | 1,998 |
Net cash used in investing activities | (3,534,538) | (5,303,925) |
Cash flows from financing activities: | ||
Issuance of common stock to Lincoln Park | 739,857 | 0 |
Costs related to the sale of common stock | (90,924) | 0 |
Warrant tender offer | 2,243,282 | 0 |
Warrant tender offer cost | (312,159) | 0 |
Proceeds from convertible promissory notes, net (Note 8) | 0 | 5,175,000 |
Debt issuance costs (Note 8) | 0 | (298,322) |
Costs related to the conversion of the convertible promissory notes to equity | 0 | (29,754) |
Ampio stock subscription payment | 0 | 5,000,000 |
Registerd offering | 8,602,499 | 7,520,493 |
Registered offering costs | (997,865) | (904,914) |
Over-allotment warrants purchased by placement agents | 2,852 | 0 |
Sale of stock subscription | 0 | 200,000 |
Net cash provided by financing activities | 10,187,542 | 16,662,503 |
Net change in cash and cash equivalents | (7,176,648) | 701,129 |
Cash and cash equivalents at beginning of period | 8,054,190 | 7,353,061 |
Cash and cash equivalents at end of period | 877,542 | 8,054,190 |
Non-cash transactions: | ||
Issuance of Common Stock to Nuelle Share Holders | 1,837,500 | 0 |
Fixed assets included in accounts payable | 10,789 | 0 |
Warrants issued in connection with the equity financing to the placement agents | 292,630 | 0 |
Warrants amended in connection with warrant tender offer | 63,182 | 0 |
Warrant derivative liability related to the issuance of the convertible promissory notes (Note 8) | 0 | 102,931 |
Primsol asset purchase included in primsol payable, $1,250,000 less future accretion of $173,000 | 0 | 1,077,000 |
Conversion of convertible promissory notes and interest of $221,000 to common stock | 0 | 5,396,024 |
Natesto asset purchase included in Natesto payable, $6,000,000 less future accretion of $620,325 | 0 | 5,379,675 |
Warrant derivative liability related to the issuance of the registered offering placement agent warrants (Note 8) | 0 | 297,317 |
Reclassification of liability based warrants to equity presentation related to the convertible promissory notes | 0 | 136,828 |
Beneficial conversion feature related to convertible promissory notes | 0 | 4,943,073 |
Debt issuance costs related to notes that converted to equity | $ 0 | $ (218,494) |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Primsol Business Purchase Included In Primsol Payable Gross | $ 1,250,000 | $ 1,250,000 |
Debt Conversion, Original Debt, Amount | 221,000 | 221,000 |
Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves, Accretion of Discount | 173,000 | 173,000 |
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 620,325 | 620,325 |
Accretion Expense | $ 6,000,000 |
Business, Basis of Presentation
Business, Basis of Presentation, Merger and Business Combinations | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Note 1 Business, Basis of Presentation, Merger and Business Combinations Business Aytu BioScience, Inc. (“Aytu”, the “Company” or “we”) was incorporated as Rosewind Corporation on August 9, 2002 in the State of Colorado. Aytu was re-incorporated in the state of Delaware on June 8, 2015. Aytu is a commercial-stage specialty healthcare company concentrating on developing and commercializing products with an initial focus on urological diseases and conditions. Aytu is currently focused on addressing significant medical needs in the areas of hypogonadism, urological cancers, male infertility, and sexual wellness and vitality. Basis of Presentation Through a multi-step reverse triangular merger, on April 16, 2015, Vyrix Pharmaceuticals, Inc. (‘‘Vyrix’’) and Luoxis Diagnostics, Inc. (‘‘Luoxis’’) merged with and into our Company (herein referred to as the Merger) and we abandoned our pre-merger business plans to solely pursue the specialty healthcare market, including the business of Vyrix and Luoxis. In the Merger, we acquired the RedoxSYS, MiOXSYS and Zertane products. On June 8, 2015, we reincorporated as a domestic Delaware corporation under Delaware General Corporate Law and changed our name from Rosewind Corporation to Aytu BioScience, Inc., and effected a reverse stock split in which each common stockholder received one share of common stock for every 12.174 shares outstanding. On June 30, 2016, Aytu effected another reverse stock split in which each common stockholder received one share of common stock for every 12 shares outstanding; On August 25, 2017, Aytu effected another reverse stock split in which each common stockholder received one share of common stock for every 20 shares outstanding (herein referred to collectively as the “Reverse Stock Splits”). All share and per share amounts in this report have been adjusted to reflect the effect of these Reverse Stock Splits. Business CombinationProstaScint In May 2015, Aytu entered into and closed on an asset purchase agreement with Jazz Pharmaceuticals, Inc. (“Jazz Pharmaceuticals”). Pursuant to the agreement, Aytu purchased assets related to the Jazz Pharmaceuticals’ product known as ProstaScint ® The contingent consideration was initially valued at $664,000 and was revalued as of June 30, 2017 at $54,000 using a discounted cash flow. The total fair value consideration for the purchase was $2.4 million. The Company’s allocation on consideration transferred for ProstaScint as of the purchase date May 20, 2015 was as follows: Estimated Tangible assets $ 727,000 Intangible assets 1,590,000 Goodwill 74,000 Total assets acquired $ 2,391,000 Included in the intangible assets at May 2015 was developed technology of $790,000, customer contracts of $720,000 and trade names of $80,000, each of which will be amortized over a ten-year period. Amortization expense of $159,000 was recognized in both fiscal 2017 and 2016. At June 30, 2017, the ProstaScint asset was impaired based upon sales projections that we intend to only sell this product through mid-fiscal 2019, when this product expires. The value for the intangible assets were adjusted to $54,000 for developed technology, $7,000 for trade names and $0 for customer contracts. The estimated future amortization of ProstaScint after June 30, 2017 is as follows: Total ProstaScint 2018 $ 47,000 2019 14,000 2020 - 2021 - 2022 - Thereafter - $ 61,000 Business CombinationPrimsol In October 2015, Aytu entered into and closed on an Asset Purchase Agreement with FSC Laboratories, Inc. (“FSC”). Pursuant to the agreement, Aytu purchased assets related to FSC’s product known as Primsol® (trimethoprim solution), including certain intellectual property and contracts, inventory, work in progress and all marketing and sales assets and materials related solely to Primsol (together, the “Primsol Business”), and assumed certain of FSC’s liabilities, including those related to the sale and marketing of Primsol arising after the closing. Aytu paid $500,000 at closing for the purchase of the Primsol Business and paid an additional $142,000, of which $102,000 went to inventory and $40,000 towards the Primsol Business, for the transfer of the Primsol-related product inventory. We also agreed to pay an additional (a) $500,000 which was paid on April 1, 2016, (b) $500,000 which was paid on July 1, 2016, and (c) $250,000 which was paid in November 2016 (together, the “Installment Payments”). The Company’s allocation on consideration transferred for Primsol as of the purchase date of October 5, 2015 was as follows: Fair Value Tangible assets $ 182,000 Intangible assets 1,470,000 Goodwill 147,000 Total assets acquired $ 1,799,000 Included in tangible assets was $102,000 of inventory and $80,000 of work-in-process inventory. Included in the intangible assets was developed technology of $520,000, customer contracts of $810,000 and trade names of $140,000, each of which was being amortized over a six-year period. Amortization expense of $184,000 and $174,000 was recognized in fiscal 2017 and fiscal 2016, respectively. Divestiture Primsol In March 2017, we entered into and closed on an Asset Purchase Agreement with Allegis Holdings, LLC (the “Purchaser”). Pursuant to the agreement, we sold to the Purchaser all of our assets related to our Primsol product, including certain intellectual property and contracts, inventory, work in process and all marketing assets and materials related solely to Primsol (together, the “Primsol Asset”). We retain any liability associated with the Primsol Asset that occurred prior to the closing. The Purchaser paid us $1,750,000 at the closing for the Primsol Asset. We recognized a gain of approximately $428,000 on the sale which is included in sales, general and administrative expense on our statement of operations. We have evaluated this transaction and concluded that it is not significant to our business and therefore the results are included in continuing operations, as the criteria to be presented as discontinued operations was not satisfied. License and Supply AgreementNatesto In April, 2016, Aytu entered into and closed a license and supply agreement to acquire the exclusive U.S. rights to Natesto® (testosterone) nasal gel from Acerus Pharmaceuticals Corporation, or Acerus, which rights we acquired effective upon the expiration of the current licensee’s rights, which occurred on June 30, 2016. The licensee’s term runs for the greater of eight years or until the expiry of the latest to expire patent including claims covering Natesto and until the entry on the market of at least one AB-rated generic product. Aytu paid Acerus an upfront fee of $2.0 million upon execution of the agreement. In October 2016, we paid an additional $2.0 million. In January 2017, Aytu paid the final upfront payment of $4.0 million. Aytu also purchased, on April 28, 2016, an aggregate of 12,245,411 shares of Acerus common stock for Cdn. $2.5 million (approximately US $2.0 million), with a purchase price per share equal to Cdn. $0.207 or approximately US $0.16 per share. These shares were a held for sale trading security and were valued at fair market value. Aytu could not dispose of these shares until after August 29, 2016. During fiscal 2017, Aytu sold all of these shares. The gross proceeds from the sales totaled $1.1 million, the cost of the sales totaled $92,000, and we recognized a loss on investment of $62,000 and $972,000 during fiscal 2017 and 2016, respectively. In addition to the upfront payments, we must make the following one-time, non-refundable payments to Acerus within 45 days of the occurrence of the following event (provided that, the maximum aggregate amount payable under such milestone payments will be $37.5 million): ⋅ $2.5 million if net sales during any four consecutive calendar quarter period equal or exceed $25.0 million (the “First Milestone”); the First Milestone payment is required to be paid even if the threshold is not met in the event that the agreement is terminated for any reason other than material breach by Acerus, bankruptcy of either party, or termination by Acerus because it believes the amounts payable to Aytu for agreed upon trial work would no longer make the agreement economically viable for Acerus; ⋅ $5.0 million if net sales during any four consecutive calendar quarter period equal or exceed $50.0 million; ⋅ $7.5 million if net sales during any four consecutive calendar quarter period equal or exceed $75.0 milion; ⋅ $10.0 million if net sales during any four consecutive calendar quarter period equal or exceed $100.0 million; and ⋅ $12.5 million if net sales during any four consecutive calendar quarter period equal or exceed $125.0 million. The fair value of the net identifiable asset acquired totaled $10.5 million which is being amortized over eight years. The amortization expense for fiscal 2017 was $1.3 million and zero for fiscal 2016. The estimated future amortization of Natesto after June 30, 2017 is as follows: 2018 1,319,000 2019 1,319,000 2020 1,319,000 2021 1,319,000 2022 1,319,000 Thereafter 2,636,000 $ 9,231,000 The contingent consideration was valued at $3.2 million using a Monte Carlo simulation, as of June 30, 2016. The contingent consideration accretion expense for fiscal 2017 and 2016 was $228,000, and zero respectively. As of June 30, 2017, the contingent consideration was revalued and increased to $5.7 million based on increased future estimated sales performance of Natesto using a Monte Carlo simulation. Merger/Subsidiary In May 2017, Aytu Women’s Health, LLC., a wholly-owned subsidiary of Aytu, acquired Nuelle, Inc., or Nuelle, a women’s sexual health company. This transaction expanded our product portfolio with the addition of the Fiera ® In the Merger, (i) each share of Nuelle common stock and each option or warrant to purchase Nuelle stock was cancelled, and (ii) each share of Nuelle preferred stock was converted into the right to receive shares of our common stock. We issued to the Nuelle preferred stockholders an aggregate of 125,000 shares of our common stock. In addition, Nuelle preferred stockholders will be entitled to revenue earn-out payments equal to a designated percentage of net sales on tiers of net sales up to $100.0 million, with an average rate for all tiers in the mid-single digit range and a maximum aggregate payout of $6.9 million. Nuelle stockholders additionally will be entitled to milestone earn-out payments of up to a potential aggregate of $24.0 million, upon the attainment by us of designated net sales thresholds over any sequential four calendar quarter period. The first $1.0 million of earn-out payments will be paid in shares of our common stock and all other earn-out payments will be comprised of 60% cash and 40% shares of our common stock. The stock portion of any earn-out will be calculated by dividing each Nuelle stockholder’s portion of the earn-out by the average closing price of our common stock for the 10 trading days prior to the earlier of the date we deliver notice to the Nuelle stockholders of the earn-out or any public disclosure by us of the earn-out being due and payable. In the event that we do not make all of the required earn-out payments to the Nuelle stockholders before May 3, 2022, and we also close a divestiture before May 3, 2022 of any of the products acquired in the transaction, we will pay the Nuelle stockholders a combination of (i) cash in an amount equal to 10% of the value of all cash, securities and other property paid to us in the divestiture (cash is to be 60% of the total consideration), and (ii) shares of our common stock equal to the Nuelle stockholders’ portion of the divestiture payment divided by the average closing price of our common stock for the 10 trading days prior to the earlier of the closing date of the divestiture or the public disclosure of the divestiture (shares of common stock are to be 40% of the total consideration). In addition to the upfront issuance of common stock, we must make the following one-time payments to the Nuelle stockholders within 90 days of the occurrence of the following events (provided that, the maximum aggregate amount payable under such milestone payments will be $24.0 million): ⋅ Upon achieving the first occurrence of Net Sales of $10.0 million over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $1.0 million; ⋅ Upon achieving the first occurrence of Net Sales of $17.5 million over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $1.8 million. ⋅ Upon achieving the first occurrence of Net Sales of $25.0 million over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $2.5 million. ⋅ Upon achieving the first occurrence of Net Sales of $37.5 million over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $3.8 million; ⋅ Upon achieving the first occurrence of Net Sales of $50.0 million over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $5.0 million; and ⋅ Upon achieving the first occurrence of Net Sales of $100.0 million over any sequential four calendar quarter period, Aytu will make a one-time payment to the Nuelle security holders of an amount equal to $10.0 million. The Company’s allocation on consideration transferred for Nuelle as of the purchase date May 5, 2017 is as follows: Fair Value Tangible assets $ 2,061,000 Intangible assets 1,540,000 Goodwill 238,000 Total assets acquired $ 3,839,000 Included in the intangible assets is developed technology of $1.3 million, customer contracts of $80,000 and trade names of $160,000, each of which will be amortized over a nine to twelve-year period. Amortization expense of $22,000 and $0 was recognized in fiscal 2017 and 2016, respectively. Future amortization after the year ended June 30, 2017 is as follows: 2018 $ 144,000 2019 144,000 2020 144,000 2021 144,000 2022 144,000 Thereafter 798,000 $ 1,518,000 The contingent consideration was valued at $1.9 million using a Monte Carlo simulation, as of May 2017. The contingent consideration accretion expense for fiscal 2017 and 2016 was $12,000, and zero respectively. Additionally, we assumed liabilities of $47,000. