Aytu BioPharma (AYTU) 10-Q 14 Feb 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	6 Months Ended
	Dec. 31, 2021	Feb. 07, 2022
Cover [Abstract]
Entity Central Index Key	0001385818
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-38247
Entity Registrant Name	AYTU BIOPHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0883144
Entity Address, Address Line One	Delaware
Entity Address, Address Line Two	Suite 206
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	437-6580
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Listing, Par Value Per Share	$ 0.0001
Trading Symbol	AYTU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,318,168
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets
Cash and cash equivalents	$ 35,277	$ 49,649
Restricted cash		252
Accounts receivable, net	22,989	28,176
Inventory, net	16,558	16,339
Prepaid expenses	11,298	9,780
Other current assets	1,418	1,038
Total current assets	87,540	105,234
Property and equipment, net	4,294	5,140
Operating lease right-of-use asset	3,845	3,563
Intangible assets, net	81,339	85,464
Goodwill	46,349	65,802
Other non-current assets	457	465
Total non-current assets	136,284	160,434
Total assets	223,824	265,668
Current liabilities
Accounts payable and other	15,604	19,255
Accrued liabilities	50,685	51,295
Accrued compensation	5,041	5,939
Short-term line of credit	7,209	7,934
Current portion of debt	16,343	16,668
Current portion of operating lease liabilities	1,173	940
Current portion of fixed payment arrangements	3,310	3,134
Current portion of CVR liabilities		218
Current portion of contingent consideration	1,206	4,055
Total current liabilities	100,571	109,438
Debt, net of current portion	129	180
Operating lease liabilities, net of current portion	2,716	2,624
Fixed payment arrangements, net of current portion	4,623	6,324
CVR liabilities, net of current portion	1,392	1,177
Contingent consideration, net of current portion	8,297	8,002
Other non-current liabilities	560	355
Total liabilities	118,288	128,100
Commitments and contingencies (Note 12)
Stockholders' equity
Preferred Stock, par value $.0001; 50,000,000 shares authorized; no shares issued or outstanding as of December 31, 2021 and June 30, 2021
Common Stock, par value $.0001; 200,000,000 shares authorized; shares issued and outstanding 30,010,468 and 27,490,412, respectively, as of December 31, 2021 and June 30, 2021	3	3
Additional paid-in capital	323,231	315,864
Accumulated deficit	(217,698)	(178,299)
Total stockholders' equity	105,536	137,568
Total liabilities and stockholders' equity	$ 223,824	$ 265,668

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Jun. 30, 2021
Preferred stock
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	30,010,468	27,490,412
Common stock, shares outstanding	30,010,468	27,490,412

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues
Product revenue, net	$ 23,125	$ 15,147	$ 45,022	$ 28,667
Revenue from Contract with Customer, Product and Service	Product	Product	Product	Product
Cost of sales	$ 10,826	$ 6,251	$ 20,267	$ 10,314
Gross profit	12,299	8,896	24,755	18,353
Operating expenses
Research and development	4,920	286	7,016	469
Selling and marketing	9,660	5,705	18,957	11,531
General and administrative	7,953	5,584	16,169	11,004
Acquisition related costs		1,312		1,312
Impairment of goodwill			19,453
Amortization of intangible assets	1,060	1,584	2,153	3,169
Total operating expenses	23,593	14,471	63,748	27,485
Loss from operations	(11,294)	(5,575)	(38,993)	(9,132)
Other income (expense)
Other income/(expense), net	20	(379)	(20)	(1,130)
Loss from contingent consideration	(277)	(3,313)	(496)	(3,311)
Loss on extinguishment of debt		(258)		(258)
Total other expense	(257)	(3,950)	(516)	(4,699)
Loss before income tax	(11,551)	(9,525)	(39,509)	(13,831)
Income tax benefit	(3)	0	(110)	0
Net loss	$ (11,548)	$ (9,525)	$ (39,399)	$ (13,831)
Weighted average number of common shares outstanding - basic (in shares)	26,412,473	13,281,904	26,003,026	12,717,180
Weighted average number of common shares outstanding - diluted (in shares)	26,412,473	13,281,904	26,003,026	12,717,180
Basic net loss per common share (in dollars per share)	$ (0.44)	$ (0.72)	$ (1.52)	$ (1.09)
Diluted net loss per common share (in dollars per share)	$ (0.44)	$ (0.72)	$ (1.52)	$ (1.09)

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Jun. 30, 2020	$ 1	$ 215,024	$ (120,010)
Beginning balance (in shares) at Jun. 30, 2020	12,583,736
Net loss			(13,831)	$ (13,831)
Stock-based compensation		963
Issuance of common stock, net of cash issuance costs	$ 1	29,487
Issuance of common stock, net of cash issuance costs (in shares)	5,169,076
Issuance of preferred, common stock related to debt conversion, amount		1,058
Issuance of preferred, common stock related to debt conversion, shares	130,081
Ending balance at Dec. 31, 2020	$ 2	246,532	(133,841)	$ 112,693
Ending balance (in shares) at Dec. 31, 2020	17,882,893			17,882,893
Beginning balance at Sep. 30, 2020	$ 1	215,378	(124,316)
Beginning balance (in shares) at Sep. 30, 2020	12,583,736
Net loss			(9,525)	$ (9,525)
Stock-based compensation		508
Issuance of common stock, net of cash issuance costs	$ 1	29,588
Issuance of common stock, net of cash issuance costs (in shares)	5,169,076
Issuance of preferred, common stock related to debt conversion, amount		1,058
Issuance of preferred, common stock related to debt conversion, shares	130,081
Ending balance at Dec. 31, 2020	$ 2	246,532	(133,841)	$ 112,693
Ending balance (in shares) at Dec. 31, 2020	17,882,893			17,882,893
Beginning balance at Jun. 30, 2021	$ 3	315,864	(178,299)	$ 137,568
Beginning balance (in shares) at Jun. 30, 2021	27,490,412
Net loss			(39,399)	(39,399)
Stock-based compensation		2,748
Stock-based compensation (in shares)	296,972
Issuance of common stock, net of cash issuance costs		4,625
Issuance of common stock, net of cash issuance costs (in shares)	2,223,084
Tax withholding for stock-based compensation		(6)
Ending balance at Dec. 31, 2021	$ 3	323,231	(217,698)	$ 105,536
Ending balance (in shares) at Dec. 31, 2021	30,010,468			30,010,468
Beginning balance at Sep. 30, 2021	$ 3	317,647	(206,150)
Beginning balance (in shares) at Sep. 30, 2021	27,771,912
Net loss			(11,548)	$ (11,548)
Stock-based compensation		1,229
Stock-based compensation (in shares)	76,972
Issuance of common stock, net of cash issuance costs		4,355
Issuance of common stock, net of cash issuance costs (in shares)	2,161,584
Ending balance at Dec. 31, 2021	$ 3	$ 323,231	$ (217,698)	$ 105,536
Ending balance (in shares) at Dec. 31, 2021	30,010,468			30,010,468

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Operating Activities
Net loss		$ (39,399)	$ (13,831)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation, amortization and accretion		5,352	3,905
Impairment of goodwill		19,453
Stock-based compensation expense		2,748	963
Loss from contingent considerations	$ 3,313	496	3,311
Amortization of senior debt (premium) discount		(326)	132
(Gain) loss on sale of equipment	0	(50)	112
Gain on termination of lease			(343)
Loss on debt extinguishment	258		258
Inventory write-down	0	349	99
Other noncash adjustments		(86)	148
Changes in operating assets and liabilities:
Accounts receivable		5,186	(1,973)
Inventory		(568)	(3,616)
Prepaid expenses and other current assets		(1,896)	1,817
Accounts payable and other		(3,307)	(3,136)
Accrued liabilities		(616)	1,271
Other operating assets and liabilities, net		51	(24)
Net cash used in operating activities		(12,613)	(10,907)
Investing Activities
Contingent consideration payment		(3,109)	(43)
Other investing activities		(28)	4
Net cash used in investing activities		(3,137)	(39)
Financing Activities
Proceeds from issuance of stock		4,825	32,250
Payment of stock issuance costs		(172)	(4,293)
Payment made to fixed payment arrangement		(2,746)	(2,786)
Payments made to borrowings		(89,632)	(273)
Proceeds from borrowings		88,857
Other financing activities		(6)
Net cash provided by financing activities		1,126	24,898
Net change in cash, restricted cash and cash equivalents		(14,624)	13,952
Cash, cash equivalents and restricted cash at beginning of period		49,901	48,333
Cash, cash equivalents and restricted cash at end of period	62,285	35,277	62,285
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	62,033	35,277	62,033
Restricted cash	252		252
Total cash, cash equivalents and restricted cash	$ 62,285	35,277	62,285
Supplemental cash flow data
Cash paid for interest		2,356	307
Non-cash investing and financing activities:
Fixed payment arrangements included in accrued liabilities			1,050
Issuance of common stock for note conversion			1,058
Other noncash investing and financing activities		$ 29	43
Warrants issued			$ 356

Nature of Business, Financial C

Nature of Business, Financial Condition, Basis of Presentation	6 Months Ended
	Dec. 31, 2021
Nature of Business, Financial Condition, Basis of Presentation
Nature of Business, Financial Condition, Basis of Presentation	1. Nature of Business, Financial Condition, Basis of Presentation Aytu BioPharma, Inc. (“Aytu”, the “Company” or “we”), is a commercial-stage pharmaceutical company focused on commercializing novel therapeutics and consumer healthcare products. The Company currently operates the Aytu BioPharma business, consisting of the Company’s prescription pharmaceutical products (the “Rx Portfolio”), and the Aytu consumer healthcare products business (the “Consumer Health Portfolio”). The core Rx Portfolio commercial products consists primarily of prescription pharmaceutical products for the treatment of attention deficit hyperactivity disorder ("ADHD"), allergies and vitamin and fluoride deficiency. The Aytu consumer health business is focused on commercializing consumer healthcare products. The Company was incorporated as Rosewind Corporation on August 9, 2002 in the State of Colorado and was re-incorporated in the state of Delaware on 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 ADHD, (ii) Poly-Vi-Flor and Tri-Vi-Flor, two complementary prescription fluoride-based supplement product lines containing combinations of fluoride and vitamins in various formulations for infants and children with fluoride deficiency, (iii) Karbinal ER, an extended-release carbinoxamine (antihistamine) suspension indicated to treat numerous allergic conditions, (iv) ZolpiMist, the only U.S. Food & Drug Administration (“FDA”) approved oral spray prescription sleep aid, (v) Tuzistra XR, the only FDA-approved 12-hour codeine-based antitussive syrup and (vi) a generic Tussionex (hydrocodone and chlorpheniramine) (“generic Tussionex”), extended-release oral suspension for the treatment of cough and upper respiratory symptoms of a cold. Adzenys ER was discontinued as of September 30, 2021. The Consumer Health Portfolio consists of over twenty consumer health products competing in large healthcare categories, including diabetes management, pain management, digestive health, sexual and urological health and general wellness, commercialized through direct-to-consumer marketing channels utilizing the Company's proprietary Beyond Human marketing and sales platform and on e-commerce platforms. 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, while also developing a late-stage pipeline focused on pediatric-onset conditions and difficult-to-treat diseases. As of December 31, 2021, the Company had approximately $35.3 million of cash and cash equivalents. The Company’s operations have historically consumed cash and are expected to continue to consume cash. The Company incurred a net loss of approximately $11.5 million and $9.5 million during the three months ended December 31, 2021 and 2020, respectively, and $39.4 million and $13.8 million for the six months ended December 31, 2021 and 2020, respectively. The Company had an accumulated deficit of approximately $217.7 million and $178.3 million as of December 31, 2021 and June 30, 2021, respectively. Cash used in operations was approximately $12.6 million and $10.9 million during the six months ended December 31, 2021 and 2020, respectively. Management plans to focus on executing on its business plan or otherwise reducing its expenses, renegotiating its debt facilities, or raising additional capital in order to meet its obligations. Management believes that the Company has access to capital resources through possible public or private equity offerings, debt financings, or other means; however, the Company cannot provide any assurance that it will be able to raise additional capital or obtain new financing on commercially acceptable terms. If the Company is unable to secure additional capital, it may be required to curtail its operations or delay the execution of its business plan. 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, and continues to focus on revenue growth through increasing product sales and making additional acquisitions. The Company’s current assets totaling approximately $87.5 million as of December 31, 2021 and the proceeds expected from ongoing product sales will be used to fund existing operations. The Company may continue to access the capital markets from time-to-time. The timing and amount of capital that may be raised is dependent on the terms and conditions upon which investors would require to provide such capital. There is no guarantee that capital will be available on terms favorable to the Company and its stockholders, or at all. The Company believes it has sufficient cash on-hand as of December 31, 2021 to cover potential net cash outflows for at least the twelve months following the filing date of this Quarterly Report. 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, or monetization of certain Company assets. 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 lead to impairment or other charges, which could materially affect the Company’s balance sheet and operating results. Basis of Presentation. ​

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies 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 assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, revenue recognition, allowance for doubtful accounts, determination of variable consideration for accruals of chargebacks, administrative fees and rebates, government rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, goodwill impairment, income tax provision, deferred taxes and valuation allowance, determination of right-of-use assets and lease liabilities, purchase price allocations, and the depreciable lives of long-lived assets. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness. Prior Period Reclassification Certain prior year amounts in the consolidated balance sheets, statements of earnings and statements of cashflows have been reclassified to conform to the current year presentation, including a reclassification made in the presentation of FDA fees for commercialized product. This was previously included in general and administrative expenses and now is recorded as a component of cost of sales on the consolidated statements of earnings. These reclassifications did not affect operating earnings or other consolidated financial statements for the three and six months ended December 31, 2021 and 2020. Income Taxes The Company calculates its quarterly income tax provision based on estimated annual effective tax rates applied to ordinary income (or loss) and other known items computed and recognized when they occur. There have been no changes in tax law affecting the tax provision during the six months ended December 31, 2021. The impairment of the Aytu BioPharma segment book goodwill changed the net deferred tax liability of $0.2 million recorded as of June 30, 2021 fiscal year end into a net deferred tax liability of $0.1 million as of December 31, 2021. As a result, the Company recognized an income tax benefit of $0.1 million during the six months ended December 31, 2021. There was no income tax expense or benefit during the three and six months ended December 31, 2020. Recent Accounting Pronouncements Not Yet Adopted Financial Instruments Credit Losses ( ASU 2016-13 ). For a complete set of the Company’s significant accounting policies, refer to our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. There have been no significant changes to the Company’s significant accounting policies during the six months ended December 31, 2021. ​ ​

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2021
Acquisitions
Acquisitions	3. Acquisitions Neos Merger On March 19, 2021, the Company acquired Neos Therapeutics, Inc. (“Neos”), a commercial-stage pharmaceutical company developing and manufacturing central nervous system-focused products (the “Neos Merger”) after approval by the stockholders of Neos on March 18, 2021 and the approval of the consideration to be delivered by the Company in connection with the merger by the shareholders of Aytu, also on March 18, 2021. Upon the effectiveness of the Neos Merger, a subsidiary of the Company merged with and into Neos, and all outstanding Neos common stock was exchanged for approximately 5,472,000 shares of the Company’s common stock. The Company pursued the acquisition of Neos in order to gain scale in the industry, expand its product portfolio and as an opportunity to potentially accelerate the pathway to breakeven. The Company incurred in relation to the Neos Merger (i) approximately $2.9 million of acquisition related costs, recognized as part of operating expense, and (ii) $0.1 million of issuance costs, recognized as a component of stockholders’ equity. The following table summarizes the preliminary fair value of assets acquired and liabilities assumed at the date of acquisition. These are preliminary, pending final evaluation of certain assets and liabilities, and therefore, are subject to revisions that may result in adjustments to the values presented below; ​ ​ ​ ​ ​ ​ March 19, 2021 ​ ​ (In thousands, except share and per-share) 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 $ 53,241 Cash ​ ​ 15,383 Estimated fair value of replacement equity awards ​ ​ 432 Total consideration transferred $ 69,056 ​ ​ ​ ​ ​ ​ ​ March 19, 2021 ​ ​ (In thousands) Total consideration transferred $ 69,056 Recognized amounts of identified assets acquired and liabilities assumed ​ ​ ​ Cash and cash equivalents $ 15,722 Accounts receivable ​ ​ 24,696 Inventory ​ ​ 10,984 Prepaid expenses and other current assets ​ ​ 2,929 Operating leases right-to-use assets ​ ​ 3,515 Property, plant and equipment ​ ​ 5,519 Intangible assets ​ ​ 56,530 Other long-term assets ​ ​ 149 Accounts payable and accrued expenses ​ ​ (56,718) Short-term line of credit ​ ​ (10,707) Long-term debt, including current portion ​ ​ (17,678) Operating lease liabilities ​ ​ (3,515) Other long-term liabilities ​ ​ (82) Total identifiable net assets ​ 31,344 Goodwill $ 37,712 ​ 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 XR-ODT, Adzenys ER, Cotempla XR-ODT 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 the 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 to 18 years. The fair value of the identifiable intangible assets acquired were as follows: ​ ​ ​ ​ ​ ​ ​ March 19, 2021 ​ ​ (In thousands) Identified intangible assets acquired: ​ ​ ​ Developed technology right $ 30,200 Developed products technology ​ ​ 22,700 In-process R&D ​ ​ 2,600 RxConnect ​ ​ 630 Trade name ​ ​ 400 Total intangible assets acquired $ 56,530 ​ Unaudited Pro Forma Information The following supplemental unaudited proforma financial information presents the Company’s results as if the Neos acquisition had occurred on July 1, 2020. The unaudited pro forma results have been prepared based on estimates and assumptions, which management believes are reasonable; however, the results are not necessarily indicative of the consolidated results of operations had the acquisition occurred on July 1, 2020, or of future results of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ December 31, ​ 2021 2020 ​ ​ ​ ​ Pro forma ​ ​ Unaudited Unaudited ​ ​ (In thousands) Total revenues, net ​ $ 45,022 ​ $ 52,331 Net loss ​ $ (39,399) ​ $ (23,037) ​ Rumpus Acquisition On April 12, 2021, the Company entered into an asset purchase agreement with Rumpus VEDS, LLC, Rumpus Therapeutics, LLC, Rumpus Vascular, LLC (together with Rumpus VEDS, LLC and Rumpus Therapeutics LLC, “Rumpus”) pursuant to which the Company acquired certain rights and other assets, including key commercial global licenses, relating primarily to the pediatric-onset rare disease development asset enzastaurin (now referred to as AR101), which is a pivotal study-ready therapeutic being studied for the treatment of vascular Ehlers-Danlos Syndrome (“VEDS”). This asset was acquired for an up-front fee of $1.5 million in cash and payment of aggregated fees of $0.6 million. Upon the achievement of certain regulatory and commercial milestones, up to $67.5 million in earn-out payments, which are payable in cash or shares of common stock, generally at the Company’s option, are payable to Rumpus. AR101 (enzastaurin) is an orally available investigational first-in-class small molecule, serine/threonine kinase inhibitor of the PKC beta, PI3K and AKT pathways (see Note 12 and Note 17).

