Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | AYTU BIOPHARMA, INC | |
Entity Central Index Key | 0001385818 | |
Trading Symbol | aytu | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 25,170,596 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 46,537,958 | $ 48,081,715 |
Restricted cash | 251,995 | 251,592 |
Accounts receivable, net | 28,228,434 | 5,632,717 |
Inventory | 16,575,757 | 9,999,441 |
Prepaid expenses | 6,803,583 | 5,715,089 |
Other current assets | 1,615,024 | 5,742,011 |
Total current assets | 100,012,751 | 75,422,565 |
Fixed assets, net | 5,557,727 | 258,516 |
Operating lease right-of-use asset | 3,781,737 | 634,093 |
Intangible assets, net | 96,236,796 | 48,854,561 |
Goodwill | 65,802,636 | 28,090,407 |
Other long-term assets | 164,954 | 32,981 |
Total long-term assets | 171,543,850 | 77,870,558 |
Total assets | 271,556,601 | 153,293,123 |
Current liabilities | ||
Accounts payable and other | 16,528,646 | 11,824,560 |
Accrued liabilities | 43,181,920 | 8,645,984 |
Accrued compensation | 10,510,228 | 3,117,177 |
Notes payable | 982,076 | |
Short-term line of credit | 4,738,825 | |
Current portion of debt | 725,357 | |
Current portion of operating lease liabilities | 910,885 | 300,426 |
Current portion of fixed payment arrangements | 1,998,012 | 2,340,166 |
Current portion of CVR liabilities | 911,826 | 839,734 |
Current portion of contingent consideration | 4,177,282 | 713,251 |
Total current liabilities | 83,682,981 | 28,763,374 |
Long-term debt, net of current portion | 16,930,682 | |
Long-term operating lease liability, net of current portion | 2,871,845 | 725,374 |
Long-term fixed payment arrangements, net of current portion | 9,422,768 | 11,171,491 |
Long-term CVR liabilities, net of current portion | 4,679,227 | 4,731,866 |
Long-term contingent consideration, net of current portion | 10,726,691 | 12,874,351 |
Other long-term liabilities | 92,894 | 11,371 |
Total liabilities | 128,407,088 | 58,277,827 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity | ||
Preferred Stock, par value $.0001; 50,000,000 shares authorized; shares issued and outstanding 0 and 0, respectively as of March 31, 2021 and June 30, 2020, respectively. | ||
Common Stock, par value $.0001; 200,000,000 shares authorized; shares issued and outstanding 23,457,887 and 12,583,736, respectively as of March 31, 2021 and June 30, 2020. | 2,346 | 1,259 |
Additional paid-in capital | 302,448,362 | 215,024,216 |
Accumulated deficit | (159,301,195) | (120,010,179) |
Total stockholders' equity | 143,149,513 | 95,015,296 |
Total liabilities and stockholders' equity | $ 271,556,601 | $ 153,293,123 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 23,457,887 | 12,583,736 |
Common stock, shares outstanding (in shares) | 23,457,887 | 12,583,736 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||||
Product revenue, net | $ 13,482,282 | $ 8,156,173 | $ 42,149,561 | $ 12,771,235 |
Operating expenses | ||||
Cost of sales | 13,682,297 | 1,998,659 | 23,499,842 | 2,980,425 |
Research and development | 389,262 | 78,502 | 858,698 | 223,197 |
Selling, general and administrative | 12,851,087 | 9,190,386 | 35,825,175 | 19,494,368 |
Acquisition related costs | 1,536,800 | 311,083 | 2,849,037 | 1,533,723 |
Restructuring costs | 4,818,064 | 4,874,723 | 135,981 | |
Amortization and impairment of intangible assets | 5,870,436 | 1,370,986 | 9,039,597 | 2,899,553 |
Total operating expenses | 39,147,946 | 12,949,616 | 76,947,072 | 27,267,247 |
Loss from operations | (25,665,664) | (4,793,443) | (34,797,511) | (14,496,012) |
Other (expense) income | ||||
Other (expense), net | (425,425) | (538,862) | (1,555,924) | (1,181,206) |
Gain / (Loss) from change in fair value of contingent consideration | 631,298 | (2,680,022) | ||
Gain from derecognition of contingent consideration | 5,199,806 | |||
Gain from warrant derivative liability | 1,830 | |||
Loss on debt exchange | (257,559) | |||
Total other (expense) income | 205,873 | (538,862) | (4,493,505) | 4,020,430 |
Net loss | $ (25,459,791) | $ (5,332,305) | $ (39,291,016) | $ (10,475,582) |
Weighted average number of common shares outstanding (in shares) | 18,092,465 | 3,527,530 | 14,490,219 | 2,261,697 |
Basic and diluted net loss per common share (in dollars per share) | $ (1.41) | $ (1.51) | $ (2.71) | $ (4.63) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Series F Preferred Stock [Member]Preferred Stock [Member] | Series F Preferred Stock [Member]Common Stock [Member] | Series F Preferred Stock [Member]Additional Paid-in Capital [Member] | Series F Preferred Stock [Member]Retained Earnings [Member] | Series F Preferred Stock [Member] | Warrants Issued in Connection with Registered Offering [Member]Preferred Stock [Member] | Warrants Issued in Connection with Registered Offering [Member]Common Stock [Member] | Warrants Issued in Connection with Registered Offering [Member]Additional Paid-in Capital [Member] | Warrants Issued in Connection with Registered Offering [Member]Retained Earnings [Member] | Warrants Issued in Connection with Registered Offering [Member] | Warrants Issued to Placement Agents in Connection with Registered Offering [Member]Preferred Stock [Member] | Warrants Issued to Placement Agents in Connection with Registered Offering [Member]Common Stock [Member] | Warrants Issued to Placement Agents in Connection with Registered Offering [Member]Additional Paid-in Capital [Member] | Warrants Issued to Placement Agents in Connection with Registered Offering [Member]Retained Earnings [Member] | Warrants Issued to Placement Agents in Connection with Registered Offering [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Jun. 30, 2019 | 3,594,981 | 1,753,808 | ||||||||||||||||||
BALANCE at Jun. 30, 2019 | $ 359 | $ 176 | $ 113,476,783 | $ (106,389,500) | $ 7,087,818 | |||||||||||||||
Stock-based compensation | 165,171 | 165,171 | ||||||||||||||||||
Preferred stock converted in common stock (in shares) | (443,833) | 44,384 | ||||||||||||||||||
Securities converted for common stock | $ (44) | $ 5 | 39 | |||||||||||||||||
Net loss | (4,929,030) | (4,929,030) | ||||||||||||||||||
BALANCE (in shares) at Sep. 30, 2019 | 3,151,148 | 1,798,192 | ||||||||||||||||||
BALANCE at Sep. 30, 2019 | $ 315 | $ 181 | 113,641,993 | (111,318,530) | 2,323,959 | |||||||||||||||
BALANCE (in shares) at Jun. 30, 2019 | 3,594,981 | 1,753,808 | ||||||||||||||||||
BALANCE at Jun. 30, 2019 | $ 359 | $ 176 | 113,476,783 | (106,389,500) | 7,087,818 | |||||||||||||||
Net loss | (10,475,582) | |||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2020 | 9,805,845 | 10,061,044 | ||||||||||||||||||
BALANCE at Mar. 31, 2020 | $ 981 | $ 1,011 | 202,566,906 | (116,865,082) | 85,703,816 | |||||||||||||||
BALANCE (in shares) at Sep. 30, 2019 | 3,151,148 | 1,798,192 | ||||||||||||||||||
BALANCE at Sep. 30, 2019 | $ 315 | $ 181 | 113,641,993 | (111,318,530) | 2,323,959 | |||||||||||||||
Stock-based compensation | 162,264 | 162,264 | ||||||||||||||||||
Preferred stock converted in common stock (in shares) | (2,751,148) | 275,115 | ||||||||||||||||||
Securities converted for common stock | $ (275) | $ 28 | 247 | |||||||||||||||||
Net loss | (214,247) | (214,247) | ||||||||||||||||||
Issuance of stock (in shares) | 10,000 | |||||||||||||||||||
Issuance of stock | $ 1 | $ 5,249,483 | $ 5,249,484 | |||||||||||||||||
Warrants issued | 4,008,866 | 4,008,866 | ||||||||||||||||||
Issuance of preferred stock due to acquisition (in shares) | 9,805,845 | |||||||||||||||||||
Issuance of preferred stock due to acquisition | $ 981 | 5,558,933 | 5,559,914 | |||||||||||||||||
BALANCE (in shares) at Dec. 31, 2019 | 10,215,845 | 2,073,307 | ||||||||||||||||||
BALANCE at Dec. 31, 2019 | $ 1,022 | $ 209 | 128,621,786 | (111,532,777) | 17,090,240 | |||||||||||||||
Issuance costs | $ (741,650) | |||||||||||||||||||
Preferred stock converted in common stock (in shares) | (2,407,902) | 1,239,791 | ||||||||||||||||||
Securities converted for common stock | $ (241) | $ 124 | 92,997 | 92,880 | ||||||||||||||||
Net loss | (5,332,305) | (5,332,305) | ||||||||||||||||||
Issuance of stock (in shares) | 3,636,528 | |||||||||||||||||||
Issuance of stock | $ 364 | 33,278,392 | 33,278,756 | |||||||||||||||||
Warrants issued | $ 9,723,161 | $ 9,723,161 | $ 1,458,973 | $ 1,458,973 | ||||||||||||||||
Issuance of preferred stock due to acquisition (in shares) | 1,997,902 | 380,972 | ||||||||||||||||||
Issuance of preferred stock due to acquisition | $ 200 | $ 39 | 4,405,945 | 4,406,184 | ||||||||||||||||
Stock-based compensation (in shares) | 106,792 | |||||||||||||||||||
Stock-based compensation | $ 11 | 263,380 | 263,391 | |||||||||||||||||
Cashless warrant exercise (in shares) | 791,577 | |||||||||||||||||||
Cashless warrant exercise | $ 80 | (80) | ||||||||||||||||||
Warrant exercises (in shares) | 1,708,300 | |||||||||||||||||||
Warrant exercises | $ 171 | 22,989,495 | 22,989,666 | |||||||||||||||||
CVR payouts (in shares) | 123,777 | |||||||||||||||||||
CVR payouts | $ 13 | 1,732,857 | 1,732,870 | |||||||||||||||||
BALANCE (in shares) at Mar. 31, 2020 | 9,805,845 | 10,061,044 | ||||||||||||||||||
BALANCE at Mar. 31, 2020 | $ 981 | $ 1,011 | 202,566,906 | (116,865,082) | 85,703,816 | |||||||||||||||
Issuance costs | (4,523,884) | |||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2020 | 12,583,736 | |||||||||||||||||||
BALANCE at Jun. 30, 2020 | $ 1,259 | 215,024,216 | (120,010,179) | 95,015,296 | ||||||||||||||||
Stock-based compensation | 454,918 | 454,918 | ||||||||||||||||||
Net loss | (4,305,931) | (4,305,931) | ||||||||||||||||||
BALANCE (in shares) at Sep. 30, 2020 | 12,583,736 | |||||||||||||||||||
BALANCE at Sep. 30, 2020 | $ 1,259 | 215,377,597 | (124,316,110) | 91,062,746 | ||||||||||||||||
Issuance costs | (101,537) | (101,537) | ||||||||||||||||||
BALANCE (in shares) at Jun. 30, 2020 | 12,583,736 | |||||||||||||||||||
BALANCE at Jun. 30, 2020 | $ 1,259 | 215,024,216 | (120,010,179) | 95,015,296 | ||||||||||||||||
Net loss | (39,291,016) | |||||||||||||||||||
BALANCE (in shares) at Mar. 31, 2021 | 23,457,887 | |||||||||||||||||||
BALANCE at Mar. 31, 2021 | $ 2,346 | 302,448,362 | (159,301,195) | 143,149,513 | ||||||||||||||||
BALANCE (in shares) at Sep. 30, 2020 | 12,583,736 | |||||||||||||||||||
BALANCE at Sep. 30, 2020 | $ 1,259 | 215,377,597 | (124,316,110) | 91,062,746 | ||||||||||||||||
Stock-based compensation | 508,059 | 508,059 | ||||||||||||||||||
Preferred stock converted in common stock (in shares) | 130,081 | |||||||||||||||||||
Securities converted for common stock | $ 13 | 1,057,546 | 1,057,559 | |||||||||||||||||
Net loss | (9,525,294) | (9,525,294) | ||||||||||||||||||
Issuance of stock (in shares) | 5,169,076 | |||||||||||||||||||
Issuance of stock | $ 516 | 28,316,928 | 28,317,444 | |||||||||||||||||
Warrants issued | 1,272,154 | 1,272,154 | ||||||||||||||||||
BALANCE (in shares) at Dec. 31, 2020 | 17,882,893 | |||||||||||||||||||
BALANCE at Dec. 31, 2020 | $ 1,788 | 246,532,284 | (133,841,404) | 112,692,668 | ||||||||||||||||
Stock-based compensation | 1,381,429 | 1,381,429 | ||||||||||||||||||
Net loss | (25,459,791) | (25,459,791) | ||||||||||||||||||
Issuance of preferred stock due to acquisition (in shares) | 5,471,804 | |||||||||||||||||||
Issuance of preferred stock due to acquisition | $ 548 | 53,102,370 | 53,102,918 | |||||||||||||||||
CVR payouts (in shares) | 103,190 | |||||||||||||||||||
CVR payouts | $ 10 | 999,990 | 1,000,000 | |||||||||||||||||
BALANCE (in shares) at Mar. 31, 2021 | 23,457,887 | |||||||||||||||||||
BALANCE at Mar. 31, 2021 | $ 2,346 | 302,448,362 | (159,301,195) | 143,149,513 | ||||||||||||||||
Issuance costs | (137,735) | |||||||||||||||||||
Estimated fair value of replacement equity awards | $ 432,289 | $ 432,289 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Series F Preferred Stock [Member] | ||||
Issuance costs | $ 741,650 | |||
Issuance costs | $ 137,735 | $ 101,537 | $ 4,523,884 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net loss | $ (39,291,016) | $ (10,475,582) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation, amortization and accretion | 10,301,150 | 3,780,310 |
Stock-based compensation expense | 2,485,330 | 590,826 |
Loss from change in fair value of contingent consideration | 2,680,022 | |
Inventory write-down | 7,227,230 | 0 |
(Gain) from derecognition of contingent consideration | (5,199,806) | |
(Gain) on the change in fair value of CVR payout | (267,130) | |
Amortization of senior debt issuance costs and discounts | (21,916) | |
Loss on sale of equipment | 112,110 | |
(Gain) on termination of lease | (343,185) | |
Loss on debt exchange | 257,559 | |
Changes in allowance for bad debt | 335,036 | |
Derivative income | (1,830) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,772,274 | (8,183,810) |
Inventory | (4,390,470) | (345,452) |
Prepaid expenses | 1,607,170 | (1,611,681) |
Other current assets | 6,065,996 | (358,022) |
Accounts payable and other | (6,155,583) | (4,912,245) |
Accrued liabilities | (5,556,614) | 6,761,319 |
Accrued compensation | 3,263,723 | 271,560 |
Fixed payment arrangements | (657,655) | |
Operating lease liabilities | (26,648) | |
Net cash used in operating activities | (19,677,832) | (20,609,198) |
Investing Activities | ||
Deposit | (3,923) | |
Contingent consideration payment | (683,241) | (151,648) |
Cash received from acquisition | 15,721,797 | 390,916 |
Cash payment for business acquisition | (15,398,727) | (5,850,000) |
Net cash used in investing activities | (364,094) | (5,610,732) |
Financing Activities | ||
Issuance of preferred, common stock and warrants | 32,249,652 | 58,999,666 |
Issuance cost related to registered offering | (4,430,516) | (5,280,426) |
Payments made on short-term line of credit | (5,968,290) | |
Warrant exercises | 22,989,666 | |
Preferred stock converted in common stock | 92,880 | |
Issuance of note payable | 640,000 | |
Debt payment | (318,181) | |
Payments made to fixed payment arrangements | (3,034,093) | |
Net cash provided by financing activities | 18,498,572 | 77,441,786 |
Net change in cash, restricted cash and cash equivalents | (1,543,354) | 51,221,856 |
Cash, restricted cash and cash equivalents at beginning of period | 48,333,307 | 11,294,227 |
Cash, restricted cash and cash equivalents at end of period | 46,789,953 | 62,516,083 |
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Warrants issued to underwriters | 1,628,293 | |
Cash paid for interest | 448,603 | 392,641 |
Fair value of right-to-use asset and related lease liability | 66,182 | 354,929 |
Fair value of non-cash assets acquired | 104,321,912 | |
Fair value of liabilities assumed | 88,699,892 | |
Estimated fair value of replacement equity awards | 432,289 | |
Inventory payment included in accounts payable | 460,416 | |
Return deductions received by Cerecor | 2,000,000 | |
Contingent value rights payout | 1,000,000 | |
Contingent consideration included in accounts payable | 27,571 | |
Issuance of restricted stock | 107 | |
Cashless warrant exercises | 792 | |
Debt exchange | 1,057,559 | |
