Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001385818 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 373 Inverness Parkway | |
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 | 38,574,875 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 27,613 | $ 49,649 |
Restricted cash | 252 | |
Accounts receivable, net | 27,613 | 28,176 |
Inventory, net | 13,891 | 16,339 |
Prepaid expenses | 7,942 | 9,780 |
Other current assets | 888 | 1,038 |
Total current assets | 77,947 | 105,234 |
Property and equipment, net | 3,479 | 5,140 |
Operating lease right-of-use asset | 3,561 | 3,563 |
Intangible assets, net | 74,428 | 85,464 |
Goodwill | 8,637 | 65,802 |
Other non-current assets | 774 | 465 |
Total non-current assets | 90,879 | 160,434 |
Total assets | 168,826 | 265,668 |
Current liabilities | ||
Accounts payable and other | 11,130 | 19,255 |
Accrued liabilities | 53,470 | 51,295 |
Accrued compensation | 5,258 | 5,939 |
Short-term line of credit | 3,385 | 7,934 |
Current portion of debt | 100 | 16,668 |
Current portion of operating lease liabilities | 1,203 | 940 |
Current portion of fixed payment arrangements | 2,903 | 3,134 |
Current portion of CVR liabilities | 156 | 218 |
Current portion of contingent consideration | 4,055 | |
Other current liabilities | 2,755 | |
Total current liabilities | 80,360 | 109,438 |
Debt, net of current portion | 14,167 | 180 |
Operating lease liabilities, net of current portion | 2,406 | 2,624 |
Fixed payment arrangements, net of current portion | 4,237 | 6,324 |
CVR liabilities, net of current portion | 564 | 1,177 |
Contingent consideration, net of current portion | 371 | 8,002 |
Other non-current liabilities | 5,577 | 355 |
Total liabilities | 107,682 | 128,100 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity | ||
Preferred Stock, par value $.0001; 50,000,000 shares authorized; no shares issued or outstanding as of March 31, 2022 and June 30, 2021 | ||
Common Stock, par value $.0001; 200,000,000 shares authorized; shares issued and outstanding 33,355,935 and 27,490,412, respectively, as of March 31, 2022 and June 30, 2021 | 3 | 3 |
Additional paid-in capital | 331,912 | 315,864 |
Accumulated deficit | (270,771) | (178,299) |
Total stockholders' equity | 61,144 | 137,568 |
Total liabilities and stockholders' equity | $ 168,826 | $ 265,668 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | 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 | 33,355,935 | 27,490,412 |
Common stock, shares outstanding | 33,355,935 | 27,490,412 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||||
Product revenue, net | $ 24,199 | $ 13,483 | $ 69,221 | $ 42,150 |
Revenue from Contract with Customer, Product and Service | Product | Product | Product | Product |
Cost of sales | $ 11,513 | $ 13,935 | $ 31,780 | $ 24,249 |
Gross profit | 12,686 | (452) | 37,441 | 17,901 |
Operating expenses | ||||
Research and development | 3,726 | 390 | 10,742 | 859 |
Selling and marketing | 9,743 | 6,597 | 28,700 | 18,128 |
General and administrative | 7,615 | 6,001 | 23,784 | 16,948 |
Acquisition related costs | 1,537 | 2,849 | ||
Restructuring costs | 4,818 | 4,875 | ||
Impairment expense | 45,196 | 4,286 | 64,649 | 4,286 |
Amortization of intangible assets | 1,061 | 1,585 | 3,214 | 4,754 |
Total operating expenses | 67,341 | 25,214 | 131,089 | 52,699 |
Loss from operations | (54,655) | (25,666) | (93,648) | (34,798) |
Other income (expense) | ||||
Other income/(expense), net | (55) | (425) | (75) | (1,555) |
Gain (loss) from contingent consideration | 1,257 | 631 | 761 | (2,680) |
Gain (loss) on extinguishment of debt | 169 | 169 | (258) | |
Gain on derivative warrant liability | 211 | 211 | ||
Total other expense | 1,582 | 206 | 1,066 | (4,493) |
Loss before income tax | (53,073) | (25,460) | (92,582) | (39,291) |
Income tax benefit | (110) | |||
Net loss | $ (53,073) | $ (25,460) | $ (92,472) | $ (39,291) |
Weighted average number of common shares outstanding - basic (in shares) | 29,689,856 | 18,092,465 | 27,211,708 | 14,490,219 |
Weighted average number of common shares outstanding - diluted (in shares) | 29,689,856 | 18,092,465 | 27,211,708 | 14,490,219 |
Basic net loss per common share (in dollars per share) | $ (1.79) | $ (1.41) | $ (3.40) | $ (2.71) |
Diluted net loss per common share (in dollars per share) | $ (1.79) | $ (1.41) | $ (3.40) | $ (2.71) |
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) | $ 95,015 |
Beginning balance (in shares) at Jun. 30, 2020 | 12,583,736 | |||