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 31, 2021
Revenue Recognition
Revenue Recognition	4. Revenue Recognition Contract Balances The Company disaggregated its revenue into three product portfolios. The primary care portfolio is composed of ZolpiMist and Tuzistra. The pediatric portfolio is composed of Adzenys XR-ODT, Cotempla XR-ODT Poly-Vi-Flor, Tri-Vi-Flor, Karbinal ER and a generic Tussionex. The Consumer Health portfolio is composed of consists of over twenty consumer health products competing in large healthcare categories. Revenues by Product Portfolio. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Primary care portfolio $ 192 $ 4,097 $ 617 $ 7,130 Pediatric portfolio ​ ​ 14,451 ​ ​ 3,115 ​ ​ 27,909 ​ ​ 5,834 Consumer Health portfolio ​ ​ 8,482 ​ ​ 7,935 ​ ​ 16,496 ​ ​ 15,703 Consolidated revenue $ 23,125 $ 15,147 $ 45,022 $ 28,667 ​ ​ Revenues by Geographic location . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) U.S. ​ $ 22,547 ​ $ 13,757 ​ $ 43,653 ​ $ 25,901 International ​ 578 ​ 1,390 ​ 1,369 ​ 2,766 Total net revenue ​ $ 23,125 ​ $ 15,147 ​ $ 45,022 ​ $ 28,667 ​

Inventories

Inventories	6 Months Ended
	Dec. 31, 2021
Inventories
Inventories	5. Inventories Inventories consist of raw materials, work in process and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company periodically reviews the composition of its inventories to identify obsolete, slow-moving or otherwise unsaleable items. In the event that such items are identified and there are no alternate uses for the inventory, the Company will record a write-down to net realizable value in the period that the impairment is first recognized. The Company wrote down $0.1 million of inventory during the three months ended December 31, 2021, and $0.3 million and $0.1 million during the six months ended December 31, 2021 and 2020, respectively. There was no inventory write-down during the three months ended December 31, 2020. Inventory balances consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ (In thousands) Raw materials $ 2,427 $ 2,269 Work in process ​ ​ 2,173 ​ ​ 3,346 Finished goods ​ 11,958 ​ 10,724 Inventory, net ​ $ 16,558 ​ $ 16,339 ​

Property and Equipment

Property and Equipment	6 Months Ended
	Dec. 31, 2021
Property and Equipment
Property and Equipment	6. Property and Equipment Properties and equipment are recorded at cost to place into service 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. Property and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Manufacturing equipment ​ $ 3,076 $ 3,070 Leasehold improvements 999 ​ 959 Office equipment, furniture and other 1,099 ​ 1,093 Lab equipment 832 ​ 832 Assets under construction 128 ​ 198 Less accumulated depreciation and amortization ​ ​ (1,840) ​ ​ (1,012) Property and equipment, net $ 4,294 ​ $ 5,140 ​ ​ Depreciation and amortization expense was $0.4 million and $18,000 for the three months ended December 31, 2021 and 2020, respectively, and $0.8 million and $0.1 million for the six months ended December 31, 2021 and 2020, respectively. During the three and six months ended December 31, 2021, the Company recognized a gain of $0.1 million on sale of equipment. There was no disposal of property and equipment during the three months ended December 31, 2020. During the six months ended December 31, 2020, the Company recognized a loss of $0.1 million on sale of equipment due to termination of leases.

Leases

Leases	6 Months Ended
	Dec. 31, 2021
Leases
Leases	7. Leases The Company has entered into various operating lease agreements for certain of its offices, manufacturing facilities and equipment, and finance lease agreements for certain equipment. These leases have original lease periods expiring between 2022 and 2024. Most leases include one or more options to renew and the exercise of a lease renewal option typically occurs at the discretion of both parties. Certain leases also include options to purchase the leased property. For purposes of calculating operating lease liabilities, lease terms are deemed not to include options to extend the lease until it is reasonably certain that the Company will exercise that option. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Upon the closing of the Neos Merger on March 19, 2021, Neos recognized operating lease ROU asset and lease liability In May 2021, the Company entered into a commercial lease agreement for 6,352 square feet of office in Berwyn, Pennsylvania that was to commence on December 1, 2021 and end on January 31, 2025. On July 19, 2021, the Company and the lessor amended the agreement to move the commencement date from December 1, 2021 to September 1, 2021. The Company recorded an operating lease ROU asset and lease liabilities of $0.5 million in the consolidated balance sheet representing the present value of minimum lease payments using Neos’ estimated borrowing rate of 6.25%. In October 2021, the Company’s Innovus subsidiary entered into a commercial lease agreement for 6,580 square feet of warehouse in Oceanside, California that commenced on December 1, 2021 and ends on December 31, 2026. The Company recorded an operating lease ROU asset and lease liabilities of $0.3 million in the consolidated balance sheet representing the present value of minimum lease payments using Innovus’ estimated borrowing rate of 18.0%. The components of lease expenses are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2021 2020 2021 2020 Statement of Operations Classification ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ Lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 330 ​ $ 30 ​ $ 626 ​ $ 125 Operating expenses Short-term lease cost 26 ​ 2 ​ 65 ​ 5 Operating expenses Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets 19 ​ — ​ 37 ​ — Cost of sales Interest on lease liabilities ​ ​ 4 ​ ​ — ​ ​ 8 ​ ​ — ​ Other (expense), net Total net lease cost $ 379 ​ $ 32 ​ $ 736 ​ $ 130 ​ ​ Supplemental balance sheet information related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, Balance Sheet Classification ​ ​ 2021 ​ 2021 ​ ​ ​ ​ (In thousands) ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ $ 3,845 ​ $ 3,563 Operating lease right-of-use asset Finance lease assets ​ ​ 292 ​ 329 Property and equipment, net, net Total leased assets ​ $ 4,137 ​ $ 3,892 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 1,173 ​ $ 940 ​ Current portion of operating lease liabilities Finance leases ​ ​ 103 ​ ​ 102 ​ Current portion of debt Non-current ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 2,716 ​ ​ 2,624 ​ Operating lease liabilities, net of current portion Finance leases ​ ​ 129 ​ ​ 180 ​ Debt, net of current portion Total lease liabilities ​ $ 4,121 ​ $ 3,846 ​ ​ ​ ​ Remaining lease term and discount rate used are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ Weighted-Average Remaining Lease Term (years) ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ 3.09 ​ ​ 3.42 ​ Finance lease assets ​ 2.23 ​ ​ 2.72 ​ Weighted-Average Discount Rate ​ ​ ​ ​ ​ ​ Operating lease assets ​ 7.39 % ​ 6.62 % Finance lease assets ​ ​ 6.43 % ​ 6.41 % ​ ​ Supplemental cash flow information related to lease is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Cash flow classification of lease payments: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 585 ​ $ 125 Operating cash flows from finance leases ​ $ 8 ​ $ — Financing cash flows from finance leases ​ $ 50 ​ $ — ​ ​ As of December 31, 2021, the maturities of the Company’s future minimum lease payments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ (In thousands) 2022 (remaining 6 months) ​ $ 708 ​ $ 59 2023 ​ ​ 1,436 ​ ​ 104 2024 ​ ​ 1,379 ​ ​ 87 2025 ​ ​ 749 ​ ​ — 2026 ​ ​ 90 ​ ​ — 2027 ​ ​ 46 ​ ​ — Total lease payments ​ ​ 4,408 ​ ​ 250 Less: Imputed interest ​ ​ (519) ​ ​ (18) Lease liabilities ​ $ 3,889 ​ $ 232 ​ ​ ​

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	8. Goodwill and Other Intangible Assets Since the June 30, 2021 annual goodwill impairment assessment, the Company’s stock price has continued to decline. During the three months ended September 30, 2021, the continued decline was considered a qualitative factor that led Management to reassess as to whether it is more likely than not that the fair value of one or more of the Company’s reporting units is greater than its carrying value. Management’s evaluation of the first step indicated that its Aytu BioPharma segment’s goodwill was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair value of the segment and comparing it to its carrying value. Significant assumptions inherent in the valuation methodologies include, but were not limited to prospective financial information, growth rates, terminal value, discount rates and comparable multiples from publicly traded companies in our industry. Due to the decline in stock price this was an indicator of increased risk primarily increasing the discount rates in the valuation models. The Company determined the fair value of the reporting segment utilizing the discounted cash flow model. As a result of the continued decline in its stock price, the Company risk adjusted its cost of equity, which increased the over-all discount rate. As of September 30, 2021, utilizing the risk adjusted weighted-average discount rate, the fair value of Aytu BioPharma segment was less than its carrying value. As a result, the Company recognized an impairment loss of $19.5 million related to the Aytu BioPharma segment. The quantitative test indicated there was no impairment to the Aytu Consumer Health segment as it resulted in an implied fair value of $5.9 million compared with the $0.5 million carrying value. There was no such impairment during the three months ended December 31, 2021. The Aytu Consumer Health segment, which has $8.6 million goodwill from the March 2020 Innovus merger, reported The change in carrying amount of goodwill by reportable segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aytu BioPharma Aytu Consumer Health Consolidated ​ ​ (In thousands) Balance as of June 30, 2021 ​ $ 57,165 ​ $ 8,637 ​ $ 65,802 Goodwill impairment ​ (19,453) ​ — ​ (19,453) Balance as of December 31, 2021 ​ $ 37,712 ​ $ 8,637 ​ $ 46,349 ​ The Company currently holds the following intangible asset portfolios as of December 31, 2021: (i) Licensed asset, which consists of pharmaceutical product assets that were acquired prior to July 1, 2020; (ii) Product technology rights, acquired from the November 1, 2019 acquisition of a line of prescription pediatric products (“Pediatric Portfolio”) from Cerecor, Inc. and the Neos Merger on March 19, 2021; (iii) Proprietary modified-release drug delivery technology right as a result of the Neos Merger; (iv) Acquired product distribution rights and commercial technology consisting of RxConnect and trade names as a result of the Neos Merger, and patents, trade names and the acquired customer lists from the acquisition of Innovus Pharmaceuticals, Inc. (“Innovus Merger”); (v) Acquired in-process R&D from the Neos Merger related to the NT0502 product candidate for the treatment of sialorrhea. The following table provides the summary of the Company’s intangible assets as of December 31, 2021 and June 30, 2021, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ Gross ​ ​ ​ ​ Net ​ Remaining ​ ​ Carrying ​ Accumulated ​ Carrying ​ Life (in ​ Amount Amortization Amount years) ​ ​ (In thousands) Licensed assets ​ $ 3,246 ​ $ (1,662) ​ $ 1,584 ​ 3.42 Acquired product technology right ​ 45,400 ​ (5,963) ​ 39,437 12.44 Acquired technology right ​ ​ 30,200 ​ ​ (1,390) ​ ​ 28,810 ​ 16.25 Acquired product distribution rights ​ 11,354 ​ (2,827) ​ 8,527 8.09 Acquired in-process R&D ​ ​ 2,600 ​ ​ — ​ ​ 2,600 ​ Indefinite-lived Acquired commercial technology ​ ​ 630 ​ ​ (493) ​ ​ 137 ​ 0.25 Acquired trade name ​ ​ 400 ​ ​ (156) ​ ​ 244 ​ 1.25 Acquired customer lists ​ 390 ​ (390) ​ — — Total ​ $ 94,220 ​ $ (12,881) ​ $ 81,339 13.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Carrying ​ Accumulated ​ Net Carrying ​ Life (in ​ Amount Amortization Amount years) ​ ​ (In thousands) Licensed assets ​ $ 3,246 ​ $ (1,430) ​ $ 1,816 ​ 3.92 Acquired product technology right ​ ​ 45,400 ​ ​ (4,160) ​ ​ 41,240 ​ 12.88 Acquired technology right ​ ​ 30,200 ​ ​ (501) ​ ​ 29,699 ​ 16.75 Acquired product distribution rights ​ ​ 11,354 ​ ​ (2,073) ​ ​ 9,281 ​ 8.57 Acquired in-process R&D ​ 2,600 ​ — ​ 2,600 ​ Indefinite-lived Acquired commercial technology ​ ​ 630 ​ ​ (178) ​ ​ 452 ​ 0.75 Acquired trade name ​ ​ 400 ​ ​ (56) ​ ​ 344 ​ 1.75 Acquired customer lists ​ ​ 390 ​ ​ (358) ​ ​ 32 ​ 0.01 Total ​ $ 94,220 ​ $ (8,756) ​ $ 85,464 ​ 13.47 ​ ​ ​ The following table summarizes the estimated future amortization expense to be recognized over the next five years and periods thereafter: ​ ​ ​ ​ ​ ​ December 31, ​ ​ (In thousands) 2022 (remaining 6 months) ​ $ 3,914 2023 ​ ​ 7,489 2024 ​ ​ 7,333 2025 ​ ​ 7,099 2026 ​ ​ 6,331 2027 ​ ​ 6,301 Thereafter ​ ​ 40,272 Total future amortization expense ​ $ 78,739 ​ 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 to 20 years depending on the license, patent or other agreement. Renewals are accounted for when they are reasonably assured. Intangible assets are amortized using the straight-line method over the estimated useful lives. Amortization expense of intangible assets was $2.0 million and $1.6 million for the three months ended December 31, 2021 and 2020, respectively, and $4.1 million and $3.2 million for the six months ended December 31, 2021 and 2020, respectively.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Dec. 31, 2021
Accrued Liabilities
Accrued Liabilities	9. Accrued liabilities Accrued liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Accrued program liabilities ​ $ 10,515 ​ $ 8,689 Accrued product-related fees ​ 1,637 ​ 2,501 Accrued savings offers ​ ​ 17,995 ​ ​ 20,148 Accrued distributor fees ​ ​ 3,156 ​ ​ 2,710 Accrued liabilities for trade partners ​ 4,120 ​ 5,421 Accrued option exercise and milestone fees ​ ​ 3,050 ​ ​ 600 Medicaid liabilities ​ 1,258 ​ 1,714 Return reserve ​ 5,781 ​ 6,367 Other accrued liabilities* ​ 3,173 ​ 3,145 Total accrued liabilities ​ $ 50,685 ​ $ 51,295 * Other accrued liabilities consist of credit card liabilities, taxes payable, accounting fee, samples expense and consultants’ fees, none of which individually represent greater than five percent of total current liabilities