Fixed payment arrangements included in accrued liabilities | 1,575,000 | 501,766 |
Exchange of convertible preferred stock into common stock | 92,880 | |
Conversion of Convertible Preferred Stock into Common Stock [Member] | ||
Financing Activities | ||
Preferred stock converted in common stock | 1,559 | |
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Exchange of convertible preferred stock into common stock | 1,559 | |
Neos Therapeutics, Inc. [Member] | ||
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Issuance of stock | 53,240,653 | |
Series G Preferred Stock [Member] | Cerecor Portfolio of Pediatrics Therapeutics [Member] | ||
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Issuance of stock | 5,559,914 | |
Series H Preferred Stock [Member] | Innovus [Member] | ||
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Issuance of stock | $ 12,805,263 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition, Basis of Presentation | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business. August 9, 2002 June 8, 2015. The Rx Portfolio consists of (i) Adzenys XR-ODT (amphetamine) extended-release orally disintegrating tablets, Cotempla XR-ODT (methylphenidate) extended-release orally disintegrating tablets and Adzenys-ER (amphetamine) extended-release oral suspension for the treatment of attention deficit hyperactivity disorder (ii) Poly-Vi-Flor and Tri-Vi-Flor, two 12 The Consumer Health Portfolio consists of over twenty On March 31, 2021, July 29, 2019 $7.5 $250,000 30 On March 19, 2021, three In April 2020, 2 2 The Company's strategy is to continue building its portfolio of revenue-generating products, leveraging its commercial team's expertise to build leading brands within large therapeutic markets. Financial Condition. March 31, 2021 $46.8 Revenues for the three nine March 31, 2021 $13.5 $42.1 $8.2 $12.8 March 31, 2020, 65% 230%, nine March 31, 2021 $19.7 $20.6 nine March 31, 2020 As of the date of this Report, the Company expects its costs for operations to increase as the Company integrates the Neos acquisition, invests in new product development, continues to focus on revenue growth through increasing product sales and additional acquisitions. The Company's current assets totaling approximately $100.0 March 31, 2021 may may no March 19, 2021, $15.4 $5.5 not three March 31, 2021. As of the date of this report, the Company has adequate capital resources to complete its near-term operating objectives. Since the Company has sufficient cash on-hand as of March 31, 2021 twelve no If the Company is unable to raise adequate capital in the future when it is required, the Company's management can adjust its operating plans to reduce the magnitude of the Company's capital need under its existing operating plan. Some of the adjustments that could be made include delays of and reductions to commercial programs, reductions in headcount, narrowing the scope of the Company's commercial plans, or reductions or delays to its research and development programs. Without sufficient operating capital, the Company could be required to relinquish rights to products or renegotiate to maintain such rights on less favorable terms than it would otherwise choose. This may Basis of Presentation. 10 June 30, 2020 March 31, 2021 not March 31, 2021 three nine March 31, 2021 2020 On December 8, 2020, one 10 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent consideration, contingent value rights ("CVRs"), and fixed payment obligations at the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not Reclassification The Company historically presented accrued distributor fees as a reduction to accounts receivable. However, beginning this quarterly report and for the comparative periods presented, accrued distributors fees will be presented in accrued liabilities instead of accounts receivable. As of June 30, 2020, $457,000 . no Significant Accounting Policies The Company's significant accounting policies are discussed in Note 2—Summary no three nine March 31, 2021 Adoption of New Accounting Pronouncements Fair Value Measurements ( ASU 2018 13 ). August 2018, 2018 13, 820 2018 13 820, December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 July 1, 2020, June 30, 2021. 2018 13 3 3 Recent Accounting Pronouncements Financial Instruments Credit Losses ( ASU 2016 13 ). June 2016, 2016 13, December 15, 2019. October 2019, December 15, 2022. June 30, 2024. December 15, 2018, not 2016 13 no This Quarterly Report on Form 10 not not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. The Pediatric Portfolio On October 10, 2019, November 1, 2019. four $4.5 980,000 not $2.7 $0.8 $3.5 In addition, the Company assumed Cerecor obligations due to an investor that include fixed and variable payments aggregating to $25.6 $0.1 November 2019 January 2021 $15.0 January 2021. 15% $0.1 January 2020, one $0.2 $9.5 February 12, 2026. June 2020, $15.0 January 2021 Further, certain of the products in the Pediatric Portfolio require royalty payments ranging from 12% 15% $2.1 not While no 805. The following table summarized the fair value of assets acquired and liabilities assumed at the date of acquisition. As of November 1, 2019 Consideration Cash and cash equivalents $ 4,500,000 Fair value of Series G Convertible Preferred Stock Total shares issued 9,805,845 Estimated fair value per share of Aytu common stock $ 0.567 Estimated fair value of equity consideration transferred 5,559,914 Total consideration transferred $ 10,059,914 Recognized amounts of identifiable assets acquired and liabilities assumed Inventory $ 459,123 Prepaid assets 1,743,555 Other current assets 2,525,886 Intangible assets - product marketing rights 22,700,000 Accrued liabilities (300,000 ) Accrued product program liabilities (6,683,932 ) Assumed fixed payment obligations $ (29,837,853 ) Total identifiable net assets (9,393,221 ) Goodwill $ 19,453,135 The fair values of intangible assets, including product technology rights were determined using variations of the income approach. Varying discount rates were also applied to the projected net cash flows. The Company believes the assumptions are representative of those a market participant would use in estimating fair value. The fair value of the net identifiable asset acquired was determined to be $22.7 ten Innovus Merger (Consumer Health Portfolio) On February 14, 2020, February 13, 2020 ( 380,000 $16.0 200,000 February 26, 2020 March 10, 2020. 100% On March 31, 2020, first 120,000 $2.0 $24 December 31, 2019. $0.3 three March 31, 2020. March 20, 2021, 103,000 one two $1.0 2020 $30.0 2020 $0.4 three March 31, 2021. $1.0 2020 not In addition, as part of the Innovus Merger, the Company assumed approximately $3.1 $0.8 $3.1 $2.2 180,000 February 14, 2020. $41,000 March 31, 2021 The following table summarized the fair value of assets acquired and liabilities assumed at the date of acquisition. These estimates are preliminary, pending final evaluation of certain assets and liabilities, and therefore, are subject to revisions that may As of February 14, 2020 Consideration Fair Value of Aytu Common Stock Total shares issued at close 3,810,393 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 2,880,581 Fair value of Series H Convertible Preferred Stock Total shares issued 1,997,736 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 1,510,288 Fair value of former Innovus warrants $ 15,315 Fair value of Contingent Value Rights 7,049,079 Forgiveness of Note Payable owed to the Company 1,350,000 Total consideration transferred $ 12,805,263 As of February 14, 2020 Total consideration transferred $ 12,805,263 Recognized amounts of identified assets acquired and liabilities assumed Cash and cash equivalents $ 390,916 Accounts receivable 278,826 Inventory 1,149,625 Prepaid expenses and other current assets 1,692,133 Other long-term assets 36,781 Right-to-use assets 328,410 Property, plant and equipment 190,393 Trademarks and patents 11,744,000 Accounts payable and accrued other expenses (7,202,309 ) Other current liabilities (629,601 ) Notes payable (3,056,361 ) Lease liability (754,822 ) Total identifiable net assets $ 4,167,991 Goodwill $ 8,637,272 The fair values of intangible assets, including product distribution rights were determined using variations of the income approach, specifically the relief-from-royalties method. It also includes customer lists using an income approach utilizing a discounted cash flow model. Varying discount rates were also applied to the projected net cash flows. The CVRs were valued using a Monte-Carlo model. The Company believes the assumptions are representative of those a market participant would use in estimating fair value (see Note 9 The fair value of the net identifiable assets acquired was determined to be $11.7 1.5 10 Neos Merger (ADHD Portfolio) On March 19, 2021, March 18, 2021 March 18, 2021. 5,472,000 100% $2.8 $0.1 The following table summarized the preliminary fair value of assets acquired and liabilities assumed at the date of acquisition. These estimates are preliminary, pending final evaluation of certain assets and liabilities, and therefore, are subject to revisions that may As of March 19, 2021 Considerations: Fair Value of Aytu Common Stock Total shares issued at close 5,471,804 Estimated fair value per share of Aytu common stock $ 9.73 Estimated fair value of equity consideration transferred $ 53,240,653 Cash 15,383,104 Estimated fair value of replacement equity awards 432,289 Total consideration transferred $ 69,056,046 As of March 19, 2021 Total consideration transferred $ 69,056,046 Recognized amounts of identified assets acquired and liabilities assumed Cash and cash equivalents $ 15,721,797 Accounts receivable 24,695,527 Inventory 10,984,055 Prepaid expenses and other current assets 2,929,457 Operating leases right-to-use assets 3,515,141 Property, plant and equipment 5,518,801 Intangible assets 56,530,000 Other long-term assets 148,931 Accounts payable and accrued expenses (56,718,159 ) Short-term line of credit (10,707,115 ) Long-term debt, including current portion (17,677,954 ) Operating lease liabilities (3,515,141 ) Other long-term liabilities (81,523 ) Total identifiable net assets $ 31,343,817 Goodwill $ 37,712,229 The fair values of intangible assets were determined using variations of the cost approach, excess earnings method and the relief-from-royalties method. The fair value of Neos trade name, in-process R&D and developed product technology, which is the proprietary technology for the development of Adzenys, Cotempla and generic Tussionex, were determined using the relief from royalty method. The fair value of developed technology right, which is a proprietary modified-release drug delivery technology, was determined using multi-period excess earnings method. The fair value of RxConnect, which is a developed technology for Neos-sponsored patient support program that offers affordable and predictable copays to all commercially insured patients, was determined using cost to recreate method. The finite-lived intangible assets are being amortized over a range of between 1 18 The fair value of the identifiable intangible assets acquired were as follows: As of March 19, 2021 Identified intangible assets acquired: Developed technology right $ 30,200,000 Developed products technology 22,700,000 In-process R&D 2,600,000 RxConnect 630,000 Trade name 400,000 Total intangible assets acquired $ 56,530,000 Unaudited Pro Forma Information The following supplemental unaudited proforma financial information presents the Company's results as if the following acquisitions had occurred on July 1, 2019: ● Acquisition of the Pediatric Portfolio, effective November 1, 2019; ● Merger with Innovus, effective February 14, 2020. ● Merger with Neos, effective March 19, 2021. The unaudited pro forma results have been prepared based on estimates and assumptions, which management believes are reasonable, however, the results are not July 1, 2019, Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Actual Pro forma Actual Pro forma (Unaudited) (dd) (Unaudited) (aa) (bb) (Unaudited) (dd) (Unaudited) (cc) Total revenues, net $ 22,250,543 $ 24,824,477 $ 74,582,036 $ 83,141,373 Net (loss) $ (32,674,710 ) $ (13,800,554 ) $ (55,711,884 ) $ (31,686,745 ) Net (loss) per share (ee) $ (1.41 ) $ (3.91 ) $ (2.71 ) $ (14.01 ) (aa) For the three March 31, 2020, three March 31, 2020, three March 31, 2020. (bb) Due to the absence of discrete financial information for Innovus covering the period from January 1, 2020 February 13, 2020, not three nine March 31, 2020. (cc) Due to a lack of financial information covering the period from October 1, 2019 November 1, 2019, not nine March 31, 2020 not (dd) Neos contributed approximately $0.9 $3.9 March 20, 2021 March 31, 2021. (ee) Pro forma net loss per share calculations excluded the impact of the issuance of the (i) Series G Convertible Preferred Stock and the, (ii) Series H Convertible Preferred Stock under the assumption those shares would continue to remain non-participatory during the periods reported above. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Contract Balances March 31, 2021, $42,000 no June 30, 2020. March 31, 2021 June 30, 2020, $0.2 $0.3 Revenues by Geographic location . Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 U.S. $ 12,344,000 $ 7,273,000 $ 38,245,000 $ 11,582,000 International 1,138,000 883,000 3,905,000 1,189,000 Total net revenue $ 13,482,000 $ 8,156,000 $ 42,150,000 $ 12,771,000 Revenues by Product Portfolio. three nine March 31, 2021 March 31, 2020 Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Primary care and devices portfolio $ 1,209,000 $ 870,000 $ 8,339,000 $ 3,500,000 Pediatric portfolio 3,918,000 3,833,000 9,752,000 5,818,000 Consumer Health portfolio 8,355,000 3,453,000 24,059,000 3,453,000 Consolidated revenue $ 13,482,000 $ 8,156,000 $ 42,150,000 $ 12,771,000 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. 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 first no first $7.0 $7.2 three nine March 31, 2021 19 no three nine March 31, 2020, Inventory balances consist of the following: As of As of March 31, June 30, 2021 2020 Raw materials $ 2,583,000 $ 397,000 Work in process 3,181,000 − Finished goods 10,812,000 9,603,000 Inventory $ 16,576,000 $ 10,000,000 |
Note 5 - Fixed Assets
Note 5 - Fixed Assets | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Fixed assets are recorded at cost and once placed in service, are depreciated on a straight-line basis over the estimated useful lives. Leasehold improvements are amortized over the shorter of the estimated economic life or related lease term. Fixed assets consist of the following: As of As of Estimated March 31, June 30, Useful Lives in years 2021 2020 Manufacturing equipment 2 7 $ 3,072,000 $ 112,000 Leasehold improvements 3 1,259,000 229,000 Office equipment, furniture and other 2 7 966,000 312,000 Lab equipment 3 7 646,000 90,000 Assets under construction 186,000 − Less accumulated depreciation and amortization (571,000 ) (484,000 ) Fixed assets, net $ 5,558,000 $ 259,000 During the nine March 31, 2021 $0.1 no three March 31, 2021. Depreciation and amortization expense totaled $68,000 $24,000 three March 31, 2021 2020 $119,000 $56,000 nine March 31, 2021 2020 |