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies These consolidated financial statements include the accounts of Aytu and its wholly-owned subsidiary, Aytu Women’s Health. All material intercompany transactions and balances have been eliminated. Aytu considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash consist primarily of a certificate of deposit investment account. Aytu’s investment policy is to preserve principal and maintain liquidity. The Company periodically monitors its positions with, and the credit quality of the financial institutions with which it invests. Periodically, throughout the year, Aytu has maintained balances in excess of federally insured limits. License Agreements and Royalties Payments received upon signing of license agreements are for the right to use the license and are deferred and amortized over the lesser of the license term or patent life of the licensed drug. Milestone payments relate to obtaining regulatory approval, cumulative sales targets, and other projected milestones and are recognized at the time the milestones are achieved. Royalties will be recognized as revenue when earned. Product & Service Sales The Company recognizes revenue only when all of the following criteria have been met: ⋅ Persuasive evidence of an arrangement exists, ⋅ Delivery has occurred or services have been performed, ⋅ The fee for the arrangement is fixed or determinable, and ⋅ Collectability is reasonably assured. Persuasive evidence of an arrangement exists - The Company documents all terms of an arrangement in a written contract by the customer prior to recognizing revenue. Delivery has occurred or services have been performed - The Company delivers all products prior to recognizing revenue. Equipment is considered delivered upon delivery to a customer's designated location. Device sales are recorded when products are shipped to customers. Drug sales are recorded when the product arrives at the customer’s dock. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded and are estimated at the time of sale. The fee for the arrangement is fixed or determinable - Prior to recognizing revenue, a customer's fee is either fixed or determinable under the terms of the written contract. Collectability is reasonably assured - The Company determines that collectability is reasonably assured prior to recognizing revenue. Collectability is assessed on a customer-by-customer basis based on criteria outlined by management. New customers are subject to a credit review process, which evaluates the customer's financial position and ultimately its ability to pay. The Company does not enter into arrangements unless collectability is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis. Aytu records estimated reductions in revenue for potential returns of products by customers. As a result, management must make estimates of potential future product returns and other allowances related to current period product revenue. In making such estimates, management analyzes historical returns, current economic trends and changes in customer demand and acceptance of our products. If management were to make different judgments or utilize different estimates, material differences in the amount of the Company’s reported revenue could result. As of June 30, 2017 and 2016, we accrued $ 58,000 284,000 Shipping and Handling The Company's shipping and handling costs are included in cost of goods sold for all periods presented. Accounts receivable are recorded at their net realized value. Aytu evaluates collectability of accounts receivable on a quarterly basis and records a valuation allowance accordingly. As of June 30, 2017 we had an allowance for doubtful accounts of $ 44,000 41,000 The following counterparties contributed greater than 10 Year Ended June 30, 2017 2016 Customer A 34 % - Customer B 22 % - Customer C 18 % - Customer D 0 % 86 % The loss of one or more of the Company's significant partners or collaborators could have a material adverse effect on its business, operating results or financial condition. Although the Company is impacted by economic conditions in the biotechnology and pharmaceutical sectors, management does not believe significant credit risk exists as of June 30, 2017. We are also subject to credit risk from our accounts receivable related to our product sales. Historically, we have not experienced significant credit losses on our accounts receivable and we do not expect to have write-offs or adjustments to accounts receivable which would have a material adverse effect on our financial position, liquidity or results of operations. As of June 30, 2017, three customers accounted for 60 69 Year Ended June 30, 2017 2016 Customer A 25 % - Customer B 17 % - Customer C 18 % - Customer D 0 % 69 % Inventories consist of raw materials, work in process and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Aytu periodically reviews the composition of its inventories in order to identify obsolete, slow-moving or otherwise unsaleable items. If unsaleable items are observed and there are no alternate uses for the inventory, Aytu will record a write-down to net realizable value in the period that the impairment is first recognized. We currently have a reserve of $ 311,000 199,000 June 30, 2017 2016 Raw materials $ 442,000 $ 77,000 Work in process 442,000 - Finished goods 738,000 647,000 Reserve (310,000) (199,000) $ 1,312,000 $ 525,000 Trading securities are carried at fair value with realized and unrealized gains and losses recorded in earnings. Fixed assets are recorded at cost. After being placed in service, the fixed assets are depreciated using the straight-line method over estimated useful lives. Estimated June 30, Useful Lives in years 2017 2016 Office equipment, furniture and other 2 - 5 $ 405,000 $ 201,000 Lab equipment 3 - 5 111,000 90,000 Leasehold improvements 3 287,000 45,000 Manufacturing equipment 2 - 5 90,000 7,000 Less accumulated depreciation and amortization (246,000) (112,000) Fixed assets, net $ 647,000 $ 231,000 Aytu recorded the following depreciation expense in the respective periods: Year Ended June 30, 2017 2016 Depreciation expense $ 134,000 $ 51,000 Patents Costs of establishing patents, consisting of legal and filing fees paid to third parties, are expensed as incurred. The fair value of the Zertane patents, determined by an independent third party appraisal, was $ 500,000 11 The cost of the Luoxis patents were $ 380,000 15 June 30, 2017 2016 Patents $ 880,000 $ 880,000 Less accumulated amortization (609,000) (583,000) Patents, net $ 271,000 $ 297,000 Year Ended June 30, 2017 2016 Amortization expense $ 26,000 $ 332,000 2018 $ 25,000 2019 25,000 2020 25,000 2021 25,000 2022 25,000 Thereafter 146,000 $ 271,000 The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquired business; and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and non-controlling interest in the acquiree, based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. The Nuelle, ProstaScint and Primsol purchase price allocations were based upon an analysis of the fair value of the assets and liabilities acquired. The final purchase price may be adjusted up to one year from the date of the acquisition. Identifying the fair value of the tangible and intangible assets and liabilities acquired required the use of estimates by management, and were based upon currently available data, as noted below. The Company allocated the excess of purchase price over the identifiable intangible and net tangible assets to goodwill. Such goodwill is not deductible for tax purposes and represents the value placed on entering new markets and expanding market share. The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing the carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgments in the future and require an adjustment to the recorded balances. The goodwill was recorded as part of the acquisition of ProstaScint that occurred on May 20, 2015, Primsol that occurred on October 5, 2015 and Nuelle that occurred on May 5, 2017. There was an impairment of $ 74,000 The preparation of financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of 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 valuation allowances, stock-based compensation, warrant valuation, purchase price allocation, valuation of contingent consideration, sales returns and allowances, useful lives of fixed assets, collectability of accounts receivable, and assumptions in evaluating impairment of definite and indefinite lived assets. Actual results could differ from these estimates. Aytu has been included in the consolidated tax returns of Ampio, the former parent company of Aytu, for tax years ended on or before December 31, 2015. As of January 2016, due to the decrease in Ampio’s ownership percentage of Aytu stock, Aytu will begin to file tax returns separate from Ampio. For all consolidated tax return periods, Aytu's taxes were computed and reported on a "separate return" basis for these financial statements. Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The amount of income taxes and related income tax positions taken are subject to audits by federal and state tax authorities. The Company has adopted accounting guidance for uncertain tax positions which provides that in order to recognize an uncertain tax position, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon settlement with the taxing authority. The Company believes that it has no material uncertain tax positions. The Company's policy is to record a liability for the difference between the benefits that are both recognized and measured pursuant to FASB ASC 740-1 "Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement 109" (ASC 740-10) and tax position taken or expected to be taken on the tax return. Then, to the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company reports tax-related interest and penalties as a component of income tax expense. During the periods reported, management of the Company has concluded that no significant tax position requires recognition under ASC 740-10. Aytu accounts for share based payments by recognizing compensation expense based upon the estimated fair value of the awards on the date of grant. The Company determines the estimated grant fair value using the Black-Scholes option pricing model and recognizes compensation costs ratably over the period of service using the graded method. Research and development costs are expensed as incurred with expenses recorded in the respective period. Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted net loss per share reflects the potential of securities that could share in the net loss of Aytu. Basic and diluted loss per share was the same in 2017 and 2016. Although there were common stock equivalents of 367,312 126,239 The carrying amounts of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets and other liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related contingent consideration is based on estimated discounted future cash flows and assessment of the probability of occurrence of potential future events. The fair values of marketable securities is based on quoted market prices, if available, or estimated discounted future cash flows. Aytu accounts for liability warrants by recording the fair value of each instrument in its entirety and recording the fair value of the warrant derivative liability. The fair value of the financial instruments and related warrants were calculated using a Monte Carlo based valuation model. We recorded a derivative expense at the inception of the instrument reflecting the difference between the fair value and cash received. Changes in the fair value in subsequent periods was recorded as unrealized gain or loss on fair value of debt instruments for the financial instruments and to derivative income or expense for the warrants. The fair value of the warrants issued to the placement agents in connection with the registered offering were valued using the Black-Scholes valuation methodology. Changes in the fair value in subsequent periods were recorded to derivative income or expense. In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, "Statement of Cash Flows: Restricted Cash." The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 is effective for the fiscal year commencing after December 15, 2017. During fiscal 2017, the Company early adopted this pronouncement, the impact of which was minimal, which is now shown on the statements of cash flows within cash and cash equivalents. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments,” which provides guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows in order to reduce diversity in existing practice. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. During fiscal 2017, the Company early adopted this standard. The primary cash flow categorization that will impact the Company will be contingent consideration payments, however, no such payments have been made to date. In March 2016, the FASB issued ASU 2016-09, “Compensation Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting.” The standard includes multiple provisions intended to simplify various aspects of the accounting for share based payments. The amendments are expected to impact net income, earnings per share, and the statement of cash flows. Implementation and administration may present challenges to companies with significant share based payment activities. The amendments are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company adopted this standard during fiscal, 2017. Aytu has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. Prior to adopting this standard, the Company had not estimated any forfeitures, therefore, no adjustments were necessary. Aytu is also operating at a net operating loss, therefore, there was no tax implication. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 clarifies that inventory should be held at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price, less the estimated costs to complete, dispose and transport such inventory. ASU 2015-11 was effective for fiscal years and interim periods beginning after December 15, 2016. ASU 2015-11 is required to be applied prospectively. The . In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods ending after December 15, 2016. The Company adopted this standard during fiscal 2017 and has included the required disclosure in the Company’s financial statements (Note 3). Recently Issued Accounting Pronouncements, Not Adopted as of June 30, 2017 In May 2017, the FASB issued ASU No. 2017-09, “Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting (ASU 2017-09).” ASU 2017-09 clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact of its adoption of this standard on its financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350).” The amendment simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not believe that adoption of this amendment will have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) Clarifying the Definition of a Business.” The amendment clarifies the definition of a business, which is fundamental in the determination of whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This determination is important given the diverging accounting models used for each type of transaction. The guidance is generally expected to result in fewer transactions qualifying as business combinations. The amendment is effective prospectively for public business entities for interim and annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company does not expect an immediate impact on its financial statements from this codification however, if Aytu seeks to purchase additional assets in the future it could have an impact if that purchase is accounted for as a business combination or an asset purchase. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for leases for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of its adoption of this standard on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) In May 2014, the FASB issued ASU 2014-09, Topic 606, Revenue from Contracts with Customers (the "New Revenue Standard"). The amendments in this ASU provide a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the new ASU is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the New Revenue Standard. In 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-11, and ASU 2016-12 to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations, and accounting for licenses of intellectual property. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The New Revenue Standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for interim and annual periods beginning after December 5, 2017. The amendments in this update are to be applied on a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application. The New Revenue Standard will be effective for the Company in fiscal 2019. We will adopt the standard in our third quarter of fiscal 2018 and preliminarily expect to use the modified prospective method. However, we are continuing to evaluate the impact of the standard, and our adoption method is subject to change. We currently do not anticipate these standards to have a material impact on our consolidated financial statements outside of the expanded disclosure requirements. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | Note 3 Going Concern As reflected in the accompanying financial statements, the Company had a net loss of $ 22.5 13.8 878,000 4.0 69.1 However, with the completion of the August 2017 financing of $ 11.8 The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
License Agreement_Revenue Recog
License Agreement/Revenue Recognition | 12 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