Debt

Debt	6 Months Ended
	Dec. 31, 2021
Debt
Debt	10. Debt The Neos Revolving Loan. 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 0.5% of the revolving loan commitment if such event occurs prior to May 11, 2022. Neos may permanently terminate the revolving loan facility with at least 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. In connection with the closing of the Neos Merger, Neos and Eclipse entered into a Consent, Waiver and First Amendment to the Loan Agreement, dated as of March 19, 2021 (the “Eclipse Consent, Waiver and Amendment”). Pursuant to the Consent, Waiver and First Amendment, Eclipse (i) irrevocably waives the right to impose the default rate of interest solely to the extent resulting from the inclusion of a "going concern" qualification in the audited financial statements of Neos on a consolidated basis for the fiscal year ending December 31, 2020 (the “Specified Default), (ii) the right to impose the Default Rate of interest under Section 3.1 of the Loan Agreement, or to collect interest accruing at such Default Rate that Lenders had a lawful right to collect or apply with respect to any such Specified Default, and (iii) makes certain other modifications to the Eclipse Loan Agreement to reflect the consummation of the Neos Merger and the status of Neos as a wholly-owned subsidiary of Aytu, in each case subject to the terms and conditions of the Eclipse Consent, Waiver and Amendment. The interest expense was $0.2 million and $0.3 million for the three and six months ended December 31, 2021, respectively. As of December 31, 2021 $7.2 million borrowing was outstanding under the Revolving Loan and Neos was in compliance with the covenants under the Loan Agreement as amended. The Neos Senior Secured Credit Facility. 66 2/3% 33 1/3% Long-term debt consists of the following; ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Neos senior secured credit facility, due on May 11, 2022 ​ $ 15,000 ​ $ 15,000 Exit fee ​ ​ 1,000 ​ ​ 1,000 Unamortized premium ​ ​ 240 ​ ​ 566 Financing leases, maturing through May 2024 ​ ​ 232 ​ ​ 282 Total debt ​ ​ 16,472 ​ ​ 16,848 Less: current portion ​ ​ (16,343) ​ ​ (16,668) Non-current portion of debt ​ $ 129 ​ $ 180 ​ 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 (the “Deerfield Consent, Waiver and Amendment”). Pursuant to the Consent, Waiver and Sixth Amendment, Deerfield (i) consented to certain amendments to the Eclipse loan documents, (ii) irrevocably waive the Going Concern Conditions as described in the Deerfield Consent, Waiver and Amendment and their right to impose the default rate of interest as provided for in the Facility as of May 11, 2016, or to collect interest accruing at such default rate of interest, that the Lenders had a lawful right to collect or apply with respect to any such Event of Default for failure to satisfy such Going Concern Condition, (iii) subject the Company and its subsidiaries to certain restrictive covenants including limitations on the incurrence of debt, granting of liens and transfers of assets of the Company and its subsidiaries and (iv) makes certain other modifications to the Facility to reflect the consummation of the Neos Merger and the status of Neos as a wholly-owned subsidiary of the Company. Such modifications also include the prepayment of $15.0 million by the Company of the principal of the loan that was otherwise due on May 11, 2021 plus any accrued interest thereon through March 19, 2021, plus a make-whole payment equal to the interest that would otherwise have been due on that $15.0 million for the period beginning March 19, 2021 through May 11, 2021. The Sixth Amendment also eliminated the right of Deerfield to convert outstanding amounts of the loans into conversion shares and the right of Neos to make payments to Deerfield in the form of shares of common stock. The Company is a guarantor under the Facility. Pursuant to the terms of the Facility, as amended, the $15.0 million principal prepayment was paid in cash on March 19, 2021, and the carrying amount of the remaining outstanding debt was $16.6 million. As the Neos Merger was accounted for as a business combination, Neos evaluated and determined that the fair value of the remaining outstanding debt was $17.4 million as of March 20, 2021. Accordingly, Neos recorded a premium of $0.8 million, which is the difference between carrying amount and the fair value of the debt and is being amortized into interest expense using the effective interest method over the remaining term of the debt. As of December 31, 2021, the Company was in compliance with the covenants under the Facility as amended. Total interest expense on the Facility, net of premium amortization, was $0.4 million and $0.7 million for the three and six months ended December 31, 2021, respectively. Future principal payments of long-term debt, including financing leases, are as follows: ​ ​ ​ ​ ​ ​ December 31, ​ ​ (In thousands) 2022 ​ $ 16,104 2023 ​ ​ 89 2024 ​ ​ 39 Future principal payments ​ ​ 16,232 Add unamortized premium ​ ​ 240 Less current portion ​ ​ (16,343) Non-current portion of debt ​ $ 129 ​

Fair Value Considerations

Fair Value Considerations	6 Months Ended
	Dec. 31, 2021
Fair Value Considerations
Fair Value Considerations	11. Fair Value Considerations 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 levels based on reliability of the inputs as follows: Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to Aytu for identical assets or liabilities; Level 2: Inputs that include quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market activity. The Company’s assets and liabilities which are measured at fair value on a recurring basis 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. The Company has consistently applied the valuation techniques discussed below in all periods presented. Recurring Fair Value Measurements The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 and June 30, 2021, by level within the fair value hierarchy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2021 ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Priced in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for ​ Other ​ Significant ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ Fair Value at December 31, Assets Inputs Inputs ​ ​ 2021 (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 35,277 ​ $ 35,277 ​ $ — ​ $ — Total ​ $ 35,277 $ 35,277 $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration $ 9,503 $ — $ — $ 9,503 CVR liability ​ 1,392 ​ — ​ — ​ 1,392 Total ​ $ 10,895 $ — $ — ​ $ 10,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at June 30, 2021 ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Priced in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for ​ Other ​ Significant ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ Fair Value at June 30, Assets Inputs Inputs ​ ​ 2021 (Level 1) (Level 2) (Level 3) ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 49,649 ​ $ 49,649 ​ $ — ​ $ — Total ​ $ 49,649 $ 49,649 $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 12,057 $ — $ — $ 12,057 CVR liability ​ ​ 1,395 ​ — ​ — ​ 1,395 Total ​ $ 13,452 $ — $ — ​ $ 13,452 ​ Contingent Consideration. Tuzistra XR. ZolpiMist. On February 14, 2020, the Company recognized approximately $0.2 million in product related contingent consideration as a result of the February 14, 2020 Innovus Merger. The fair value was based on a discounted value of the future contingent payment using a 30% discount rate based on the estimated risk that the milestones are achieved. As of December 31, 2021 and June 30, 2021, the contingent consideration was $0.3 million. In June 2017, Innovus entered into Exclusive License Agreement (“the UIRD Agreement”) with University of Iowa Research Foundation (“UIRD”) for the use of patent and technology know-how. Pursuant to the agreement, Innovus will pay to UIRD a total milestone payment of $50,000 every other year beginning on July 1, 2021 for a total payment of $0.2 million. The fair value was based on a discounted value of the future contingent payment using a 26% discount rate based on the estimated risk that the milestones would be achieved. The discounted value as of December 31, 2021 and June 30, 2021, was approximately $48,000 and $0.1 million, respectively. During the three months ended December 31, 2021 and 2020, the Company recognized a net loss of $0.3 million and $2.4 million, respectively, in the consolidated statements of operations from changes in fair values of these contingent considerations. During the six months ended December 31, 2021 and 2020, the Company recognized a net loss of $0.5 million and $2.4 million, respectively in the consolidated statements of operations from changes in fair values of these contingent considerations. The total accretion expense included in the consolidated statements of operations related to these contingent considerations was approximately $22,000, and $0.3 million during the three months ended December 31, 2021 and 2020, respectively, and $0.1 million and $0.3 million during the six months ended December 31, 2021 and 2020, respectively. Contingent value rights. Summary of Level 3 Input Changes The following table sets forth a summary of changes to those fair value measures using Level 3 inputs for the three months ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ CVR Contingent ​ ​ Liability ​ Consideration ​ (In thousands) Balance as of June 30, 2021 $ 1,395 ​ $ 12,057 Included in earnings ​ (3) ​ ​ 555 Purchases, issues, sales and settlements: ​ ​ ​ ​ Settlements — ​ (3,109) Balance as of December 31, 2021 $ 1,392 ​ $ 9,503 ​ Significant Assumptions Significant assumptions used in valuing the contingent consideration were as follows: ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 Tuzistra Valuation model ​ Scenario-Based ​ Leveraged Beta 0.66 Market risk premium 6.00 % Risk-free interest rate 1.80 % Discount 14.30 % Company specific discount 15.00 % ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ZolpiMist Valuation method ​ Monte Carlo ​ Leveraged Beta 1.08 Market risk premium 6.00 % Risk-free interest rate 1.90 % Discount 11.50 % Company specific discount 15.00 % ​ Significant assumptions used in valuing the CVRs were as follows: ​ ​ ​ ​ ​ ​ December 31, ​ 2021 Contingent Value Rights ​ Valuation method ​ Monte Carlo ​ Leveraged Beta 0.85 ​ Market risk premium ​ 6.00 % Risk-free interest rate ​ 0.73 % Discount ​ 18.00 % Company specific discount 10.00 % ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies Prescription Database In May 2016, the Company entered into an agreement with a vendor to provide prescription database information. The Company agreed to pay approximately $1.6 million over three years for access to the database of prescriptions for certain products. In January 2020, the Company amended the agreement and agreed to pay an additional $0.6 million to add access to the database of prescriptions written for the Pediatric Portfolio. The agreement was further amended to include all prescriptions written for the Rx Portfolio. Pediatric Portfolio Fixed Payments and Product Milestone The Company has two fixed, periodic payment obligations to an investor (the “Fixed Obligation”). Under the first fixed obligation, the Company was to pay monthly payment of $86,400 beginning November 1, 2019 through January 2021, with a balloon payment of $15.0 million that was to be due in January 2021 (“Balloon Payment Obligation”). A second fixed obligation requires the Company pay a minimum of $100,000 monthly through February 2026, except for $210,767 paid in January 2020. On May 29, 2020, the Company entered into an Early Payment Agreement and Escrow Instruction (the “Early Payment Agreement”) pursuant to which the Company agreed to pay $15.0 million to the investor in early satisfaction of the Balloon Payment Obligation. The parties to the Early Payment Agreement acknowledged and agreed that the remaining fixed payments other than the Balloon Payment Obligation remained due and payable pursuant to the terms of the Agreement, and that nothing in the Early Payment Agreement alters, amends, or waives any provisions or obligations in the Waiver or the Investor agreement other than as expressly set forth therein. The first fixed obligation was fully paid as of January 2021. On June 21, 2021, the Company entered into a Waiver, Release and Consent pursuant to which the Company paid $2.8 million to the investor in early satisfaction of the second fixed obligation. The Company agreed to pay the remaining fixed obligation of $3.0 million in six equal quarterly payments of $0.5 million over the next six quarters commencing September 30, 2021. In addition, the Company acquired a Supply and Distribution Agreement with 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 years. The Company will pay Tris a royalty equal to 23.5% of net sales. The Karbinal Agreement also contains minimum unit sales commitments, which is based on a commercial year that spans from August 1 through July 31, of 70,000 units annually through 2025. The Company is required to pay Tris a royalty make whole payment of $30 for each unit under the 70,000-unit annual minimum sales commitment through 2025. The Karbinal Agreement make-whole payment is capped at $2.1 million each year. The annual payment is due in August of each year. The Karbinal Agreement also has multiple commercial milestone obligations that aggregate up to $3.0 million based on cumulative net sales, the first of which is triggered at $40.0 million of net revenues. Inventory Purchase Commitment On May 1, 2020, the Company’s Innovus subsidiary entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Hikma Pharmaceuticals USA, Inc. (“Hikma”). Pursuant to the settlement agreement, Innovus has agreed to purchase and Hikma has agreed to manufacture a minimum amount of our branded fluticasone propionate nasal spray USP, 50 mcg per spray (FlutiCare®), under Hikma’s FDA approved ANDA No. 207957 in the U.S. The commitment requires Innovus to purchase three batches of product through fiscal year 2022. The Company has completed the purchase of the first two batches and fully paid the amount under the agreement. The remaining $0.7 million for the batch three purchase is expected to be paid in the third quarter of fiscal year 2022. CVR Liability Upon closing the Innovus Merger, the Company entered into a CVR Agreement. Each CVR entitles its holder to receive its pro rata share, payable in cash or stock, at the option of the Company, of certain payment amounts if the targets are met. If any of the payment amounts are earned, they are to be paid by the end of the first quarter of the calendar year following the year in which they are earned. Multiple revenue milestones can be earned in one year. On March 20, 2021, the Company issued to the CVR holders 103,190 shares of the Company’s common stock to satisfy one of two $1.0 million 2020 milestones, which relates to the Innovus achievement of $30.0 million in revenues during the 2020 calendar year. The $1.0 million 2020 milestone for achieving profitability was not met. The $1.0 million 2021 milestones, which relates to the Innovus achievement of $40.0 million in revenues during the 2021 calendar year and $1.0 million for achieving profitability were not met. Product Contingent Liability In February 2015, Innovus acquired Novalere, which included the rights associated with distributing FlutiCare. As part of the Merger, Innovus is obligated to make five additional payments of $0.5 Pursuant to the University of Iowa Research Foundation (the “UIRD”) Agreement, Innovus will pay to UIRD a total milestone payment of $50,000 every other year beginning on July 1, 2021 for a total payment of $0.2 million. The discounted value as of December 31, 2021, is approximately $48,000. The first milestone cash payment of $50,000 was made in July 2021. Rumpus Earn Out Payments On April 12, 2021, the Company acquired substantially all of the assets of Rumpus, pursuant to which the Company acquired certain rights and other assets, including key commercial global licenses with Denovo Biopharma LLC (“Denovo”) and Johns Hopkins University (“JHU”), relating to AR101, which is a pivotal study-ready therapeutic being studied for the treatment of VEDS. This asset was acquired for an up-front fee of $1.5 million in cash and payment of aggregated fees of $0.6 million to Denovo and JHU. Upon the achievement of certain regulatory and commercial milestones, up to $67.5 million in earn-out payments, which are payable in cash or shares of common stock, generally at the Company’s option, are payable to Rumpus. Under the license agreement with Denovo, the Company assumed the responsibility for paying annual maintenance fees of $25,000, a license option fee of $0.6 million payable in April 2022, and upon the achievement of certain regulatory and commercial milestones, up to $101.7 million, and escalating royalties based on net product sales ranging in percentage from the low teens to the high teens. Finally, under the license agreement with JHU, the Company assumed the responsibility for paying minimum annual royalties escalating from $5,000 to $20,000 beginning in calendar year 2022, royalties of 3.0% of net product sales, and upon the achievement of certain regulatory and commercial milestones, up to $1.6 million. On December 7, 2021, upon receiving Orphan Drug Designation (“ODD”) from the FDA for AR101, a milestone payment of $2.5 million is due and payable to Rumpus in cash or in shares of the Company’s common stock. The $2.5 million milestone payment is included in our accrued liabilities in the condensed consolidated balance sheets as of December 31, 2021.

Capital Structure

Capital Structure	6 Months Ended
	Dec. 31, 2021
Capital Structure
Capital Structure	13. Capital Structure The Company has 200 million shares of common stock authorized with a par value of $0.0001 per share and 50 million shares of preferred stock authorized with a par value of $0.0001 per share. As of December 31, 2021 and June 30, 2021, the Company had 30,010,468 and 27,490,412 common shares outstanding, respectively, and zero preferred shares outstanding, respectively. Included in the common stock outstanding are 2,163,040 shares of restricted stock issued to executives, directors and employees. On June 8, 2020, the Company filed a shelf registration statement on Form S-3, which was declared effective by the SEC on June 17, 2020. This shelf registration statement covered the offering, issuance and sale by the Company of up to an aggregate of $100.0 million of its common stock, preferred stock, debt securities, warrants, rights and units (the “2020 Shelf”). As of December 31, 2021, approximately $43.3 million remains available under the 2020 Shelf. On September 28, 2021, the Company filed a shelf registration statement on Form S-3, which was declared effective by the SEC on October 7, 2021. This shelf registration statement covered the offering, issuance and sale by the Company of up to an aggregate of $100.0 million of its common stock, preferred stock, debt securities, warrants, rights and units (the “2021 Shelf”). As of December 31, 2021, the Company has not issued any common stock, preferred stock, debt securities, warrants, rights or units under the 2021 Shelf. On June 4, 2021, the Company entered into a sales agreement with Cantor Fitzgerald & Co., as sales agent, to provide for the offering, issuance and sale by the Company of up to $30.0 million of its common stock from time to time in “at-the-market” offerings under the 2020 Shelf (the “Cantor ATM”). In July 2021, the Company issued 61,500 shares of common stock under the Cantor ATM, with total gross proceeds of approximately $0.3 million before deducting underwriting discounts, commissions, and other offering expenses. During the three months ended December 31, 2021, the Company issued an additional 2,161,584 shares of common stock under the Cantor ATM, with total gross proceeds of approximately $4.5 million before deducting underwriting discounts, commissions, and other offering expenses of $0.2 million. As of December 31, 2021, approximately $12.5 million of the Company’s common stock remained available to be sold pursuant to the Cantor ATM.