Note 6 - Leases, Right-to-use A
Note 6 - Leases, Right-to-use Assets and Related Liabilities | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. The Company previously adopted the FASB issued ASU 2016 02, 842 July 1, 2019. 2016 02, July 1, 2019, 842, not Upon the closing of the Neos Merger on March 19, 2021, 805, $3.5 not 6.7% no twelve 5.9%. On August 28, 2020, September 30, 2020. April 30, 2023. two $44,306 $125,000 $20,881. $0.7 June 30, 2020 $343,000 nine March 31, 2021 On October 1, 2020, one six ninety not The components of lease expenses are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Statement of Operations Classification Lease cost: Operating lease cost $ 69,000 $ 27,000 $ 128,000 $ 72,000 Operating expenses Short-term lease cost 7,000 − 7,000 − Operating expenses Finance lease cost: Amortization of leased assets 19,000 − 19,000 − Cost of sales Interest on lease liabilities 1,000 − 1,000 − Other (expense), net Total net lease cost $ 96,000 $ 27,000 $ 155,000 $ 72,000 Supplemental balance sheet information related to leases is as follows: March 31, 2021 June 30, 2020 Balance Sheet Classification Assets: Operating lease assets $ 3,782,000 $ 634,000 Operating lease right-of-use asset Finance lease assets 347,000 − Fixed assets, net Total leased assets $ 4,129,000 $ 634,000 Liabilities: Current: Operating leases $ 911,000 $ 300,000 Current portion of operating lease liabilities Finance leases 100,000 − Current portion of debt Long-term Operating leases 2,872,000 725,000 Long-term operating lease liabilities, net of current portion Finance leases 207,000 - Long-term debt, net of current portion Total lease liabilities $ 4,090,000 $ 1,025,000 Remaining lease term and discount rate used are as follows: March 31, 2021 June 30, 2020 Weighted-Average Remaining Lease Term (years) Operating lease assets 3.67 3.33 Finance lease assets 2.96 − Weighted-Average Discount Rate Operating lease assets 6.62 % 8.09 % Finance lease assets 6.40 % − Supplemental cash flow information related to lease is as follows: Nine Months Ended March 31, 2021 2020 Cash flow classification of lease payments: Operating cash flows from operating leases $ 128,000 $ 72,000 Operating cash flows from finance leases $ 1,000 $ - As of March 31, 2021 Operating Finance 2021 (remaining 3 months) $ 281,000 $ 29,000 2022 1,154,000 117,000 2023 1,182,000 105,000 2024 1,117,000 88,000 2025 557,000 − Total lease payments 4,291,000 339,000 Less: Imputed interest (508,000 ) (32,000 ) Lease liabilities $ 3,783,000 $ 307,000 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. The Company currently holds the following intangible asset portfolios as of March 31, 2021 July 1, 2020; ( November 1, 2019 February 14, 2020 March 19, 2021, ( NT0502 On March 31, 2021, July 29, 2019. $7.5 30 none $7.5 March 31, 2021, $4.3 no March 31, 2021. If acquired in an asset acquisition, the Company capitalized the acquisition cost of each licensed patent or tradename, which can include a combination of both upfront consideration, as well as the estimated future contingent consideration estimated at the acquisition date. If acquired in a business combination, the Company capitalizes the estimated fair value of the intangible asset or assets acquired, based primarily on a discounted cash flow model approach or relief-from-royalties model as further described in Note 2. The following table provides the summary of the Company's intangible assets as of March 31, 2021 June 30, 2020 March 31, 2021 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (8,768,000 ) $ (4,286,000 ) $ 10,595,000 15.15 Acquired product technology right 45,400,000 (3,259,000 ) − 42,141,000 13.37 Acquired technology right 30,200,000 (57,000 ) − 30,143,000 16.97 Acquired product distribution rights 11,354,000 (1,697,000 ) − 9,657,000 7.03 Acquired in-process R&D 2,600,000 - − 2,600,000 Indefinite-lived Acquired commercial technology 630,000 (20,000 ) − 610,000 1.97 Acquired trade name 400,000 (6,000 ) − 394,000 0.97 Acquired customer lists 390,000 (293,000 ) − 97,000 0.37 Total $ 114,623,000 $ (14,100,000 ) $ (4,286,000 ) $ 96,237,000 13.56 June 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (7,062,000 ) $ − $ 16,587,000 11.88 MiOXSYS Patent 380,000 (185,000 ) (195,000 ) − − Acquired product technology right 22,700,000 (1,513,000 ) − 21,187,000 9.34 Acquired product distribution rights 11,354,000 (565,000 ) − 10,789,000 7.78 Acquired customer lists 390,000 (98,000 ) − 292,000 1.12 Total $ 58,473,000 $ (9,423,000 ) $ (195,000 ) $ 48,855,000 9.11 The following table summarizes the estimated future amortization expense to be recognized over the next five Amortization 2021 (remaining 3 months) $ 2,234,500 2022 8,529,000 2023 7,981,000 2024 7,825,000 2025 7,591,000 Thereafter 59,476,500 Total future amortization expense $ 93,637,000 Certain of the Company's amortizable intangible assets include renewal options, extending the expected life of the asset. The renewal periods range between approximately 1 20 $1.7 $1.4 three March 31, 2021 2020 $4.9 $2.9 nine March 31, 2021 2020 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued liabilities consist of the following: As of As of March 31, June 30, 2021 2020 Accrued settlement expense $ 150,000 $ 315,000 Accrued program liabilities 7,836,000 959,000 Accrued product-related fees 2,379,000 2,471,000 Accrued savings offers 19,218,000 − Accrued distributor fees 2,816,000 457,000 Credit card liabilities 657,000 510,000 Medicaid liabilities 1,948,000 1,842,000 Return reserve 5,592,000 1,329,000 Sales taxes payable 182,000 175,000 Other accrued liabilities* 2,404,000 588,000 Total accrued liabilities $ 43,182,000 $ 8,646,000 * Other accrued liabilities consist of franchise tax, accounting and legal fees, interest payable, merchant services charges, none five |
Note 9 - Fair Value Considerati
Note 9 - Fair Value Considerations | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. The Company's asset and liability classified financial instruments include cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, warrant derivative liability and contingent consideration. The carrying amounts of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related contingent consideration is based on Monte-Carlo models. The valuation policies are determined by management, and the Company's Board of Directors is informed of any policy change. 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 the Company. Unobservable inputs are inputs that reflect the Company'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 Level 1: Level 2: Level 3: no The Company'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. The Company'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. Recurring Fair Value Measurements The following table presents the Company's financial liabilities that were accounted for at fair value on a recurring basis as of March 31, 2021 June 30, 2020 Fair Value Measurements at March 31, 2021 Fair Value at March 31, 2021 Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Contingent consideration $ 14,904,000 $ – $ – $ 14,904,000 CVR liability 5,591,000 – – 5,591,000 Total $ 20,495,000 $ − $ − $ 20,495,000 Fair Value Measurements at June 30, 2020 Fair Value at June 30, 2020 Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Contingent consideration $ 13,588,000 $ – $ – $ 13,588,000 CVR liability 5,572,000 ) – – 5,572,000 ) Total $ 19,160,000 $ − $ − $ 19,160,000 Contingent Consideration. 3 not As of November 2, 2018, $8.8 March 31, 2021, $14.4 March 31, 2021 none no $3.0 November 2021, The contingent consideration related to the ZolpiMist royalty payments was valued at $2.6 June 11, 2018. March 31, 2021, $0.3 March 31, 2021 none no The Company recognized approximately $0.2 February 14, 2020 30% three nine March 31, 2021 2020 $15,000, $44,000, no March 31, 2021 Contingent value rights. $16.0 470,000 March 31, 2020, 120,000 first $2.0 $24.0 2019 March 20, 2021, 103,000 one two $1.0 2020 $30.0 2020 $1.0 2020 not three March 31, 2021 March 31, 2020 $0.1 $0.2 nine March 31, 2021 2020 $1.0 $0.2 not December 31, 2019. Summary of Level 3 The following table sets forth a summary of changes to those fair value measures using Level 3 nine March 31, 2021 CVR Liability Contingent Consideration Balance as of June 30, 2020 $ 5,572,000 $ 13,588,000 Included in earnings 1,019,000 1,999,000 Settlements (1,000,000 ) (683,000 ) Balance as of March 31, 2021 $ 5,591,000 $ 14,904,000 Significant Assumptions Contingent consideration. March 31, 2021 As of March 31, 2021 Contingent Consideration Credit risk assumption 20.80 % Sales volatility 45.00 % Credit spread 3.00 % Time steps per year 1 Number of iterations 500 Contingent value rights. March 31, 2021 As of March 31, 2021 Contingent Value Rights Credit risk assumption 9.6 % Time steps per year 30.00 Number of iterations 10,000 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and contingencies are described below and summarized by the following as of March 31, 2021 Total 2021 2022 2023 2024 2025 Thereafter Prescription database $ 1,145,000 $ 412,000 $ 733,000 $ − $ − $ − $ − Pediatric portfolio fixed payments and product minimums 15,000,000 825,000 3,300,000 3,300,000 3,300,000 3,300,000 975,000 Inventory purchase commitment 1,472,000 736,000 736,000 − − − − CVR liability 12,000,000 − 2,000,000 5,000,000 5,000,000 − − Product contingent liability 2,500,000 − − − − − 2,500,000 Product milestone payments 3,000,000 − 3,000,000 − − − − Total $ 35,117,000 $ 1,973,000 $ 9,769,000 $ 8,300,000 $ 8,300,000 $ 3,300,000 $ 3,475,000 Prescription Database In May 2016, $1.6 three January 2020, $0.6 Pediatric Portfolio Fixed Payments and Product Milestone The Company assumed two November 1, 2019 January 2021, $86,840, $15.0 January 2021. second $100,000 February 2026, $210,767 January 2020. On May 29, 2020, $15.0 In addition, the Company acquired a Supply and Distribution Agreement with Tris Pharma, Inc. ("TRIS"), (the “Karbinal Agreement”), under which the Company is granted the exclusive right to distribute and sell the product in the United States. The initial term of the Karbinal Agreement was 20 23.5% third 23.5% 8.5%, 15% 2018 2019 The Karbinal Agreement make-whole payment is capped at $2.1 August 1 July 31, 70,000 2025. $30 70,000 2025. August $3.0 first $40.0 Inventory Purchase Commitment On May 1, 2020, 50 No. 207957 three 2022 $1.0 CVR Liability On February 14, 2020, February 13, 2020. first one On March 31, 2020, 120,000 $2.0 $24.0 December 31, 2019. $0.3 June 30, 2020 March 20, 2021, 103,000 one two $1.0 2020 $30.0 2020 $0.4 three March 31, 2021.The $1.0 2020 not Product Contingent Liability In February 2015, five $0.5 March 31, 2021, $0.2 Product Milestone Payments In connection with the Company's intangible assets, Aytu has certain milestone payments, totaling $3.0 not 9 |
Note 11 - Capital Structure
Note 11 - Capital Structure | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. The Company has 200 $0.0001 50 $0.0001 March 31, 2021 June 30, 2020 23,457,887 12,583,736 zero Included in the common stock outstanding are 274,635 In June 2020, 430,230 $6.8 $0.2 June 30, 2020. not three March 31, 2021, 352,912 $3.6 $1.6 nine March 31, 2021. June 2020 March 31, 2021, 783,142, $10.4 $1.8 The Company entered into three March 10, 2020, March 12, 2020 March 19, 2020 ( “March July 2020, $1.5 March 92,302 92,302 $15.99 March 2020 one $356,000 On December 10, 2020, $0.8 130,081 15 On December 10, 2020, 4,166,667 $0.0001 $6.00 30 625,000 4,791,667 $28.8 $2.6 $26.2 311,458 311,458 $7.50 125% five $1.3 On March 19, 2021, 5,447,000 24,804 2 On March 20, 2021, 103,000 one two $1.0 2020 $30.0 2020 |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. Aytu 2015 On June 1, 2015, 2015 2015 July 2017, 3.0 2015 2015 February 13, 2020, 5.0 2015 March 31, 2021 4,603,990 2015 Neos 2015 Pursuant to the Neos Merger, the Company assumed 69,721 35,728 April 19, 2021, 105,449 2015 2015 March 31, 2021, no 2015 Stock Options Employee Stock Options: The fair value of the options is calculated using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. Aytu estimates the expected term based on the average of the vesting term and the contractual term of the options. 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. The assumptions used to estimate the fair value of the options granted under the Neos 2015 As of March 31, 2021 Expected volatility 100.0 % Expected term (years) 4.00 Risk-free interest rate 0.73 % Dividend yield − Stock option activity is as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding June 30, 2020 76,614 $ 19.39 9.67 $ − Granted 69,721 − Forfeited/Cancelled (7,553 ) − Expired (2,528 ) − Outstanding at March 31, 2021 136,254 $ 13.14 6.12 $ − Exercisable at March 31, 2021 20,569 $ 87.86 8.56 $ − As of March 31, 2021 $0.5 3.3 Restricted Stock Restricted stock activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2020 418,454 $ 14.69 6.4 Vested (143,977 ) Unvested at March 31, 2021 274,477 $ 16.27 6.2 Under the Aytu 2015 $4.0 March 31, 2021 6.2 158 2015 July 2026. $1.1 March 31, 2021 5.3 Restricted Stock Unit On March 31, 2021, 55,000 third April 1, 2022, 1/12 first third $7.60 Restricted stock unit activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2020 Granted 90,728 $ 8.35 2.21 Vested (2,822 ) Forfeited (544 ) Unvested at March 31, 2021 87,362 $ 8.31 2.26 Under the Neos 2015 $0.6 March 31, 2021 2.2 Stock-based compensation expense related to the fair value of stock options and restricted stock was included in the statements of operations as set forth in the table below: Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Cost of sales $ 9,000 $ − $ 9,000 $ − Research and development 3,000 − 3,000 − Sales, general and administrative 1,514,000 264,000 2,473,000 591,000 Total stock-based compensation expense $ 1,526,000 $ 264,000 $ 2,485,000 $ 591,000 As of March 31, 2021, $0.1 The stock-based compensation expense included in the table above is attributable to stock options and restricted stock of $0.1 $1.3 three March 31, 2021 $0.3 $2.1 nine March 31, 2021. $7,000 $0.3 three March 31, 2020 $14,000 $0.6 nine March 31, 2020. |
Note 13 - Warrants
Note 13 - Warrants | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Warrants or Rights Disclosure [Text Block] | 13. In July 2020, 92,302 $15.99 March one $356,000 On December 15, 2020, 311,458 $7.50 December 15, 2020 $1.3 A summary of equity-based warrants is as follows: Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2020 2,288,528 $ 30.26 2.00 Warrants issued 403,760 Warrants expired (1,434,763 ) Outstanding March 31, 2021 1,257,525 $ 41.42 3.05 |
Note 14 - Net Loss Per Common S