License Agreement [Text Block] | Note 4 License Agreement/Revenue Recognition During 2011, Ampio Pharmaceuticals, Inc., (“Ampio”), Aytu’s former parent company, entered into a license, development and commercialization agreement with a major Korean pharmaceutical company which was assigned to Vyrix when it was formed in 2013. The agreement grants the pharmaceutical company exclusive rights to market Zertane in South Korea for the treatment of premature ejaculation (“PE”) and for a combination drug to be developed, utilizing Zertane and an erectile dysfunction drug. Upon signing of the agreement, Ampio received a $ 500,000 418,000 3.2 25 In April 2014, Vyrix entered into a Distribution and License Agreement (the “Paladin Agreement”) with Endo Ventures Limited, which acquired Paladin Labs Inc. (“Paladin”), whereby Paladin has exclusive rights to market, sell and distribute Zertane in Canada, the Republic of South Africa, certain countries in Sub Saharan Africa, Colombia and Latin America. The Paladin Agreement expires on a country by country basis upon the later of 15 250,000 3.0 At the end of fiscal 2016, Aytu determined that the Zertane asset had no further value as Aytu did not have the resources to complete the necessary clinical trials and bring it to market before the patents expire. The remaining deferred revenue of $ 426,000 |
Fair Value Considerations
Fair Value Considerations | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Consideration [Text Block] | Note 5 Fair Value Considerations The carrying amounts of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets and other liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related contingent consideration is based on estimated discounted future cash flows and assessment of the probability of occurrence of potential future events. The fair values of marketable securities is based on quoted market prices, if available, or estimated discounted future cash flows. The valuation policies are determined by the Chief Financial Officer and approved by the Company’s Board of Directors. Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of Aytu. Unobservable inputs are inputs that reflect Aytu’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on reliability of the inputs as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to Aytu for identical assets or liabilities; Level 2: Inputs include quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market activity. Aytu’s assets and liabilities which are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Aytu’s policy is to recognize transfers in and/or out of fair value hierarchy as of the date in which the event or change in circumstances caused the transfer. Aytu has consistently applied the valuation techniques discussed below in all periods presented. Fair Value Measurements Using Level 1 Level 2 Level 3 Total June 30, 2017 ASSETS Investment in Acerus $ - $ - $ - $ - LIABILITIES Warrant derivative liability $ - $ - $ - $ - Contingent consideration $ - $ - $ 7,648,000 $ 7,648,000 June 30, 2016 ASSETS Investment in Acerus $ 1,041,000 $ - $ - $ 1,041,000 LIABILITIES Warrant derivative liability $ - $ - $ 276,000 $ 276,000 Contingent consideration $ - $ - $ 3,869,000 $ 3,869,000 The estimated fair value of the Company’s investment, which is classified as Level 1 (quoted price is available), was $ 1.0 The warrant derivative liability was valued using the Black-Scholes valuation methodology because that model embodies all of the relevant assumptions that address the features underlying these instruments. The warrants related to the warrant derivative liability are not actively traded and therefore classified as Level 3. February 28, 2017 June 30, 2016 Warrants: Volatility 160.7 % 75.0 % Equivalent term (years) 4.18 4.84 Risk-free interest rate 1.87 % 0.99 % Dividend yield 0.00 % 0.00 % Derivative Instruments Balance as of June 30, 2016 $ 276,000 Warrant issuances - Change in fair value included in earnings (February 28, 2017) (213,000) Reclassification of warrant from liability to equity upon amendment (63,000) Balance as of June 30, 2017 $ - The contingent consideration was valued using the Monte-Carlo valuation methodology because that model embodies all of the relevant assumptions that address the features underlying these instruments. Contingent consideration is not actively traded and therefore classified as Level 3. As of June 30, 2016, we had $ 3.9 7.6 305,000 1.9 1.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 6 Income Taxes As previously discussed in Note 2 - Summary of Significant Accounting Policies, the Company has been included in the consolidated tax returns of Ampio for tax years ending on or before December 31, 2015. Beginning in January 2016, Aytu will file tax returns separate from Ampio. For all consolidated tax return periods, the Company's taxes have been computed and reported on a "separate return" basis. Ampio and Aytu did not have a tax sharing agreement for the consolidated return periods. Accordingly, certain tax attributes, e.g. net operating loss carryforwards, reflected in these financial statements, may or may not be available to Aytu. In January 2016, Ampio's ownership interest in Aytu fell below 80% so that Aytu will no longer be included in the Ampio consolidated tax return. The deconsolidation resulted in approximately $ 4.5 Income tax benefit resulting from applying statutory rates in jurisdictions in which Aytu is taxed (Federal and various states) differs from the income tax provision (benefit) in the Aytu financial statements. Year Ended June 30, 2017 2016 Benefit at statutory rate $ (7,653,000) (34.00) % $ (9,581,000) (34.00) % State income taxes, net of federal benefit (681,000) (3.02) % (853,000) (3.03) % Stock based compensation 116,000 0.51 % 7,000 0.03 % Interest on convertible debt - 0.00 % 75,000 0.27 % Offering costs 203,000 0.90 % - 0.00 % Contingent consideration 4,000 0.02 % - 0.00 % Change in tax rate (11,000) (0.05) % - 0.00 % Change in valuation allowance 7,922,000 35.19 % 8,672,000 30.77 % Reduction of net operating losses upon deconsolidation - 0.00 % 1,674,000 5.94 % Other 100,000 0.45 % 6,000 0.02 % Net income tax provision (benefit) $ - 0.00 % $ - 0.00 % Deferred income taxes arise from temporary differences in the recognition of certain items for income tax and financial reporting purposes. 2017 2016 Deferred tax assets (liabilities): Deferred revenue $ - $ - Deferred rent 3,000 5,000 Accrued expenses 127,000 445,000 Net operating loss carry forward 15,435,000 9,202,000 Intangibles 1,559,000 606,000 Share-based coompensation 1,362,000 327,000 Fixed assets 191,000 - Unrealized loss on investment - 360,000 Capital loss carry forward 385,000 - Contribution carry forward 41,000 - Warrant liability 75,000 153,000 Inventory 174,000 192,000 Allowance for doubtful accounts 17,000 15,000 Total deferred income tax assets (liabilities) 19,369,000 11,305,000 Less: Valuation allowance (19,369,000) (11,305,000) Total deferred income tax assets (liabilities) $ - $ - In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, carry back opportunities and tax planning strategies in making the assessment. The Company believes it is more likely than not it will realize the benefits of these deductible differences, net of the valuation allowance provided. The Company has federal net operating losses of approximately $ 42.3 24.8 expire in 2031 through 2036. 32.8 17.3 As of June 30, 2017 and 2016, the Company has no liability for gross unrecognized tax benefits or related interest and penalties. Aytu has made its best estimates of certain income tax amounts included in the financial statements. Application of the Company’s accounting policies and estimates, however, involves the exercise of judgement and use of assumptions as to future uncertainties and, as a result, could differ from these estimates. In arriving at its estimates, factors the Company considers include how accurate the estimates or assumptions have been in the past, how much the estimates or assumptions have changed and how reasonably likely such changes may have a material impact. Aytu has been historically included in the Ampio consolidated tax return. Under the general statute of limitations, the Company would not be subject to federal or Colorado income tax examinations for tax years prior to 2013 and 2012, respectively. However, given the net operating losses generated since inception, all tax years since inception are subject to examination. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 7 Commitments and Contingencies Total 2018 2019 2020 2021 2022 Thereafter Prescription database $ 1,342,000 $ 769,000 $ 573,000 $ - $ - $ - $ - Natesto 15,000,000 - - 2,500,000 5,000,000 - 7,500,000 Manufacturing/commercial supply agreements - - - - - - - Office lease 175,000 145,000 30,000 - - - - $ 16,517,000 $ 914,000 $ 603,000 $ 2,500,000 $ 5,000,000 $ - $ 7,500,000 Prescription Database In May 2016, Aytu entered into an agreement with a company that will provide Aytu with prescription database information, whereby Aytu agreed to pay approximately $ 1.9 Natesto In April 2016, the Company entered into an agreement with Acerus whereby Aytu agreed to pay $ 8.0 2.0 4.0 2.5 5.0 7.5 Manufacturing/Commercial Supply Agreements In October 2015, Aytu entered into a Master Services Agreement with Biovest International, Inc. (“Biovest”). The agreement provides that Aytu may engage Biovest from time to time to provide services in accordance with mutually agreed upon project addendums and purchase orders. Aytu expects to use the agreement from time to time for manufacturing services, including without limitation, the manufacturing, processing, quality control testing, release or storage of its products for the ProstaScint product. In September 2016, Aytu entered into a Commercial Supply Agreement with Grand River Aseptic Manufacturing, Inc. (“GRAM”). The agreement provides that Aytu may engage GRAM from time to time to provide services in accordance with mutually agreed upon work orders. As of June 30, 2017, both contracts were on hold as the Company evaluates its strategic options for the ProstaScint product. If the contracts are not restarted, Aytu does not anticipate any future liability related to either contract. Office Lease In June 2015, Aytu entered into a 37 3,000 112,000 9,000 318,000 Year Ended June 30, 2017 2016 Rent expense $ 139,000 $ 120,000 |
Convertible Promissory Notes
Convertible Promissory Notes | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 8 Convertible Promissory Notes During July and August 2015, Aytu closed on note purchase agreements with institutional and high net worth individual investors for the purchase and sale of convertible promissory notes (“Notes”) with an aggregate principal amount of $ 5.2 401,000 103,000 The Notes were an unsecured obligation. Aytu did not have the right to prepay the Notes prior to the maturity date. Interest accrued on the Notes in the following amounts: (i) 8 12 Placement agents for the offering sold the institutional portion of the offering of the Notes. Aytu sold the balance of the Notes to individuals and entities with whom Aytu had an established relationship. For Notes sold by the placement agent, Aytu paid the placement agent 8 20,000 The warrants were recorded at fair value as long-term liabilities on the Balance Sheet and upon conversion were moved to equity classification. Upon Aytu’s adoption of ASU 2015-3, the issuance costs associated with the Notes were recorded as a longterm liability and were presented in the Balance Sheet as a direct reduction of the carrying amount of the Notes on their inception date. Pursuant to the terms of the convertible promissory note agreements, if Aytu sold equity securities at any time while the Notes were outstanding in a financing transaction that was not a Qualified Financing (a public offering of Aytu stock resulting in gross proceeds of at least $ 5.0 92.60 156.00 4.1 143,000 32,830 In May 2016, Aytu completed a registered public offering which was considered a Qualified Financing and all outstanding Notes were automatically converted on the same terms as in the offering. At the insistence of the underwriters of the offering, all outstanding noteholders had signed lockup agreements which granted them an extra 10% on the conversion, increasing it to 130% of shares calculated by dividing such Note balance by $96.00 1.1 78,000 15,279 15,279 In connection with the conversion of the Aytu Notes, Aytu was obligated to issue to the placement agents for the convertible note offering warrants for an amount of shares equal to 8% of the number of shares of Aytu’s common stock for the Notes sold by the placement agents issued upon conversion of the Notes. As a result of the optional note conversion, on February 10, 2016, Aytu issued warrants to the placement agents to purchase an aggregate of 1,113 156.00 1,129 96.00 Also in connection with the conversion of the Notes, Aytu recorded a beneficial conversion feature of $ 4.9 |
Common Stock
Common Stock | 12 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 9 Common Stock Capital Stock At June 30, 2017 and June 30, 2016, Aytu had 824,831 187,098 100.0 0.0001 50.0 0.0001 In May 2016, Aytu raised gross proceeds of approximately $ 7.5 78,125 1.2 6.3 4.2 120.00 2.1 11,719 8,542 2.40 20,000 In July 2016, we entered into a purchase agreement (the ‘‘Purchase Agreement’’), together with a registration rights agreement (the ‘‘Registration Rights Agreement’’), with Lincoln Park Capital Fund, LLC (‘‘Lincoln Park’’). Upon signing the Purchase Agreement, Lincoln Park agreed to purchase 6,684 500,000 2,625 10,000 240,000 91,000 649,000 In July 2016, we issued 50,000 725,000 3.2 2.5 430,000 In August 2016, we issued an aggregate of 7,123 In November 2016, we raised gross proceeds of approximately $ 8.6 286,749 1.0 7.6 293,000 7.3 3.7 4.4 37.20 3.5 4.2 43,013 14,263 0.20 173,000 208,000 3,000 In February 2017, the Company consummated its warrant tender offer to exercise, at a temporarily reduced exercise price of $ 15.00 86,667 120.00 301,013 37.20 149,552 2.2 In May 2017, we entered into a Merger Agreement with Nuelle, Inc. and its stockholders, pursuant to which Nuelle would become our wholly owned subsidiary (the “Merger”). The Merger closed on May 5, 2017. As part of the Merger, we issued to the Nuelle preferred stockholders an aggregate of 125,000 |
Equity Instruments
Equity Instruments | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10 Equity Instruments Stock Option Repricing In March 2017, our Board of Directors approved a common stock option repricing program whereby all previously granted and unexercised options were repriced on a one-for-one basis to $ 16.40 36,864 64.60 1,111.20 We treated the repricing as a modification of the original awards and calculated additional compensation costs for the difference between the fair value of the modified award and the fair value of the original award on the modification date. The repricing resulted in an incremental stock-based compensation expense of $ 34,000 In July 2016, our Board of Directors approved a common stock option repricing program whereby previously granted and unexercised options held by our then current employees, consultants and directors with exercise prices above $120.00 per share were repriced on a one-for-one basis to $64.60 per share 15,803 134.40 362.40 We treated the repricing as a modification of the original awards and calculated additional compensation costs for the difference between the fair value of the modified award and the fair value of the original award on the modification date. The repricing resulted in an incremental stock-based compensation expense of $ 318,000 Options On June 1, 2015, Aytu’s stockholders approved the 2015 Stock Option and Incentive Plan (the “2015 Plan”), which, as amended in November 2016, provides for the award of stock options, stock appreciation rights, restricted stock and other equity awards for up to an aggregate of 100,000 shares of common stock. The shares of common stock underlying any awards that are forfeited, canceled, reacquired by Aytu prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) under the 2015 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan. Pursuant to the 2015 Stock Plan, 100,000 Year Ended June 30, 2017 2016 Expected volatility 178% - 185% 75% Risk free interest rate 0.97% - 1.88% 1.16% - 1.90% Expected term (years) 5.0 -6.5 3.75 - 6.25 Dividend yield 0% 0% Weighted Average Number of Weighted Remaining Options Exercise Price Years Outstanding June 30, 2015 - $ - - Granted 16,340 $ 360.20 Exercised - $ - Forfeited/Cancelled (209) $ 362.40 Outstanding June 30, 2016 16,131 $ 360.20 9.33 Granted 23,608 $ 18.20 Exercised - $ - Forfeited (1,408) $ 83.20 Cancelled (68) $ 64.60 Outstanding June 30, 2017 38,263 $ 16.31 8.40 Exercisable at June 30, 2017 19,341 $ 16.40 7.95 Available for grant at June 30, 2017 61,737 Weighted Average Remaining Contractual Range of Exercise Prices Number of Options Outstanding Weighted Average Exercise Price Life of Options Outstanding Number of Options Exercisable Weighted Average Exercise Price $ 14.00 1,500 $ 14.00 9.85 - $ 14.00 $ 16.40 36,763 $ 16.40 8.34 19,341 $ 16.40 38,263 $ 16.31 8.40 19,341 $ 16.40 