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Dec. 31, 2021
Equity Incentive Plans
Equity Incentive Plans	14. Equity Incentive Plans Aytu 2015 Plan. Neos 2015 Plan. Stock Options Stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ Number of ​ Average ​ Contractual ​ ​ Options ​ Exercise Price ​ Life in Years Outstanding June 30, 2021 109,588 ​ $ 14.52 8.07 Forfeited/Cancelled (9,355) ​ ​ 6.35 Expired (9,502) ​ ​ 8.10 Outstanding at December 31, 2021 90,731 ​ $ 16.03 8.22 ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2021 47,838 ​ $ 22.99 8.17 ​ As of December 31, 2021, there was $0.3 million of total unrecognized compensation costs adjusted for estimated forfeitures, related to non-vested stock options granted under the Company’s equity incentive plans. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2 years. Restricted Stock On August 2, 2021, the Company granted 220,000 shares of restricted stock, with certain accelerated vesting conditions, to pursuant to the Aytu 2015 Plan, of which 1/3 vest on August 2, 2022 and 1/12 on the first day of each quarter thereafter , subject to continuing employment with the Company through each vesting date until August 2, 2024. These restricted stocks grants have a grant date fair value of $4.02 per-share. On 75,000 shares of restricted stock to pursuant to the Neos 2015 Plan, of which 1/3 vest on October 11, 2022 and 1/12 each quarter thereafter , subject to continuing employment with the Company through each vesting date until October 11, 2024. These restricted stocks grants have a grant date fair value of $2.65 per-share. Restricted stock activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ Number of ​ Date Fair ​ ​ Shares ​ Value Unvested at June 30, 2021 1,955,268 ​ $ 7.83 Granted 295,000 ​ ​ 3.67 Vested (90,836) ​ ​ 7.97 Unvested at December 31, 2021 2,159,432 ​ $ 7.26 ​ As of December 31, 2021, there was $11.9 million of total unrecognized compensation costs adjusted for estimated forfeitures, related to non-vested restricted stock granted under the Company’s equity incentive plan. The unrecognized compensation cost is expected to be recognized over a weighted average period of 3.1 years. The Company previously issued 158 shares of restricted stock outside the Aytu 2015 Plan, which vest in July 2026. The unrecognized expense related to these shares was $0.9 million as of December 31, 2021 and is expected to be recognized over the weighted average period of 4.52 years. Restricted Stock Unit On December 1, 2021, 20,000 shares of restricted stock units, to pursuant to the Aytu 2015 Plan, of which 1/3 vest on December 1, 2022 and 1/12 on the first day of each quarter thereafter, subject to continuing employment with the Company through each vesting date until December 1, 2024. These restricted stocks grants have a grant date fair value of $1.86 per-share. Restricted stock unit activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ Number of ​ Date Fair ​ ​ Shares ​ Value Unvested at June 30, 2021 78,318 ​ $ 7.20 Granted ​ 20,000 ​ ​ 1.86 Vested (1,972) ​ ​ 6.04 Forfeited ​ (62,922) ​ ​ 7.44 Unvested at December 31, 2021 33,424 ​ $ 3.61 ​ As of December 31, 2021, there was $0.1 million of total unrecognized compensation costs adjusted for any estimated forfeitures, related to non-vested RSUs granted under the Company’s equity incentive plans. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.0 years. Stock-based compensation expense related to the fair value of stock options and restricted stock and RSUs was included in the statements of operations as set forth in the below table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Cost of sales ​ $ 8 ​ $ — ​ $ 17 ​ $ — Research and development ​ ​ 75 ​ ​ — ​ ​ 394 ​ ​ — Selling and marketing ​ ​ 19 ​ ​ — ​ ​ 28 ​ ​ — General and Administrative ​ 1,127 ​ 508 ​ 2,309 ​ 963 Total stock-based compensation expense ​ $ 1,229 ​ $ 508 ​ $ 2,748 ​ $ 963 ​ The stock-based compensation expense included in the table above attributable to stock options was $22,000 and $0.1 million for the three months ended December 31, 2021 and 2020, respectively, and $45,000 and $0.2 million for the six months ended December 31, 2021 and 2020, respectively. The stock-based compensation expense included in the table above attributable to restricted stock was $1.2 million and $0.4 million for the three months ended December 31, 2021 and 2020, respectively, and $2.7 million and 0.8 million for the six months ended December 31, 2021 and 2020, respectively.

Warrants

Warrants	6 Months Ended
	Dec. 31, 2021
Warrants
Warrants	15. Warrants On July 1, 2020, 92,302 warrants previously issued to a placement agent with a weighted average exercise price of $15.99 per warrant expired. In addition, during July 2021, 2,205 various other warrants with a weighted average exercise price of $582.50 per warrant to purchase the Company’s shares of common stock expired. As of December 31, 2021, the Company had 24,105 liability warrants outstanding with a weighted-average exercise price of $720.0. These warrants expire on August 25, 2022. A summary of equity-based warrants is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ Number of ​ Average ​ Contractual ​ ​ Warrants ​ Exercise Price ​ Life in Years Outstanding June 30, 2021 1,254,952 ​ $ 35.85 2.83 Warrants expired (95,670) ​ 114.33 — Outstanding December 31, 2021 1,159,282 ​ $ 29.51 2.72 ​

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Dec. 31, 2021
Net Loss Per Common Share
Net Loss Per Common Share	16. Net Loss per Common Share Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted net loss per share reflects the potential of securities that could share in the net loss of the Company. For all periods presented, there is no difference in the number of shares used to compute basic and diluted shares outstanding due to the Company’s net loss position. Restricted stock is considered legally issued and outstanding on the grant date, while RSUs are not considered legally issued and outstanding until the RSUs vest. Once the RSUs vest, equivalent common shares will be issued or issuable to the grantee and therefore the RSUs are not considered for inclusion in total common shares issued and outstanding until vested. The following table sets-forth securities that could be potentially dilutive, but for the three and six months ended December 31, 2021 and 2020 are anti-dilutive, and therefore excluded from the calculation of diluted earnings per share. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Warrants to purchase common stock - liability classified (Note 15) ​ 24,105 24,105 Warrant to purchase common stock - equity classified (Note 15) ​ 1,159,282 2,379,918 Employee stock options (Note 14) ​ 90,731 76,594 Employee unvested restricted stock (Note 14) ​ 2,159,432 381,686 Employee unvested restricted stock units ​ (Note 14) ​ 33,424 ​ — Total ​ ​ ​ 3,466,974 2,862,303 ​

License Agreements

License Agreements	6 Months Ended
	Dec. 31, 2021
License Agreements
Licensing Agreements	17. License Agreements Rumpus (AR101) In April 2021, the Company acquired substantially all the assets of Rumpus. Through this transaction the Company secured exclusive global rights to AR101 from Denovo in the fields of rare genetic pediatric onset or congenital disorders outside of oncology. AR101 is a pivotal study-ready therapeutic candidate initially targeting the treatment of VEDS. Under the terms of the transaction, the Company paid an upfront fee of $1.5 million and aggregated fees of $0.6 million to Denovo and JHU. Upon the achievement of certain regulatory and commercial milestones, the Company will pay Rumpus up to $67.5 million in earn-out payments, which are payable in cash or shares of common stock, generally at the Company’s option. In addition, the Company received assignments of third-party licenses from Denovo and JHU and took over royalty obligations and performance-based milestones under these licenses. On December 7, 2021 the FDA granted ODD to AR101 for the treatment of Ehlers-Danlos Syndrome, which includes the treatment of VEDS. As a result of this designation, a milestone payment of $2.5 million is due and payable to Rumpus in cash or in shares of the Company’s common stock. The $2.5 million milestone payment is included in our accrued liabilities in the condensed consolidated balance sheets as of December 31, 2021. In addition, on December 13, 2021 the FDA has cleared the IND application for AR101, enabling the Company to proceed with initiating a pivotal clinical trial for AR101 in VEDS. The PREVEnt Trial will assess the safety and efficacy of enzastaurin in COL3A1-confirmed VEDS patients. Healight In April 2020, the Company entered into a licensing agreement with Cedars-Sinai Medical Center to secure worldwide rights to various potential esophageal and nasopharyngeal uses of Healight, an investigational medical device platform technology. Healight has demonstrated safety and efficacy in a proof-of-concept clinical study in SARS-CoV-2 patients, and the Company plans to advance this technology to further assess its safety and efficacy in additional randomized, controlled human studies, initially focused on SARS-CoV-2 patients. The agreement with Cedars-Sinai grants the Company a license to all patent and development related technology rights for the intra-corporeal therapeutic use of ultraviolet light in the field of endotracheal and nasopharyngeal applications. The term of the agreement is on a country-by-country basis and will expire on the latest of the date upon which the last to expire valid claim shall expire, ten years after the first bona fide commercial sale of such licensed product in a country, or the expiration of any market exclusivity period granted by a regulatory agency. Pursuant to the terms of the agreement, the Company paid an initial $0.3 million license fee and approximately $0.1 million in earlier patent prosecution fees. On November 23, 2021 the U.S. Patent and Trademark Office (the “USPTO”) issued a U.S. patent for the Healight ultraviolet-A light-based respiratory catheter to Cedars-Sinai Medical Center. The U.S. Patent Number 11,179,575, titled “Internal Ultraviolet Therapy,” is the first issued patent protecting the Healight investigational device and covers methods of treating a patient for an infectious condition inside the patient's body through the insertion of a UV-light-emitting delivery tube inside a respiratory cavity of the patient at specific UV-A light wavelengths. The term of this patent extends to August of 2040. NeuRx In October 2018, Neos entered into an Exclusive License Agreement (“NeuRx License”) with NeuRx Pharmaceuticals LLC (“NeuRx”), pursuant to which NeuRx granted Neos an exclusive, worldwide, royalty-bearing license to research, develop, manufacture, and commercialize certain pharmaceutical products containing NeuRx’s proprietary compound designated as NRX-101, referred to by Neos as NT0502. NT0502 is a new chemical entity that is being developed by Neos for the treatment of sialorrhea, which is excessive salivation or drooling. Under the NeuRx License, Neos made an upfront payment of $0.2 million to NeuRx upon the execution of the agreement. Neos made a payment of $0.2 million following receipt of notice of allowance of the first Licensed Patent by the United States Patent and Trademark Office (“USPTO”), as defined in the NeuRx License. Such Licensed Patent subsequently was issued by the USPTO. In April 2020, Neos met the completion of the first Pilot PK Study milestone, as defined in the NeuRx License, triggering the cash payment of $0.3 million. Neos may in the future be required to make certain development and milestone payments and royalties based on annual net sales, as defined in the NeuRx License. Royalties are to be paid on a country-by-country and licensed product-by-licensed product basis, during the period of time beginning on the first commercial sale of such licensed product in such country and continuing until the later of: (i) the expiration of the last-to-expire valid claim in any licensed patent in such country that covers such licensed product in such country; and/or (ii) expiration of regulatory exclusivity of such licensed product in such country. Teva On October 31, 2017, Neos received a paragraph IV certification from Teva Pharmaceuticals USA, Inc. (“Teva”) advising Neos that Teva has filed an Abbreviated New Drug Application (“ANDA”) with the FDA for a generic version of Cotempla XR-ODT, in connection with seeking to market its product prior to the expiration of patents covering Cotempla XR-ODT. On December 13, 2017, Neos filed a patent infringement lawsuit in federal district court in the District of Delaware against Teva alleging that Teva infringed Neos’ Cotempla XR-ODT patents. On December 21, 2018, Neos and Teva entered into a Settlement Agreement (the “Teva Settlement Agreement”) and a Licensing Agreement (the “Teva Licensing Agreement” and collectively with the Teva Settlement Agreement, the “Teva Agreement”) that resolved all ongoing litigation involving Neos’ Cotempla XR-ODT patents and Teva’s ANDA. 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, or earlier under certain circumstances. The Teva Licensing Agreement has been submitted to the applicable governmental agencies. Actavis On July 25, 2016, Neos received a paragraph IV certification from Actavis Laboratories FL, Inc. (“Actavis”) advising Neos that Actavis had filed an ANDA with the FDA for a generic version of Adzenys XR-ODT. On September 1, 2016, Neos filed a patent infringement lawsuit in federal district court against Actavis alleging that Actavis infringed Neos’ Adzenys XR-ODT patents. On October 17, 2017, Neos entered into a Settlement Agreement (the “Actavis Settlement Agreement”) and a Licensing Agreement (the “Actavis Licensing Agreement” and collectively with the Actavis Settlement Agreement, the “Actavis Agreement”) with Actavis that resolved all ongoing litigation involving Neos’ Adzenys XR-ODT patents and Actavis’s ANDA. 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, or earlier under certain circumstances. The Actavis Licensing Agreement has been submitted to the applicable governmental agencies. Shire In July 2014, Neos entered into a Settlement Agreement and an associated License Agreement (the “2014 License Agreement”) with Shire LLC (“Shire”) for a non-exclusive license to certain patents for certain activities with respect to Neos’ New Drug Application (the “NDA”) No. 204326 for an extended-release orally disintegrating amphetamine polistirex tablet. In accordance with the terms of the 2014 License Agreement, following the receipt of the approval from the FDA for Adzenys XR-ODT, Neos paid an up-front, non-refundable license fee of an amount less than $1.0 million in February 2016. Neos is paying a single digit royalty on net sales of Adzenys XR-ODT during the life of the patents. In March 2017, Neos entered into a License Agreement (the “2017 License Agreement”) with Shire, pursuant to which Shire granted Neos a non-exclusive license to certain patents owned by Shire for certain activities with respect to Neos’ NDA No. 204325 for an extended-release amphetamine oral suspension. In accordance with the terms of the 2017 License Agreement, following the receipt of the approval from the FDA for Adzenys ER, Neos paid an up-front, non-refundable license fee of an amount less than $1.0 million in October 2017. Neos is paying a single digit royalty on net sales of Adzenys ER during the life of the patents. Adzenys ER was discontinued as of September 30, 2021. 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 and 2017 License Agreements contains a covenant from Shire not to file a patent infringement suit against Neos alleging that Adzenys XR-ODT or Adzenys ER, respectively, infringes the Shire patents.

Segment Reporting

Segment Reporting	6 Months Ended
	Dec. 31, 2021
Segment Reporting
Segment Reporting	18. Segment reporting The Company’s chief operating decision maker (“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 reportable segments: Aytu BioPharma and Aytu Consumer Health. The Aytu BioPharma segment consists of the Company’s prescription products. The Aytu Consumer Health segment contains the Company’s consumer healthcare products. Select financial information for these segments is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 ​ 2021 2020 ​ ​ (In thousands) ​ (In thousands) Consolidated revenue: ​ ​ ​ ​ ​ ​ Aytu BioPharma ​ $ 14,643 ​ $ 7,212 ​ $ 28,526 ​ $ 12,964 Aytu Consumer Health ​ 8,482 ​ 7,935 ​ 16,496 ​ 15,703 Consolidated revenue ​ $ 23,125 ​ $ 15,147 ​ $ 45,022 ​ $ 28,667 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated net loss: ​ ​ ​ ​ Aytu BioPharma ​ $ (9,591) ​ $ (8,268) ​ $ (36,048) ​ $ (11,218) Aytu Consumer Health ​ (1,957) ​ (1,257) ​ (3,351) ​ (2,613) Consolidated net loss ​ $ (11,548) ​ $ (9,525) ​ $ (39,399) ​ $ (13,831) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ Aytu BioPharma ​ $ 194,419 ​ $ 236,449 Aytu Consumer Health ​ 29,405 ​ 29,219 Consolidated assets ​ $ 223,824 ​ $ 265,668 ​

