Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principals of Consolidation The Company’s consolidated financial statements and notes thereto include the accounts of: Aytu Therapeutics, LLC, Innovus Pharmaceuticals, Inc. and Neos Therapeutics, Inc. and their respective wholly owned subsidiaries. All significant inter-company balances and transactions have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company’s consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) |
Going Concern [Policy Text Block] | Going Concern Determination In connection with the preparation for each annual and interim financial reporting period, management evaluates whether there are events that, in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one one Note 1 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements and footnotes requires the use of management estimates, judgments and assumptions. Actual results may not |
Reclassification, Comparability Adjustment [Policy Text Block] | Prior Period Reclassification . Certain prior year amounts in the Company’s consolidated financial statements and the notes thereto have been reclassified to conform to the current year presentation. These reclassifications did not June 30, 2024, 2023, June 30, 2024 June 30, 2023 Previously Reported Prepaid Expenses Information During the year ended June 30, 2024, June 30, 2023, June 30, 2023. No. 99, not 10 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company’s primary objectives for investment of available cash are the preservation of capital and the maintenance of liquidity. The Company invests its available cash balances in bank deposits and money market funds. The cash balances in bank deposits are subject to the Federal Deposit Insurance Corporation (“FDIC”) insurance limits, and cash balances in the money market funds are not three |
Accounts Receivable [Policy Text Block] | Accounts Receivable, Net Accounts receivable represent amounts due from customers less allowances for credit losses, discounts and pricing chargebacks. An allowance for credit losses, when needed, is based on the best estimate of the amount of probable credit losses in existing accounts receivable, which is determined from the Company’s historical write-off experience and expected future default probabilities based on ongoing evaluations of Company’s customers’ financial condition; payment history; collections experience on other accounts; and economic factors or events expected to affect future collections. An allowance for credit losses, when needed, consists of an amount identified for specific customers and an amount based on overall estimated exposure. Accounts receivable are customer obligations due under normal trade terms. Recovery of bad debt amounts which were previously written off are recorded as a reduction of bad debt expense in the period the payment is collected. If the Company’s actual collection experience changes, revisions to the Company’s allowance for credit losses may zero June 30, 2024, 2023. June 30, 2024, 2023, June 30, 2024, 2023. The table below presents the opening and closing balances of accounts receivable, gross from customers. Accounts Receivable, Gross (in thousands) Balance, June 30, 2022 $ 24,219 Increase in accounts receivable, gross 7,708 Balance, June 30, 2023 31,927 Decrease in accounts receivable, gross (6,488 ) Balance, June 30, 2024 $ 25,439 The table below details the change in allowance for discounts and allowance for chargebacks for the periods presented. Allowance for Discounts Allowance for Chargebacks Total Allowance (in thousands) Balances, June 30, 2022 $ 1,301 $ 1,206 $ 2,507 Reduction of net revenue 9,074 4,554 13,628 Payments (8,597 ) (4,548 ) (13,145 ) Balances, June 30, 2023 1,778 1,212 2,990 Reduction of net revenue 4,886 3,812 8,698 Payments (6,024 ) (3,842 ) (9,866 ) Balances, June 30, 2024 $ 640 $ 1,182 $ 1,822 |
Inventory, Policy [Policy Text Block] | Inventories Inventories consist of raw materials, work in process and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first first The Company periodically reviews the composition of its inventories in order to identify obsolete, slow-moving or otherwise unsaleable items. In the event that such items are identified and there are no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Furniture and equipment are depreciated on a straight-line basis over their estimated useful lives which are generally two seven |