Note 14 - Net Loss Per Common Share | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. 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 the Company. For each three 2020 2019, not The following table sets-forth securities that could be potentially dilutive, but as of March 31, 2021 2020 As of March 31, 2021 2020 Warrants to purchase common stock - liability classified 24,105 24,105 Warrant to purchase common stock - equity classified (Note 13) 1,257,525 3,098,604 Employee stock options (Note 12) 136,254 33,844 Employee unvested restricted stock (Note 12) 274,635 334,423 Employee unvested restricted stock units (Note 12) 87,362 − Convertible preferred stock (Note 11) − 980,584 Total 1,779,881 4,471,560 |
Note 15 - Debt
Note 15 - Debt | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 15. The Aytu BioPharma Note. February 27, 2020, $0.8 $0.6 eight November 1, 2020, $0.2 fourth 2020. three nine March 31, 2021 2020 $15,000 $70,000, December 10, 2020, 130,081 $0.8 March 31, 2021. $0.3 nine March 31, 2021. The Innovus Notes. January 9, 2020, $0.4 $0.5 twelve $45,000. March 31, 2021 The Neos Revolving Loans. October 2, 2019, $25.0 $2.5 may 85% one 4.50%. 0.50% May 11, 2022. In the event that, for any reason, all or any portion of the lender's commitment to make revolving loans is terminated prior to the scheduled maturity date, in addition to the payment of the principal amount and all unpaid accrued interest and other amounts due thereon, Neos is required to pay to the lender a prepayment fee equal to (i) 1.0% October 2, 2021, 0.5% October 2, 2021 May 11, 2022. may five The Agreement contains customary affirmative covenants, negative covenants and events of default, as defined in the Loan Agreement, including covenants and restrictions that, among other things, require Neos to satisfy certain capital expenditure and other financial covenants, and restrict Neos' ability to incur liens, incur additional indebtedness, engage in mergers and acquisitions or make asset sales without the prior written consent of the Lenders. A failure to comply with these covenants could permit the Lenders to declare Neos' obligations under the Loan Agreement, together with accrued interest and fees, to be immediately due and payable, plus any applicable additional amounts relating to a prepayment or termination, as described above. Neos evaluated to determine if the embedded components in the agreement qualified as derivatives requiring separate recognition. In connection with the closing of the Neos Merger, Neos and Encina entered into a Consent, Waiver and First Amendment to the Loan Agreement, dated as of March 19, 2021 ( December 31, 2020 ( 3.1 Total interest expense was $28,000 March 20, 2021 March 31, 2021. March 31, 2021, $4.7 The Neos Senior Secured Credit Facility. May 11, 2016, $60.0 66 2/3% 33 1/3% March 19, 2021, $15.6 $0.6 April 11, 2021 May 11, 2022. June 2021, 12.95% not $5.0 Long-term debt consists of the following; March 31,2021 Senior secured credit facility, due on May 11, 2022 $ 15,625,000 Exit fee 1,000,000 Unamortized premium 724,000 Financing leases, maturing through May 2024 307,000 Total debt 17,656,000 Less: current portion (725,000 ) Long-term debt $ 16,931,000 In connection with the Neos Merger, Neos and Deerfield entered into a Consent, Waiver and Sixth Amendment to the Facility, dated as of March 19, 2021 ( May 11, 2016, $15.0 May 11, 2021 March 19, 2021, $15.0 March 19, 2021 May 11, 2021. Pursuant to the terms of the Facility, as amended, the $15.0 March 19, 2021, $16.6 805, $17.4 March 20, 2021. $0.8 March 31, 2021, $46,000 March 20, 2021 March 31, 2021. Future principal payments of long-term debt, including financing leases, are as follows: March 31,2021 2021 $ 650,000 2022 16,102,000 2023 96,000 2024 84,000 Future principal payments 16,932,000 Add unamortized premium 724,000 Less current portion (725,000 ) Long-term debt $ 16,931,000 |
Note 16 - Segment Reporting
Note 16 - Segment Reporting | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. The Company's chief operating decision maker (the “CODM”), who is the Company's Chief Executive Officer, allocates resources and assesses performance based on financial information of the Company. The CODM reviews financial information presented for each reportable segment for purposes of making operating decisions and assessing financial performance. The Company manages and aggregates its operational and financial information in accordance with two Select financial information for these segments is as follows: Three months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Consolidated revenue: Aytu BioPharma $ 5,127,000 $ 4,703,000 $ 18,091,000 $ 9,318,000 Aytu Consumer Health 8,355,000 3,453,000 24,059,000 3,453,000 Consolidated revenue $ 13,482,000 $ 8,156,000 $ 42,150,000 $ 12,771,000 Consolidated net loss: Aytu BioPharma $ (23,570,000 ) $ (4,421,000 ) $ (34,788,000 ) $ (9,565,000 ) Aytu Consumer Health (1,890,000 ) (911,000 ) (4,503,000 ) (911,000 ) Consolidated net loss $ (25,460,000 ) $ (5,332,000 ) $ (39,291,000 ) $ (10,476,000 ) As of As of March 31, June 30, 2021 2020 Total assets: Aytu BioPharma $ 241,593,000 $ 126,267,000 Aytu Consumer Health 29,964,000 27,026,000 Total assets $ 271,557,000 $ 153,293,000 |
Note 17 - License Agreements
Note 17 - License Agreements | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Licensing Agreements [Text Block] | 17. In October 2018, 101, NT0502. NT0502 $0.2 $0.2 first April 2020, first $0.3 may first Under the Teva Licensing Agreement, Neos granted Teva a non-exclusive license to certain patents owned by Neos by which Teva has the right to manufacture and market its generic version of Cotempla XR-ODT under its ANDA beginning on July 1, 2026, Under the Actavis Licensing Agreement, Neos granted Actavis a non-exclusive license to certain patents owned by Neos by which Actavis has the right to manufacture and market its generic version of Adzenys XR-ODT under its ANDA beginning on September 1, 2025, In July 2014, “2014 No. 204326 2014 $1.0 February 2016. In March 2017, “2017 No. 204325 2017 $1.0 October 2017. The royalties are recorded as cost of goods sold in the same period as the net sales upon which they are calculated. Additionally, each of the 2014 2017 not |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. Tris Pharma, Inc. On November 2, 2018, November 1, 2019, 2 10 $0.9 $0 three March 31, 2021 2020 $22.8 $25.0 March 31, 2021 2020 October 2020, $1.6 March 19, 2021, no |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 9 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. On April 12, 2021, $1.5 $67.5 4 No. 333 239011 On May 17, 2021, not May 21, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 June 30, 2020 March 31, 2021 not March 31, 2021 three nine March 31, 2021 2020 On December 8, 2020, one 10 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent consideration, contingent value rights ("CVRs"), and fixed payment obligations at the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification The Company historically presented accrued distributor fees as a reduction to accounts receivable. However, beginning this quarterly report and for the comparative periods presented, accrued distributors fees will be presented in accrued liabilities instead of accounts receivable. As of June 30, 2020, $457,000 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements Fair Value Measurements ( ASU 2018 13 ). August 2018, 2018 13, 820 2018 13 820, December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 July 1, 2020, June 30, 2021. 2018 13 3 3 Recent Accounting Pronouncements Financial Instruments Credit Losses ( ASU 2016 13 ). June 2016, 2016 13, December 15, 2019. October 2019, December 15, 2022. June 30, 2024. December 15, 2018, not 2016 13 no This Quarterly Report on Form 10 not not |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of November 1, 2019 Consideration Cash and cash equivalents $ 4,500,000 Fair value of Series G Convertible Preferred Stock Total shares issued 9,805,845 Estimated fair value per share of Aytu common stock $ 0.567 Estimated fair value of equity consideration transferred 5,559,914 Total consideration transferred $ 10,059,914 Recognized amounts of identifiable assets acquired and liabilities assumed Inventory $ 459,123 Prepaid assets 1,743,555 Other current assets 2,525,886 Intangible assets - product marketing rights 22,700,000 Accrued liabilities (300,000 ) Accrued product program liabilities (6,683,932 ) Assumed fixed payment obligations $ (29,837,853 ) Total identifiable net assets (9,393,221 ) Goodwill $ 19,453,135 As of February 14, 2020 Consideration Fair Value of Aytu Common Stock Total shares issued at close 3,810,393 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 2,880,581 Fair value of Series H Convertible Preferred Stock Total shares issued 1,997,736 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 1,510,288 Fair value of former Innovus warrants $ 15,315 Fair value of Contingent Value Rights 7,049,079 Forgiveness of Note Payable owed to the Company 1,350,000 Total consideration transferred $ 12,805,263 As of February 14, 2020 Total consideration transferred $ 12,805,263 Recognized amounts of identified assets acquired and liabilities assumed Cash and cash equivalents $ 390,916 Accounts receivable 278,826 Inventory 1,149,625 Prepaid expenses and other current assets 1,692,133 Other long-term assets 36,781 Right-to-use assets 328,410 Property, plant and equipment 190,393 Trademarks and patents 11,744,000 Accounts payable and accrued other expenses (7,202,309 ) Other current liabilities (629,601 ) Notes payable (3,056,361 ) Lease liability (754,822 ) Total identifiable net assets $ 4,167,991 Goodwill $ 8,637,272 As of March 19, 2021 Considerations: Fair Value of Aytu Common Stock Total shares issued at close 5,471,804 Estimated fair value per share of Aytu common stock $ 9.73 Estimated fair value of equity consideration transferred $ 53,240,653 Cash 15,383,104 Estimated fair value of replacement equity awards 432,289 Total consideration transferred $ 69,056,046 As of March 19, 2021 Total consideration transferred $ 69,056,046 Recognized amounts of identified assets acquired and liabilities assumed Cash and cash equivalents $ 15,721,797 Accounts receivable 24,695,527 Inventory 10,984,055 Prepaid expenses and other current assets 2,929,457 Operating leases right-to-use assets 3,515,141 Property, plant and equipment 5,518,801 Intangible assets 56,530,000 Other long-term assets 148,931 Accounts payable and accrued expenses (56,718,159 ) Short-term line of credit (10,707,115 ) Long-term debt, including current portion (17,677,954 ) Operating lease liabilities (3,515,141 ) Other long-term liabilities (81,523 ) Total identifiable net assets $ 31,343,817 Goodwill $ 37,712,229 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | As of March 19, 2021 Identified intangible assets acquired: Developed technology right $ 30,200,000 Developed products technology 22,700,000 In-process R&D 2,600,000 RxConnect 630,000 Trade name 400,000 Total intangible assets acquired $ 56,530,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended Nine Months Ended March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Actual Pro forma Actual Pro forma (Unaudited) (dd) (Unaudited) (aa) (bb) (Unaudited) (dd) (Unaudited) (cc) Total revenues, net $ 22,250,543 $ 24,824,477 $ 74,582,036 $ 83,141,373 Net (loss) $ (32,674,710 ) $ (13,800,554 ) $ (55,711,884 ) $ (31,686,745 ) Net (loss) per share (ee) $ (1.41 ) $ (3.91 ) $ (2.71 ) $ (14.01 ) |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 U.S. $ 12,344,000 $ 7,273,000 $ 38,245,000 $ 11,582,000 International 1,138,000 883,000 3,905,000 1,189,000 Total net revenue $ 13,482,000 $ 8,156,000 $ 42,150,000 $ 12,771,000 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Primary care and devices portfolio $ 1,209,000 $ 870,000 $ 8,339,000 $ 3,500,000 Pediatric portfolio 3,918,000 3,833,000 9,752,000 5,818,000 Consumer Health portfolio 8,355,000 3,453,000 24,059,000 3,453,000 Consolidated revenue $ 13,482,000 $ 8,156,000 $ 42,150,000 $ 12,771,000 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of As of March 31, June 30, 2021 2020 Raw materials $ 2,583,000 $ 397,000 Work in process 3,181,000 − Finished goods 10,812,000 9,603,000 Inventory $ 16,576,000 $ 10,000,000 |
Note 5 - Fixed Assets (Tables)
Note 5 - Fixed Assets (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of As of Estimated March 31, June 30, Useful Lives in years 2021 2020 Manufacturing equipment 2 7 $ 3,072,000 $ 112,000 Leasehold improvements 3 1,259,000 229,000 Office equipment, furniture and other 2 7 966,000 312,000 Lab equipment 3 7 646,000 90,000 Assets under construction 186,000 − Less accumulated depreciation and amortization (571,000 ) (484,000 ) Fixed assets, net $ 5,558,000 $ 259,000 |
Note 6 - Leases, Right-to-use_2
Note 6 - Leases, Right-to-use Assets and Related Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2021 2020 2021 2020 Statement of Operations Classification Lease cost: Operating lease cost $ 69,000 $ 27,000 $ 128,000 $ 72,000 Operating expenses Short-term lease cost 7,000 − 7,000 − Operating expenses Finance lease cost: Amortization of leased assets 19,000 − 19,000 − Cost of sales Interest on lease liabilities 1,000 − 1,000 − Other (expense), net Total net lease cost $ 96,000 $ 27,000 $ 155,000 $ 72,000 |
Assets and Liabilities, Lessee [Table Text Block] | March 31, 2021 June 30, 2020 Balance Sheet Classification Assets: Operating lease assets $ 3,782,000 $ 634,000 Operating lease right-of-use asset Finance lease assets 347,000 − Fixed assets, net Total leased assets $ 4,129,000 $ 634,000 Liabilities: Current: Operating leases $ 911,000 $ 300,000 Current portion of operating lease liabilities Finance leases 100,000 − Current portion of debt Long-term Operating leases 2,872,000 725,000 Long-term operating lease liabilities, net of current portion Finance leases 207,000 - Long-term debt, net of current portion Total lease liabilities $ 4,090,000 $ 1,025,000 |
Lessee, Lease Information [Table Text Block] | March 31, 2021 June 30, 2020 Weighted-Average Remaining Lease Term (years) Operating lease assets 3.67 3.33 Finance lease assets 2.96 − Weighted-Average Discount Rate Operating lease assets 6.62 % 8.09 % Finance lease assets 6.40 % − |