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	19. Subsequent Events On January 26, 2022, the Company entered into a Loan and Security Agreement (the “Avenue Capital Agreement”) with Avenue Venture Opportunities Fund II, L.P., Avenue Venture Opportunities Fund II, L.P. and Avenue Capital Management II, L.P. (collectively, “Avenue Capital”). Pursuant to the Avenue Capital Agreement, Avenue Capital (i) provided a term loan (the “Avenue Capital Loan”) in the principal amount of $15.0 million, at an interest rate of the greater of prime and 3.25%, plus 7.4%, with a three-year term, consisting of 18 monthly payments of interest only followed by equal monthly payments of principal and accrued interest (with the interest-only period being extended up to 36 months contingent upon the Obligors achieving certain milestones) and (ii) permitted the Avenue Capital Loan proceeds to be used towards the full repayment of the Neos Senior Secured Credit Facility with Deerfield. As consideration for entering into the Avenue Capital Agreement, Aytu issued warrants to the Avenue Capital Lenders valued at $1,050,000, and exercisable to shares of the Company’s common stock at per share exercise price equal to $1.21 (subject to adjustment) (the “Warrants”). The Warrants are immediately exercisable and expire on January 31, 2027. In connection with the Avenue Capital Agreement, the Company entered into a Consent, Waiver and Second Amendment to Loan and Security Agreement, dated as of January 26, 2022 (the “Eclipse Consent, Waiver and Second Amendment”). The Eclipse Consent, Waiver and Second Amendment, among other modifications, extends the maturity date of the Loan Agreement with Eclipse to January 26, 2025 and reduces the availability under the Loan Agreement from $25.0 million to $12.5 million.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2021
Significant Accounting Policies
Basis of Presentation	Basis of Presentation.
Use of Estimates	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 assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, revenue recognition, allowance for doubtful accounts, determination of variable consideration for accruals of chargebacks, administrative fees and rebates, government rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, goodwill impairment, income tax provision, deferred taxes and valuation allowance, determination of right-of-use assets and lease liabilities, purchase price allocations, and the depreciable lives of long-lived assets. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness.
Prior Period Reclassification	Prior Period Reclassification Certain prior year amounts in the consolidated balance sheets, statements of earnings and statements of cashflows have been reclassified to conform to the current year presentation, including a reclassification made in the presentation of FDA fees for commercialized product. This was previously included in general and administrative expenses and now is recorded as a component of cost of sales on the consolidated statements of earnings. These reclassifications did not affect operating earnings or other consolidated financial statements for the three and six months ended December 31, 2021 and 2020.
Income Taxes	Income Taxes The Company calculates its quarterly income tax provision based on estimated annual effective tax rates applied to ordinary income (or loss) and other known items computed and recognized when they occur. There have been no changes in tax law affecting the tax provision during the six months ended December 31, 2021. The impairment of the Aytu BioPharma segment book goodwill changed the net deferred tax liability of $0.2 million recorded as of June 30, 2021 fiscal year end into a net deferred tax liability of $0.1 million as of December 31, 2021. As a result, the Company recognized an income tax benefit of $0.1 million during the six months ended December 31, 2021. There was no income tax expense or benefit during the three and six months ended December 31, 2020.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Financial Instruments Credit Losses ( ASU 2016-13 ). For a complete set of the Company’s significant accounting policies, refer to our Annual Report on Form 10-K for the fiscal year ended June 30, 2021. There have been no significant changes to the Company’s significant accounting policies during the six months ended December 31, 2021. ​

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Dec. 31, 2021
Acquisitions
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ March 19, 2021 ​ ​ (In thousands, except share and per-share) 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 $ 53,241 Cash ​ ​ 15,383 Estimated fair value of replacement equity awards ​ ​ 432 Total consideration transferred $ 69,056 ​ ​ ​ ​ ​ ​ ​ March 19, 2021 ​ ​ (In thousands) Total consideration transferred $ 69,056 Recognized amounts of identified assets acquired and liabilities assumed ​ ​ ​ Cash and cash equivalents $ 15,722 Accounts receivable ​ ​ 24,696 Inventory ​ ​ 10,984 Prepaid expenses and other current assets ​ ​ 2,929 Operating leases right-to-use assets ​ ​ 3,515 Property, plant and equipment ​ ​ 5,519 Intangible assets ​ ​ 56,530 Other long-term assets ​ ​ 149 Accounts payable and accrued expenses ​ ​ (56,718) Short-term line of credit ​ ​ (10,707) Long-term debt, including current portion ​ ​ (17,678) Operating lease liabilities ​ ​ (3,515) Other long-term liabilities ​ ​ (82) Total identifiable net assets ​ 31,344 Goodwill $ 37,712
Schedule of intangible assets acquired	​ ​ ​ ​ ​ ​ ​ March 19, 2021 ​ ​ (In thousands) Identified intangible assets acquired: ​ ​ ​ Developed technology right $ 30,200 Developed products technology ​ ​ 22,700 In-process R&D ​ ​ 2,600 RxConnect ​ ​ 630 Trade name ​ ​ 400 Total intangible assets acquired $ 56,530
Schedule of Pro forma information	​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ December 31, ​ 2021 2020 ​ ​ ​ ​ Pro forma ​ ​ Unaudited Unaudited ​ ​ (In thousands) Total revenues, net ​ $ 45,022 ​ $ 52,331 Net loss ​ $ (39,399) ​ $ (23,037)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 31, 2021
Revenue Recognition
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Primary care portfolio $ 192 $ 4,097 $ 617 $ 7,130 Pediatric portfolio ​ ​ 14,451 ​ ​ 3,115 ​ ​ 27,909 ​ ​ 5,834 Consumer Health portfolio ​ ​ 8,482 ​ ​ 7,935 ​ ​ 16,496 ​ ​ 15,703 Consolidated revenue $ 23,125 $ 15,147 $ 45,022 $ 28,667 ​
Schedule of product revenues by geographic location	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) U.S. ​ $ 22,547 ​ $ 13,757 ​ $ 43,653 ​ $ 25,901 International ​ 578 ​ 1,390 ​ 1,369 ​ 2,766 Total net revenue ​ $ 23,125 ​ $ 15,147 ​ $ 45,022 ​ $ 28,667

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2021
Inventories
Schedule of Inventory balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ (In thousands) Raw materials $ 2,427 $ 2,269 Work in process ​ ​ 2,173 ​ ​ 3,346 Finished goods ​ 11,958 ​ 10,724 Inventory, net ​ $ 16,558 ​ $ 16,339

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Dec. 31, 2021
Property and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Manufacturing equipment ​ $ 3,076 $ 3,070 Leasehold improvements 999 ​ 959 Office equipment, furniture and other 1,099 ​ 1,093 Lab equipment 832 ​ 832 Assets under construction 128 ​ 198 Less accumulated depreciation and amortization ​ ​ (1,840) ​ ​ (1,012) Property and equipment, net $ 4,294 ​ $ 5,140 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2021
Leases
Schedule of components of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ ​ December 31, ​ December 31, ​ ​ ​ 2021 2020 2021 2020 Statement of Operations Classification ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ Lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost ​ $ 330 ​ $ 30 ​ $ 626 ​ $ 125 Operating expenses Short-term lease cost 26 ​ 2 ​ 65 ​ 5 Operating expenses Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets 19 ​ — ​ 37 ​ — Cost of sales Interest on lease liabilities ​ ​ 4 ​ ​ — ​ ​ 8 ​ ​ — ​ Other (expense), net Total net lease cost $ 379 ​ $ 32 ​ $ 736 ​ $ 130 ​
Schedule of balance sheet information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, Balance Sheet Classification ​ ​ 2021 ​ 2021 ​ ​ ​ ​ (In thousands) ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ $ 3,845 ​ $ 3,563 Operating lease right-of-use asset Finance lease assets ​ ​ 292 ​ 329 Property and equipment, net, net Total leased assets ​ $ 4,137 ​ $ 3,892 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ 1,173 ​ $ 940 ​ Current portion of operating lease liabilities Finance leases ​ ​ 103 ​ ​ 102 ​ Current portion of debt Non-current ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 2,716 ​ ​ 2,624 ​ Operating lease liabilities, net of current portion Finance leases ​ ​ 129 ​ ​ 180 ​ Debt, net of current portion Total lease liabilities ​ $ 4,121 ​ $ 3,846 ​ ​ ​
Schedule of remaining lease term and discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ Weighted-Average Remaining Lease Term (years) ​ ​ ​ ​ ​ ​ ​ Operating lease assets ​ 3.09 ​ ​ 3.42 ​ Finance lease assets ​ 2.23 ​ ​ 2.72 ​ Weighted-Average Discount Rate ​ ​ ​ ​ ​ ​ Operating lease assets ​ 7.39 % ​ 6.62 % Finance lease assets ​ ​ 6.43 % ​ 6.41 % ​
Schedule of supplemental cash flow information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Cash flow classification of lease payments: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 585 ​ $ 125 Operating cash flows from finance leases ​ $ 8 ​ $ — Financing cash flows from finance leases ​ $ 50 ​ $ — ​
Schedule of maturities of future minimum lease payments, operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ (In thousands) 2022 (remaining 6 months) ​ $ 708 ​ $ 59 2023 ​ ​ 1,436 ​ ​ 104 2024 ​ ​ 1,379 ​ ​ 87 2025 ​ ​ 749 ​ ​ — 2026 ​ ​ 90 ​ ​ — 2027 ​ ​ 46 ​ ​ — Total lease payments ​ ​ 4,408 ​ ​ 250 Less: Imputed interest ​ ​ (519) ​ ​ (18) Lease liabilities ​ $ 3,889 ​ $ 232 ​
Schedule of maturities of future minimum lease payments, finance leases	​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ (In thousands) 2022 (remaining 6 months) ​ $ 708 ​ $ 59 2023 ​ ​ 1,436 ​ ​ 104 2024 ​ ​ 1,379 ​ ​ 87 2025 ​ ​ 749 ​ ​ — 2026 ​ ​ 90 ​ ​ — 2027 ​ ​ 46 ​ ​ — Total lease payments ​ ​ 4,408 ​ ​ 250 Less: Imputed interest ​ ​ (519) ​ ​ (18) Lease liabilities ​ $ 3,889 ​ $ 232 ​ ​

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangible Assets
Schedule of change in carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aytu BioPharma Aytu Consumer Health Consolidated ​ ​ (In thousands) Balance as of June 30, 2021 ​ $ 57,165 ​ $ 8,637 ​ $ 65,802 Goodwill impairment ​ (19,453) ​ — ​ (19,453) Balance as of December 31, 2021 ​ $ 37,712 ​ $ 8,637 ​ $ 46,349
Schedule of finite lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ Gross ​ ​ ​ ​ Net ​ Remaining ​ ​ Carrying ​ Accumulated ​ Carrying ​ Life (in ​ Amount Amortization Amount years) ​ ​ (In thousands) Licensed assets ​ $ 3,246 ​ $ (1,662) ​ $ 1,584 ​ 3.42 Acquired product technology right ​ 45,400 ​ (5,963) ​ 39,437 12.44 Acquired technology right ​ ​ 30,200 ​ ​ (1,390) ​ ​ 28,810 ​ 16.25 Acquired product distribution rights ​ 11,354 ​ (2,827) ​ 8,527 8.09 Acquired in-process R&D ​ ​ 2,600 ​ ​ — ​ ​ 2,600 ​ Indefinite-lived Acquired commercial technology ​ ​ 630 ​ ​ (493) ​ ​ 137 ​ 0.25 Acquired trade name ​ ​ 400 ​ ​ (156) ​ ​ 244 ​ 1.25 Acquired customer lists ​ 390 ​ (390) ​ — — Total ​ $ 94,220 ​ $ (12,881) ​ $ 81,339 13.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Carrying ​ Accumulated ​ Net Carrying ​ Life (in ​ Amount Amortization Amount years) ​ ​ (In thousands) Licensed assets ​ $ 3,246 ​ $ (1,430) ​ $ 1,816 ​ 3.92 Acquired product technology right ​ ​ 45,400 ​ ​ (4,160) ​ ​ 41,240 ​ 12.88 Acquired technology right ​ ​ 30,200 ​ ​ (501) ​ ​ 29,699 ​ 16.75 Acquired product distribution rights ​ ​ 11,354 ​ ​ (2,073) ​ ​ 9,281 ​ 8.57 Acquired in-process R&D ​ 2,600 ​ — ​ 2,600 ​ Indefinite-lived Acquired commercial technology ​ ​ 630 ​ ​ (178) ​ ​ 452 ​ 0.75 Acquired trade name ​ ​ 400 ​ ​ (56) ​ ​ 344 ​ 1.75 Acquired customer lists ​ ​ 390 ​ ​ (358) ​ ​ 32 ​ 0.01 Total ​ $ 94,220 ​ $ (8,756) ​ $ 85,464 ​ 13.47 ​
Schedule of Indefinite lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ Gross ​ ​ ​ ​ Net ​ Remaining ​ ​ Carrying ​ Accumulated ​ Carrying ​ Life (in ​ Amount Amortization Amount years) ​ ​ (In thousands) Licensed assets ​ $ 3,246 ​ $ (1,662) ​ $ 1,584 ​ 3.42 Acquired product technology right ​ 45,400 ​ (5,963) ​ 39,437 12.44 Acquired technology right ​ ​ 30,200 ​ ​ (1,390) ​ ​ 28,810 ​ 16.25 Acquired product distribution rights ​ 11,354 ​ (2,827) ​ 8,527 8.09 Acquired in-process R&D ​ ​ 2,600 ​ ​ — ​ ​ 2,600 ​ Indefinite-lived Acquired commercial technology ​ ​ 630 ​ ​ (493) ​ ​ 137 ​ 0.25 Acquired trade name ​ ​ 400 ​ ​ (156) ​ ​ 244 ​ 1.25 Acquired customer lists ​ 390 ​ (390) ​ — — Total ​ $ 94,220 ​ $ (12,881) ​ $ 81,339 13.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ Carrying ​ Accumulated ​ Net Carrying ​ Life (in ​ Amount Amortization Amount years) ​ ​ (In thousands) Licensed assets ​ $ 3,246 ​ $ (1,430) ​ $ 1,816 ​ 3.92 Acquired product technology right ​ ​ 45,400 ​ ​ (4,160) ​ ​ 41,240 ​ 12.88 Acquired technology right ​ ​ 30,200 ​ ​ (501) ​ ​ 29,699 ​ 16.75 Acquired product distribution rights ​ ​ 11,354 ​ ​ (2,073) ​ ​ 9,281 ​ 8.57 Acquired in-process R&D ​ 2,600 ​ — ​ 2,600 ​ Indefinite-lived Acquired commercial technology ​ ​ 630 ​ ​ (178) ​ ​ 452 ​ 0.75 Acquired trade name ​ ​ 400 ​ ​ (56) ​ ​ 344 ​ 1.75 Acquired customer lists ​ ​ 390 ​ ​ (358) ​ ​ 32 ​ 0.01 Total ​ $ 94,220 ​ $ (8,756) ​ $ 85,464 ​ 13.47 ​ ​
Schedule of future amortization expense	​ ​ ​ ​ ​ ​ December 31, ​ ​ (In thousands) 2022 (remaining 6 months) ​ $ 3,914 2023 ​ ​ 7,489 2024 ​ ​ 7,333 2025 ​ ​ 7,099 2026 ​ ​ 6,331 2027 ​ ​ 6,301 Thereafter ​ ​ 40,272 Total future amortization expense ​ $ 78,739

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Dec. 31, 2021
Accrued Liabilities
Schedule of Accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Accrued program liabilities ​ $ 10,515 ​ $ 8,689 Accrued product-related fees ​ 1,637 ​ 2,501 Accrued savings offers ​ ​ 17,995 ​ ​ 20,148 Accrued distributor fees ​ ​ 3,156 ​ ​ 2,710 Accrued liabilities for trade partners ​ 4,120 ​ 5,421 Accrued option exercise and milestone fees ​ ​ 3,050 ​ ​ 600 Medicaid liabilities ​ 1,258 ​ 1,714 Return reserve ​ 5,781 ​ 6,367 Other accrued liabilities* ​ 3,173 ​ 3,145 Total accrued liabilities ​ $ 50,685 ​ $ 51,295 * Other accrued liabilities consist of credit card liabilities, taxes payable, accounting fee, samples expense and consultants’ fees, none of which individually represent greater than five percent of total current liabilities

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2021
Debt
Schedule of long term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Neos senior secured credit facility, due on May 11, 2022 ​ $ 15,000 ​ $ 15,000 Exit fee ​ ​ 1,000 ​ ​ 1,000 Unamortized premium ​ ​ 240 ​ ​ 566 Financing leases, maturing through May 2024 ​ ​ 232 ​ ​ 282 Total debt ​ ​ 16,472 ​ ​ 16,848 Less: current portion ​ ​ (16,343) ​ ​ (16,668) Non-current portion of debt ​ $ 129 ​ $ 180
Schedule of future principal payments of long term debt	​ ​ ​ ​ ​ ​ December 31, ​ ​ (In thousands) 2022 ​ $ 16,104 2023 ​ ​ 89 2024 ​ ​ 39 Future principal payments ​ ​ 16,232 Add unamortized premium ​ ​ 240 Less current portion ​ ​ (16,343) Non-current portion of debt ​ $ 129