Net loss | (39,291) | (39,291) | ||
Stock-based compensation | 2,345 | 2,345 | ||
Issuance of stock for business acquisition, net of issuance costs | $ 1 | 53,102 | 53,103 | |
Issuance of stock for business acquisition, net of issuance costs (in shares) | 5,471,804 | |||
Issuance of common stock, net of cash issuance costs | $ 1 | 29,487 | 29,488 | |
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 | 1,058 | ||
Issuance of preferred, common stock related to debt conversion, shares | 130,081 | |||
Estimated fair value of replacement equity awards | 432 | 432 | ||
Issuance of common stock for CVRs payout | 1,000 | 1,000 | ||
Issuance of common stock for CVRs payout (in shares) | 103,190 | |||
Ending balance at Mar. 31, 2021 | $ 3 | 302,448 | (159,301) | 143,150 |
Ending balance (in shares) at Mar. 31, 2021 | 23,457,887 | |||
Beginning balance at Dec. 31, 2020 | $ 2 | 246,532 | (133,841) | 112,693 |
Beginning balance (in shares) at Dec. 31, 2020 | 17,882,893 | |||
Net loss | (25,460) | (25,460) | ||
Stock-based compensation | 1,382 | 1,382 | ||
Issuance of stock for business acquisition, net of issuance costs | $ 1 | 53,102 | 53,103 | |
Issuance of stock for business acquisition, net of issuance costs (in shares) | 5,471,804 | |||
Estimated fair value of replacement equity awards | 432 | 432 | ||
Issuance of common stock for CVRs payout | 1,000 | 1,000 | ||
Issuance of common stock for CVRs payout (in shares) | 103,190 | |||
Ending balance at Mar. 31, 2021 | $ 3 | 302,448 | (159,301) | 143,150 |
Ending balance (in shares) at Mar. 31, 2021 | 23,457,887 | |||
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 | (92,472) | (92,472) | ||
Stock-based compensation | 4,018 | 4,018 | ||
Stock-based compensation (in shares) | 404,739 | |||
Warrants issued with debt refinance | 379 | 379 | ||
Issuance of common stock, net of cash issuance costs | 11,659 | 11,659 | ||
Issuance of common stock, net of cash issuance costs (in shares) | 5,460,784 | |||
Tax withholding for stock-based compensation | (8) | (8) | ||
Ending balance at Mar. 31, 2022 | $ 3 | 331,912 | (270,771) | 61,144 |
Ending balance (in shares) at Mar. 31, 2022 | 33,355,935 | |||
Beginning balance at Dec. 31, 2021 | $ 3 | 323,231 | (217,698) | 105,536 |
Beginning balance (in shares) at Dec. 31, 2021 | 30,010,468 | |||
Net loss | (53,073) | (53,073) | ||
Stock-based compensation | 1,270 | 1,270 | ||
Stock-based compensation (in shares) | 107,767 | |||
Warrants issued with debt refinance | 379 | 379 | ||
Issuance of common stock, net of cash issuance costs | 7,034 | 7,034 | ||
Issuance of common stock, net of cash issuance costs (in shares) | 3,237,700 | |||
Tax withholding for stock-based compensation | (2) | (2) | ||
Ending balance at Mar. 31, 2022 | $ 3 | $ 331,912 | $ (270,771) | $ 61,144 |
Ending balance (in shares) at Mar. 31, 2022 | 33,355,935 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net loss | $ (92,472) | $ (39,291) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation, amortization and accretion | 8,005 | 5,878 |
Impairment expense | 64,649 | 4,286 |
Stock-based compensation expense | 4,018 | 2,485 |
(Gain) loss from contingent considerations | (761) | 2,680 |
Amortization of senior debt (premium) discount | (268) | 115 |
(Gain) loss on sale of equipment | (44) | 112 |
Gain on termination of lease | (343) | |
(Gain) loss on debt extinguishment | (193) | 258 |
Inventory write-down | 352 | 7,227 |
Gain on derivative warrant liability | (211) | |
Other noncash adjustments | (152) | 335 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 647 | 1,764 |
Inventory | 91 | (4,390) |
Prepaid expenses and other current assets | 1,406 | 7,673 |
Accounts payable and other | (8,099) | (6,156) |
Accrued liabilities | 1,252 | (2,293) |
Other operating assets and liabilities, net | 52 | (27) |
Net cash used in operating activities | (21,728) | (19,687) |
Investing Activities | ||
Contingent consideration payment | (3,138) | (683) |
Cash received from acquisition | 15,722 | |
Cash payment for business acquisition | (15,399) | |
Other investing activities | (69) | 4 |
Net cash used in investing activities | (3,207) | (356) |
Financing Activities | ||
Proceeds from issuance of stock | 12,700 | 32,250 |
Payment of stock issuance costs | (782) | (4,430) |
Payment made to fixed payment arrangement | (3,277) | (3,034) |
Proceeds from short-term line of credit | 112,463 | |
Payments made on short-term line of credit | (117,012) | (5,968) |