Lessee, Leases, Cash Flow Information [Table Text Block] | Nine Months Ended March 31, 2021 2020 Cash flow classification of lease payments: Operating cash flows from operating leases $ 128,000 $ 72,000 Operating cash flows from finance leases $ 1,000 $ - |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Finance 2021 (remaining 3 months) $ 281,000 $ 29,000 2022 1,154,000 117,000 2023 1,182,000 105,000 2024 1,117,000 88,000 2025 557,000 − Total lease payments 4,291,000 339,000 Less: Imputed interest (508,000 ) (32,000 ) Lease liabilities $ 3,783,000 $ 307,000 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2021 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (8,768,000 ) $ (4,286,000 ) $ 10,595,000 15.15 Acquired product technology right 45,400,000 (3,259,000 ) − 42,141,000 13.37 Acquired technology right 30,200,000 (57,000 ) − 30,143,000 16.97 Acquired product distribution rights 11,354,000 (1,697,000 ) − 9,657,000 7.03 Acquired in-process R&D 2,600,000 - − 2,600,000 Indefinite-lived Acquired commercial technology 630,000 (20,000 ) − 610,000 1.97 Acquired trade name 400,000 (6,000 ) − 394,000 0.97 Acquired customer lists 390,000 (293,000 ) − 97,000 0.37 Total $ 114,623,000 $ (14,100,000 ) $ (4,286,000 ) $ 96,237,000 13.56 June 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (7,062,000 ) $ − $ 16,587,000 11.88 MiOXSYS Patent 380,000 (185,000 ) (195,000 ) − − Acquired product technology right 22,700,000 (1,513,000 ) − 21,187,000 9.34 Acquired product distribution rights 11,354,000 (565,000 ) − 10,789,000 7.78 Acquired customer lists 390,000 (98,000 ) − 292,000 1.12 Total $ 58,473,000 $ (9,423,000 ) $ (195,000 ) $ 48,855,000 9.11 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization 2021 (remaining 3 months) $ 2,234,500 2022 8,529,000 2023 7,981,000 2024 7,825,000 2025 7,591,000 Thereafter 59,476,500 Total future amortization expense $ 93,637,000 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of As of March 31, June 30, 2021 2020 Accrued settlement expense $ 150,000 $ 315,000 Accrued program liabilities 7,836,000 959,000 Accrued product-related fees 2,379,000 2,471,000 Accrued savings offers 19,218,000 − Accrued distributor fees 2,816,000 457,000 Credit card liabilities 657,000 510,000 Medicaid liabilities 1,948,000 1,842,000 Return reserve 5,592,000 1,329,000 Sales taxes payable 182,000 175,000 Other accrued liabilities* 2,404,000 588,000 Total accrued liabilities $ 43,182,000 $ 8,646,000 |
Note 9 - Fair Value Considera_2
Note 9 - Fair Value Considerations (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at March 31, 2021 Fair Value at March 31, 2021 Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Contingent consideration $ 14,904,000 $ – $ – $ 14,904,000 CVR liability 5,591,000 – – 5,591,000 Total $ 20,495,000 $ − $ − $ 20,495,000 Fair Value Measurements at June 30, 2020 Fair Value at June 30, 2020 Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Contingent consideration $ 13,588,000 $ – $ – $ 13,588,000 CVR liability 5,572,000 ) – – 5,572,000 ) Total $ 19,160,000 $ − $ − $ 19,160,000 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | CVR Liability Contingent Consideration Balance as of June 30, 2020 $ 5,572,000 $ 13,588,000 Included in earnings 1,019,000 1,999,000 Settlements (1,000,000 ) (683,000 ) Balance as of March 31, 2021 $ 5,591,000 $ 14,904,000 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | As of March 31, 2021 Contingent Consideration Credit risk assumption 20.80 % Sales volatility 45.00 % Credit spread 3.00 % Time steps per year 1 Number of iterations 500 As of March 31, 2021 Contingent Value Rights Credit risk assumption 9.6 % Time steps per year 30.00 Number of iterations 10,000 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Total 2021 2022 2023 2024 2025 Thereafter Prescription database $ 1,145,000 $ 412,000 $ 733,000 $ − $ − $ − $ − Pediatric portfolio fixed payments and product minimums 15,000,000 825,000 3,300,000 3,300,000 3,300,000 3,300,000 975,000 Inventory purchase commitment 1,472,000 736,000 736,000 − − − − CVR liability 12,000,000 − 2,000,000 5,000,000 5,000,000 − − Product contingent liability 2,500,000 − − − − − 2,500,000 Product milestone payments 3,000,000 − 3,000,000 − − − − Total $ 35,117,000 $ 1,973,000 $ 9,769,000 $ 8,300,000 $ 8,300,000 $ 3,300,000 $ 3,475,000 |
Note 12 - Equity Incentive Pl_2
Note 12 - Equity Incentive Plan (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | As of March 31, 2021 Expected volatility 100.0 % Expected term (years) 4.00 Risk-free interest rate 0.73 % Dividend yield − |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding June 30, 2020 76,614 $ 19.39 9.67 $ − Granted 69,721 − Forfeited/Cancelled (7,553 ) − Expired (2,528 ) − Outstanding at March 31, 2021 136,254 $ 13.14 6.12 $ − Exercisable at March 31, 2021 20,569 $ 87.86 8.56 $ − |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2020 418,454 $ 14.69 6.4 Vested (143,977 ) Unvested at March 31, 2021 274,477 $ 16.27 6.2 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2020 Granted 90,728 $ 8.35 2.21 Vested (2,822 ) Forfeited (544 ) Unvested at March 31, 2021 87,362 $ 8.31 2.26 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Cost of sales $ 9,000 $ − $ 9,000 $ − Research and development 3,000 − 3,000 − Sales, general and administrative 1,514,000 264,000 2,473,000 591,000 Total stock-based compensation expense $ 1,526,000 $ 264,000 $ 2,485,000 $ 591,000 |
Note 13 - Warrants (Tables)
Note 13 - Warrants (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2020 2,288,528 $ 30.26 2.00 Warrants issued 403,760 Warrants expired (1,434,763 ) Outstanding March 31, 2021 1,257,525 $ 41.42 3.05 |
Note 14 - Net Loss Per Common_2
Note 14 - Net Loss Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of March 31, 2021 2020 Warrants to purchase common stock - liability classified 24,105 24,105 Warrant to purchase common stock - equity classified (Note 13) 1,257,525 3,098,604 Employee stock options (Note 12) 136,254 33,844 Employee unvested restricted stock (Note 12) 274,635 334,423 Employee unvested restricted stock units (Note 12) 87,362 − Convertible preferred stock (Note 11) − 980,584 Total 1,779,881 4,471,560 |
Note 15 - Debt (Tables)
Note 15 - Debt (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31,2021 Senior secured credit facility, due on May 11, 2022 $ 15,625,000 Exit fee 1,000,000 Unamortized premium 724,000 Financing leases, maturing through May 2024 307,000 Total debt 17,656,000 Less: current portion (725,000 ) Long-term debt $ 16,931,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | March 31,2021 2021 $ 650,000 2022 16,102,000 2023 96,000 2024 84,000 Future principal payments 16,932,000 Add unamortized premium 724,000 Less current portion (725,000 ) Long-term debt $ 16,931,000 |
Note 16 - Segment Reporting (Ta
Note 16 - Segment Reporting (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months Ended March 31, Nine Months Ended March 31, 2021 2020 2021 2020 Consolidated revenue: Aytu BioPharma $ 5,127,000 $ 4,703,000 $ 18,091,000 $ 9,318,000 Aytu Consumer Health 8,355,000 3,453,000 24,059,000 3,453,000 Consolidated revenue $ 13,482,000 $ 8,156,000 $ 42,150,000 $ 12,771,000 Consolidated net loss: Aytu BioPharma $ (23,570,000 ) $ (4,421,000 ) $ (34,788,000 ) $ (9,565,000 ) Aytu Consumer Health (1,890,000 ) (911,000 ) (4,503,000 ) (911,000 ) Consolidated net loss $ (25,460,000 ) $ (5,332,000 ) $ (39,291,000 ) $ (10,476,000 ) As of As of March 31, June 30, 2021 2020 Total assets: Aytu BioPharma $ 241,593,000 $ 126,267,000 Aytu Consumer Health 29,964,000 27,026,000 Total assets $ 271,557,000 $ 153,293,000 |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition, Basis of Presentation (Details Textual) | Mar. 19, 2021USD ($) | Dec. 08, 2020 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 46,800,000 | $ 46,800,000 | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 13,482,282 | $ 8,156,173 | $ 42,149,561 | $ 12,771,235 | |||
Increase (Decrease) in Revenues, Percentage | 65.00% | 230.00% | |||||
Net Cash Provided by (Used in) Operating Activities, Total | $ 19,700,000 | $ 20,600,000 | $ (19,677,832) | $ (20,609,198) | |||
Assets, Current, Total | 100,012,751 | 100,012,751 | $ 75,422,565 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 28,228,434 | 28,228,434 | 5,632,717 | ||||
Accrued Liabilities, Current, Total | 43,181,920 | 43,181,920 | 8,645,984 | ||||
Accrued Distributor Fees, Reclassified From Accounts Receivable To Accrued Liabilities [Member] | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | (457,000) | ||||||
Accrued Liabilities, Current, Total | $ 457,000 | ||||||
Reverse Stock Split [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | ||||||
Neos Therapeutics, Inc. [Member] | |||||||
Repayments of Long-term Debt, Total | $ 15,400,000 | ||||||
Payments for Merger Related Costs | $ 5,500,000 | ||||||
Acerus [Member] | |||||||
Termination Agreement, Aggregate Amount | 7,500,000 | $ 7,500,000 | |||||
Termination Agreement, Monthly Installment Payments | $ 250,000 | ||||||
Termination Agreement, Equal Monthly Installment Payment , Period (Month) | 2 years 180 days |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 20, 2021 | Mar. 19, 2021 | Mar. 31, 2020 | Mar. 20, 2020 | Feb. 14, 2020 | Feb. 13, 2020 | Nov. 01, 2019 | Jan. 31, 2021 | Jun. 30, 2020 | Jan. 31, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Business Combination, Acquisition Related Costs | $ 1,536,800 | $ 311,083 | $ 2,849,037 | $ 1,533,723 | ||||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 137,735 | $ 101,537 | 4,523,884 | |||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | [1] | 22,250,543 | 74,582,036 | |||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | [1] | $ (32,674,710) | (55,711,884) | |||||||||||||||
Innovus Pharmaceuticals [Member] | ||||||||||||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | $ 30,000,000 | $ 24,000,000 | 24,000,000 | 24,000,000 | ||||||||||||||
Innovus Pharmaceuticals [Member] | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 380,000 | |||||||||||||||||
Business Combination, Consideration Transferred, Contingent Value Rights | $ 16,000,000 | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||
Neos Therapeutics, Inc. [Member] | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 100,000 | |||||||||||||||||
Series H Preferred Stock [Member] | Innovus Pharmaceuticals [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Exercise of Warrants (in shares) | 200,000 | |||||||||||||||||
The Pediatric Portfolio [Member] | ||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 4,500,000 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 9,805,845 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Minimum Annual Royalties | $ 2,100,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 22,700,000 | |||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||||||||||||
The Pediatric Portfolio [Member] | Minimum [Member] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Royalty Payments, Percentage of Revenues | 12.00% | |||||||||||||||||
The Pediatric Portfolio [Member] | Maximum [Member] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Royalty Payments, Percentage of Revenues | 15.00% | |||||||||||||||||
The Pediatric Portfolio [Member] | Cerecor, Inc. [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred, Medicaid Rebates | $ 2,700,000 | |||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred, Product Returns | 800,000 | |||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 3,500,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Fixed and Variable Payments to Investor | 25,600,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Fixed Monthly Payments to Investor | $ 100,000 | |||||||||||||||||
Payments for Fixed Obligations to Investor | $ 15,000,000 | $ 15,000,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Monthly Variable Payments to Investor, Percentage of Revenues | 15.00% | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Monthly Minimum Variable Payments to Investor | $ 100,000 | |||||||||||||||||
Payments for Variable Monthly Obligation to Investor | $ 200,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Variable Payments to Investor | $ 9,500,000 | |||||||||||||||||
The Pediatric Portfolio [Member] | Series G Preferred Stock [Member] | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 980,000 | |||||||||||||||||
Innovus Pharmaceuticals [Member] | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 3,810,393 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 11,744,000 | $ 11,700,000 | ||||||||||||||||
Business Combination, Consideration Transferred, Contingent Value Rights | 7,049,079 | |||||||||||||||||
Stock Issued During Period, Shares, Contingent Value Rights (in shares) | 103,000 | 120,000 | 103,000 | 120,000 | ||||||||||||||
Stock Issued During Period, Value, Contingent Value Rights | $ 1,000,000 | $ 2,000,000 | $ 1 | $ 1,000,000 | ||||||||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | $ 24,000,000 | 30,000,000 | 24,000,000 | 0.40 | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | ||||||||||
Gain (Loss) from Change in Fair Value of CVR | $ (100,000) | $ 300,000 | $ 30 | 400,000 | $ (200,000) | 1,000,000 | $ 200,000 | $ 300,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,100,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 754,822 | $ 800,000 | ||||||||||||||||
Innovus Pharmaceuticals [Member] | Conversion of Notes Payable into Common Stock [Member] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 41,000 | $ 41,000 | $ 41,000 | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 2,200,000 | |||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 180,000 | |||||||||||||||||
Innovus Pharmaceuticals [Member] | Minimum [Member] | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year 182 days | 1 year | ||||||||||||||||
Innovus Pharmaceuticals [Member] | Maximum [Member] | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | 18 years | ||||||||||||||||
Innovus Pharmaceuticals [Member] | Series H Preferred Stock [Member] | ||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 1,997,736 | |||||||||||||||||
Neos Therapeutics, Inc. [Member] | ||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 15,383,104 | |||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 5,471,804 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 56,530,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | 3,515,141 | |||||||||||||||||
Business Combination, Acquisition Related Costs | $ 2,800,000 | |||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 900,000 | |||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (3,900,000) | |||||||||||||||||
[1] | Neos contributed approximately $0.9 million to net revenue and approximately $3.9 million to net loss for the period covering March 20, 2021 through March 31, 2021. |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Mar. 19, 2021 | Feb. 14, 2020 | Nov. 01, 2019 | Mar. 31, 2021 | Jun. 30, 2020 | Feb. 13, 2020 |
Goodwill | $ 65,802,636 | $ 28,090,407 | ||||
Innovus Pharmaceuticals [Member] | ||||||
Total shares issued (in shares) | 3,810,393 | |||||
Estimated fair value per share of Aytu common stock (in dollars per share) | $ 0.756 | |||||
Estimated fair value of equity consideration transferred | $ 2,880,581 | |||||
Total consideration transferred | 12,805,263 | |||||
Inventory | 1,149,625 | |||||
Prepaid assets | 1,692,133 | |||||
Intangible assets - product marketing rights | 11,744,000 | $ 11,700,000 | ||||
Accrued liabilities | 7,202,309 | |||||
Total identifiable net assets | 4,167,991 | |||||
Goodwill | 8,637,272 | |||||
Fair value of former Innovus warrants | 15,315 | |||||
Fair value of Contingent Value Rights | 7,049,079 | |||||
Forgiveness of Note Payable owed to the Company | 1,350,000 | |||||