Fair Value Considerations (Tabl

Fair Value Considerations (Tables)	6 Months Ended
	Dec. 31, 2021
Fair Value Considerations
Schedule of fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2021 ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Priced in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for ​ Other ​ Significant ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ Fair Value at December 31, Assets Inputs Inputs ​ ​ 2021 (Level 1) (Level 2) (Level 3) ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 35,277 ​ $ 35,277 ​ $ — ​ $ — Total ​ $ 35,277 $ 35,277 $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration $ 9,503 $ — $ — $ 9,503 CVR liability ​ 1,392 ​ — ​ — ​ 1,392 Total ​ $ 10,895 $ — $ — ​ $ 10,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at June 30, 2021 ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Priced in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for ​ Other ​ Significant ​ ​ ​ ​ ​ Identical ​ Observable ​ Unobservable ​ Fair Value at June 30, Assets Inputs Inputs ​ ​ 2021 (Level 1) (Level 2) (Level 3) ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 49,649 ​ $ 49,649 ​ $ — ​ $ — Total ​ $ 49,649 $ 49,649 $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration ​ $ 12,057 $ — $ — $ 12,057 CVR liability ​ ​ 1,395 ​ — ​ — ​ 1,395 Total ​ $ 13,452 $ — $ — ​ $ 13,452
Schedule of changes in Level 3 inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ CVR Contingent ​ ​ Liability ​ Consideration ​ (In thousands) Balance as of June 30, 2021 $ 1,395 ​ $ 12,057 Included in earnings ​ (3) ​ ​ 555 Purchases, issues, sales and settlements: ​ ​ ​ ​ Settlements — ​ (3,109) Balance as of December 31, 2021 $ 1,392 ​ $ 9,503
Schedule of significant assumptions used in valuation	Significant assumptions used in valuing the contingent consideration were as follows: ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 Tuzistra Valuation model ​ Scenario-Based ​ Leveraged Beta 0.66 Market risk premium 6.00 % Risk-free interest rate 1.80 % Discount 14.30 % Company specific discount 15.00 % ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ZolpiMist Valuation method ​ Monte Carlo ​ Leveraged Beta 1.08 Market risk premium 6.00 % Risk-free interest rate 1.90 % Discount 11.50 % Company specific discount 15.00 % ​ Significant assumptions used in valuing the CVRs were as follows: ​ ​ ​ ​ ​ ​ December 31, ​ 2021 Contingent Value Rights ​ Valuation method ​ Monte Carlo ​ Leveraged Beta 0.85 ​ Market risk premium ​ 6.00 % Risk-free interest rate ​ 0.73 % Discount ​ 18.00 % Company specific discount 10.00 %

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Dec. 31, 2021
Equity Incentive Plans
Stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ Number of ​ Average ​ Contractual ​ ​ Options ​ Exercise Price ​ Life in Years Outstanding June 30, 2021 109,588 ​ $ 14.52 8.07 Forfeited/Cancelled (9,355) ​ ​ 6.35 Expired (9,502) ​ ​ 8.10 Outstanding at December 31, 2021 90,731 ​ $ 16.03 8.22 ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at December 31, 2021 47,838 ​ $ 22.99 8.17
Restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ Number of ​ Date Fair ​ ​ Shares ​ Value Unvested at June 30, 2021 1,955,268 ​ $ 7.83 Granted 295,000 ​ ​ 3.67 Vested (90,836) ​ ​ 7.97 Unvested at December 31, 2021 2,159,432 ​ $ 7.26
Restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ Number of ​ Date Fair ​ ​ Shares ​ Value Unvested at June 30, 2021 78,318 ​ $ 7.20 Granted ​ 20,000 ​ ​ 1.86 Vested (1,972) ​ ​ 6.04 Forfeited ​ (62,922) ​ ​ 7.44 Unvested at December 31, 2021 33,424 ​ $ 3.61
Stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Cost of sales ​ $ 8 ​ $ — ​ $ 17 ​ $ — Research and development ​ ​ 75 ​ ​ — ​ ​ 394 ​ ​ — Selling and marketing ​ ​ 19 ​ ​ — ​ ​ 28 ​ ​ — General and Administrative ​ 1,127 ​ 508 ​ 2,309 ​ 963 Total stock-based compensation expense ​ $ 1,229 ​ $ 508 ​ $ 2,748 ​ $ 963

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Dec. 31, 2021
Warrants
Schedule of equity-based warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Remaining ​ ​ Number of ​ Average ​ Contractual ​ ​ Warrants ​ Exercise Price ​ Life in Years Outstanding June 30, 2021 1,254,952 ​ $ 35.85 2.83 Warrants expired (95,670) ​ 114.33 — Outstanding December 31, 2021 1,159,282 ​ $ 29.51 2.72

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Dec. 31, 2021
Net Loss Per Common Share
Antidilutive securities excluded from the computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 2020 Warrants to purchase common stock - liability classified (Note 15) ​ 24,105 24,105 Warrant to purchase common stock - equity classified (Note 15) ​ 1,159,282 2,379,918 Employee stock options (Note 14) ​ 90,731 76,594 Employee unvested restricted stock (Note 14) ​ 2,159,432 381,686 Employee unvested restricted stock units ​ (Note 14) ​ 33,424 ​ — Total ​ ​ ​ 3,466,974 2,862,303

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Dec. 31, 2021
Segment Reporting
Segment financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ December 31, ​ December 31, ​ 2021 2020 ​ 2021 2020 ​ ​ (In thousands) ​ (In thousands) Consolidated revenue: ​ ​ ​ ​ ​ ​ Aytu BioPharma ​ $ 14,643 ​ $ 7,212 ​ $ 28,526 ​ $ 12,964 Aytu Consumer Health ​ 8,482 ​ 7,935 ​ 16,496 ​ 15,703 Consolidated revenue ​ $ 23,125 ​ $ 15,147 ​ $ 45,022 ​ $ 28,667 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated net loss: ​ ​ ​ ​ Aytu BioPharma ​ $ (9,591) ​ $ (8,268) ​ $ (36,048) ​ $ (11,218) Aytu Consumer Health ​ (1,957) ​ (1,257) ​ (3,351) ​ (2,613) Consolidated net loss ​ $ (11,548) ​ $ (9,525) ​ $ (39,399) ​ $ (13,831) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ June 30, ​ ​ 2021 ​ 2021 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ Aytu BioPharma ​ $ 194,419 ​ $ 236,449 Aytu Consumer Health ​ 29,405 ​ 29,219 Consolidated assets ​ $ 223,824 ​ $ 265,668

Nature of Business, Financial_2

Nature of Business, Financial Condition, Basis of Presentation - Product Information (Details)	6 Months Ended
	Dec. 31, 2021product
Consumer Health Portfolio | Minimum
Revenue Recognition
Number of products	20

Nature of Business, Financial_3

Nature of Business, Financial Condition, Basis of Presentation - General Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash	$ 35,277	$ 62,285	$ 35,277	$ 62,285	$ 49,901	$ 48,333
Net loss
Net loss	(11,548)	$ (9,525)	(39,399)	(13,831)
Accumulated deficit
Accumulated deficit	(217,698)		(217,698)		(178,299)
Operating activities
Cash used in operations			(12,613)	$ (10,907)
Current assets
Current assets	$ 87,540		$ 87,540		$ 105,234

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Deferred tax liabilities
Deferred tax liabilities	$ 100		$ 100		$ 200
Income tax expense (benefit)
Income tax benefit	$ (3)	$ 0	$ (110)	$ 0

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details)	Dec. 31, 2021
Accounting Standards Update 2016-13
Recent Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted	false

Acquisitions - General Informat

Acquisitions - General Information (Details) - USD ($) $ in Thousands	Mar. 19, 2021	Dec. 31, 2020	Dec. 31, 2020
General information
Acquisition related costs		$ 1,312	$ 1,312
Neos Therapeutics, Inc.
Date of acquisition
Business acquisition, effective date of acquisition	Mar. 19, 2021
General information
Business acquisition, equity interest issued or issuable, number of shares (in shares)	5,471,804
Acquisition related costs	$ 2,900
Issuance costs	$ 100

Acquisitions - Consideration (D

Acquisitions - Consideration (Details) - Neos Therapeutics, Inc. $ / shares in Units, $ in Thousands	Mar. 19, 2021USD ($)$ / sharesshares
Consideration
Total shares issued (in shares) | shares	5,471,804
Estimated fair value per share of Aytu common stock (in dollars per share) | $ / shares	$ 9.73
Estimated fair value of equity consideration transferred	$ 53,241
Cash payment for business acquisition	15,383
Estimated fair value of replacement equity awards	432
Total consideration transferred	$ 69,056

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021	Mar. 19, 2021
Recognized amounts of identifiable assets acquired, and liabilities assumed
Goodwill	$ 46,349	$ 65,802
Neos Therapeutics, Inc.
Recognized amounts of identifiable assets acquired, and liabilities assumed
Total consideration transferred			$ 69,056
Cash and cash equivalents			15,722
Accounts receivable			24,696
Inventory			10,984
Prepaid expenses and other current assets			2,929
Operating leases right-to-use assets			3,515
Property, plant and equipment			5,519
Intangible assets			56,530
Other long-term assets			149
Accounts payable and accrued expenses			(56,718)
Short-term line of credit			(10,707)
Long-term debt, including current portion			(17,678)
Operating lease liabilities			(3,515)
Other long-term liabilities			(82)
Total identifiable net assets			31,344
Goodwill			$ 37,712

Acquisitions - Identifiable Int

Acquisitions - Identifiable Intangible Assets Acquired - General Information (Details) - Neos Therapeutics, Inc.	6 Months Ended
	Dec. 31, 2021
Minimum
Acquisitions
Estimated useful lives	1 year
Maximum
Acquisitions
Estimated useful lives	18 years

Acquisitions - Identifiable I_2

Acquisitions - Identifiable Intangible Assets Acquired - Tabular Disclosure (Details) - Neos Therapeutics, Inc. $ in Thousands	Mar. 19, 2021USD ($)
Identifiable intangible assets acquired
Indefinite-lived intangible assets acquired	$ 2,600
Total intangible assets acquired	56,530
Developed Technology Right
Identifiable intangible assets acquired
Finite-lived intangible assets acquired	30,200
Developed Products Technology
Identifiable intangible assets acquired
Finite-lived intangible assets acquired	22,700
RXConnect
Identifiable intangible assets acquired
Finite-lived intangible assets acquired	630
Trade Name
Identifiable intangible assets acquired
Finite-lived intangible assets acquired	$ 400

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma Results (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Acquisitions
Total revenues, net	$ 45,022	$ 52,331
Net (loss)	$ (39,399)	$ (23,037)

Acquisitions - Asset Acquisitio

Acquisitions - Asset Acquisitions (Details) - Rumpus $ in Millions	Apr. 12, 2021USD ($)
Asset acquisitions
Cash transferred	$ 1.5
Payment of aggregated fees	0.6
Contingent consideration	$ 67.5

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details)	6 Months Ended
	Dec. 31, 2021USD ($)item	Jun. 30, 2021USD ($)
Contract with customer asset
Contract with customer asset	$ 0	$ 21,000
Contract with customer liability
Contract with customer liability	$ 200,000	$ 200,000
Number of product portfolios | item	3

Revenue Recognition - Revenues

Revenue Recognition - Revenues by Product Portfolio (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)product	Dec. 31, 2020USD ($)
Revenue Recognition
Revenue from contract with customer	$ 23,125	$ 15,147	$ 45,022	$ 28,667
Primary Care Portfolio
Revenue Recognition
Revenue from contract with customer	192	4,097	617	7,130
Pediatric Portfolio
Revenue Recognition
Revenue from contract with customer	14,451	3,115	27,909	5,834
Consumer Health Portfolio
Revenue Recognition
Revenue from contract with customer	$ 8,482	$ 7,935	$ 16,496	$ 15,703
Consumer Health Portfolio | Minimum
Revenue Recognition
Number of Products | product			20

Revenue Recognition - Revenue_2

Revenue Recognition - Revenues by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition
Revenue from contract with customer	$ 23,125	$ 15,147	$ 45,022	$ 28,667
U.S.
Revenue Recognition
Revenue from contract with customer	22,547	13,757	43,653	25,901
International
Revenue Recognition
Revenue from contract with customer	$ 578	$ 1,390	$ 1,369	$ 2,766

Inventories - Write-down (Detai

Inventories - Write-down (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Inventory write-down
Inventory write-down	$ 100	$ 0	$ 349	$ 99

Inventories - Tabular Disclosur

Inventories - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Inventory, net
Raw materials	$ 2,427	$ 2,269
Work in process	2,173	3,346
Finished goods	11,958	10,724
Inventory, net	$ 16,558	$ 16,339

Property and Equipment - Tabula

Property and Equipment - Tabular Disclosure (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Property, Plant and Equipment
Less accumulated depreciation and amortization	$ (1,840)	$ (1,012)
Property and equipment, net	4,294	5,140
Manufacturing Equipment
Property, Plant and Equipment
Property and equipment, gross	3,076	3,070
Leasehold Improvements
Property, Plant and Equipment
Property and equipment, gross	999	959
Office Equipment, Furniture and Other
Property, Plant and Equipment
Property and equipment, gross	1,099	1,093
Lab Equipment
Property, Plant and Equipment
Property and equipment, gross	832	832
Asset under Construction
Property, Plant and Equipment
Property and equipment, gross	$ 128	$ 198

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Depreciation expense
Depreciation expense	$ 400	$ 18	$ 800	$ 100
Loss on sale of equipment
Loss on sale of equipment	$ 100	$ 0	$ 50	$ (112)

Leases - General Information (D

Leases - General Information (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2021USD ($)	Oct. 31, 2021USD ($)ft²	Sep. 01, 2021USD ($)ft²	Jun. 30, 2021USD ($)	Mar. 19, 2021USD ($)
Operating leases
Operating lease right-of-use asset	$ 3,845			$ 3,563
Operating lease liabilities	$ 3,889
Operating lease, borrowing rate (as a percent)	18.00%
Finance leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Finance Lease, Existence of Option to Extend [true false]	true
Office Space and Manufacturing Facilities, Grand Prairie, Texas
Operating leases
Operating lease right-of-use asset					$ 3,500
Operating lease liabilities					$ 3,500
Operating lease, borrowing rate (as a percent)					6.70%
Finance leases
Finance leases, interest rate (as a percent)					5.90%
Office, Berwyn, Pennsylvania
Operating leases
Area leased | ft²			6,352
Operating lease right-of-use asset			$ 500
Operating lease liabilities			$ 500
Operating lease, borrowing rate (as a percent)			6.25%
Warehouse in Oceanside, California
Operating leases
Area leased | ft²		6,580
Operating lease right-of-use asset		$ 300
Operating lease liabilities		$ 300

Leases - Net Lease Cost (Detail

Leases - Net Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Net lease cost
Operating lease cost	$ 330	$ 30	$ 626	$ 125
Short-term lease cost	26	2	65	5
Amortization of leased assets	19		37
Interest on lease liabilities	4		8
Total net lease cost	$ 379	$ 32	$ 736	$ 130

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Assets and Liabilities, Lessee [Abstract]
Operating lease assets	$ 3,845	$ 3,563
Finance lease assets	$ 292	$ 329
Finance Lease, Right-of-Use Asset, Statement of Financial Position	Property and equipment, net	Property and equipment, net
Total leased assets	$ 4,137	$ 3,892
Current portion of operating lease liabilities	1,173	940
Finance leases, current	$ 103	$ 102
Finance Lease, Liability, Current, Statement of Financial Position	Current portion of debt	Current portion of debt
Operating lease liabilities, net of current portion	$ 2,716	$ 2,624
Finance leases, long-term	$ 129	$ 180
Finance Lease, Liability, Noncurrent, Statement of Financial Position	Debt, net of current portion	Debt, net of current portion
Total lease liabilities	$ 4,121	$ 3,846

Leases - Remaining Lease Term a

Leases - Remaining Lease Term and Weighted-average Discount Rate (Details)	Dec. 31, 2021	Jun. 30, 2021
Leases
Operating lease assets, weighted-average remaining lease term (years)	3 years 1 month 2 days	3 years 5 months 1 day
Finance lease assets, weighted-average remaining lease term (years)	2 years 2 months 23 days	2 years 8 months 19 days
Operating lease assets, weighted-average discount rate	7.39%	6.62%
Finance lease assets, weighted-average discount rate	6.43%	6.41%

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating cash flows from operating leases	$ 585	$ 125
Operating cash flows from finance leases	8
Financing cash flows from finance leases	$ 50

Leases - Operating Leases - Fut

Leases - Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating leases
2022 (remaining 6 months)	$ 708
2023	1,436
2024	1,379
2025	749
2026	90
2027	46
Total lease payments	$ 4,408

Leases - Operating Leases - Gro

Leases - Operating Leases - Gross Difference (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating leases
Total lease payments	$ 4,408
Less: Imputed interest	(519)
Lease liabilities	$ 3,889

Leases - Finance Leases - Futur

Leases - Finance Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Finance leases
2022 (remaining 6 months)	$ 59
2023	104
2024	87
Total lease payments	$ 250

Leases - Finance Leases - Gross

Leases - Finance Leases - Gross Difference (Details) $ in Thousands	Dec. 31, 2021USD ($)
Finance leases
Total lease payments	$ 250
Less: Imputed interest	(18)
Lease liabilities	$ 232

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2021
Impairment
Goodwill impairment			$ 19,453
Goodwill	$ 46,349		46,349	$ 65,802
Aytu BioPharma
Impairment
Goodwill impairment		$ 19,500	19,453
Goodwill	37,712		37,712	57,165
Aytu Consumer Health
Impairment
Goodwill impairment	0
Goodwill, fair value disclosure		5,900
Goodwill	8,637	$ 500	8,637	$ 8,637
Segment reporting, carrying value	$ (1,500)		$ (1,500)