Stock-based compensation expense related to the fair value of stock options was included in the statements of operations as research and development expenses and sales, general and administrative expenses as set forth in the table below. Aytu determined the fair value as of the date of grant using the Black-Scholes option pricing model and expenses the fair value ratably over the vesting period. Year Ended June 30, 2017 2016 Research and development expenses Stock-based compensation $ - $ 89,000 Selling, general and administrative expenses Stock-based compensation 2,502,000 814,000 $ 2,502,000 $ 903,000 Unrecognized expense at June 30, 2017 $ 775,000 Weighted average remaining years to vest 1.81 Warrants Weighted Weighted Average Number of Average Remaining Contractual Warrants Exercise Price Life in Years Outstanding June 30, 2015 444 $ 1,087.20 2.92 Warrants issued to placement agents for convertible promissory notes 1,115 $ 156.00 Warrants issued to investors in connection with the registered offering 86,667 $ 120.00 Warrants issued to placement agents for convertible promissory notes 1,129 $ 96.00 Warrants issued to placement agents for the registered offering 5,474 $ 120.00 Warrants issued to convertible note holders who converted May 5, 2016 15,279 $ 120.00 Outstanding June 30, 2016 110,108 $ 124.02 4.71 Issuance of settlement warrants to initial investors 4,402 $ 80.00 Warrants issued to investors in connection with the registered offering 301,014 $ 37.20 Warrants issued to placement agents for the registered offering 20,077 $ 15.00 Warrants exercised (149,552) $ 15.00 Outstanding June 30, 2017 286,049 $ 50.29 4.23 In connection with our private placement of approximately $ 5.2 8 In connection with the conversions of the notes in February 2016 and May 2016, which were triggered by an equity financing in January 2016 and our public offering of common stock and warrants in May 2016, respectively, we issued warrants to the placement agents to purchase an aggregate of 1,115 156.00 1,129 96.00 87,000 50,000 Also in connection with the conversion of the notes in May 2016, the noteholders that converted also received 15,279 120.00 480,000 In connection with our May 2016 public offering, we issued warrants to purchase an aggregate of 5,474 120.00 Also in connection with our May 2016 public offering, we issued to investors warrants to purchase an aggregate of 86,667 120.00 Included in the warrant balance at June 30, 2016 are warrants to purchase of 5,474 63,000 Included in the warrant balance at June 30, 2016 are warrants to purchase of 429 156.00 15.00 1,500 During fiscal 2017, Aytu issued warrants to purchase 4,402 80.00 596,000 In connection with our November 2016 public offering, we issued to the underwriters of the public offering warrants to purchase an aggregate of 20,077 37.20 Also in connection with our November 2016 public offering, we issued to investors warrants to purchase an aggregate of 301,014 37.20 In February 2017, the Company consummated its warrant tender offer to exercise, at a temporarily reduced exercise price of $ 15.00 86,667 149,552 2.2 178,000 The Company also reduced the exercise prices of an aggregate of 25,541 120.00 37.20 15.00 23,000 All warrants were valued using the Black-Scholes option pricing model. In order to calculate the fair value of the warrants, certain assumptions were made regarding components of the model, including the selling price or fair market value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield, and expected life. Changes to the assumptions could cause significant adjustments to valuation. The Company estimated a volatility factor utilizing a weighted average of comparable published volatilities of peer companies. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. During fiscal 2017, Aytu modified 175,522 15.20 Year Ended June 30, 2017 2016 Expected volatility 156.64% - 169.22% 75% Risk free interest rate 1.63% - 1.87% 1.07 - 1.76% Contractual term (years) 3.46 - 4.67 4.2 - 5.0 Dividend yield 0% 0% |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 11 Related Party Transactions Services Agreement In July 2015, Aytu entered into an agreement with Ampio, whereby Aytu agreed to pay Ampio a set amount per month for shared overhead, which includes costs related to the shared corporate staff and other miscellaneous overhead expenses. This agreement was amended in November 2015, April 2016, July 2016, and again in January 2017 resulting in an amount of $ 12,000 Sponsored Research Agreement In June 2013, Luoxis entered into a sponsored research agreement with TRLLC, an entity controlled by Ampio’s director and Chief Scientific Officer, Dr. Bar-Or. The agreement, which was amended in January 2015 and provided for Luoxis (now Aytu) to pay $ 6,000 615,000 60.5 |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 12 Segment Information Aytu manages our Company and aggregated our operational and financial information in accordance with two reportable segments: Aytu and Aytu Women’s Health. The Aytu segment consists of our core male urology products. Year Ended June 30, 2017 2016 Revenue: Aytu $ 3,175,000 $ 2,562,000 Aytu Women's Health 47,000 - Consolidated revenue $ 3,222,000 $ 2,562,000 Consolidated net loss: Aytu $ (22,349,000) $ (28,180,000) Aytu Women's Health (159,000) - Consolidated net loss $ (22,508,000) $ (28,180,000) Total assets: Aytu $ 11,779,000 $ 24,343,000 Aytu Women's Health 3,220,000 - Total assets $ 14,999,000 $ 24,343,000 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Jun. 30, 2017 | |
Postemployment Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 13 Employee Benefit Plan Aytu has a 401(k) plan that allows participants to contribute a portion of their salary, subject to eligibility requirements and annual IRS limits. The Company matches 50% of the first 6% contributed to the plan by employees. 99,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 14 Subsequent Events In July 2017, our stockholders also approved an amendment to our Certificate of Incorporation to effect a reverse stock split at a ratio of any whole number up to 1-for-20 August 11, 2017, our board of directors approved a reverse stock split in which each common stockholder received one share of common stock for every 20 shares outstanding, which was effected on August 25, 2017. This adjustment is reflected in this Annual Report. On August 11, 2017, we entered into a Securities Purchase Agreement with various investors pursuant to which we agreed to sell Class A and Class B equity units for gross proceeds of approximately $ 11.8 Class A units consist of one (1) share of common stock and a warrant to purchase one and one-half (1.5) shares of common stock and were sold at a negotiated price of $3.00 per unit. Class B units consist of one (1) share of our newly created Series A Convertible Preferred Stock (the “Series A Preferred Stock”) and warrants to purchase one and one-half (1.5) shares of common stock for each share of common stock into which the Series A Preferred Stock is convertible and were sold at a negotiated price of $1,000.00 per unit to those purchasers who, together with their affiliates and certain related parties, would beneficially own more than 9.99% of our outstanding common stock following the offering. 3.00 750,000 In the offering, we issued an aggregate of 3,196,665 2,250 5,919,998 We incurred certain expenses related to this transaction to attorneys and underwriters inclusive of a 9 10 In connection with the closing of the financing, we terminated the Purchase Agreement, dated as of July 27, 2016, by and between us and Lincoln Park Capital Fund, LLC. The termination was effective on August 16, 2017. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | These consolidated financial statements include the accounts of Aytu and its wholly-owned subsidiary, Aytu Women’s Health. All material intercompany transactions and balances have been eliminated. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Aytu considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash consist primarily of a certificate of deposit investment account. Aytu’s investment policy is to preserve principal and maintain liquidity. The Company periodically monitors its positions with, and the credit quality of the financial institutions with which it invests. Periodically, throughout the year, Aytu has maintained balances in excess of federally insured limits. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition License Agreements and Royalties Payments received upon signing of license agreements are for the right to use the license and are deferred and amortized over the lesser of the license term or patent life of the licensed drug. Milestone payments relate to obtaining regulatory approval, cumulative sales targets, and other projected milestones and are recognized at the time the milestones are achieved. Royalties will be recognized as revenue when earned. Product & Service Sales The Company recognizes revenue only when all of the following criteria have been met: ⋅ Persuasive evidence of an arrangement exists, ⋅ Delivery has occurred or services have been performed, ⋅ The fee for the arrangement is fixed or determinable, and ⋅ Collectability is reasonably assured. Persuasive evidence of an arrangement exists - The Company documents all terms of an arrangement in a written contract by the customer prior to recognizing revenue. Delivery has occurred or services have been performed - The Company delivers all products prior to recognizing revenue. Equipment is considered delivered upon delivery to a customer's designated location. Device sales are recorded when products are shipped to customers. Drug sales are recorded when the product arrives at the customer’s dock. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded and are estimated at the time of sale. The fee for the arrangement is fixed or determinable - Prior to recognizing revenue, a customer's fee is either fixed or determinable under the terms of the written contract. Collectability is reasonably assured - The Company determines that collectability is reasonably assured prior to recognizing revenue. Collectability is assessed on a customer-by-customer basis based on criteria outlined by management. New customers are subject to a credit review process, which evaluates the customer's financial position and ultimately its ability to pay. The Company does not enter into arrangements unless collectability is reasonably assured at the outset. Existing customers are subject to ongoing credit evaluations based on payment history and other factors. If it is determined during the arrangement that collectability is not reasonably assured, revenue is recognized on a cash basis. |
Estimated Sales Returns And Allowances [Policy Text Block] | Aytu records estimated reductions in revenue for potential returns of products by customers. As a result, management must make estimates of potential future product returns and other allowances related to current period product revenue. In making such estimates, management analyzes historical returns, current economic trends and changes in customer demand and acceptance of our products. If management were to make different judgments or utilize different estimates, material differences in the amount of the Company’s reported revenue could result. As of June 30, 2017 and 2016, we accrued $ 58,000 284,000 |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling The Company's shipping and handling costs are included in cost of goods sold for all periods presented. |
Receivables, Policy [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at their net realized value. Aytu evaluates collectability of accounts receivable on a quarterly basis and records a valuation allowance accordingly. As of June 30, 2017 we had an allowance for doubtful accounts of $ 44,000 41,000 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Business Risks The following counterparties contributed greater than 10 Year Ended June 30, 2017 2016 Customer A 34 % - Customer B 22 % - Customer C 18 % - Customer D 0 % 86 % The loss of one or more of the Company's significant partners or collaborators could have a material adverse effect on its business, operating results or financial condition. Although the Company is impacted by economic conditions in the biotechnology and pharmaceutical sectors, management does not believe significant credit risk exists as of June 30, 2017. We are also subject to credit risk from our accounts receivable related to our product sales. Historically, we have not experienced significant credit losses on our accounts receivable and we do not expect to have write-offs or adjustments to accounts receivable which would have a material adverse effect on our financial position, liquidity or results of operations. As of June 30, 2017, three customers accounted for 60 69 Year Ended June 30, 2017 2016 Customer A 25 % - Customer B 17 % - Customer C 18 % - Customer D 0 % 69 % |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist of raw materials, work in process and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Aytu periodically reviews the composition of its inventories in order to identify obsolete, slow-moving or otherwise unsaleable items. If unsaleable items are observed and there are no alternate uses for the inventory, Aytu will record a write-down to net realizable value in the period that the impairment is first recognized. We currently have a reserve of $ 311,000 199,000 June 30, 2017 2016 Raw materials $ 442,000 $ 77,000 Work in process 442,000 - Finished goods 738,000 647,000 Reserve (310,000) (199,000) $ 1,312,000 $ 525,000 |
Marketable Securities, Trading Securities, Policy [Policy Text Block] | Trading Securities Trading securities are carried at fair value with realized and unrealized gains and losses recorded in earnings. |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets Fixed assets are recorded at cost. After being placed in service, the fixed assets are depreciated using the straight-line method over estimated useful lives. Estimated June 30, Useful Lives in years 2017 2016 Office equipment, furniture and other 2 - 5 $ 405,000 $ 201,000 Lab equipment 3 - 5 111,000 90,000 Leasehold improvements 3 287,000 45,000 Manufacturing equipment 2 - 5 90,000 7,000 Less accumulated depreciation and amortization (246,000) (112,000) Fixed assets, net $ 647,000 $ 231,000 Aytu recorded the following depreciation expense in the respective periods: Year Ended June 30, 2017 2016 Depreciation expense $ 134,000 $ 51,000 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Costs of establishing patents, consisting of legal and filing fees paid to third parties, are expensed as incurred. The fair value of the Zertane patents, determined by an independent third party appraisal, was $ 500,000 11 The cost of the Luoxis patents were $ 380,000 15 June 30, 2017 2016 Patents $ 880,000 $ 880,000 Less accumulated amortization (609,000) (583,000) Patents, net $ 271,000 $ 297,000 Year Ended June 30, 2017 2016 Amortization expense $ 26,000 $ 332,000 2018 $ 25,000 2019 25,000 2020 25,000 2021 25,000 2022 25,000 Thereafter 146,000 $ 271,000 |
Business Combinations Policy [Policy Text Block] | The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquired business; and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and non-controlling interest in the acquiree, based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Nuelle, ProstaScint and Primsol purchase price allocations were based upon an analysis of the fair value of the assets and liabilities acquired. The final purchase price may be adjusted up to one year from the date of the acquisition. Identifying the fair value of the tangible and intangible assets and liabilities acquired required the use of estimates by management, and were based upon currently available data, as noted below. The Company allocated the excess of purchase price over the identifiable intangible and net tangible assets to goodwill. Such goodwill is not deductible for tax purposes and represents the value placed on entering new markets and expanding market share. The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing the carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact those judgments in the future and require an adjustment to the recorded balances. The goodwill was recorded as part of the acquisition of ProstaScint that occurred on May 20, 2015, Primsol that occurred on October 5, 2015 and Nuelle that occurred on May 5, 2017. There was an impairment of $ 74,000 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of 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 valuation allowances, stock-based compensation, warrant valuation, purchase price allocation, valuation of contingent consideration, sales returns and allowances, useful lives of fixed assets, collectability of accounts receivable, and assumptions in evaluating impairment of definite and indefinite lived assets. Actual results could differ from these estimates. |