Total consideration transferred | 12,805,263 | |||||
Cash and cash equivalents | 390,916 | |||||
Accounts receivable | 278,826 | |||||
Other long-term assets | 36,781 | |||||
Right-to-use assets | 328,410 | |||||
Property, plant and equipment | 190,393 | |||||
Other current liabilities | 629,601 | |||||
Notes payable | 3,056,361 | |||||
Lease liability | $ 754,822 | 800,000 | ||||
Total shares issued at close (in shares) | 3,810,393 | |||||
Inventory | $ 1,149,625 | |||||
Operating leases right-to-use assets | 328,410 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,744,000 | 11,700,000 | ||||
Accounts payable and accrued expenses | (7,202,309) | |||||
Operating lease liabilities | $ (754,822) | $ (800,000) | ||||
Innovus Pharmaceuticals [Member] | Series H Preferred Stock [Member] | ||||||
Total shares issued (in shares) | 1,997,736 | |||||
Estimated fair value per share of Aytu common stock (in dollars per share) | $ 0.756 | |||||
Estimated fair value of equity consideration transferred | $ 1,510,288 | |||||
Total shares issued at close (in shares) | 1,997,736 | |||||
Neos Therapeutics, Inc. [Member] | ||||||
Cash and cash equivalents | $ 15,383,104 | |||||
Total shares issued (in shares) | 5,471,804 | |||||
Estimated fair value per share of Aytu common stock (in dollars per share) | $ 9.73 | |||||
Estimated fair value of equity consideration transferred | $ 53,240,653 | |||||
Total consideration transferred | 69,056,046 | |||||
Inventory | 10,984,055 | |||||
Prepaid assets | 2,929,457 | |||||
Intangible assets - product marketing rights | 56,530,000 | |||||
Accrued liabilities | 56,718,159 | |||||
Total identifiable net assets | 31,343,817 | |||||
Goodwill | 37,712,229 | |||||
Total consideration transferred | 69,056,046 | |||||
Cash and cash equivalents | 15,721,797 | |||||
Accounts receivable | 24,695,527 | |||||
Other long-term assets | 148,931 | |||||
Right-to-use assets | 3,515,141 | |||||
Property, plant and equipment | 5,518,801 | |||||
Lease liability | $ 3,515,141 | |||||
Total shares issued at close (in shares) | 5,471,804 | |||||
Estimated fair value of replacement equity awards | $ 432,289 | |||||
Inventory | 10,984,055 | |||||
Operating leases right-to-use assets | 3,515,141 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 56,530,000 | |||||
Accounts payable and accrued expenses | (56,718,159) | |||||
Short-term line of credit | (10,707,115) | |||||
Long-term debt, including current portion | (17,677,954) | |||||
Operating lease liabilities | (3,515,141) | |||||
Other long-term liabilities | $ (81,523) | |||||
The Pediatric Portfolio [Member] | ||||||
Cash and cash equivalents | $ 4,500,000 | |||||
Total shares issued (in shares) | 9,805,845 | |||||
Estimated fair value per share of Aytu common stock (in dollars per share) | $ 0.567 | |||||
Estimated fair value of equity consideration transferred | $ 5,559,914 | |||||
Total consideration transferred | 10,059,914 | |||||
Inventory | 459,123 | |||||
Prepaid assets | 1,743,555 | |||||
Other current assets | 2,525,886 | |||||
Intangible assets - product marketing rights | 22,700,000 | |||||
Accrued liabilities | 300,000 | |||||
Accrued product program liabilities | 6,683,932 | |||||
Assumed fixed payment obligations | 29,837,853 | |||||
Total identifiable net assets | 9,393,221 | |||||
Goodwill | 19,453,135 | |||||
Total consideration transferred | $ 10,059,914 | |||||
Total shares issued at close (in shares) | 9,805,845 | |||||
Inventory | $ 459,123 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 22,700,000 | |||||
Accounts payable and accrued expenses | $ (300,000) |
Note 2 - Acquisitions - Identif
Note 2 - Acquisitions - Identifiable Intangible Assets Acqured (Details) - Neos Therapeutics, Inc. [Member] | Mar. 19, 2021USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 56,530,000 |
In Process Research and Development [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 2,600,000 |
Developed Technology Rights [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 30,200,000 |
Developed Products Technology [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 22,700,000 |
RXConnect [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 630,000 |
Trade Names [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 400,000 |
Note 2 - Acquisitions - Unaudit
Note 2 - Acquisitions - Unaudited Pro Forma Results (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2021 | Mar. 31, 2020 | [2],[3] | Mar. 31, 2021 | Mar. 31, 2020 | [4] | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | [1] | $ 22,250,543 | $ 74,582,036 | ||||||
Total revenues, net | $ 24,824,477 | $ 83,141,373 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | [1] | $ (32,674,710) | $ (55,711,884) | ||||||
Net (loss) | $ (13,800,554) | $ (31,686,745) | |||||||
Net (loss) per share (ee) (in dollars per share) | [5] | $ (1.41) | [1] | $ (3.91) | $ (2.71) | [1] | $ (14.01) | ||
[1] | Neos contributed approximately $0.9 million to net revenue and approximately $3.9 million to net loss for the period covering March 20, 2021 through March 31, 2021. | ||||||||
[2] | Due to the absence of discrete financial information for Innovus covering the period from January 1, 2020 through February 13, 2020, the Company did not include the impact of that stub-period for the pro forma results for the three and nine months ended March 31, 2020. | ||||||||
[3] | For the three months ended March 31, 2020, the Pediatric Portfolio acquisition occurred prior to the three months ended March 31, 2020, and accordingly, the results of the Pediatric Portfolio are fully consolidated into the Company's results for the three months ended March 31, 2020. | ||||||||
[4] | Due to a lack of financial information covering the period from October 1, 2019 through November 1, 2019, the Company was not able to provide pro forma adjusted financial statements for the nine months ended March 31, 2020 without making estimated extrapolations that the Company did not believe would be material or useful to users of the above pro forma information. | ||||||||
[5] | Pro forma net loss per share calculations excluded the impact of the issuance of the (i) Series G Convertible Preferred Stock and the, (ii) Series H Convertible Preferred Stock under the assumption those shares would continue to remain non-participatory during the periods reported above. |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Other Current Assets [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total | $ 42,000 | $ 0 |
Accrued Liabilities Current [Member] | ||
Contract with Customer, Liability, Current | $ 200,000 | $ 300,000 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenues by Geographic Location (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Total net revenue | $ 13,482,282 | $ 8,156,173 | $ 42,149,561 | $ 12,771,235 |
UNITED STATES | ||||
Total net revenue | 12,344,000 | 7,273,000 | 38,245,000 | 11,582,000 |
Non-US [Member] | ||||
Total net revenue | $ 1,138,000 | $ 883,000 | $ 3,905,000 | $ 1,189,000 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Revenues by Product Portfolio (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Total net revenue | $ 13,482,282 | $ 8,156,173 | $ 42,149,561 | $ 12,771,235 |
Primary Care and Devices [Member] | ||||
Total net revenue | 1,209,000 | 870,000 | 8,339,000 | 3,500,000 |
Pediatric [Member] | ||||
Total net revenue | 3,918,000 | 3,833,000 | 9,752,000 | 5,818,000 |
Consumer Health [Member] | ||||
Total net revenue | $ 8,355,000 | $ 3,453,000 | $ 24,059,000 | $ 3,453,000 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory Write-down | $ 7,000,000 | $ 0 | $ 7,227,230 | $ 0 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventory Balances (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Raw materials | $ 2,583,000 | $ 397,000 |
Work in process | 3,181,000 | |
Finished goods | 10,812,000 | 9,603,000 |
Inventory | $ 16,575,757 | $ 9,999,441 |
Note 5 - Fixed Assets (Details
Note 5 - Fixed Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 0 | $ (112,110) | ||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 68,000 | $ 24,000 | $ 119,000 | $ 56,000 |
Note 5 - Fixed Assets - Fixed A
Note 5 - Fixed Assets - Fixed Assets (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2020 | |
Less accumulated depreciation and amortization | $ (571,000) | $ (484,000) |
Fixed assets, net | 5,557,727 | 258,516 |
Manufacturing Equipment [Member] | ||
Fixed assets, gross | $ 3,072,000 | 112,000 |
Manufacturing Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Manufacturing Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 7 years | |
Leasehold Improvements [Member] | ||
Estimated useful life (Year) | 3 years | |
Fixed assets, gross | $ 1,259,000 | 229,000 |
Office Equipment, Furniture and Other [Member] | ||
Fixed assets, gross | $ 966,000 | 312,000 |
Office Equipment, Furniture and Other [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Office Equipment, Furniture and Other [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 7 years | |
Lab Equipment [Member] | ||
Fixed assets, gross | $ 646,000 | 90,000 |
Lab Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Lab Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 7 years | |
Asset under Construction [Member] | ||
Fixed assets, gross | $ 186,000 |
Note 6 - Leases, Right-to-use_3
Note 6 - Leases, Right-to-use Assets and Related Liabilities (Details Textual) - USD ($) | 9 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 19, 2021 | Oct. 01, 2020 | Aug. 28, 2020 | Jun. 30, 2020 | |
Operating Lease, Right-of-Use Asset | $ 3,781,737 | $ 634,093 | ||||
Operating Lease, Liability, Total | 3,783,000 | |||||
Gain (Loss) on Termination of Lease | 343,185 | |||||
Lease for Warehouse Space in Carlsbad, CA [Member] | ||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |||||
Innovus Pharmaceuticals [Member] | ||||||
Lessee, Operating Lease, Termination Agreement, Two Months Rent | $ 44,306 | |||||
Lessee, Operating Lease, Termination Agreement, Additional Fee | 125,000 | |||||
Security Deposit | $ 20,881 | |||||
Operating Lease, Liability, Total | $ 700,000 | |||||
Gain (Loss) on Termination of Lease | $ 343,000 | |||||
Neos Therapeutics, Inc. [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 3,500,000 | |||||
Lessee, Operating Lease, Discount Rate | 6.70% | |||||
Lessee, Finance Lease, Discount Rate | 5.90% | |||||
Operating Lease, Liability, Total | $ 3,500,000 |
Note 6 - Leases, Right-to-use_4
Note 6 - Leases, Right-to-use Assets and Related Liabilities - Lease Expenses and Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Total net lease cost | $ 96,000 | $ 27,000 | $ 155,000 | $ 72,000 |
Operating Expense [Member] | ||||
Operating lease cost | 69,000 | 27,000 | 128,000 | 72,000 |
Short-term lease cost | 7,000 | 7,000 | ||
Cost of Sales [Member] | ||||
Amortization of leased assets | 19,000 | 19,000 | ||
Other Expense [Member] | ||||
Interest on lease liabilities | $ 1,000 | $ 1,000 |
Note 6 - Leases, Right-to-use_5
Note 6 - Leases, Right-to-use Assets and Related Liabilities - Balance Sheet Information (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Operating Lease, Right-of-Use Asset | $ 3,781,737 | $ 634,093 |
Total leased assets | 4,129,000 | 634,000 |
Operating leases liabilities | 910,885 | 300,426 |
Operating leases, long-term | 2,871,845 | 725,374 |
Total lease liabilities, long-term | 4,090,000 | 1,025,000 |
Fixed Assets, Net [Member] | ||
Finance lease assets | 347,000 | |
Current Portion of Debt [Member] | ||
Finance leases liabilities | 100,000 | |
Long-term Debt, Net of Current Portion [Member] | ||
Finance leases, long-term | $ 207,000 |
Note 6 - Leases, Right-to-use_6
Note 6 - Leases, Right-to-use Assets and Related Liabilities - Lease Information (Details) | Mar. 31, 2021 | Jun. 30, 2020 |
Operating lease assets, weighted-average remaining lease term (years) (Year) | 3 years 244 days | 3 years 120 days |
Finance lease assets, weighted-average remaining lease term (years) (Year) | 2 years 350 days | |
Operating lease, weighted-average discount rate | 6.62% | 8.09% |
Finance lease assets, weighted-average discount rate | 6.40% |
Note 6 - Leases, Right-to-use_7
Note 6 - Leases, Right-to-use Assets and Related Liabilities - Cash Flow Information (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating cash flows from operating leases | $ 128,000 | $ 72,000 |
Operating cash flows from finance leases | $ 1,000 |
Note 6 - Leases, Right-to-use_8
Note 6 - Leases, Right-to-use Assets and Related Liabilities - Maturities of Lease Liabilities (Details) | Mar. 31, 2021USD ($) |
2021 (remaining 3 months), operating | $ 281,000 |
2021 (remaining 3 months), finance | 29,000 |
2022, operating | 1,154,000 |
2022, finance | 117,000 |
2023, operating | 1,182,000 |
2023, finance | 105,000 |
2024, operating | 1,117,000 |
2024, finance | 88,000 |
2025, operating | 557,000 |
2025, finance | |
Total lease payments, operating | 4,291,000 |
Total lease payments, finance | 339,000 |
Less: Imputed interest, operating lease | (508,000) |
Less: Imputed interest, finance | (32,000) |
Lease liabilities, operating lease | 3,783,000 |
Lease liabilities, finance | $ 307,000 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Impairment of Intangible Assets, Finite-lived | $ 4,286,000 | $ 195,000 | |||
Finite-Lived Intangible Assets, Net, Ending Balance | 93,637,000 | $ 93,637,000 | |||
Amortization of Intangible Assets, Total | 1,700,000 | $ 1,400,000 | $ 4,900,000 | $ 2,900,000 | |
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Period before Next Renewal or Extension (Year) | 1 year | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Period before Next Renewal or Extension (Year) | 20 years | ||||
Natesto [Member] | Licensed Asset [Member] | |||||
Impairment of Intangible Assets, Finite-lived | 4,300,000 | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | 0 | $ 0 | |||
Neos Therapeutics, Inc. [Member] | |||||
Termination Agreement, Aggregate Amount | $ 7,500,000 | $ 7,500,000 | |||
Termination Agreement, Equal Monthly Installment Payment , Period (Month) | 2 years 180 days |
Note 7 - Intangible Assets - Su
Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Intangible assets, accumulated amortization | $ (14,100,000) | $ (9,423,000) |
Intangible assets, impairment | (4,286,000) | $ (195,000) |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 93,637,000 | |
Intangible assets, weighted-average remaining life (Year) | 13 years 204 days | 9 years 40 days |
Intangible assets, gross carrying amount | $ 114,623,000 | $ 58,473,000 |
Intangible assets, net carrying amount | 96,236,796 | 48,854,561 |
In Process Research and Development [Member] | ||
Indefinite-lived Intangible assets | 2,600,000 | |
Licensed Assets [Member] | ||
Intangible assets, gross carrying amount | 23,649,000 | 23,649,000 |
Intangible assets, accumulated amortization | (8,768,000) | (7,062,000) |
Intangible assets, impairment | (4,286,000) | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 10,595,000 | $ 16,587,000 |