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Change in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021
Goodwill
Goodwill, beginning balance		$ 65,802	$ 65,802
Goodwill impairment			(19,453)
Goodwill, ending balance	$ 46,349		46,349
Aytu BioPharma
Goodwill
Goodwill, beginning balance		57,165	57,165
Goodwill impairment		(19,500)	(19,453)
Goodwill, ending balance	37,712		37,712
Aytu Consumer Health
Goodwill
Goodwill, beginning balance	500	8,637	8,637
Goodwill impairment	0
Goodwill, ending balance	$ 8,637	$ 500	$ 8,637

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Finite-lived intangible assets
Accumulated amortization	$ (12,881)	$ (8,756)
Finite-lived intangible assets, net	78,739
Licensed assets
Finite-lived intangible assets
Finite-lived intangible assets, gross carrying amount	3,246	3,246
Accumulated amortization	(1,662)	(1,430)
Finite-lived intangible assets, net	1,584	1,816
Product Technology Right
Finite-lived intangible assets
Finite-lived intangible assets, gross carrying amount	45,400	45,400
Accumulated amortization	(5,963)	(4,160)
Finite-lived intangible assets, net	39,437	41,240
Developed Technology Right
Finite-lived intangible assets
Finite-lived intangible assets, gross carrying amount	30,200	30,200
Accumulated amortization	(1,390)	(501)
Finite-lived intangible assets, net	28,810	29,699
Product distribution rights
Finite-lived intangible assets
Finite-lived intangible assets, gross carrying amount	11,354	11,354
Accumulated amortization	(2,827)	(2,073)
Finite-lived intangible assets, net	8,527	9,281
Commercial technology
Finite-lived intangible assets
Finite-lived intangible assets, gross carrying amount	630	630
Accumulated amortization	(493)	(178)
Finite-lived intangible assets, net	137	452
Trade Name
Finite-lived intangible assets
Finite-lived intangible assets, gross carrying amount	400	400
Accumulated amortization	(156)	(56)
Finite-lived intangible assets, net	244	344
Customer lists
Finite-lived intangible assets
Finite-lived intangible assets, gross carrying amount	390	390
Accumulated amortization	$ (390)	(358)
Finite-lived intangible assets, net		$ 32

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Weighted-average Remaining Life (Details) - Weighted Average	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life	13 years 1 month 17 days	13 years 5 months 19 days
Licensed assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life	3 years 5 months 1 day	3 years 11 months 1 day
Product Technology Right
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life	12 years 5 months 8 days	12 years 10 months 17 days
Developed Technology Right
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life	16 years 3 months	16 years 9 months
Product distribution rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life	8 years 1 month 2 days	8 years 6 months 25 days
Commercial technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life	3 months	9 months
Trade Name
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life	1 year 3 months	1 year 9 months
Customer lists
Finite-Lived Intangible Assets [Line Items]
Intangible assets, weighted-average remaining life		3 days

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Intangible assets
Indefinite-lived intangible assets	$ 2,600	$ 2,600
Intangible assets, gross carrying amount	94,220	94,220
Accumulated amortization	(12,881)	(8,756)
Intangible assets, net carrying amount	$ 81,339	$ 85,464

Goodwill and Other Intangible_8

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Estimated future amortization expense
2022 (remaining 6 months)	$ 3,914
2023	7,489
2024	7,333
2025	7,099
2026	6,331
2027	6,301
Thereafter	40,272
Finite-lived intangible assets, net	$ 78,739

Goodwill and Other Intangible_9

Goodwill and Other Intangible Assets - Renewal Options (Details)	6 Months Ended
	Dec. 31, 2021
Minimum
Finite-lived intangible assets
Finite-lived intangible asset, period before next renewal or extension (years)	1 year
Maximum
Finite-lived intangible assets
Finite-lived intangible asset, period before next renewal or extension (years)	20 years

Goodwill and Other Intangibl_10

Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Other Intangible Assets
Total amortization expense	$ 2,000	$ 1,600	$ 4,100	$ 3,200
Amortization of intangible assets	$ 1,060	$ 1,584	$ 2,153	$ 3,169

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Accrued Liabilities
Accrued program liabilities	$ 10,515	$ 8,689
Accrued product-related fees	1,637	2,501
Accrued savings offers	17,995	20,148
Accrued distributor fees	3,156	2,710
Accrued liabilities for trade partners	4,120	5,421
Accrued option exercise and milestone fees	3,050	600
Medicaid liabilities	1,258	1,714
Return reserve	5,781	6,367
Other accrued liabilities	3,173	3,145
Total accrued liabilities	$ 50,685	$ 51,295

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 19, 2021	Oct. 02, 2019	May 11, 2016	Dec. 31, 2021	Dec. 31, 2021	Jun. 30, 2021	Mar. 20, 2021
Debt
Unamortized premium				$ 240	$ 240
Deerfield Private Design Fund III LP
Debt
Debt borrowing structure (as a percent)			66.67%
Deerfield Partners
Debt
Debt borrowing structure (as a percent)			33.33%
Neos Therapeutics, Inc. | Loan Agreement
Debt
Maximum borrowing capacity		$ 25,000		25,000	25,000
Maximum borrowing capacity portion available for short-term swingline loans		$ 2,500
Percentage of eligible accounts receivable against which short-term swingline loans may be made		85.00%
Unused capacity commitment fee percentage		0.50%
Period of notice required before prepaying the debt instrument		5 days
Interest expense				200	300
Outstanding amount				7,200	7,200
Neos Therapeutics, Inc. | Loan Agreement | Event Occurs After October 2, 2021 but Before May 11, 2022
Debt
Prepayment fee percentage		0.50%
Neos Therapeutics, Inc. | Loan Agreement | London Interbank Offered Rate (LIBOR)
Debt
Basis spread on variable rate		4.50%
Neos Therapeutics, Inc. | Senior secured credit facility, due on May 11, 2022.
Debt
Face amount			$ 60,000
Percentage of prepayment premium on principal prepaid	6.25%
Long-term debt	$ 15,600
Long-term debt current maturities	$ 600
Interest rate	12.95%
Cash on deposit	$ 5,000
Repayments of debt	15,000
Carrying amount of the remaining outstanding debt	16,600			15,000	15,000	$ 15,000
Fair value of the remaining outstanding debt							$ 17,400
Non-refundable exit fee	$ 1,000
Unamortized premium				240	240	$ 566	$ 800
Interest expense				$ 400	$ 700

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021	Mar. 20, 2021	Mar. 19, 2021
Debt
Unamortized premium	$ 240
Finance Lease, Liability	232
Less current portion	(16,343)	$ (16,668)
Long-term Debt and Lease Obligation	129	180
Senior secured credit facility, due on May 11, 2022. | Neos Therapeutics, Inc.
Debt
Senior secured credit facility, due on May 11, 2022	15,000	15,000		$ 16,600
Exit fee	1,000	1,000
Unamortized premium	240	566	$ 800
Finance Lease, Liability	232	282
Total debt	16,472	16,848
Less current portion	(16,343)	(16,668)
Long-term Debt and Lease Obligation	$ 129	$ 180

Debt - Long-term Debt Maturitie

Debt - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Debt
2022	$ 16,104
2023	89
2024	39
Future principal payments	16,232
Add unamortized premium	240
Less current portion	(16,343)	$ (16,668)
Long-term Debt and Lease Obligation	$ 129	$ 180

Fair Value Considerations - Fin

Fair Value Considerations - Financial Liabilities, Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Assets:
Cash and cash equivalents	$ 35,277	$ 49,649
Total	35,277	49,649
Liabilities:
Contingent consideration	9,503	12,057
CVR liability	1,392	1,395
Total	10,895	13,452
Level 1
Assets:
Cash and cash equivalents	35,277	49,649
Total	35,277	49,649
Level 3
Liabilities:
Contingent consideration	9,503	12,057
CVR liability	1,392	1,395
Total	$ 10,895	$ 13,452

Fair Value Considerations - Con

Fair Value Considerations - Contingent Consideration (Details) $ in Thousands	Jul. 01, 2021USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Feb. 14, 2020USD ($)	Nov. 02, 2018USD ($)	Jun. 11, 2018USD ($)
Fair Value Considerations
Payment for contingent consideration liability		$ 300	$ 2,400	$ 500	$ 2,400
Contingent consideration accretion expense		277	3,313	496	3,311
Accretion expense		22	$ 300	100	$ 300
Tuzistra XR
Fair Value Considerations
Contingent consideration		$ 8,500		$ 8,500		$ 11,000		$ 8,800
Number of milestones achieved | item		0
Milestone payments made		$ 3,000
Tuzistra XR | Discount
Fair Value Considerations
Discounted value of future contingent payment		0.1430		0.1430
ZolpiMist
Fair Value Considerations
Contingent consideration		$ 700		$ 700		700			$ 2,600
Number of milestones achieved | item		0
Milestone payments made		$ 0
ZolpiMist | Discount
Fair Value Considerations
Discounted value of future contingent payment		0.1150		0.1150
Innovus
Fair Value Considerations
Contingent consideration		$ 300		$ 300		300	$ 200
Innovus | University of Iowa Research Foundation
Fair Value Considerations
Contingent consideration		48		48		$ 100
Milestone payments made	$ 50
License agreement milestone payment payable		50		50
Total milestone payments		$ 200		$ 200
Innovus | Discount
Fair Value Considerations
Discounted value of future contingent payment							0.30
Innovus | Discount | University of Iowa Research Foundation
Fair Value Considerations
Discounted value of future contingent payment		0.26		0.26

Fair Value Considerations - C_2

Fair Value Considerations - Contingent Value Rights (Details) - Innovus - USD ($) $ in Thousands	Mar. 20, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Fair Value Considerations
Additional maximum contingent consideration			$ 16,000		$ 16,000
Maximum shares to be issued to settle CVR shares					470,000
Number of shares issued to contingent value rights share holders	103,190	123,820
Contingent value rights amount		$ 2,000
First milestone	$ 30,000		24,000		$ 24,000
Gain (loss) from change in fair value of CVR			44	$ (100)		$ 900
CVR liability			$ 1,400		1,400		$ 1,400
Milestone 2021
Fair Value Considerations
Contingent value rights amount	1,000
First milestone	40,000
Milestone not met during the year					1,000
Milestone 2020
Fair Value Considerations
Contingent value rights amount	1,000
First milestone	$ 30,000
Milestone not met during the year					$ 1,000

Fair Value Considerations - Uno

Fair Value Considerations - Unobservable Inputs Reconciliation, Liabilities (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2021USD ($)
Contingent Value Rights
Summary of Level 3 input changes
Beginning balance	$ 1,395
Included in earnings	(3)
Ending balance	1,392
Contingent Consideration
Summary of Level 3 input changes
Beginning balance	12,057
Included in earnings	555
Settlements	(3,109)
Ending balance	$ 9,503

Fair Value Considerations - Val

Fair Value Considerations - Valuation Assumptions (Details)	Dec. 31, 2021
ZolpiMist
Significant assumptions
Business Combination, Contingent Consideration, Liability, Valuation Technique	us-gaap:ValuationTechniqueOptionPricingModelMember
Leveraged Beta
Significant assumptions
Contingent value rights, measurement input	0.85
Leveraged Beta | Tuzistra XR
Significant assumptions
Contingent consideration, measurement input	0.66
Leveraged Beta | ZolpiMist
Significant assumptions
Contingent consideration, measurement input	1.08
Market risk premium
Significant assumptions
Contingent value rights, measurement input	0.0600
Market risk premium | Tuzistra XR
Significant assumptions
Contingent consideration, measurement input	0.0600
Market risk premium | ZolpiMist
Significant assumptions
Contingent consideration, measurement input	0.0600
Risk-free interest rate
Significant assumptions
Contingent value rights, measurement input	0.0073
Risk-free interest rate | Tuzistra XR
Significant assumptions
Contingent consideration, measurement input	0.0180
Risk-free interest rate | ZolpiMist
Significant assumptions
Contingent consideration, measurement input	0.0190
Discount
Significant assumptions
Contingent value rights, measurement input	0.1800
Discount | Tuzistra XR
Significant assumptions
Contingent consideration, measurement input	0.1430
Discount | ZolpiMist
Significant assumptions
Contingent consideration, measurement input	0.1150
Company specific discount
Significant assumptions
Contingent value rights, measurement input	0.1000
Company specific discount | Tuzistra XR
Significant assumptions
Contingent consideration, measurement input	0.1500
Company specific discount | ZolpiMist
Significant assumptions
Contingent consideration, measurement input	0.1500

Commitments and Contingencies (

Commitments and Contingencies (Details)

Jul. 01, 2021USD ($)

Jun. 21, 2021USD ($)

Apr. 12, 2021USD ($)

Mar. 20, 2021USD ($)shares

May 29, 2020USD ($)

Mar. 31, 2020USD ($)shares

Aug. 31, 2021USD ($)

Jan. 31, 2020USD ($)

May 31, 2016USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 07, 2021USD ($)

Jul. 31, 2021USD ($)

Jun. 30, 2021USD ($)

Jan. 31, 2021USD ($)

Feb. 14, 2020USD ($)

Nov. 01, 2019USD ($)

Feb. 28, 2015USD ($)

Rumpus

Commitments and Contingencies

Up-front fee

$ 1,500,000

Payment of aggregated fees

600,000

Contingent consideration

67,500,000

Karbinal Agreement

Commitments and Contingencies

Supply and distribution commitment, period (in Years)

20 years

Percentage of net sales on royalty

23.50%

Maximum yearly make-whole payment

$ 2,100,000

$ 2,100,000

Tris Pharma, Inc.

Commitments and Contingencies

Minimum sales per year

70,000

Tris Pharma, Inc. | Karbinal Agreement

Commitments and Contingencies

Minimum sales per year

70,000

Make-whole payment per unit for sales under minimum

$ 30

Maximum milestone obligations

$ 3,000,000

First milestone, minimum net revenues

$ 40,000,000

Innovus

Commitments and Contingencies

Number of shares issued to contingent value rights share holders | shares

103,190

123,820

Contingent value rights amount

$ 2,000,000

First milestone

$ 30,000,000

24,000,000

24,000,000

Second milestone

40,000,000

Gain (loss) from change in fair value of CVR

44,000

$ (100,000)

$ 900,000

Contingent consideration

300,000

300,000

$ 300,000

$ 200,000

Innovus | University of Iowa Research Foundation

Commitments and Contingencies

Total milestone payments

200,000

200,000

Contingent consideration

48,000

48,000

$ 100,000

Milestone payment payable

50,000

50,000

Milestone payments made

$ 50,000

Novalere | Innovus

Commitments and Contingencies

Number of Payments

5

Total milestone payments

$ 500,000

Contingent consideration

300,000

300,000

Prescription Database

Commitments and Contingencies

Payment

$ 1,600,000

Term of payment

3 years

Prescription Database | The Pediatric Portfolio

Commitments and Contingencies

Payment

$ 600,000

First Pediatric Portfolio Fixed Obligation

Commitments and Contingencies

Monthly payment

$ 86,400

Balloon payment

$ 15,000,000

Repayments Of Fixed Obligation

$ 15,000,000

Second Pediatric Portfolio Fixed Obligation

Commitments and Contingencies

Monthly payment

$ 100,000

Payments For Fixed Obligations To Investor

$ 2,800,000

$ 210,767

Repayments Of Fixed Obligation

3,000,000

Inventories | Hikma Pharmaceuticals USA, Inc.