Income Tax, Policy [Policy Text Block] | Income Taxes Aytu has been included in the consolidated tax returns of Ampio, the former parent company of Aytu, for tax years ended on or before December 31, 2015. As of January 2016, due to the decrease in Ampio’s ownership percentage of Aytu stock, Aytu will begin to file tax returns separate from Ampio. For all consolidated tax return periods, Aytu's taxes were computed and reported on a "separate return" basis for these financial statements. Deferred taxes are provided on an asset and liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The amount of income taxes and related income tax positions taken are subject to audits by federal and state tax authorities. The Company has adopted accounting guidance for uncertain tax positions which provides that in order to recognize an uncertain tax position, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon settlement with the taxing authority. The Company believes that it has no material uncertain tax positions. The Company's policy is to record a liability for the difference between the benefits that are both recognized and measured pursuant to FASB ASC 740-1 "Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement 109" (ASC 740-10) and tax position taken or expected to be taken on the tax return. Then, to the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company reports tax-related interest and penalties as a component of income tax expense. During the periods reported, management of the Company has concluded that no significant tax position requires recognition under ASC 740-10. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation Aytu accounts for share based payments by recognizing compensation expense based upon the estimated fair value of the awards on the date of grant. The Company determines the estimated grant fair value using the Black-Scholes option pricing model and recognizes compensation costs ratably over the period of service using the graded method. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred with expenses recorded in the respective period. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Common Share Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted net loss per share reflects the potential of securities that could share in the net loss of Aytu. Basic and diluted loss per share was the same in 2017 and 2016. Although there were common stock equivalents of 367,312 126,239 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and other current assets and other liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related contingent consideration is based on estimated discounted future cash flows and assessment of the probability of occurrence of potential future events. The fair values of marketable securities is based on quoted market prices, if available, or estimated discounted future cash flows. |
Derivatives, Policy [Policy Text Block] | Derivative Liability Aytu accounts for liability warrants by recording the fair value of each instrument in its entirety and recording the fair value of the warrant derivative liability. The fair value of the financial instruments and related warrants were calculated using a Monte Carlo based valuation model. We recorded a derivative expense at the inception of the instrument reflecting the difference between the fair value and cash received. Changes in the fair value in subsequent periods was recorded as unrealized gain or loss on fair value of debt instruments for the financial instruments and to derivative income or expense for the warrants. The fair value of the warrants issued to the placement agents in connection with the registered offering were valued using the Black-Scholes valuation methodology. Changes in the fair value in subsequent periods were recorded to derivative income or expense. |
New Accounting Pronouncements, Policy [Policy Text Block] | In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, "Statement of Cash Flows: Restricted Cash." The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 is effective for the fiscal year commencing after December 15, 2017. During fiscal 2017, the Company early adopted this pronouncement, the impact of which was minimal, which is now shown on the statements of cash flows within cash and cash equivalents. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments,” which provides guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows in order to reduce diversity in existing practice. ASU 2016-15 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted. During fiscal 2017, the Company early adopted this standard. The primary cash flow categorization that will impact the Company will be contingent consideration payments, however, no such payments have been made to date. In March 2016, the FASB issued ASU 2016-09, “Compensation Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting.” The standard includes multiple provisions intended to simplify various aspects of the accounting for share based payments. The amendments are expected to impact net income, earnings per share, and the statement of cash flows. Implementation and administration may present challenges to companies with significant share based payment activities. The amendments are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company adopted this standard during fiscal, 2017. Aytu has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. Prior to adopting this standard, the Company had not estimated any forfeitures, therefore, no adjustments were necessary. Aytu is also operating at a net operating loss, therefore, there was no tax implication. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 clarifies that inventory should be held at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price, less the estimated costs to complete, dispose and transport such inventory. ASU 2015-11 was effective for fiscal years and interim periods beginning after December 15, 2016. ASU 2015-11 is required to be applied prospectively. The . In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods ending after December 15, 2016. The Company adopted this standard during fiscal 2017 and has included the required disclosure in the Company’s financial statements (Note 3). Recently Issued Accounting Pronouncements, Not Adopted as of June 30, 2017 In May 2017, the FASB issued ASU No. 2017-09, “Compensation-Stock Compensation (Topic 718) Scope of Modification Accounting (ASU 2017-09).” ASU 2017-09 clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact of its adoption of this standard on its financial statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350).” The amendment simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual, or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not believe that adoption of this amendment will have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805) Clarifying the Definition of a Business.” The amendment clarifies the definition of a business, which is fundamental in the determination of whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This determination is important given the diverging accounting models used for each type of transaction. The guidance is generally expected to result in fewer transactions qualifying as business combinations. The amendment is effective prospectively for public business entities for interim and annual periods beginning after December 15, 2017, including interim periods within those periods. Early adoption is permitted. The Company does not expect an immediate impact on its financial statements from this codification however, if Aytu seeks to purchase additional assets in the future it could have an impact if that purchase is accounted for as a business combination or an asset purchase. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for leases for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of its adoption of this standard on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) In May 2014, the FASB issued ASU 2014-09, Topic 606, Revenue from Contracts with Customers (the "New Revenue Standard"). The amendments in this ASU provide a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the new ASU is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the New Revenue Standard. In 2016, the FASB issued ASU 2016-08, ASU 2016-10, ASU 2016-11, and ASU 2016-12 to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations, and accounting for licenses of intellectual property. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The New Revenue Standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted for interim and annual periods beginning after December 5, 2017. The amendments in this update are to be applied on a retrospective basis, either to each prior reporting period presented or by presenting the cumulative effect of applying the update recognized at the date of initial application. The New Revenue Standard will be effective for the Company in fiscal 2019. We will adopt the standard in our third quarter of fiscal 2018 and preliminarily expect to use the modified prospective method. However, we are continuing to evaluate the impact of the standard, and our adoption method is subject to change. We currently do not anticipate these standards to have a material impact on our consolidated financial statements outside of the expanded disclosure requirements. |
Business, Basis of Presentati24
Business, Basis of Presentation, Merger and Business Combinations (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Business Description And Basis Of Presentation [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization after the year ended June 30, 2017 is as follows: 2018 $ 144,000 2019 144,000 2020 144,000 2021 144,000 2022 144,000 Thereafter 798,000 $ 1,518,000 |
Prostascint Business [Member] | |
Business Description And Basis Of Presentation [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The Company’s allocation on consideration transferred for ProstaScint as of the purchase date May 20, 2015 was as follows: Estimated Fair Value Tangible assets $ 727,000 Intangible assets 1,590,000 Goodwill 74,000 Total assets acquired $ 2,391,000 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization of ProstaScint after June 30, 2017 is as follows: Total ProstaScint 2018 $ 47,000 2019 14,000 2020 - 2021 - 2022 - Thereafter - $ 61,000 |
Primsol Business [Member] | |
Business Description And Basis Of Presentation [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The Company’s allocation on consideration transferred for Primsol as of the purchase date of October 5, 2015 was as follows: Fair Value Tangible assets $ 182,000 Intangible assets 1,470,000 Goodwill 147,000 Total assets acquired $ 1,799,000 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The Company’s allocation on consideration transferred for Nuelle as of the purchase date May 5, 2017 is as follows: Fair Value Tangible assets $ 2,061,000 Intangible assets 1,540,000 Goodwill 238,000 Total assets acquired $ 3,839,000 |
Natesto [Member] | |
Business Description And Basis Of Presentation [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization of Natesto after June 30, 2017 is as follows: 2018 1,319,000 2019 1,319,000 2020 1,319,000 2021 1,319,000 2022 1,319,000 Thereafter 2,636,000 $ 9,231,000 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The revenue from these counterparties as a percentage of total revenue was as follows: Year Ended June 30, 2017 2016 Customer A 34 % - Customer B 22 % - Customer C 18 % - Customer D 0 % 86 % Year Ended June 30, 2017 2016 Customer A 25 % - Customer B 17 % - Customer C 18 % - Customer D 0 % 69 % |
Schedule of Inventory, Current [Table Text Block] | Inventory consist of the following: June 30, 2017 2016 Raw materials $ 442,000 $ 77,000 Work in process 442,000 - Finished goods 738,000 647,000 Reserve (310,000) (199,000) $ 1,312,000 $ 525,000 |
Property, Plant and Equipment [Table Text Block] | Fixed assets consist of the following: Estimated June 30, Useful Lives in years 2017 2016 Office equipment, furniture and other 2 - 5 $ 405,000 $ 201,000 Lab equipment 3 - 5 111,000 90,000 Leasehold improvements 3 287,000 45,000 Manufacturing equipment 2 - 5 90,000 7,000 Less accumulated depreciation and amortization (246,000) (112,000) Fixed assets, net $ 647,000 $ 231,000 Aytu recorded the following depreciation expense in the respective periods: Year Ended June 30, 2017 2016 Depreciation expense $ 134,000 $ 51,000 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Patents consist of the following: June 30, 2017 2016 Patents $ 880,000 $ 880,000 Less accumulated amortization (609,000) (583,000) Patents, net $ 271,000 $ 297,000 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Aytu recorded the following amortization expense in the respective periods: Year Ended June 30, 2017 2016 Amortization expense $ 26,000 $ 332,000 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization after the year ended June 30, 2017 is as follows: 2018 $ 144,000 2019 144,000 2020 144,000 2021 144,000 2022 144,000 Thereafter 798,000 $ 1,518,000 |
Patents [Member] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization from the year ended June 30, 2017 is as follows: 2018 $ 25,000 2019 25,000 2020 25,000 2021 25,000 2022 25,000 Thereafter 146,000 $ 271,000 |
Fair Value Considerations (Tabl
Fair Value Considerations (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Not Measured At Fair Value On Recurring Basis [Table Text Block] | The following table presents Aytu’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2017 and 2016, by level within the fair value hierarchy: Fair Value Measurements Using Level 1 Level 2 Level 3 Total June 30, 2017 ASSETS Investment in Acerus $ - $ - $ - $ - LIABILITIES Warrant derivative liability $ - $ - $ - $ - Contingent consideration $ - $ - $ 7,648,000 $ 7,648,000 June 30, 2016 ASSETS Investment in Acerus $ 1,041,000 $ - $ - $ 1,041,000 LIABILITIES Warrant derivative liability $ - $ - $ 276,000 $ 276,000 Contingent consideration $ - $ - $ 3,869,000 $ 3,869,000 |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | Significant assumptions in valuing the warrant derivative liability, based on estimates of the value of Aytu common stock and various factors regarding the warrants, were as follows as of February 28, 2017, the date when the derivative instruments converted into equity, and at June 30, 2016: February 28, 2017 June 30, 2016 Warrants: Volatility 160.7 % 75.0 % Equivalent term (years) 4.18 4.84 Risk-free interest rate 1.87 % 0.99 % Dividend yield 0.00 % 0.00 % |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as Level 3 in the fair valued hierarchy: Derivative Instruments Balance as of June 30, 2016 $ 276,000 Warrant issuances - Change in fair value included in earnings (February 28, 2017) (213,000) Reclassification of warrant from liability to equity upon amendment (63,000) Balance as of June 30, 2017 $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reflects the reconciliation for the respective periods. Year Ended June 30, 2017 2016 Benefit at statutory rate $ (7,653,000) (34.00) % $ (9,581,000) (34.00) % State income taxes, net of federal benefit (681,000) (3.02) % (853,000) (3.03) % Stock based compensation 116,000 0.51 % 7,000 0.03 % Interest on convertible debt - 0.00 % 75,000 0.27 % Offering costs 203,000 0.90 % - 0.00 % Contingent consideration 4,000 0.02 % - 0.00 % Change in tax rate (11,000) (0.05) % - 0.00 % Change in valuation allowance 7,922,000 35.19 % 8,672,000 30.77 % Reduction of net operating losses upon deconsolidation - 0.00 % 1,674,000 5.94 % Other 100,000 0.45 % 6,000 0.02 % Net income tax provision (benefit) $ - 0.00 % $ - 0.00 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The approximate tax effects of significant temporary differences which comprise the deferred tax assets and liabilities are as follows for the respective periods: 2017 2016 Deferred tax assets (liabilities): Deferred revenue $ - $ - Deferred rent 3,000 5,000 Accrued expenses 127,000 445,000 Net operating loss carry forward 15,435,000 9,202,000 Intangibles 1,559,000 606,000 Share-based coompensation 1,362,000 327,000 Fixed assets 191,000 - Unrealized loss on investment - 360,000 Capital loss carry forward 385,000 - Contribution carry forward 41,000 - Warrant liability 75,000 153,000 Inventory 174,000 192,000 Allowance for doubtful accounts 17,000 15,000 Total deferred income tax assets (liabilities) 19,369,000 11,305,000 Less: Valuation allowance (19,369,000) (11,305,000) Total deferred income tax assets (liabilities) $ - $ - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies Disclosure [Table Text Block] | Commitments and contingencies are described below and summarized by the following table as of June 30, 2017: Total 2018 2019 2020 2021 2022 Thereafter Prescription database $ 1,342,000 $ 769,000 $ 573,000 $ - $ - $ - $ - Natesto 15,000,000 - - 2,500,000 5,000,000 - 7,500,000 Manufacturing/commercial supply agreements - - - - - - - Office lease 175,000 145,000 30,000 - - - - $ 16,517,000 $ 914,000 $ 603,000 $ 2,500,000 $ 5,000,000 $ - $ 7,500,000 |
Schedule of Rent Expense [Table Text Block] | Rent expense for the respective periods is as follows: Year Ended June 30, 2017 2016 Rent expense $ 139,000 $ 120,000 |
Equity Instruments (Tables)