Intangible assets, weighted-average remaining life (Year) | 15 years 54 days | 11 years 321 days |
Technology-Based Intangible Assets [Member] | ||
Intangible assets, gross carrying amount | $ 45,400,000 | $ 22,700,000 |
Intangible assets, accumulated amortization | (3,259,000) | (1,513,000) |
Intangible assets, impairment | ||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 42,141,000 | $ 21,187,000 |
Intangible assets, weighted-average remaining life (Year) | 13 years 135 days | 9 years 124 days |
MiOXSYS Patent [Member] | ||
Intangible assets, gross carrying amount | $ 380,000 | |
Intangible assets, accumulated amortization | (185,000) | |
Intangible assets, impairment | (195,000) | |
Finite-Lived Intangible Assets, Net, Ending Balance | ||
Intangible assets, weighted-average remaining life (Year) | ||
Developed Technology Rights [Member] | ||
Intangible assets, gross carrying amount | $ 30,200,000 | |
Intangible assets, accumulated amortization | (57,000) | |
Intangible assets, impairment | ||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 30,143,000 | |
Intangible assets, weighted-average remaining life (Year) | 16 years 354 days | |
Product Distribution Rights [Member] | ||
Intangible assets, gross carrying amount | $ 11,354,000 | |
Intangible assets, accumulated amortization | (1,697,000) | |
Intangible assets, impairment | ||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 9,657,000 | |
Intangible assets, weighted-average remaining life (Year) | 7 years 10 days | |
Distribution Rights [Member] | ||
Intangible assets, gross carrying amount | $ 11,354,000 | |
Intangible assets, accumulated amortization | (565,000) | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 10,789,000 | |
Intangible assets, weighted-average remaining life (Year) | 7 years 284 days | |
Customer Lists [Member] | ||
Intangible assets, gross carrying amount | $ 390,000 | $ 390,000 |
Intangible assets, accumulated amortization | (293,000) | (98,000) |
Intangible assets, impairment | ||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 97,000 | $ 292,000 |
Intangible assets, weighted-average remaining life (Year) | 135 days | 1 year 43 days |
Commercial Technology [Member] | ||
Intangible assets, gross carrying amount | $ 630,000 | |
Intangible assets, accumulated amortization | (20,000) | |
Intangible assets, impairment | ||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 610,000 | |
Intangible assets, weighted-average remaining life (Year) | 1 year 354 days | |
Trade Names [Member] | ||
Intangible assets, gross carrying amount | $ 400,000 | |
Intangible assets, accumulated amortization | (6,000) | |
Intangible assets, impairment | ||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 394,000 | |
Intangible assets, weighted-average remaining life (Year) | 354 days |
Note 7 - Intangible Assets - Am
Note 7 - Intangible Assets - Amortizable - Estimated Future Amortization Expense (Details) | Mar. 31, 2021USD ($) |
2021 (remaining 3 months) | $ 2,234,500 |
2022 | 8,529,000 |
2023 | 7,981,000 |
2024 | 7,825,000 |
2025 | 7,591,000 |
Thereafter | 59,476,500 |
Total future amortization expense | $ 93,637,000 |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 | |
Accrued settlement expense | $ 150,000 | $ 315,000 | |
Accrued program liabilities | 7,836,000 | 959,000 | |
Accrued product-related fees | 2,379,000 | 2,471,000 | |
Accrued savings offers | 19,218,000 | ||
Accrued distributor fees | 2,816,000 | 457,000 | |
Credit card liabilities | 657,000 | 510,000 | |
Medicaid liabilities | 1,948,000 | 1,842,000 | |
Return reserve | 5,592,000 | 1,329,000 | |
Sales taxes payable | 182,000 | 175,000 | |
Other accrued liabilities* | [1] | 2,404,000 | 588,000 |
Total accrued liabilities | $ 43,181,920 | $ 8,645,984 | |
[1] | Other accrued liabilities consist of franchise tax, accounting and legal fees, interest payable, merchant services charges, none of which individually represent greater than five percent of total current liabilities. |
Note 9 - Fair Value Considera_3
Note 9 - Fair Value Considerations (Details Textual) | Mar. 20, 2021USD ($)shares | Mar. 31, 2020USD ($)shares | Mar. 20, 2020USD ($)shares | Nov. 30, 2021USD ($) | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Feb. 14, 2020USD ($) | Nov. 02, 2018USD ($) | Jun. 11, 2018USD ($) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (631,298) | $ 2,680,022 | |||||||||||
Tuzistra XR [Member] | |||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 14,400,000 | 14,400,000 | $ 8,800,000 | ||||||||||
Tuzistra XR [Member] | Forecast [Member] | |||||||||||||
Payment for Contingent Consideration Liability, Operating Activities | $ 3,000,000 | ||||||||||||
ZolpiMist [Member] | |||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 300,000 | $ 2,600,000 | |||||||||||
Innovus Pharmaceuticals [Member] | |||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 200,000 | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 15,000 | 44,000 | |||||||||||
Business Combination, Contingent Value Rights, Maximum Range of Outcomes | $ 16,000,000 | 16,000,000 | |||||||||||
Business Combination, Maximum Shares to be Issued to Settle CVR (in shares) | shares | 470,000 | ||||||||||||
Stock Issued During Period, Shares, Contingent Value Rights (in shares) | shares | 103,000 | 120,000 | 103,000 | 120,000 | |||||||||
Stock Issued During Period, Value, Contingent Value Rights | $ 1,000,000 | $ 2,000,000 | $ 1 | $ 1,000,000 | |||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | 30,000,000 | 24,000,000 | 0.40 | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | ||||||
Gain (Loss) from Change in Fair Value of CVR | $ (100,000) | $ 300,000 | $ 30 | $ 400,000 | $ (200,000) | $ 1,000,000 | $ 200,000 | $ 300,000 | |||||
Innovus Pharmaceuticals [Member] | Measurement Input, Discount Rate [Member] | |||||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.3 |
Note 9 - Fair Value Considera_4
Note 9 - Fair Value Considerations - Financial Liabilities Accounted for at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Contingent consideration | $ 14,904,000 | $ 13,588,000 |
CVR liability | 5,591,000 | 5,572,000 |
Total | 20,495,000 | 19,160,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Contingent consideration | ||
CVR liability | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Contingent consideration | ||
CVR liability | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration | 14,904,000 | 13,588,000 |
CVR liability | 5,591,000 | 5,572,000 |
Total | $ 20,495,000 | $ 19,160,000 |
Note 9 - Fair Value Considera_5
Note 9 - Fair Value Considerations - Summary of Level 3 Input Changes (Details) | 9 Months Ended |
Mar. 31, 2021USD ($) | |
CVR Liability [Member] | |
Balance | $ 5,572,000 |
Included in earnings | 1,019,000 |
Settlements | (1,000,000) |
Balance | 5,591,000 |
Contingent Consideration [Member] | |
Balance | 13,588,000 |
Included in earnings | 1,999,000 |
Settlements | (683,000) |
Balance | $ 14,904,000 |
Note 9 - Fair Value Considera_6
Note 9 - Fair Value Considerations - Significant Assumptions (Details) | Mar. 31, 2021 |
Credit Risk Assumption [Member] | |
Contingent consideration, measurement input | 0.208 |
Contingent value rights, measurement input | 0.096 |
Sales Volatility [Member] | |
Contingent consideration, measurement input | 0.45 |
Time Steps Per Year [Member] | |
Contingent consideration, measurement input | 1 |
Contingent value rights, measurement input | 30 |
Credit Spread [Member] | |
Contingent consideration, measurement input | 0.03 |
Number of Iterations [Member] | |
Contingent consideration, measurement input | 500 |
Contingent value rights, measurement input | 10,000 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | Mar. 20, 2021USD ($)shares | May 29, 2020USD ($) | Mar. 31, 2020USD ($)shares | Mar. 20, 2020USD ($)shares | Nov. 01, 2019USD ($) | Jan. 31, 2020USD ($) | May 31, 2016USD ($) | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 31, 2021USD ($) | May 01, 2020USD ($) | Feb. 14, 2020USD ($) | Feb. 28, 2015USD ($) |
Contractual Obligation, Total | $ 35,117,000 | $ 35,117,000 | ||||||||||||||||
Tris Pharma, Inc. [Member] | Karbinal Agreement [Member] | ||||||||||||||||||
Supply and Distribution Commitment, Period (Year) | 20 years | |||||||||||||||||
Supply and Distribution Commitment, Total Royalty, Percentage of Net Sales | 23.50% | |||||||||||||||||
Supply and Distribution Commitment, Third Party, Royalty, Percentage of Net Sales | 8.50% | |||||||||||||||||
Supply and Distribution Commitment, Royalty, Percentage of Net Sales | 15.00% | 15.00% | ||||||||||||||||
Supply and Distribution Agreement, Maximum Yearly Make-whole Payment | $ 2,100,000 | |||||||||||||||||
Supply and Distribution Agreement, Minimum Sales Per Year | 70,000 | |||||||||||||||||
Supply and Distribution Agreement, Make-whole Payment Per Unit for Sales Under Minimum | $ 30 | |||||||||||||||||
Supply and Distribution Agreement, Maximum Milestone Obligations | 3,000,000 | |||||||||||||||||
Supply and Distribution Agreement, First Milestone, Minimum Net Revenues | 40,000,000 | |||||||||||||||||
Innovus Pharmaceuticals [Member] | ||||||||||||||||||
Stock Issued During Period, Shares, Contingent Value Rights (in shares) | shares | 103,000 | 120,000 | 103,000 | 120,000 | ||||||||||||||
Stock Issued During Period, Value, Contingent Value Rights | $ 1,000,000 | $ 2,000,000 | $ 1 | $ 1,000,000 | ||||||||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | 30,000,000 | 24,000,000 | 0.40 | 24,000,000 | $ 24,000,000 | 24,000,000 | $ 24,000,000 | |||||||||||
Gain (Loss) from Change in Fair Value of CVR | $ (100,000) | $ 300,000 | $ 30 | 400,000 | $ (200,000) | 1,000,000 | $ 200,000 | $ 300,000 | ||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 200,000 | |||||||||||||||||
Novalere [Member] | Innovus Pharmaceuticals [Member] | ||||||||||||||||||
Business Acquisition, Contingent Consideration, Number of Payments | 5 | |||||||||||||||||
Business Acquisition, Contingent Consideration, Payment Upon Each Sales Milestone | $ 500,000 | |||||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 200,000 | 200,000 | ||||||||||||||||
Prescription Database [Member] | ||||||||||||||||||
Unrecorded Unconditional Purchase Obligation, Total | $ 1,600,000 | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation, Term (Year) | 3 years | |||||||||||||||||
Contractual Obligation, Total | 1,145,000 | 1,145,000 | ||||||||||||||||
Prescription Database [Member] | The Pediatric Portfolio [Member] | ||||||||||||||||||
Unrecorded Unconditional Purchase Obligation, Total | $ 600,000 | |||||||||||||||||
First Pediatric Portfolio Fixed Obligation [Member] | ||||||||||||||||||
Contractual Obligation, Monthly Payment | $ 86,840 | |||||||||||||||||
Contractual Obligation, Balloon Payment | $ 15,000,000 | |||||||||||||||||
Repayments of Fixed Obligation | $ 15,000,000 | |||||||||||||||||
Second Pediatric Portfolio Fixed Obligation [Member] | ||||||||||||||||||
Contractual Obligation, Monthly Payment | $ 100,000 | |||||||||||||||||
Payments for Fixed Obligations to Investor | $ 210,767 | |||||||||||||||||
Inventories [Member] | ||||||||||||||||||
Contractual Obligation, Total | 1,472,000 | 1,472,000 | ||||||||||||||||
Inventories [Member] | Hikma Pharmaceuticals USA, Inc. [Member] | ||||||||||||||||||
Unrecorded Unconditional Purchase Obligation, Total | $ 1,000,000 | |||||||||||||||||
Product Milestone Payments [Member] | ||||||||||||||||||
Contractual Obligation, Total | $ 3,000,000 | $ 3,000,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Summary of Commitments and Contingencies (Details) | Mar. 31, 2021USD ($) |
Total | $ 35,117,000 |
2021 | 1,973,000 |
2022 | 9,769,000 |
2023 | 8,300,000 |
2025 | 3,300,000 |
Thereafter | 3,475,000 |
2021 | 1,973,000 |
Prescription Database [Member] | |
Total | 1,145,000 |
2021 | 412,000 |
2022 | 733,000 |
2023 | |
2024 | |
2025 | |
Thereafter | |
2021 | 412,000 |
Pediatric Portfolio Fixed Payments and Product Minimums [Member] | |
Total | 15,000,000 |
2021 | 825,000 |
2022 | 3,300,000 |
2023 | 3,300,000 |
2024 | 3,300,000 |
2025 | 3,300,000 |
Thereafter | 975,000 |
2021 | 825,000 |
Inventories [Member] | |
Total | 1,472,000 |
2021 | 736,000 |
2022 | 736,000 |
2023 | |
2024 | |
2025 | |
Thereafter | |
2021 | 736,000 |
CVR Liability [Member] | |
Total | 12,000,000 |
2021 | |
2022 | 2,000,000 |
2023 | 5,000,000 |
2024 | 5,000,000 |
2025 | |
Thereafter | |
2021 | |
Product Contingent Liability [Member] | |
Total | 2,500,000 |
2021 | |
2022 | |
2023 | |
2024 | |
2025 | |
Thereafter | 2,500,000 |
2021 | |
Product Milestone Payments [Member] | |
Total | 3,000,000 |
2021 | |
2022 | 3,000,000 |
2023 | |
2025 | |
Thereafter | |
2021 |
Note 11 - Capital Structure (De
Note 11 - Capital Structure (Details Textual) - USD ($) | Mar. 20, 2021 | Mar. 19, 2021 | Dec. 10, 2020 | Mar. 31, 2020 | Mar. 20, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 |
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 12,583,736 | 23,457,887 | 23,457,887 | 23,457,887 | |||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | 0 | 0 | ||||||||
Stock Issued During Period, Value, New Issues | $ 28,317,444 | $ 33,278,756 | |||||||||||
Payments of Stock Issuance Costs | $ 4,430,516 | $ 5,280,426 | |||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 403,760 | ||||||||||||
Neos Therapeutics, Inc. [Member] | |||||||||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | 5,447,000 | ||||||||||||
Innovus Pharmaceuticals [Member] | |||||||||||||
Stock Issued During Period, Shares, Contingent Value Rights (in shares) | 103,000 | 120,000 | 103,000 | 120,000 | |||||||||
Stock Issued During Period, Value, Contingent Value Rights | $ 1,000,000 | $ 2,000,000 | $ 1 | $ 1,000,000 | |||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | $ 30,000,000 | $ 24,000,000 | $ 0.40 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | $ 24,000,000 | |||||
Wainwright [Member] | |||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,791,667 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 28,800,000 | ||||||||||||
Payments of Stock Issuance Costs | $ 2,600,000 | ||||||||||||
Underwriting Agreement, Commitment Offering, Shares (in shares) | 4,166,667 | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 6 | ||||||||||||
Underwriting Agreement, Overallotment Option, Shares (in shares) | 625,000 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 26,200,000 | ||||||||||||
Neos Directors and Officers [Member] | Neos Therapeutics, Inc. [Member] | |||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 24,804 | ||||||||||||
Conversion of Debt to Common Stock [Member] | |||||||||||||
Debt Conversion, Original Debt, Amount | $ 800,000 | ||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 130,081 | ||||||||||||
Warrants Issued in Connection with March Offerings [Member] | |||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 92,302 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 92,302 | ||||||||||||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 15.99 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 1 year | ||||||||||||