Commitments and Contingencies

Payment

$ 700,000

700,000

Rumpus Earn Out Payments

Commitments and Contingencies

Annual Maintenance Fee Payable

$ 2,500,000

Over Next Six Quarters Commencing September 30, 2021 | Second Pediatric Portfolio Fixed Obligation

Commitments and Contingencies

Repayments Of Fixed Obligation

$ 500,000

Milestone 2021 | Innovus

Commitments and Contingencies

Contingent value rights amount

1,000,000

First milestone

$ 40,000,000

Milestone not met during the year

$ 1,000,000

In-process R&D | Rumpus

Commitments and Contingencies

Up-front fee

1,500,000

Payment of aggregated fees

600,000

Contingent consideration

67,500,000

In-process R&D | Maximum | Rumpus

Commitments and Contingencies

Contingent consideration

67,500,000

In-process R&D | Denovo Biopharma L L C | Rumpus

Commitments and Contingencies

Contingent consideration

101,700,000

Annual Maintenance Fee Payable

25,000

License Option Fee Payable

600,000

In-process R&D | Johns Hopkins University | Rumpus

Commitments and Contingencies

Contingent consideration

1,600,000

Minimum annual royalties

$ 5,000

Percentage of revenues on royalty payments

3.00%

In-process R&D | Beginning 2022 | Johns Hopkins University | Rumpus

Commitments and Contingencies

Minimum annual royalties

$ 20,000

Capital Structure - Common and

Capital Structure - Common and Preferred Stock (Details) - $ / shares	Dec. 31, 2021	Jun. 30, 2021
Common stock
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares outstanding	30,010,468	27,490,412
Preferred stock
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding	0	0

Capital Structure - Restricted

Capital Structure - Restricted Stock (Details) - shares	Dec. 31, 2021	Jun. 30, 2021
Equity Incentive Plan
Common stock, shares outstanding	30,010,468	27,490,412
Restricted Stock
Equity Incentive Plan
Common stock, shares outstanding	2,163,040

Capital Structure - Stock Offer

Capital Structure - Stock Offerings (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Sep. 28, 2021	Jun. 04, 2021	Jun. 08, 2020
Capital Structure
Offering costs			$ 172	$ 4,293
Shelf Registration 2020
Capital Structure
Shelf registration, amount authorized							$ 100,000
Shelf registration remaining amount available for sale		$ 43,300	43,300
At-the-market Offering | Cantor Fitzgerald & Co
Capital Structure
Sales agreement, amount authorized for issuance						$ 30,000
Issuance of common stock, net of cash issuance costs (in shares)	61,500	2,161,584
Issuance of common stock, net of cash issuance costs	$ 300	$ 4,500
Offering costs		200
Shelf registration remaining amount available for sale		$ 12,500	$ 12,500
Shelf Registration 2021
Capital Structure
Shelf registration, amount authorized					$ 100,000

Equity Incentive Plans - Genera

Equity Incentive Plans - General Information (Details) - shares	Apr. 19, 2021	Dec. 31, 2021	Jun. 30, 2021	Apr. 18, 2021	Mar. 19, 2021	Feb. 13, 2020	Jul. 31, 2017
Equity Incentive Plan
Number of options outstanding (in shares)		90,731	109,588
Restricted Stock
Equity Incentive Plan
Unvested units outstanding (in shares)		2,159,432	1,955,268
Restricted Stock Units
Equity Incentive Plan
Unvested units outstanding (in shares)		33,424	78,318
Aytu 2015 Plan
Equity Incentive Plan
Number of shares authorized (in shares)						5,000,000	3,000,000
Number of shares available for grant (in shares)		2,603,044
Aytu 2015 Plan | Share-based Payment Arrangement, Option
Equity Incentive Plan
Term of award		10 years
Aytu 2015 Plan | Share-based Payment Arrangement, Option | Minimum
Equity Incentive Plan
Vesting period		3 years
Aytu 2015 Plan | Share-based Payment Arrangement, Option | Maximum
Equity Incentive Plan
Vesting period		4 years
Aytu 2015 Plan | Restricted Stock | Minimum
Equity Incentive Plan
Vesting period		4 years
Aytu 2015 Plan | Restricted Stock | Maximum
Equity Incentive Plan
Vesting period		10 years
Aytu 2015 Plan | Restricted Stock Units
Equity Incentive Plan
Vesting period		4 years
Neos 2015 Plan
Equity Incentive Plan
Number of options outstanding (in shares)					69,721
Registered shares of common stock (in shares)	105,449
Number of shares available for grant (in shares)		1,218,997		1,255,310
Neos 2015 Plan | Share-based Payment Arrangement, Option
Equity Incentive Plan
Term of award		10 years
Neos 2015 Plan | Share-based Payment Arrangement, Option | Minimum
Equity Incentive Plan
Vesting period		1 year
Neos 2015 Plan | Share-based Payment Arrangement, Option | Maximum
Equity Incentive Plan
Vesting period		4 years
Neos 2015 Plan | Restricted Stock Units
Equity Incentive Plan
Unvested units outstanding (in shares)					35,728

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Number of Options
Number of options outstanding, beginning balance	109,588
Forfeited/cancelled	(9,355)
Expired	(9,502)
Number of options outstanding, ending balance	90,731	109,588
Weighted Average Exercise Price
Weighted average exercise price outstanding, beginning balance	$ 14.52
Forfeited/cancelled	6.35
Expired	8.10
Weighted average exercise price outstanding, ending balance	$ 16.03	$ 14.52
Additional information
Outstanding, weighted average remaining contractual life (Year)	8 years 2 months 19 days	8 years 25 days
Number of options exercisable	47,838
Weighted average exercise price exercisable	$ 22.99
Weighted average remaining contractual life in years exercisable	8 years 2 months 1 day

Equity Incentive Plans - Restri

Equity Incentive Plans - Restricted Stock - General Information (Details) - $ / shares	Dec. 01, 2021	Oct. 11, 2021	Aug. 02, 2021	Dec. 31, 2021
Restricted Stock
Equity Incentive Plan
Granted (in shares)				295,000
Granted, weighted average grant date fair value (in dollars per share)				$ 3.67
Restricted Stock | Aytu 2015 Plan | Management
Equity Incentive Plan
Granted (in shares)			220,000
Granted, weighted average grant date fair value (in dollars per share)			$ 4.02
Restricted Stock | Aytu 2015 Plan | Management | Tranche One
Equity Incentive Plan
Vesting percentage			33.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Two
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Three
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Four
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Five
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Six
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Seven
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Eight
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Aytu 2015 Plan | Management | Tranche Nine
Equity Incentive Plan
Vesting percentage			8.33%
Restricted Stock | Neos 2015 Plan | Management
Equity Incentive Plan
Granted (in shares)		75,000
Granted, weighted average grant date fair value (in dollars per share)		$ 2.65
Restricted Stock | Neos 2015 Plan | Management | Tranche One
Equity Incentive Plan
Vesting percentage		33.33%
Restricted Stock | Neos 2015 Plan | Management | Tranche Two
Equity Incentive Plan
Vesting percentage		8.33%
Restricted Stock | Neos 2015 Plan | Management | Tranche Three
Equity Incentive Plan
Vesting percentage		8.33%
Restricted Stock | Neos 2015 Plan | Management | Tranche Four
Equity Incentive Plan
Vesting percentage		8.33%
Restricted Stock | Neos 2015 Plan | Management | Tranche Five
Equity Incentive Plan
Vesting percentage		8.33%
Restricted Stock | Neos 2015 Plan | Management | Tranche Six
Equity Incentive Plan
Vesting percentage		8.33%
Restricted Stock | Neos 2015 Plan | Management | Tranche Seven
Equity Incentive Plan
Vesting percentage		8.33%
Restricted Stock | Neos 2015 Plan | Management | Tranche Eight
Equity Incentive Plan
Vesting percentage		8.33%
Restricted Stock Units
Equity Incentive Plan
Granted (in shares)				20,000
Granted, weighted average grant date fair value (in dollars per share)				$ 1.86
Restricted Stock Units | Aytu 2015 Plan | Management
Equity Incentive Plan
Granted (in shares)	20,000
Granted, weighted average grant date fair value (in dollars per share)	$ 1.86
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche One
Equity Incentive Plan
Vesting percentage	33.33%
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche Two
Equity Incentive Plan
Vesting percentage	8.33%
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche Three
Equity Incentive Plan
Vesting percentage	8.33%
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche Four
Equity Incentive Plan
Vesting percentage	8.33%
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche Five
Equity Incentive Plan
Vesting percentage	8.33%
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche Six
Equity Incentive Plan
Vesting percentage	8.33%
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche Seven
Equity Incentive Plan
Vesting percentage	8.33%
Restricted Stock Units | Aytu 2015 Plan | Management | Tranche Eight
Equity Incentive Plan
Vesting percentage	8.33%

Equity Incentive Plans - Rest_2

Equity Incentive Plans - Restricted Stock - Activity (Details) - Restricted Stock	6 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Shares
Unvested outstanding, beginning balance (in shares) | shares	1,955,268
Granted (in shares) | shares	295,000
Vested (in shares) | shares	(90,836)
Unvested outstanding, ending balance (in shares) | shares	2,159,432
Weighted Average Grant Date Fair Value
Unvested, weighted average grant date fair value outstanding, beginning balance (in dollars per share) | $ / shares	$ 7.83
Granted (in dollars per share) | $ / shares	3.67
Vested (in dollars per share) | $ / shares	7.97
Unvested, weighted average grant date fair value outstanding, ending balance (in dollars per share) | $ / shares	$ 7.26

Equity Incentive Plans - Rest_3

Equity Incentive Plans - Restricted Stock - Additional Information (Details) - Restricted Stock - shares	Dec. 31, 2021	Jun. 30, 2021
Equity Incentive Plan
Unvested units outstanding (in shares)	2,159,432	1,955,268
Non-plan
Equity Incentive Plan
Unvested units outstanding (in shares)	158

Equity Incentive Plans - Rest_4

Equity Incentive Plans - Restricted Stock Unit Activity (Details) - Restricted Stock Units	6 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Shares
Unvested outstanding, beginning balance (in shares) | shares	78,318
Granted (in shares) | shares	20,000
Vested (in shares) | shares	(1,972)
Forfeited (in shares) | shares	(62,922)
Unvested outstanding, ending balance (in shares) | shares	33,424
Weighted Average Grant Date Fair Value
Unvested, weighted average grant date fair value outstanding, beginning balance (in dollars per share) | $ / shares	$ 7.20
Granted (in dollars per share) | $ / shares	1.86
Vested | $ / shares	6.04
Forfeited (in dollars per share) | $ / shares	7.44
Unvested, weighted average grant date fair value outstanding, ending balance (in dollars per share) | $ / shares	$ 3.61

Equity Incentive Plans - Unreco

Equity Incentive Plans - Unrecognized Compensation Costs (Details) $ in Millions	6 Months Ended
	Dec. 31, 2021USD ($)
Unrecognized compensation costs
Unrecognized compensation costs, options	$ 0.3
Share-based Payment Arrangement, Option
Unrecognized compensation costs
Unrecognized compensation costs, period for recognition	2 years
Restricted Stock | Aytu 2015 Plan
Unrecognized compensation costs
Unrecognized compensation costs, excluding options	$ 11.9
Unrecognized compensation costs, period for recognition	3 years 1 month 6 days
Restricted Stock | Non-plan
Unrecognized compensation costs
Unrecognized compensation costs, excluding options	$ 0.9
Unrecognized compensation costs, period for recognition	4 years 6 months 7 days
Restricted Stock Units
Unrecognized compensation costs
Unrecognized compensation costs, excluding options	$ 0.1
Unrecognized compensation costs, period for recognition	2 years

Equity Incentive Plans - Stock-

Equity Incentive Plans - Stock-based Compensation Expense - Tabular Disclosure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation expense
Total share-based compensation expense	$ 1,229	$ 508	$ 2,748	$ 963
Cost of Sales
Stock-based compensation expense
Total share-based compensation expense	8		17
Research and development
Stock-based compensation expense
Total share-based compensation expense	75		394
Selling and Marketing
Stock-based compensation expense
Total share-based compensation expense	19		28
General and Administrative
Stock-based compensation expense
Total share-based compensation expense	$ 1,127	$ 508	$ 2,309	$ 963

Equity Incentive Plans - Stoc_2

Equity Incentive Plans - Stock-based Compensation Expense - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation expense
Stock-based compensation expense	$ 1,229	$ 508	$ 2,748	$ 963
Share-based Payment Arrangement, Option
Stock-based compensation expense
Stock-based compensation expense	22	100	45	200
Restricted Stock
Stock-based compensation expense
Stock-based compensation expense	$ 1,200	$ 400	$ 2,700	$ 800

Warrants - General Information

Warrants - General Information (Details) - $ / shares	Jul. 01, 2020	Jul. 31, 2021	Dec. 31, 2021	Jun. 30, 2021
Equity Warrants
Warrants
Warrants expired (in shares)			95,670
Outstanding warrants (in shares)			1,159,282	1,254,952
Equity Warrants | Weighted Average
Warrants
Warrants expired (in dollars per share)			$ 114.33
Exercise price of warrants (in dollars per share)			$ 29.51	$ 35.85
Placement Agent Warrants
Warrants
Warrants expired (in shares)	92,302
Placement Agent Warrants | Weighted Average
Warrants
Warrants expired (in dollars per share)	$ 15.99
Other Warrants Expired
Warrants
Warrants expired (in shares)		2,205
Other Warrants Expired | Weighted Average
Warrants
Warrants expired (in dollars per share)		$ 582.50
Liability Warrants
Warrants
Outstanding warrants (in shares)			24,105
Liability Warrants | Weighted Average
Warrants
Exercise price of warrants (in dollars per share)			$ 720

Warrants - Equity-based Warrant

Warrants - Equity-based Warrants Activity (Details) - Equity Warrants - $ / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Warrants
Outstanding, number of warrants (in shares)	1,254,952
Warrants expired (in shares)	(95,670)
Outstanding, number of warrants (in shares)	1,159,282	1,254,952
Outstanding, weighted average remaining contractual life	2 years 8 months 19 days	2 years 9 months 29 days
Weighted Average
Warrants
Outstanding, exercise price (in dollars per share)	$ 35.85
Warrants expired (in dollars per share)	114.33
Outstanding, exercise price (in dollars per share)	$ 29.51	$ 35.85

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - shares	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities	3,466,974	2,862,303
Liability Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities	24,105	24,105
Equity Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities	1,159,282	2,379,918
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities	90,731	76,594
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities	2,159,432	381,686
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities	33,424

License Agreements (Details)

License Agreements (Details) - USD ($) $ in Millions	Apr. 12, 2021	Apr. 30, 2020	Oct. 31, 2018	Oct. 31, 2017	Feb. 29, 2016	Dec. 07, 2021
Milestone amount payable						$ 2.5
Cedars-Sinai Medical Center
License agreement term		10 years
License fee		$ 0.3
Patent prosecution fees		0.1
License Agreement 2014 | Maximum | Neos Therapeutics, Inc.
Lump sum non-refundable license fee					$ 1
License Agreement 2017 | Maximum | Neos Therapeutics, Inc.
Lump sum non-refundable license fee				$ 1
NeuRx License, Royalty Bearing License Agreement
Payments for license agreement			$ 0.2
Payments for contingent consideration on license agreement		$ 0.3
Rumpus
Contingent consideration	$ 67.5
Cash transferred	1.5
Payment of aggregated fees	0.6
In-process R&D | Rumpus
Contingent consideration	67.5
Cash transferred	1.5
Payment of aggregated fees	0.6
In-process R&D | Rumpus | Maximum
Contingent consideration	$ 67.5

Segment Reporting - General Inf

Segment Reporting - General Information (Details) - segment	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting
Number of reportable segments	2	2	2	2

Segment Reporting - Consolidate

Segment Reporting - Consolidated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting
Revenue from contract with customer	$ 23,125	$ 15,147	$ 45,022	$ 28,667
Aytu BioPharma
Segment Reporting
Revenue from contract with customer	14,643	7,212	28,526	12,964
Aytu Consumer Health
Segment Reporting
Revenue from contract with customer	$ 8,482	$ 7,935	$ 16,496	$ 15,703

Segment Reporting - Consolida_2

Segment Reporting - Consolidated Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting
Net loss	$ (11,548)	$ (9,525)	$ (39,399)	$ (13,831)
Aytu BioPharma
Segment Reporting
Net loss	(9,591)	(8,268)	(36,048)	(11,218)
Aytu Consumer Health
Segment Reporting
Net loss	$ (1,957)	$ (1,257)	$ (3,351)	$ (2,613)

Segment Reporting - Total Asset

Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Segment Reporting
Assets	$ 223,824	$ 265,668
Aytu BioPharma
Segment Reporting
Assets	194,419	236,449
Aytu Consumer Health
Segment Reporting
Assets	$ 29,405	$ 29,219

Subsequent Events (Details)

Subsequent Events (Details)	Jan. 26, 2022USD ($)payment$ / shares	Dec. 31, 2021USD ($)	Oct. 02, 2019USD ($)
Loan Agreement | Neos Therapeutics, Inc.
Subsequent Events
Maximum borrowing capacity		$ 25,000,000	$ 25,000,000
Subsequent Event | Avenue Capital Lenders Common Stock Warrants
Subsequent Events
Class of warrant or right, securities called by warrants or rights, value	$ 1,050,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 1.21
Class of warrant or right, date from which warrants or rights exercisable	Jan. 26, 2022
Subsequent Event | Avenue Capital Loan, Term Loan
Subsequent Events
Debt instrument, issuance date	Jan. 26, 2022
Face amount	$ 15,000,000
Debt instrument term	3 years
Debt instrument, number of monthly interest only payments | payment	18
Debt instrument, monthly interest only payments, extended term	36 months
Subsequent Event | Avenue Capital Loan, Term Loan | Prime rate
Subsequent Events
Debt instrument, minimum variable rate before basis spread (as a percent)	3.25%
Debt instrument, basis spread on variable rate (as a percent)	7.40%
Subsequent Event | Loan Agreement | Neos Therapeutics, Inc.
Subsequent Events
Maximum borrowing capacity	$ 12,500,000