Equity Instruments (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The assumptions used for the year ended June 30, 2017 are as follows: Year Ended June 30, 2017 2016 Expected volatility 178% - 185% 75% Risk free interest rate 0.97% - 1.88% 1.16% - 1.90% Expected term (years) 5.0 -6.5 3.75 - 6.25 Dividend yield 0% 0% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity is as follows: Weighted Average Number of Weighted Remaining Options Exercise Price Years Outstanding June 30, 2015 - $ - - Granted 16,340 $ 360.20 Exercised - $ - Forfeited/Cancelled (209) $ 362.40 Outstanding June 30, 2016 16,131 $ 360.20 9.33 Granted 23,608 $ 18.20 Exercised - $ - Forfeited (1,408) $ 83.20 Cancelled (68) $ 64.60 Outstanding June 30, 2017 38,263 $ 16.31 8.40 Exercisable at June 30, 2017 19,341 $ 16.40 7.95 Available for grant at June 30, 2017 61,737 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table details the options outstanding at June 30, 2017 by range of exercise prices: Weighted Average Remaining Contractual Range of Exercise Prices Number of Options Outstanding Weighted Average Exercise Price Life of Options Outstanding Number of Options Exercisable Weighted Average Exercise Price $ 14.00 1,500 $ 14.00 9.85 - $ 14.00 $ 16.40 36,763 $ 16.40 8.34 19,341 $ 16.40 38,263 $ 16.31 8.40 19,341 $ 16.40 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table summarizes stock-based compensation expense for the years ended June 30, 2017 and 2016: Year Ended June 30, 2017 2016 Research and development expenses Stock-based compensation $ - $ 89,000 Selling, general and administrative expenses Stock-based compensation 2,502,000 814,000 $ 2,502,000 $ 903,000 Unrecognized expense at June 30, 2017 $ 775,000 Weighted average remaining years to vest 1.81 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | A summary of all warrants is as follows: Weighted Weighted Average Number of Average Remaining Contractual Warrants Exercise Price Life in Years Outstanding June 30, 2015 444 $ 1,087.20 2.92 Warrants issued to placement agents for convertible promissory notes 1,115 $ 156.00 Warrants issued to investors in connection with the registered offering 86,667 $ 120.00 Warrants issued to placement agents for convertible promissory notes 1,129 $ 96.00 Warrants issued to placement agents for the registered offering 5,474 $ 120.00 Warrants issued to convertible note holders who converted May 5, 2016 15,279 $ 120.00 Outstanding June 30, 2016 110,108 $ 124.02 4.71 Issuance of settlement warrants to initial investors 4,402 $ 80.00 Warrants issued to investors in connection with the registered offering 301,014 $ 37.20 Warrants issued to placement agents for the registered offering 20,077 $ 15.00 Warrants exercised (149,552) $ 15.00 Outstanding June 30, 2017 286,049 $ 50.29 4.23 |
Schedule of Share-based Payment Award, Warrants, Valuation Assumptions [Table Text Block] | Significant assumptions in valuing the warrants issued and modified during the year ended June 30, 2017 were as follows: Year Ended June 30, 2017 2016 Expected volatility 156.64% - 169.22% 75% Risk free interest rate 1.63% - 1.87% 1.07 - 1.76% Contractual term (years) 3.46 - 4.67 4.2 - 5.0 Dividend yield 0% 0% |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Aytu Women’s Health segment contains our women’s health platform which consists of sexual wellness platform. Select financial information for these segments is as follows: Year Ended June 30, 2017 2016 Revenue: Aytu $ 3,175,000 $ 2,562,000 Aytu Women's Health 47,000 - Consolidated revenue $ 3,222,000 $ 2,562,000 Consolidated net loss: Aytu $ (22,349,000) $ (28,180,000) Aytu Women's Health (159,000) - Consolidated net loss $ (22,508,000) $ (28,180,000) Total assets: Aytu $ 11,779,000 $ 24,343,000 Aytu Women's Health 3,220,000 - Total assets $ 14,999,000 $ 24,343,000 |
Business, Basis of Presentati31
Business, Basis of Presentation, Merger and Business Combinations (Details) - USD ($) | Jun. 30, 2017 | May 05, 2017 | Jun. 30, 2016 | Oct. 05, 2015 | May 31, 2015 | May 20, 2015 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 238,426 | $ 221,000 | ||||
Prostascint Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Tangible assets | $ 727,000 | |||||
Intangible assets | 1,590,000 | |||||
Goodwill | 74,000 | |||||
Total assets acquired | $ 2,400,000 | $ 2,391,000 | ||||
Primsol Business [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Tangible assets | $ 2,061,000 | $ 182,000 | ||||
Intangible assets | 1,540,000 | 1,470,000 | ||||
Goodwill | 238,000 | 147,000 | ||||
Total assets acquired | $ 3,839,000 | $ 1,799,000 |
Business, Basis of Presentati32
Business, Basis of Presentation, Merger and Business Combinations (Details 1) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Patents, net | $ 271,278 | $ 296,611 |
Prostascint Business [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,018 | 47,000 | |
2,019 | 14,000 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 0 | |
Patents, net | 61,000 | |
Primsol Business [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,018 | 144,000 | |
2,019 | 144,000 | |
2,020 | 144,000 | |
2,021 | 144,000 | |
2,022 | 144,000 | |
Thereafter | 798,000 | |
Patents, net | 1,518,000 | |
Natesto [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,018 | 1,319,000 | |
2,019 | 1,319,000 | |
2,020 | 1,319,000 | |
2,021 | 1,319,000 | |
2,022 | 1,319,000 | |
Thereafter | 2,636,000 | |
Patents, net | $ 9,231,000 |
Business, Basis of Presentati33
Business, Basis of Presentation, Merger and Business Combinations (Details Textual) CAD / shares in Units, $ / shares in Units, CAD in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
May 31, 2017USD ($)shares | Mar. 31, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($) | Apr. 28, 2016USD ($)$ / sharesshares | Oct. 31, 2015USD ($) | May 31, 2015USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | May 05, 2017USD ($) | Apr. 28, 2016CADCAD / shares | Oct. 05, 2015USD ($) | May 20, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||||||
Stockholders' Equity, Reverse Stock Split | On June 8, 2015, we reincorporated as a domestic Delaware corporation under Delaware General Corporate Law and changed our name from Rosewind Corporation to Aytu BioScience, Inc., and effected a reverse stock split in which each common stockholder received one share of common stock for every 12.174 shares outstanding. On June 30, 2016, Aytu effected another reverse stock split in which each common stockholder received one share of common stock for every 12 shares outstanding; On August 25, 2017, Aytu effected another reverse stock split in which each common stockholder received one share of common stock for every 20 shares outstanding (herein referred to collectively as the Reverse Stock Splits). All share and per share amounts in this report have been adjusted to reflect the effect of these Reverse Stock Splits. | ||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 7,386,782 | $ 3,869,122 | |||||||||||
Amortization of Intangible Assets | 1,708,771 | 664,707 | |||||||||||
Accretion Expense | 6,000,000 | ||||||||||||
Third Upfront [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 4,000,000 | ||||||||||||
Prosta Scint [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of Intangible Assets | 159,000 | 159,000 | |||||||||||
Prostascint Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 2,400,000 | $ 2,391,000 | |||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 227,000 | ||||||||||||
Payments to Acquire Businesses, Gross | 1,000,000 | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 2,500,000 | ||||||||||||
Business Combination Contingent Consideration Percentage | 8.00% | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | $ 664,000 | ||||||||||||
Business Combination Consideration Transferred Product Inventory | $ 500,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 1,590,000 | ||||||||||||
Prostascint Business [Member] | Developed Technology Rights [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of Intangible Assets | 54,000 | ||||||||||||
Prostascint Business [Member] | Trade Names [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of Intangible Assets | 7,000 | ||||||||||||
Prostascint Business [Member] | Customer Contracts [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of Intangible Assets | 0 | ||||||||||||
Jazz Pharmaceuticals Inc [Member] | Prosta Scint [Member] | Developed Technology Rights [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-Lived Intangible Assets, Gross | 790,000 | ||||||||||||
Jazz Pharmaceuticals Inc [Member] | Prosta Scint [Member] | Trade Names [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-Lived Intangible Assets, Gross | 80,000 | ||||||||||||
Jazz Pharmaceuticals Inc [Member] | Prosta Scint [Member] | Customer Contracts [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-Lived Intangible Assets, Gross | $ 720,000 | ||||||||||||
Primsol Business [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 3,839,000 | $ 1,799,000 | |||||||||||
Payments to Acquire Businesses, Gross | $ 500,000 | ||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 142,000 | ||||||||||||
Amortization of Intangible Assets | 184,000 | 174,000 | |||||||||||
Business Combination Consideration Transferred Inventory | 102,000 | 102,000 | |||||||||||
Business Combination Consideration Transferred Product Inventory | 40,000 | ||||||||||||
Business Combination Consideration Transferred Work In Process Inventory | 80,000 | ||||||||||||
Proceeds from Divestiture of Businesses | $ 1,750,000 | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,540,000 | $ 1,470,000 | |||||||||||
Primsol Business [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Business | $ 428,000 | ||||||||||||
Primsol Business [Member] | Developed Technology Rights [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of Intangible Assets | 520,000 | ||||||||||||
Primsol Business [Member] | Trade Names [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of Intangible Assets | 140,000 | ||||||||||||
Primsol Business [Member] | Customer Contracts [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of Intangible Assets | 810,000 | ||||||||||||
Primsol Business [Member] | Paid on April 1, 2016 [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 500,000 | ||||||||||||
Primsol Business [Member] | No Later Than July 01, 2016 [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 500,000 | ||||||||||||
Primsol Business [Member] | No Later Than September 30, 2016 [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 250,000 | ||||||||||||
Natesto [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 10,500,000 | ||||||||||||
Payments to Acquire Businesses, Gross | $ 2,000,000 | $ 2,000,000 | |||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | 5,700,000 | 3,200,000 | |||||||||||
Amortization of Intangible Assets | 1,300,000 | 0 | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 12,245,411 | ||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | CAD | CAD 2.5 | ||||||||||||
Business Acquisition, Share Price | (per share) | $ 0.16 | CAD 0.207 | |||||||||||
One Time Non-Refundable Payments | $ 0 | ||||||||||||
Accretion Expense | 228,000 | 228,000 | |||||||||||
Natesto [Member] | License And Supply Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cost Of Sale For Investment | 92,000 | ||||||||||||
Proceeds from Sale of Available-for-sale Securities, Equity | 1,100,000 | ||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 62,000 | 972,000 | |||||||||||
Natesto [Member] | First Milestone [Member] | License And Supply Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 2,500,000 | ||||||||||||
Sales Revenue Target | 25,000,000 | ||||||||||||
Natesto [Member] | Second Milestone [Member] | License And Supply Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 5,000,000 | ||||||||||||
Sales Revenue Target | 50,000,000 | ||||||||||||
Natesto [Member] | Third Milestone [Member] | License And Supply Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 7,500,000 | ||||||||||||
Sales Revenue Target | 75,000,000 | ||||||||||||
Natesto [Member] | Forth Milestone [Member] | License And Supply Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 10,000,000 | ||||||||||||
Sales Revenue Target | 100,000,000 | ||||||||||||
Natesto [Member] | Fifth Milestone [Member] | License And Supply Agreement [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 12,500,000 | ||||||||||||
Sales Revenue Target | 125,000,000 | ||||||||||||
Natesto [Member] | Second Upfront [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 2,000,000 | ||||||||||||
Nuelle, Inc. [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 6,900,000 | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | $ 1,900,000 | ||||||||||||
Amortization of Intangible Assets | 22,000 | 0 | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 125,000 | ||||||||||||
Sales Revenue Target | $ 100,000,000 | ||||||||||||
Accretion Expense | 12,000 | $ 0 | |||||||||||
Revenue Earn-Out Payments Equal to Designated Percentage of Net Sales | 24,000,000 | ||||||||||||
Liabilities Assumed | $ 47,000 | ||||||||||||
Nuelle, Inc. [Member] | First Milestone [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 1,000,000 | ||||||||||||
Sales Revenue Target | 10,000,000 | ||||||||||||
Nuelle, Inc. [Member] | Second Milestone [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 1,800,000 | ||||||||||||
Sales Revenue Target | 17,500,000 | ||||||||||||
Nuelle, Inc. [Member] | Third Milestone [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 2,500,000 | ||||||||||||
Sales Revenue Target | 25,000,000 | ||||||||||||
Nuelle, Inc. [Member] | Forth Milestone [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 3,800,000 | ||||||||||||
Sales Revenue Target | 37,500,000 | ||||||||||||
Nuelle, Inc. [Member] | Fifth Milestone [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 5,000,000 | ||||||||||||
Sales Revenue Target | 50,000,000 | ||||||||||||
Nuelle, Inc. [Member] | Sixth Milestone [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
One Time Non-Refundable Payments | 10,000,000 | ||||||||||||
Sales Revenue Target | $ 100,000,000 | ||||||||||||
Nuelle, Inc. [Member] | Maximum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||||||||||||
Nuelle, Inc. [Member] | Minimum [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | ||||||||||||
Nuelle, Inc. [Member] | Developed Technology Rights [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,300,000 | ||||||||||||
Nuelle, Inc. [Member] | Trade Names [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 160,000 | ||||||||||||
Nuelle, Inc. [Member] | Customer Contracts [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 80,000 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Customer A [Member] | Sales Revenue, Net [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 34.00% | 0.00% |
Customer A [Member] | Accounts Receivable [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 25.00% | 0.00% |
Customer B [Member] | Sales Revenue, Net [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 22.00% | 0.00% |
Customer B [Member] | Accounts Receivable [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 17.00% | 0.00% |
Customer C [Member] | Sales Revenue, Net [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 18.00% | 0.00% |
Customer C [Member] | Accounts Receivable [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 18.00% | 0.00% |
Customer D [Member] | Sales Revenue, Net [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 0.00% | 86.00% |
Customer D [Member] | Accounts Receivable [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Concentration Risk, Percentage | 0.00% | 69.00% |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Details 1) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Raw materials | $ 442,000 | $ 77,000 |
Work in process | 442,000 | 0 |
Finished goods | 738,000 | 647,000 |
Reserve | (310,000) | (199,000) |
Inventory, Net | $ 1,312,221 | $ 524,707 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Details 2) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Less accumulated depreciation and amortization | $ (246,000) | $ (112,000) |
Fixed assets, net | 647,254 | 231,430 |
Office equipment and furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 405,000 | 201,000 |
Office equipment and furniture [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Office equipment and furniture [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 111,000 | 90,000 |
Lab equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 3 years | |
Lab equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 287,000 | 45,000 |
Estimated useful lives | 3 years | |
Manufacturing equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 90,000 | $ 7,000 |
Manufacturing equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Manufacturing equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Details 3) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 134,000 | $ 51,000 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Details 4) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Indefinite-lived Intangible Assets [Line Items] | ||
Patents, net | $ 271,278 | $ 296,611 |
Patents [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Patents | 880,000 | 880,000 |
Less accumulated armortization | (609,000) | (583,000) |