Lessee, Leases [Policy Text Block] | Leases At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease. Lease classification, recognition and measurement are determined at the lease commencement date. Lease liabilities and right-of-use (“ROU”) assets are recorded based on the present value of lease payments over the expected lease term, including options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. In determining the present value of the lease payments, the Company uses the implicit interest rate when readily determinable and uses the Company’s incremental borrowing rate when the implicit rate is not Fixed lease payments, or in substance fixed, are recognized over the expected term of the lease using the effective interest method. Variable lease payments are expensed as incurred. Fixed and variable lease expenses on operating leases are recognized within cost of sales and operating expenses in the Company’s consolidated statements of operations. ROU asset amortization and interest costs on financing leases are recorded within cost of sales and interest expense, respectively, in the Company’s consolidated statements of operations. The Company has elected to account for payments on short-term leases as lease expense on a straight-line basis over lease terms of 12 Operating leases are included in other liabilities in the Company’s consolidated balance sheets. Financing leases are included in property and equipment, net, current portion of debt and debt, net of current portion in the Company’s consolidated balance sheets. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Acquisitions In an acquisition of a business or a group of assets, the Company uses the acquisition method of accounting which identifies, recognizes, and measures the identifiable assets acquired, liabilities assumed and any non-controlling interest at their acquisition date fair values. Any excess of the purchase consideration over the fair values of the net identifiable assets acquired is recorded as goodwill. If the Company determines the assets acquired do not not Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, 480” 815, 815” 480, 480, 815, |
Revenue [Policy Text Block] | Revenue Recognition The Company generates revenue from product sales through its Rx Segment and its Consumer Health Segment. The Company evaluates its contracts with customers to determine revenue recognition using the following five 1 2 3 4 5 not Rx Segment Net product sales for the Rx Segment (which includes the ADHD Portfolio and the Pediatric Portfolio) consist of sales of prescription pharmaceutical products, principally to a limited number of wholesale distributors and pharmacies in the United States. Rx Segment net revenue is recognized at the point in time that control of the product transfers to the customer in accordance with shipping terms (i.e., upon delivery), which is generally “free-on-board” destination when shipped domestically within the United States and “free-on-board” shipping point when shipped internationally consistent with the contractual terms. The Company expenses the incremental costs to obtain a contract as incurred, since they are satisfied within one Rx Segment net revenue is recognized net of consideration paid to the Company’s customers and other adjustments to the transaction price (known as “Gross to Net” adjustments). Significant judgement is required in estimating Gross to Net adjustments considering legal interpretations of applicable laws and regulations, historical experience, payer channel mix, current contract prices under applicable programs, unbilled claims, processing time lags and inventory levels in the distribution channel. The Gross to Net adjustments include: ● Savings offers. ● Prompt payment discounts. ● Wholesale distribution fees. ● Rebates. third ● Wholesaler chargebacks. ● Returns. six twelve Savings offers, rebates and wholesaler chargebacks reflect the terms of underlying agreements, which may may not not Consumer Health Segment The Consumer Health Segment, which was divested of in the first 2025, one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk . Financial instruments that potentially subject the Company to credit risk concentrations consist of cash, cash equivalents and accounts receivable. The Company maintains deposits in financial institutions in excess of federally insured limits. The Company periodically monitors the credit quality of the financial institutions with which it invests and believes that the Company is not The Company is also subject to credit risk from accounts receivable related to product sales. The Company’s customers, sometimes referred to as partners or customers, are primarily large wholesale distributors that resell the Company’s products to retailers. The loss of one not thirty sixty The following table presents customers that contributed more than 10% : Percentage of Gross Revenue Percentage of Accounts Receivable June 30, June 30, 2024 2023 2024 2023 Customer A 33 % 43 % 40 % 50 % Customer B 20 % 18 % 29 % 19 % Customer C 17 % 17 % 11 % 14 % |
Cost of Goods and Service [Policy Text Block] | Costs of Sales Costs of sales consists primarily of manufactured product cost, products acquired from third may third |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation Expense The Company accounts for stock-based payment compensation expense using a fair value based model. Restricted stock and restricted stock unit grants are valued based on the estimated grant date fair value of the Company’s common stock and recognized ratably over the requisite service period. Stock option grants are valued using the Black-Scholes option pricing model and compensation costs are recognized ratably over the period of service using the graded method. The Black-Scholes option pricing model requires the Company to estimate the expected term of the award, the expected volatility, the risk-free interest rate, and the expected dividends. The expected term is determined using the “simplified method,” which is the midpoint between the vesting date and the end of the contractual term and is utilized by the Company as it does not not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee Benefits Plan The Company has a 401 401 401 first 401 June 30, 2024, 2023. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred and include salaries and benefits; facilities costs; overhead costs; raw materials; laboratory and clinical supplies; clinical trial costs; contract services; milestone payments and fees paid to regulatory authorities for review and approval of the Company’s product candidates; and other related costs. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets The Company records acquired intangible assets based on fair value on the date of acquisition. Finite-lived intangible assets are recorded at cost and amortized on a straight-line basis over the estimated lives of the assets. Indefinite-lived intangible assets are not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets The Company assesses impairment of asset groups, including intangible assets, when events or changes in circumstances indicate that their carrying amount may not not not |
Business Combinations, Contingent Consideration [Policy Text Block] | Contingent Consideration The consideration for the Company's acquired businesses and licenses often includes future payments that are contingent upon the occurrence of a particular event or events. The Company records an obligation for such contingent payments at fair value on the acquisition date. Changes in the fair value of contingent consideration obligations are recognized in the consolidated statements of income, which resulted in a gain from contingent consideration of zero June 30, 2024, 2023, not June 30, 2024, 2023. |
Advertising Cost [Policy Text Block] | Advertising and Direct Marketing Costs Advertising and direct marketing costs consist of the direct marketing activities related to the Consumer Health Segment. The Company expenses all advertising costs as incurred. The Company incurred $4.9 million and $17.2 million of advertising costs for the years ended June 30, 2024, 2023 |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates and laws in the respective tax jurisdiction enacted as of the balance sheet date. A valuation allowance is recorded to reduce the net deferred tax asset when it is more likely than not not The Company recognizes the effect of income tax positions only if those positions are more likely than not |
Debt, Policy [Policy Text Block] | Debt Discount and Issuance Costs Debt issuance costs reflect fees paid to lenders and third |
Segment Reporting, Policy [Policy Text Block] | Segment Information The Company’s operating segments engage in business activities from which it may two |
Legal Costs, Policy [Policy Text Block] | Paragraph IV Litigation Costs Legal costs incurred by the Company in the enforcement of the Company’s intellectual property rights are charged to expense. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company recognizes the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of purchase price over the aggregate fair values is recorded as goodwill. The Company calculates the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed to allocate the purchase price at the acquisition date. |
Employee Retention Credit [Policy Text Block] | Employee Retention Credit On March 27, 2020, 19 70% December 31, 2020, September 30, 2021. 19 As there is no 20, 20” 20, first 2024. 20, 1986, first 2024. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing the net income (loss) available to the common stockholders by the weighted average number of common shares outstanding during that period. Diluted net income (loss) per share reflects the potential of securities that could share in the net income (loss) of the Company. For the years ended June 30, 2024, 2023 not The following table sets forth securities excluded from the calculation of diluted earnings per share. June 30, 2024 2023 Warrants to purchase common stock - liability classified (Note 16) 6,057,766 6,498,980 Warrants to purchase common stock - equity classified (Note 16) 18,114 39,072 Employee stock options (Note 15) 146,539 52,762 Employee unvested restricted stock (Note 15) 25,360 40,996 Employee unvested restricted stock units (Note 15) 1,775 4,963 Total 6,249,554 6,636,773 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses In June 2016, No. 2016 13, Financial Instruments—Credit Losses 2016 13” 2016 13 December 15, 2019. October 2019, December 15, 2022. 2022 02 2016 13. 2016 13 2019 05 July 1, 2023. 2016 13, 2019 05, 2022 02 not Recent Accounting Pronouncements Not Debt Debt with Conversion and Other Options In August 2020, No. 2020 06, Debt—Debt with Conversion and Other Options (Subtopic 470 20 815 40 no December 15, 2023, July 1, 2024, not Segment Reporting In November 2023, No. 2023 07, Segment Reporting (Topic 280 2023 07” 2023 07 2023 07 December 15, 2023, December 15, 2024. Other than the application of IAS 20 no no not June 30, 2024 10 |