Warrants and Rights Outstanding | $ 356,000 | ||||||||||||
Warrants Issued in Connection With Wainwright Offering [Member] | |||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 311,458 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 311,458 | ||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||
Warrants and Rights Outstanding | $ 1,300,000 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.50 | ||||||||||||
At-the-market Offering [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 430,230 | 352,912 | 783,142 | ||||||||||
Stock Issued During Period, Value, New Issues | $ 6,800,000 | $ 3,600,000 | $ 10,400,000 | ||||||||||
Payments of Stock Issuance Costs | $ 200,000 | $ 1,600,000 | $ 1,800,000 | ||||||||||
The March Offerings [Member] | |||||||||||||
Payments of Stock Issuance Costs | $ 1,500,000 | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 274,635 | 274,635 | 274,635 |
Note 12 - Equity Incentive Pl_3
Note 12 - Equity Incentive Plan (Details Textual) - USD ($) | Mar. 19, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 13, 2020 | Jul. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 69,721 | 0 | ||||||
Share-based Payment Arrangement, Expense | $ 1,526,000 | $ 264,000 | $ 2,485,000 | $ 591,000 | ||||
Severance Agreements [Member] | Accrued Expense [Member] | ||||||||
Deferred Compensation Share-based Arrangements, Liability, Current | $ 100,000 | $ 100,000 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 55,000 | 90,728 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 7.60 | $ 8.35 | ||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 500,000 | $ 500,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 109 days | |||||||
Share-based Payment Arrangement, Expense | $ 100,000 | 7,000 | 300,000 | 14,000 | ||||
Restricted Stock [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 1,300,000 | $ 300,000 | $ 2,100,000 | $ 600,000 | ||||
The 2015 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | 3,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4,603,990 | 4,603,990 | ||||||
The 2015 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 73 days | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 600,000 | $ 600,000 | ||||||
The 2015 Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 years 73 days | |||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4,000,000 | 4,000,000 | ||||||
Neos 2015 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 105,449 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 69,721 | |||||||
Neos 2015 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 35,728 | |||||||
Non-plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 5 years 109 days | |||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,100,000 | $ 1,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 158 | 158 |
Note 12 - Equity Incentive Pl_4
Note 12 - Equity Incentive Plan - Stock Option (Details) - Share-based Payment Arrangement, Option [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Expected volatility | 100.00% |
Expected term (years) (Year) | 4 years |
Risk-free interest rate | 0.73% |
Dividend yield |
Note 12 - Equity Incentive Pl_5
Note 12 - Equity Incentive Plan - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Outstanding, number of options (in shares) | 76,614 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 19.39 | ||
Outstanding, weighted average remaining contractual life (Year) | 6 years 43 days | 9 years 244 days | |
Granted, number of options (in shares) | 69,721 | 0 | |
Granted, weighted average exercise price (in dollars per share) | |||
Forfeited/Cancelled, number of options (in shares) | (7,553) | ||
Forfeited/Cancelled, weighted average exercise price (in dollars per share) | |||
Expired, number of options (in shares) | (2,528) | ||
Expired, weighted average exercise price (in dollars per share) | |||
Outstanding, number of options (in shares) | 136,254 | 76,614 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 13.14 | $ 19.39 | |
Outstanding, aggregate intrinsic value | |||
Exercisable at March 31, 2021 (in shares) | 20,569 | ||
Exercisable at March 31, 2021 (in dollars per share) | $ 87.86 | ||
Exercisable at March 31, 2021 (Year) | 8 years 204 days | ||
Exercisable at March 31, 2021 |
Note 12 - Equity Incentive Pl_6
Note 12 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Unvested at June 30, 2020 (in shares) | 418,454 | |
Unvested at June 30, 2020 (in dollars per share) | $ 14.69 | |
Unvested at June 30, 2020 (Year) | 6 years 73 days | 6 years 146 days |
Vested, number of shares (in shares) | (143,977) | |
Unvested at March 31, 2021 (in shares) | 274,477 | 418,454 |
Unvested at March 31, 2021 (in dollars per share) | $ 16.27 | $ 14.69 |
Note 12 - Equity Incentive Pl_7
Note 12 - Equity Incentive Plan - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | |
Granted number of shares (in shares) | 55,000 | 90,728 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 7.60 | $ 8.35 | |
Granted (Year) | 2 years 76 days | ||
Vested, number of shares (in shares) | (2,822) | ||
Forfeited number of shares (in shares) | (544) | ||
Unvested at March 31, 2021 (in shares) | 87,362 | 87,362 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 8.31 | $ 8.31 | |
Unvested at June 30, 2020 (Year) | 2 years 94 days |
Note 12 - Equity Incentive Pl_8
Note 12 - Equity Incentive Plan - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Total stock-based compensation expense | $ 1,526,000 | $ 264,000 | $ 2,485,000 | $ 591,000 |
Cost of Sales [Member] | ||||
Total stock-based compensation expense | 9,000 | 9,000 | ||
Research and Development Expense [Member] | ||||
Total stock-based compensation expense | 3,000 | 3,000 | ||
Selling, General and Administrative Expenses [Member] | ||||
Total stock-based compensation expense | $ 1,514,000 | $ 264,000 | $ 2,473,000 | $ 591,000 |
Note 13 - Warrants (Details Tex
Note 13 - Warrants (Details Textual) - USD ($) | Dec. 15, 2020 | Jul. 31, 2020 | Mar. 31, 2021 |
Class of Warrant or Right, Issued During Period (in shares) | 403,760 | ||
Warrants Issued in Connection with March Offerings [Member] | |||
Class of Warrant or Right, Issued During Period (in shares) | 92,302 | ||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 15.99 | ||
Warrants and Rights Outstanding, Term (Year) | 1 year | ||
Warrants and Rights Outstanding | $ 356,000 | ||
December 15, 2020 Offering [Member] | |||
Class of Warrant or Right, Issued During Period (in shares) | 311,458 | ||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 7.50 | ||
Warrants and Rights Outstanding | $ 1,300,000 |
Note 13 - Warrants - Summary of
Note 13 - Warrants - Summary of Equity-based Warrants (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Outstanding, number of warrants (in shares) | 2,288,528 | |
Outstanding, weighted average remaining contractual life (Year) | 3 years 18 days | 2 years |
Warrants issued, number of warrants (in shares) | 403,760 | |
Warrants expired, number of warrants (in shares) | (1,434,763) | |
Outstanding, number of warrants (in shares) | 1,257,525 | 2,288,528 |
Weighted Average [Member] | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 30.26 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 41.42 | $ 30.26 |
Note 14 - Net Loss Per Common_3
Note 14 - Net Loss Per Common Share - Antidilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive securities (in shares) | 1,779,881 | 4,471,560 |
Liability Warrants [Member] | ||
Antidilutive securities (in shares) | 24,105 | 24,105 |
Equity-based Warrants [Member] | ||
Antidilutive securities (in shares) | 1,257,525 | 3,098,604 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 136,254 | 33,844 |
Restricted Stock [Member] | ||
Antidilutive securities (in shares) | 274,635 | 334,423 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 87,362 | |
Convertible Preferred Stock [Member] | ||
Antidilutive securities (in shares) | 980,584 |
Note 15 - Debt (Details Textual
Note 15 - Debt (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 19, 2021 | Dec. 10, 2020 | Nov. 01, 2020 | Jan. 09, 2020 | Oct. 02, 2019 | Feb. 27, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 20, 2021 | May 11, 2016 |
Gain (Loss) on Exchange of Debt | $ (257,559) | ||||||||||||
Repayments of Debt | 318,181 | ||||||||||||
Neos Therapeutics, Inc. [Member] | |||||||||||||
Debt Instrument, Unamortized Premium, Total | $ 724,000 | 724,000 | 724,000 | ||||||||||
Neos Therapeutics, Inc. [Member] | Loan Agreement [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity, Portion Available for Short-term Swingline Loans | $ 2,500,000 | ||||||||||||
Percentage of Eligible Accounts Receivable Against which Short-term Swingline Loans May Be Made | 85.00% | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||||||||||
Debt Instrument, Prepayment Option, Period of Notice Required (Day) | 5 days | ||||||||||||
Interest Expense, Debt, Total | 28,000 | ||||||||||||
Long-term Line of Credit, Total | $ 4,700,000 | $ 4,700,000 | $ 4,700,000 | ||||||||||
Neos Therapeutics, Inc. [Member] | Loan Agreement [Member] | Event Occurs On or Before October 2, 2021 [Member] | |||||||||||||
Line of Credit Facility, Prepayment Fee Percentage | 1.00% | ||||||||||||
Neos Therapeutics, Inc. [Member] | Loan Agreement [Member] | Event Occurs After October 2, 2021 but Before May 11, 2022 [Member] | |||||||||||||
Line of Credit Facility, Prepayment Fee Percentage | 0.50% | ||||||||||||
Neos Therapeutics, Inc. [Member] | Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||||
Neos Therapeutics, Inc. [Member] | Senior Secured Credit Facility, Due on May 11, 2022 [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 60,000,000 | ||||||||||||
Long-term Debt, Total | $ 15,600,000 | ||||||||||||
Long-term Debt, Current Maturities, Total | 600,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.95% | 12.95% | 12.95% | ||||||||||
Debt Instrument, Covenant, Cash and Certain Cash Equivalents, Minimum | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||||||
Repayments of Debt | 15,000,000 | ||||||||||||
Long-term Debt, Gross | 15,625,000 | $ 16,600,000 | $ 15,625,000 | 15,625,000 | |||||||||
Long-term Debt, Fair Value | $ 17,400,000 | ||||||||||||
Debt Instrument, Unamortized Premium, Total | $ 800,000 | ||||||||||||
Interest Expense, Debt, Excluding Amortization | $ 46,000 | ||||||||||||
Conversion of Debt to Common Stock [Member] | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 130,081 | ||||||||||||
Debt Conversion, Original Debt, Amount | $ 800,000 | ||||||||||||
Gain (Loss) on Exchange of Debt | $ (300,000) | ||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 800,000 | ||||||||||||
Proceeds from Notes Payable, Total | $ 600,000 | ||||||||||||
Debt Instrument, Term (Month) | 240 days | ||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net, Total | $ 200,000 | ||||||||||||
Amortization of Debt Discount (Premium) | $ 15,000 | $ 70,000 | |||||||||||
Notes Payable, Other Payables [Member] | Innovus Pharmaceuticals [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||||
Proceeds from Notes Payable, Total | $ 400,000 | ||||||||||||
Debt Instrument, Term (Month) | 1 year | ||||||||||||
Debt Instrument, Periodic Payment, Total | $ 45,000 |
Note 15 - Debt - Long-term Debt
Note 15 - Debt - Long-term Debt (Details) - USD ($) | Mar. 31, 2021 | Mar. 20, 2021 | Mar. 19, 2021 |
Financing leases, maturing through May 2024 | $ 307,000 | ||
Neos Therapeutics, Inc. [Member] | |||
Exit fee | 1,000,000 | ||
Unamortized premium | 724,000 | ||
Financing leases, maturing through May 2024 | 307,000 | ||
Total debt | 17,656,000 | ||
Less: current portion | (725,000) | ||
Long-term debt | 16,931,000 | ||
Senior Secured Credit Facility, Due on May 11, 2022 [Member] | Neos Therapeutics, Inc. [Member] | |||
Senior secured credit facility, due on May 11, 2022 | $ 15,625,000 | $ 16,600,000 | |
Unamortized premium | $ 800,000 |
Note 15 - Debt - Long-term De_2
Note 15 - Debt - Long-term Debt Maturities (Details) - Neos Therapeutics, Inc. [Member] | Mar. 31, 2021USD ($) |
2021, long-term debt and financing leases | $ 650,000 |
2022, long-term debt and financing leases | 16,102,000 |
2023, long-term debt and financing leases | 96,000 |
2024, long-term debt and financing leases | 84,000 |
Future principal payments | 16,932,000 |
Unamortized premium | 724,000 |
Less: current portion | (725,000) |
Long-term debt | $ 16,931,000 |
Note 16 - Segment Reporting (De
Note 16 - Segment Reporting (Details Textual) | 6 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 2 |
Note 16 - Segment Reporting - S
Note 16 - Segment Reporting - Select Financial Information for Segments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Revenue | $ 13,482,000 | $ 8,156,000 | $ 42,150,000 | $ 12,771,000 | |||||
Net loss | (25,459,791) | $ (9,525,294) | $ (4,305,931) | (5,332,305) | $ (214,247) | $ (4,929,030) | (39,291,016) | (10,475,582) | |
Total assets | 271,556,601 | 271,556,601 | $ 153,293,123 | ||||||
Total assets | 271,556,601 | 271,556,601 | 153,293,123 | ||||||
Aytu Bioscience [Member] | |||||||||
Revenue | 5,127,000 | 4,703,000 | 18,091,000 | 9,318,000 | |||||
Net loss | (23,570,000) | (4,421,000) | (34,788,000) | (9,565,000) | |||||
Total assets | 241,593,000 | 241,593,000 | 126,267,000 | ||||||
Total assets | 241,593,000 | 241,593,000 | 126,267,000 | ||||||
Aytu Consumer Health [Member] | |||||||||
Revenue | 8,355,000 | 3,453,000 | 24,059,000 | 3,453,000 | |||||
Net loss | (1,890,000) | $ (911,000) | (4,503,000) | $ (911,000) | |||||
Total assets | 29,964,000 | 29,964,000 | 27,026,000 | ||||||
Total assets | $ 29,964,000 | $ 29,964,000 | $ 27,026,000 |
Note 17 - License Agreements (D
Note 17 - License Agreements (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Feb. 29, 2016 | Dec. 31, 2020 | |
License Agreement 2014 [Member] | Maximum [Member] | Neos Therapeutics, Inc. [Member] | ||||
Lump Sum, Non-refundable License Fee | $ 1 | |||
License Agreement 2017 [Member] | Maximum [Member] | Neos Therapeutics, Inc. [Member] | ||||
Lump Sum, Non-refundable License Fee | $ 1 | |||
NeuRx License, Royalty Bearing License Agreement [Member] | ||||
Payments for License Agreement | $ 0.2 | $ 0.2 | ||
Payments for Contingent Consideration on License Agreement | $ 0.3 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) - Tris Pharma, Inc. [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Tris License Agreement [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 900 | $ 0 | |
Due to Related Parties, Total | $ 22,800 | $ 25,000 | |
Karbinal Fixed Payment Obligation [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 1,600 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - Purchase of Certain Rights and Other Assets from Sellers [Member] - Subsequent Event [Member] $ in Millions | Apr. 12, 2021USD ($) |
Payments to Acquire Productive Assets, Total | $ 1.5 |
Asset Purchase, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 67.5 |