Patents, net | $ 271,000 | $ 297,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details 5) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Amortization expense | $ 1,708,771 | $ 664,707 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details 6) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Indefinite-lived Intangible Assets [Line Items] | ||
Patents, net | $ 271,278 | $ 296,611 |
Patents [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
2,018 | 25,000 | |
2,019 | 25,000 | |
2,020 | 25,000 | |
2,021 | 25,000 | |
2,022 | 25,000 | |
Thereafter | 146,000 | |
Patents, net | $ 271,000 | $ 297,000 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Summary Of Significant Accounting Policy [Line Items] | ||
Allowance for Doubtful Accounts Receivable | $ 44,000 | $ 41,000 |
Goodwill, Impairment Loss | 74,000 | |
Inventory Valuation Reserves | 310,000 | 199,000 |
Accrued Liabilities | $ 58,000 | $ 284,000 |
Stock Options [Member] | ||
Summary Of Significant Accounting Policy [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 367,312 | |
Warrant [Member] | ||
Summary Of Significant Accounting Policy [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 126,239 | |
Customer Concentration Risk [Member] | ||
Summary Of Significant Accounting Policy [Line Items] | ||
Concentration Risk, Percentage | 60.00% | |
Customer Concentration Risk [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policy [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Customer Four [Member] | ||
Summary Of Significant Accounting Policy [Line Items] | ||
Concentration Risk, Percentage | 69.00% | |
Zertane Patents [Member] | ||
Summary Of Significant Accounting Policy [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 500,000 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years | |
Finite Lived Intangible Assets Expiration Month Year | 2022-03 | |
Orp [Member] | ||
Summary Of Significant Accounting Policy [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 380,000 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 15 years | |
Finite Lived Intangible Assets Expiration Month Year | 2028-03 |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) | Aug. 11, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Net Income (Loss) Attributable to Parent, Total | $ (22,508,304) | $ (28,180,084) | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total | (13,829,652) | (10,657,449) | ||
Retained Earnings (Accumulated Deficit), Total | (69,069,729) | (46,561,425) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 877,542 | 8,054,190 | $ 7,353,061 | |
Restricted Cash | 4,000,000 | |||
Stock Issued During Period, Value, New Issues | $ 648,933 | $ 200,000 | ||
Subsequent Event [Member] | ||||
Stock Issued During Period, Value, New Issues | $ 11,800,000 |
License Agreement_Revenue Rec43
License Agreement/Revenue Recognition (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue Recognition [Line Items] | |||
Deferred Revenue | $ 426,000 | ||
Vyrix Pharmaceuticals Inc [Member] | |||
Revenue Recognition [Line Items] | |||
Potential Milestone Payments Receivable | $ 3,000,000 | ||
Deferred Revenue | $ 250,000 | ||
Agreement Expiration Period | 15 years | ||
Ampio [Member] | |||
Revenue Recognition [Line Items] | |||
Potential Milestone Payments Receivable | $ 3,200,000 | ||
Percentage Of Royalty Rate Of Net Sales | 25.00% | ||
Deferred Revenue | $ 500,000 | ||
Proceeds from License Fees Received | $ 418,000 |
Fair Value Considerations (Deta
Fair Value Considerations (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 31, 2015 |
ASSETS | |||
Investment in Acerus | $ 0 | $ 1,041,000 | |
LIABILITIES | |||
Warrant derivative liability | 0 | 275,992 | $ 103,000 |
Contingent consideration | 7,386,782 | 3,869,122 | |
Fair Value, Inputs, Level 1 [Member] | |||
ASSETS | |||
Investment in Acerus | 0 | 1,041,000 | |
LIABILITIES | |||
Warrant derivative liability | 0 | 0 | |
Contingent consideration | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
ASSETS | |||
Investment in Acerus | 0 | 0 | |
LIABILITIES | |||
Warrant derivative liability | 0 | 0 | |
Contingent consideration | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
ASSETS | |||
Investment in Acerus | 0 | 0 | |
LIABILITIES | |||
Warrant derivative liability | 0 | 276,000 | |
Contingent consideration | $ 7,648,000 | $ 3,869,000 |
Fair Value Considerations (De45
Fair Value Considerations (Details 1) - Warrant [Member] | 1 Months Ended | 12 Months Ended |
Feb. 28, 2017 | Jun. 30, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Volatility | 160.70% | 75.00% |
Equivalent term (years) | 4 years 2 months 5 days | 4 years 10 months 2 days |
Risk-free interest rate | 1.87% | 0.99% |
Dividend yield | 0.00% | 0.00% |
Fair Value Considerations (De46
Fair Value Considerations (Details 2) - Fair Value, Inputs, Level 3 [Member] | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Balance as of June 30, 2016 | $ 276,000 |
Warrant issuances | 0 |
Change in fair value included in earnings (February 28, 2017) | (213,000) |
Reclassification of warrant from liability to equity upon amendment | (63,000) |
Balance as of June 30, 2017 | $ 0 |
Fair Value Considerations (De47
Fair Value Considerations (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investments, Fair Value Disclosure | $ 0 | $ 1,041,000 |
Business Combination, Contingent Consideration, Liability | 7,600,000 | $ 3,900,000 |
Noncash Merger Related Costs | 1,900,000 | |
Restructuring and Related Cost, Incurred Cost | $ 1,500,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Benefit at statutory rate,Percentage | (34.00%) | (34.00%) |
State income taxes, net of federal benefit, Percentage | (3.02%) | (3.03%) |
Stock based compensation, Percentage | 0.51% | 0.03% |
Interest on convertible debt, Percentage | 0.00% | 0.27% |
Offering costs, Percentage | 0.90% | 0.00% |
Contingent consideration, Percentage | 0.02% | 0.00% |
Change in tax rate, Percentage | (0.05%) | 0.00% |
Change in valuation allowance, Percentage | 35.19% | 30.77% |
Reduction of net operating losses upon deconsolidation, Percentage | 0.00% | 5.94% |
Other, Percentage | 0.45% | 0.02% |
Net income tax provision (benefit), Percentage | 0.00% | 0.00% |
Benefit at statutory rate, Amount | $ (7,653,000) | $ (9,581,000) |
State income taxes, net of federal benefit, Amount | (681,000) | (853,000) |
Stock based compensation, Amount | 116,000 | 7,000 |
Interest on convertible debt, Amount | 0 | 75,000 |
Offering costs, Amount | 203,000 | 0 |
Contingent consideration, Amount | 4,000 | 0 |
Change in tax rate, Amount | (11,000) | 0 |
Change in valuation allowance, Amount | 7,922,000 | 8,672,000 |
Reduction of net operating losses upon deconsolidation, Amount | 0 | 1,674,000 |
Other, Amount | 100,000 | 6,000 |
Net income tax provision (benefit), Amount | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax assets (liabilities): | ||
Deferred revenue | $ 0 | $ 0 |
Deferred rent | 3,000 | 5,000 |
Accrued expenses | 127,000 | 445,000 |
Net operating loss carry forward | 15,435,000 | 9,202,000 |
Intangibles | 1,559,000 | 606,000 |
Share-based coompensation | 1,362,000 | 327,000 |
Fixed assets | 191,000 | 0 |
Unrealized loss on investment | 0 | 360,000 |
Capital loss carry forward | 385,000 | 0 |
Contribution carry forward | 41,000 | 0 |
Warrant liability | 75,000 | 153,000 |
Inventory | 174,000 | 192,000 |
Allowance for doubtful accounts | 17,000 | 15,000 |
Total deferred income tax assets (liabilities) | 19,369,000 | 11,305,000 |
Less: Valuation allowance | (19,369,000) | (11,305,000) |
Total deferred income tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Deferred Tax Assets, Operating Loss Carryforwards | $ 15,435,000 | $ 9,202,000 | |
Operating Loss Carryforwards | $ 32,800,000 | 17,300,000 | |
Net Operating Losses Expiration Description | expire in 2031 through 2036. | ||
Ampio Pharmaceuticals [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 4,500,000 | ||
Operating Loss Carryforwards | $ 42,300,000 | $ 24,800,000 |
Commitments and Contingencies51
Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2017 | May 31, 2016 | Apr. 30, 2016 |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total | $ 16,517,000 | ||
2,018 | 914,000 | ||
2,019 | 603,000 | ||
2,020 | 2,500,000 | ||
2,021 | 5,000,000 | ||
2,022 | 0 | ||
Thereafter | 7,500,000 | ||
Prescription Database [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total | 1,342,000 | $ 1,900,000 | |
2,018 | 769,000 | ||
2,019 | 573,000 | ||
2,020 | 0 | ||
2,021 | 0 | ||
2,022 | 0 | ||
Thereafter | 0 | ||
Natesto [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total | 15,000,000 | $ 8,000,000 | |
2,018 | 0 | ||
2,019 | 0 | ||
2,020 | 2,500,000 | ||
2,021 | 5,000,000 | ||
2,022 | 0 | ||
Thereafter | 7,500,000 | ||
Manufacturing/commercial supply agreements | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total | 0 | ||
2,018 | 0 | ||
2,019 | 0 | ||
2,020 | 0 | ||
2,021 | 0 | ||
2,022 | 0 | ||
Thereafter | 0 | ||
Office Lease [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total | 175,000 | ||
2,018 | 145,000 | ||
2,019 | 30,000 | ||
2,020 | 0 | ||
2,021 | 0 | ||
2,022 | 0 | ||
Thereafter | $ 0 |
Commitments and Contingencies52
Commitments and Contingencies (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments And Contingencies Rent Expense [Line Items] | ||
Rent expense | $ 139,000 | $ 120,000 |
Commitments and Contingencies53
Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | |||||||
Jan. 31, 2017 | Oct. 31, 2016 | Aug. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2017 | May 31, 2016 | Apr. 30, 2016 | Sep. 30, 2015 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||
Contractual Obligation, Total | $ 16,517,000 | |||||||
Natesto [Member] | ||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||
Contractual Obligation, Total | 15,000,000 | $ 8,000,000 | ||||||
First Milestone Payable | 2,500,000 | |||||||
Second Milestone Payable | 5,000,000 | |||||||
Third Milestone Payable | 7,500,000 | |||||||
Natesto [Member] | First Installment [Member] | ||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||
Payment Of Contractual Obligations | $ 4,000,000 | $ 2,000,000 | ||||||
Prescription Database [Member] | ||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||
Contractual Obligation, Total | 1,342,000 | $ 1,900,000 | ||||||
Office Lease [Member] | ||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||
Operating Leases Monthly Base Rent Initial Year | $ 3,000 | $ 9,000 | ||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 37 months | |||||||
Operating Leases, Rent Expense | $ 318,000 | $ 112,000 | ||||||
Contractual Obligation, Total | $ 175,000 |
Convertible Promissory Notes (D
Convertible Promissory Notes (Details Textual) - USD ($) | May 06, 2016 | Feb. 10, 2016 | Feb. 10, 2015 | Aug. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jan. 20, 2016 |
Debt Conversion [Line Items] | |||||||
Debt Instrument, Face Amount | $ 5,200,000 | ||||||
Unamortized Debt Issuance Expense | 401,000 | ||||||
Derivative Liability, Noncurrent | $ 103,000 | $ 0 | $ 275,992 | ||||
Proceeds from Convertible Debt | $ 0 | 5,175,000 | |||||
Debt Instrument, Convertible, Terms of Conversion Feature | At the insistence of the underwriters of the offering, all outstanding noteholders had signed lockup agreements which granted them an extra 10% on the conversion, increasing it to 130% of shares calculated by dividing such Note balance by $96.00 | ||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 20,000 | ||||||
Placement Agents Cash Fee Percentage | 8.00% | 8.00% | |||||
Debt Conversion, Original Debt, Amount | $ 221,000 | 221,000 | |||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 620,325 | $ 620,325 | |||||
Warrants Issued to Purchase of common stock | 1,129 | 1,113 | |||||
Warrants Exercise Price Per share | $ 96 | $ 156 | |||||
Convertible Promissory Notes [Member] | |||||||
Debt Conversion [Line Items] | |||||||
Proceeds from Convertible Debt | 5,000,000 | ||||||
Debt Conversion, Original Debt, Amount | $ 1,100,000 | $ 4,100,000 | |||||
Debt Conversion Accrued Interest Amount | $ 78,000 | $ 143,000 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 15,279 | 32,830 | |||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 4,900,000 | ||||||
Debt Instrument, Convertible, Conversion Price | $ 156 | ||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 15,279 | ||||||
Share Price | $ 92.60 | ||||||
Convertible Promissory Notes [Member] | Minimum [Member] | |||||||
Debt Conversion [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Convertible Promissory Notes [Member] | Maximum [Member] | |||||||
Debt Conversion [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% |
Common Stock (Details Textual)
Common Stock (Details Textual) - USD ($) | May 05, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | May 31, 2016 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Common Stock [Line Items] | |||||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common Stock, Shares, Outstanding | 824,831 | 824,831 | 187,098 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | ||||||||
Warrants and Rights Outstanding | $ 173,000 | ||||||||
Stock Issued During Period, Value, New Issues | $ 648,933 | $ 200,000 | |||||||
Payments of Stock Issuance Costs | 90,924 | 0 | |||||||
Proceeds from Issuance of Warrants | $ 2,200,000 | 3,000 | 2,852 | 0 | |||||
Proceeds from Issuance of Common Stock | 739,857 | 0 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 724,613 | ||||||||
Adjustments To Additional Paid In Capital Warrants Issued In Connection With Equity Financing To Placement Agents For Over Allotment Option | 172,629 | 20,493 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 149,552 | ||||||||
Unrecognized Share Based Compensation Expenses | 775,000 | ||||||||
Over Allotment Warrants [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Equity, Fair Value Disclosure | 208,000 | ||||||||
Restricted Stock [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 3,200,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2,500,000 | 2,500,000 | |||||||
Stock or Unit Option Plan Expense | 430,000 | ||||||||
Director [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 50,000 | ||||||||
Executive Officer [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, Issued for Services | 7,123 | ||||||||
Lincoln Park Capital Fund Llc Purchase Agreement [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Stock Issued During Period, Value, New Issues | $ 240,000 | ||||||||
Stock Issued During Period, Shares, New Issues | 10,000 | ||||||||
Payments of Stock Issuance Costs | $ 91,000 | ||||||||
Common Stock Shares Agreed To Purchase | 6,684 | ||||||||
Common Stock Value Agreed To Purchase | $ 500,000 | ||||||||
Stock Issued During Period, Shares, Issued for Services | 2,625 | ||||||||
Proceeds from Issuance of Common Stock | 649,000 | ||||||||
Common Stock [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Equity, Fair Value Disclosure | 4,400,000 | $ 4,200,000 | |||||||
Stock Issued During Period, Value, New Issues | $ 2 | $ 0 | |||||||
Stock Issued During Period, Shares, New Issues | 125,000 | 19,309 | 1,282 | ||||||
Stock Issued During Period, Shares, Issued for Services | 7,123 | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 50,000 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 5 | ||||||||
Adjustments To Additional Paid In Capital Warrants Issued In Connection With Equity Financing To Placement Agents For Over Allotment Option | $ 0 | $ 0 | |||||||
Equity Relative Fair Value | 3,700,000 | ||||||||
Warrant [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Equity, Fair Value Disclosure | 4,200,000 | 2,100,000 | |||||||
Equity Relative Fair Value | 3,500,000 | ||||||||
IPO [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Proceeds from Issuance Initial Public Offering | $ 7,600,000 | $ 6,300,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 37.20 | $ 120 | |||||||
Stock Issued During Period, Value, New Issues | $ 8,600,000 | $ 7,500,000 | |||||||
Stock Issued During Period, Shares, New Issues | 286,749 | 78,125 | |||||||
Payments of Stock Issuance Costs | $ 1,000,000 | $ 1,200,000 | |||||||
Over-Allotment Option [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.20 | $ 2.40 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 43,013 | 11,719 | |||||||
Underwriters Exercised of Over-Allotment Option | 14,263 | 8,542 | |||||||
Proceeds from Issuance of Warrants | $ 7,300,000 | $ 20,000 | |||||||
Adjustments To Additional Paid In Capital Warrants Issued In Connection With Equity Financing To Placement Agents For Over Allotment Option | $ 293,000 | ||||||||
May 2016 Warrants [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 120 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 86,667 | ||||||||
October 2016 Warrants [Member] | |||||||||
Common Stock [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 37.20 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 301,013 |
Equity Instruments (Details)
Equity Instruments (Details) - Luoxis Diagnostics [Member] | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Assumptions Used To Determine Fair Value Options [Line Items] | ||
Expected volatility | 75.00% | |
Risk free interest rate, Minimum | 0.97% | 1.16% |
Risk free interest rate, Maximum | 1.88% | 1.90% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Assumptions Used To Determine Fair Value Options [Line Items] | ||
Expected volatility | 178.00% | |
Expected term (years) | 5 years | 3 years 9 months |
Maximum [Member] | ||
Assumptions Used To Determine Fair Value Options [Line Items] | ||
Expected volatility | 185.00% | |
Expected term (years) | 6 years 6 months | 6 years 3 months |
Equity Instruments (Details 1)
Equity Instruments (Details 1) - Luoxis Diagnostics [Member] - $ / shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Number of Options | |||
Number of Options, Beginning Balance | 16,131 | 0 | |
Number of Options, Granted | 23,608 | 16,340 | |
Number of Options, Exercised | 0 | 0 | |
Number of Options, Forfeited/Cancelled | (1,408) | (209) | |
Number of Options, Ending Balance | 38,263 | 16,131 | 0 |
Number of Options Exercisable | 19,341 | ||
Available for grant at June 30, 2017 | 61,737 | ||
Number of Options, Cancelled | (68) | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Beginning Balance | $ 360.2 | $ 0 | |
Weighted Average Exercise Price, Granted | 18.20 | 360.2 | |
Weighted Average Exercise Price, Exercised | 0 | 0 | |
Weighted Average Exercise Price, Forfeited/Cancelled | 83.20 | 362.4 | |
Cancelled | $ / shares | 64.60 | ||
Weighted Average Exercise Price, Ending Balance | 16.31 | $ 360.2 | $ 0 |
Weighted Average Exercise Price | $ 16.4 | ||
Weighted Average Remaining Contractual Life | |||
Weighted Average Remaining Contractual Life, Outstanding (in years) | 8 years 4 months 24 days | 9 years 3 months 29 days | 0 years |
Weighted Average Remaining Contractual Life, Excercisable (in years) | 7 years 11 months 12 days |
Equity Instruments (Details 2)
Equity Instruments (Details 2) | 12 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Number of Options Outstanding | shares | 38,263 |
Weighted Average Exercise Price | $ 16.31 |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 8 years 4 months 24 days |
Number of Options Exercisable | shares | 19,341 |
Weighted Average Exercise Price | $ 16.40 |
Exercise Price Range One [Member] | |
Range of Exercise Prices | $ 14 |
Number of Options Outstanding | shares | 1,500 |
Weighted Average Exercise Price | $ 14 |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 9 years 10 months 6 days |
Number of Options Exercisable | shares | 0 |
Weighted Average Exercise Price | $ 14 |
Exercise Price Range Two [Member] | |
Range of Exercise Prices | $ 16.40 |
Number of Options Outstanding | shares | 36,763 |
Weighted Average Exercise Price | $ 16.40 |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 8 years 4 months 2 days |
Number of Options Exercisable | shares | 19,341 |
Weighted Average Exercise Price | $ 16.40 |
Equity Instruments (Details 3)
Equity Instruments (Details 3) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 2,502,000 | $ 903,000 |
Unrecognized expense at June 30, 2017 | $ 775,000 | |
Weighted average remaining years to vest (in years) | 1 year 9 months 22 days | |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 0 | 89,000 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 2,502,000 | $ 814,000 |
Equity Instruments (Details 4)
Equity Instruments (Details 4) - $ / shares | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Number of Warrants Outstanding | |||
Number of Warrants Outstanding, Beginning Balance | 110,108 | 444 | |
Warrants issued to placement agents for convertible promissory notes | 1,115 | ||
Warrants issued to investors in connection with the registered offering | 301,014 | 86,667 | |
Warrants issued to placement agents for convertible promissory notes | 1,129 | ||
Warrants issued to placement agents for the registered offering | 20,077 | 5,474 | |
Warrants issued to convertible note holders who converted May 5, 2016 | 15,279 | ||
Issuance of settlement warrants to initial investors | 4,402 | ||
Warrants exercised | (149,552) | ||
Number of Warrants Outstanding, Ending Balance | 286,049 | 110,108 | 444 |
Warrants, Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 124.02 | $ 1,087.20 | |
Warrants issued to placement agents for convertible promissory notes | 156 | ||
Warrants issued to investors in connection with the registered offering | 37.2 | 120 | |
Warrants issued to placement agents for convertible promissory notes | 96 | ||
Warrants issued to placement agents for the registered offering | 15 | 120 | |
Warrants issued to convertible note holders who converted May 5, 2016 | 120 | ||
Issuance of settlement warrants to initial investors | 80 | ||
Warrants exercised | 15 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | $ 50.29 | $ 124.02 | $ 1,087.20 |
Weighted Average Remaining Contractual Life | |||
Weighted Average Remaining Contractual Life, Warrants Outstanding (in years) | 4 years 2 months 23 days | 2 years 11 months 1 day | 4 years 8 months 16 days |
Equity Instruments (Details 5)
Equity Instruments (Details 5) - Warrant [Member] | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 75.00% | |
Risk free interest rate, Minimum | 1.63% | 1.07% |
Risk free interest rate, Maximum | 1.87% | 1.76% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 156.64% | |
Contractual term (years) | 3 years 5 months 16 days | 4 years 2 months 12 days |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 169.22% | |
Contractual term (years) | 4 years 8 months 1 day | 5 years |
Equity Instruments (Details Tex
Equity Instruments (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Jul. 31, 2016 | May 31, 2016 | Feb. 29, 2016 | Aug. 31, 2015 | Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share Based Compensation Share Warrants Issued on Convertible Promisory Notes | 1,115 | |||||||||
Share Based Compensation Share Warrants Issued on Convertible Promisory Notes, Weighted Average Exercise Price | $ 156 | |||||||||
Debt Instrument, Face Amount | $ 5,200,000 | |||||||||
Placement Agents Cash Fee Percentage | 8.00% | 8.00% | ||||||||
Share Based Compensation Share Warrants Issued On Convertible Promisory Notes,Two | 1,129 | |||||||||
Share Based Compensation Share Warrants Issued On Convertible Note Holders | 15,279 | |||||||||
Share Based Compensation Share Warrants Issued On Convertible Note Holders,Weighted Average Exercise Price | $ 120 | |||||||||
Share Based Compensation Share Warrants Issued On Placement Agents For Registered Offering | 20,077 | 5,474 | ||||||||
Share Based Compensation Share Warrants Issued On Convertible Promisory Two Notes,Weighted Average Exercise Price | $ 96 | |||||||||
Share Based Compensation Share Warrants Issued On Placement Agents For Registered Offering,Weighted Average Exercise Price | $ 15 | $ 120 | ||||||||
Share Based Compensation Share Warrants Issued On Registered Offering | 301,014 | 86,667 | ||||||||
Share Based Compensation Share Warrants Issued On Registered Offering,Weighted Average Exercise Price | $ 37.2 | $ 120 | ||||||||
Common Stock Option Repricing Program Description | Board of Directors approved a common stock option repricing program whereby previously granted and unexercised options held by our then current employees, consultants and directors with exercise prices above $120.00 per share were repriced on a one-for-one basis to $64.60 per share | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 318,000 | $ 34,000 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 149,552 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 15 | |||||||||
Restructuring Charges | $ 1,507 | $ 0 | ||||||||
Warrants Modified | 175,522 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.20 | |||||||||
Class of Warrant or Right, Outstanding | 25,541 | |||||||||
Fair Value Adjustment of Warrants | $ 23,000 | |||||||||
Proceeds from Issuance of Warrants | 2,200,000 | $ 3,000 | $ 2,852 | $ 0 | ||||||
Selling, General and Administrative Expenses [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restructuring Charges | $ 1,500 | |||||||||
Class Of Warrants And Rights Issuance Cost | $ 596,000 | |||||||||
Convertible Promissory Notes May 2016 [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 480,000 | |||||||||
Share Based Compensation Share Warrants Issued On Convertible Note Holders | 15,279 | |||||||||
Share Based Compensation Share Warrants Issued On Convertible Note Holders,Weighted Average Exercise Price | $ 120 | |||||||||
Placement Agent warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share Based Compensation Share Warrants Issued on Convertible Promisory Notes | 1,115 | |||||||||
Share Based Compensation Share Warrants Issued on Convertible Promisory Notes, Weighted Average Exercise Price | $ 156 | |||||||||
Share Based Compensation Share Warrants Issued On Convertible Promisory Notes,Two | 1,129 | |||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 63,000 | $ 50,000 | $ 87,000 | |||||||
Share Based Compensation Share Warrants Issued On Placement Agents For Registered Offering | 5,474 | 5,474 | ||||||||
Share Based Compensation Share Warrants Issued On Convertible Promisory Two Notes,Weighted Average Exercise Price | $ 96 | |||||||||
Share Based Compensation Share Warrants Issued On Placement Agents For Registered Offering,Weighted Average Exercise Price | $ 120 | |||||||||
Share Based Compensation Share Warrants Issued To Investors | 20,077 | 4,402 | ||||||||
Share Based Compensation Share Warrants Issued Weighted Average Exercise Price | $ 37.20 | $ 80 | ||||||||
Placement Agent warrants [Member] | Over Allotment Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share Based Compensation Share Warrants Issued To Investors | 301,014 | |||||||||
Share Based Compensation Share Warrants Issued Weighted Average Exercise Price | $ 37.20 | |||||||||
Investors Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share Based Compensation Share Warrants Issued On Registered Offering | 86,667 | |||||||||
Share Based Compensation Share Warrants Issued On Registered Offering,Weighted Average Exercise Price | $ 120 | |||||||||
Bankers Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 429 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 156 | $ 156 | ||||||||
Bankers Warrants [Member] | Other Restructuring [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 15 | $ 15 | $ 15 | |||||||
May 2016 Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 86,667 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 120 | |||||||||
October 2016 Warrants [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 37.20 | |||||||||
Warrant [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Derivative Liability | $ 178,000 | |||||||||
Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 16.40 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 36,864 | 15,803 | ||||||||
Employee Stock Option [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1,111.20 | $ 362.40 | ||||||||
Employee Stock Option [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 64.60 | $ 134.40 | ||||||||
2015 Stock Option and Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 100,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | ||
Jan. 31, 2017 | Mar. 31, 2014 | Jun. 30, 2013 | |
Ampio [Member] | Second Installment [Member] | Scenario, Plan [Member] | |||
Related Party Transaction [Line Items] | |||
Property Subject to or Available for Operating Lease, Net, Total | $ 615,000 | ||
Ampio [Member] | Second Installment [Member] | After Amendment [Member] | Scenario, Plan [Member] | |||
Related Party Transaction [Line Items] | |||
Operating Lease Monthly Rental Payment | $ 6,000 | ||
Ampio [Member] | First Installment [Member] | Scenario, Plan [Member] | |||
Related Party Transaction [Line Items] | |||
Prepaid Expenses Amortization Period | 60 months 15 days | ||
Ampio Pharmaceuticals, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 12,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues, Total | $ 3,221,590 | $ 2,562,445 |
Net Income (Loss) Attributable to Parent, Total | (22,508,304) | (28,180,084) |
Assets | 14,998,517 | 24,343,007 |
AYTU Bioscience, Inc. [Member] | ||
Revenues, Total | 3,175,000 | 2,562,000 |
Net Income (Loss) Attributable to Parent, Total | (22,349,000) | (28,180,000) |
Assets | 11,779,000 | 24,343,000 |
Aytu Women's Health [Member] | ||
Revenues, Total | 47,000 | 0 |
Net Income (Loss) Attributable to Parent, Total | (159,000) | 0 |
Assets | $ 3,220,000 | $ 0 |
Employee Benefit Plan (Details
Employee Benefit Plan (Details textual) | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Description of Defined Contribution Pension and Other Postretirement Plans | The Company matches 50% of the first 6% contributed to the plan by employees. |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 99,000 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Aug. 11, 2017 | May 05, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 15, 2017 | Feb. 28, 2017 |
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 149,552 | |||||||
Stock Issued During Period, Value, New Issues | $ 648,933 | $ 200,000 | ||||||
Stockholders' Equity, Reverse Stock Split | On June 8, 2015, we reincorporated as a domestic Delaware corporation under Delaware General Corporate Law and changed our name from Rosewind Corporation to Aytu BioScience, Inc., and effected a reverse stock split in which each common stockholder received one share of common stock for every 12.174 shares outstanding. On June 30, 2016, Aytu effected another reverse stock split in which each common stockholder received one share of common stock for every 12 shares outstanding; On August 25, 2017, Aytu effected another reverse stock split in which each common stockholder received one share of common stock for every 20 shares outstanding (herein referred to collectively as the Reverse Stock Splits). All share and per share amounts in this report have been adjusted to reflect the effect of these Reverse Stock Splits. | |||||||
Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 125,000 | 19,309 | 1,282 | |||||
Stock Issued During Period, Value, New Issues | $ 2 | $ 0 | ||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,919,998 | |||||||
Stock Issued During Period, Value, New Issues | $ 11,800,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms | In July 2017, our stockholders approved an amendment to our 2015 Stock Option and Incentive Plan to (i) increase the number of authorized shares of common stock reserved for issuance thereunder from 2.0 million to 3.0 million, (ii) increase the number of shares that may be issued as incentive stock options from 2.0 million to 3.0 million, (iii) increase the maximum number of shares of common stock (A) underlying stock options or stock appreciation rights that may be granted to any one individual during any calendar year period, and (B) granted to any one individual that is intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended, for any performance cycle from 1.0 million to 2.0 million, and (iv) in the event that we effect a reverse stock split prior to November 14, 2018 (or such other date that is one year after the date of our 2018 annual meeting of stockholders), immediately after the effective time of such reverse stock split, (A) the maximum number of shares reserved under the Plan will be automatically increased to 3.0 million, (B) the maximum number of shares that may be issued pursuant to any type of award will be automatically increased to 3.0 million, (C) the number of shares that may be granted to any one individual during any one calendar year period as stock options or stock appreciation rights will be automatically increased to 2.0 million, and (D) the number of shares that may be issued in the form of incentive stock options will be automatically increased to 3.0 million. | |||||||
Stockholders' Equity, Reverse Stock Split | reverse stock split at a ratio of any whole number up to 1-for-20 | |||||||
Incremental Common Shares Due To Conversion Of Preferred Stock | 750,000 | |||||||
Subsequent Event [Member] | Class A Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of Stock, Description of Transaction | Class A units consist of one (1) share of common stock and a warrant to purchase one and one-half (1.5) shares of common stock and were sold at a negotiated price of $3.00 per unit. | |||||||
Subsequent Event [Member] | Class B Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale of Stock, Description of Transaction | Class B units consist of one (1) share of our newly created Series A Convertible Preferred Stock (the Series A Preferred Stock) and warrants to purchase one and one-half (1.5) shares of common stock for each share of common stock into which the Series A Preferred Stock is convertible and were sold at a negotiated price of $1,000.00 per unit to those purchasers who, together with their affiliates and certain related parties, would beneficially own more than 9.99% of our outstanding common stock following the offering. | |||||||
Subsequent Event [Member] | Series A Preferred Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 2,250 | |||||||
Preferred Stock Conversion Price Per Share | $ 3 | |||||||
Subsequent Event [Member] | Over-Allotment Option [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Securities Purchase Agreement Cash Fee Percentage | 9.00% | |||||||
Class Of Warrant Or Right, Percentage Of Shares To be Issued | 10.00% | |||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 3,196,665 |