Payments made to borrowings | (16,075) | (318) |
Proceeds from borrowings | 15,000 | |
Payment for debt issuance costs | (363) | |
Other financing activities | (7) | |
Net cash provided by financing activities | 2,647 | 18,500 |
Net change in cash, restricted cash and cash equivalents | (22,288) | (1,543) |
Cash, cash equivalents and restricted cash at beginning of period | 49,901 | 48,333 |
Cash, cash equivalents and restricted cash at end of period | 27,613 | 46,790 |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||
Cash and cash equivalents | 27,613 | 46,538 |
Restricted cash | 252 | |
Total cash, cash equivalents and restricted cash | 27,613 | 46,790 |
Supplemental cash flow data | ||
Cash paid for interest | 3,080 | 449 |
Non-cash investing and financing activities: | ||
Warrants issued | 3,177 | 1,628 |
Other noncash investing and financing activities | $ 473 | 66 |
Fixed payment arrangements included in accrued liabilities | 1,575 | |
Issuance of common stock for note conversion | 1,058 | |
Contingent value rights payout | 1,000 | |
Issuance related to acquisition of Neos | 53,241 | |
Fair value of non-cash assets acquired | 104,322 | |
Fair value of liabilities assumed | 88,700 | |
Estimated fair value of replacement equity awards | $ 432 |
Nature of Business, Financial C
Nature of Business, Financial Condition, Basis of Presentation | 9 Months Ended |
Mar. 31, 2022 | |
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 pharmaceutical company focused on commercializing novel therapeutics and consumer health products and developing therapeutics for rare pediatric-onset or difficult-to-treat diseases. The Company operates through two business segments (i) the BioPharma segment, consisting of prescription pharmaceutical products (the “Rx Portfolio”) and (ii) the Consumer Health segment, which consists of various consumer healthcare products (the “Consumer Health Portfolio”). The Company also has two product candidates in development, AR101 (enzastaurin) for the treatment of vascular Ehlers-Danlos Syndrome (“VEDS”) and Healight (endotracheal ultraviolet light catheter) for the treatment of severe, difficult-to-treat respiratory infections. The Company was incorporated as Rosewind Corporation on August 9, 2002 in the State of Colorado and was re-incorporated as Aytu BioScience, Inc in the state of Delaware on June 8, 2015. Following the acquisition of Neos Therapeutics, Inc. (“Neos”) in March 2021, the Company changed its name to Aytu BioPharma, Inc. The Rx Portfolio primarily consists of (i) Adzenys XR-ODT (amphetamine) extended-release orally disintegrating tablets and Cotempla XR-ODT (methylphenidate) extended-release orally disintegrating tablets for the treatment of attention deficit hyperactivity disorder (“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, and (iii) Karbinal ER, an extended-release antihistamine suspension containing carbinoxamine indicated to treat numerous allergic conditions. 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 and e-commerce marketing channels. 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 therapeutic pipeline focused on rare pediatric-onset conditions and difficult-to-treat diseases. As of March 31, 2022, the Company had approximately $27.6 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 $53.1 million and $25.5 million during the three months ended March 31, 2022 and 2021, respectively, and $92.5 million and $39.3 million for the nine months ended March 31, 2022 and 2021, respectively. The Company had an accumulated deficit of $270.8 million and $178.3 million as of March 31, 2022 and June 30, 2021, respectively. Cash used in operations was $21.7 million and $19.7 million during the nine months ended March 31, 2022 and 2021, respectively. As the Company does not have sufficient cash and cash equivalents as of March 31, 2022 to cover its cash needs for the twelve months following the filing date of this Quarterly Report on Form 10-Q, there exists substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include adjustments that might be necessary if the Company is unable to continue as a going concern. Management plans to mitigate the conditions that raise substantial doubt about its ability to continue as a going concern are primarily focused on raising additional capital through public or private equity or debt offerings or monetizing assets in order to meet its obligations. Management believes that the Company has access to capital resources, however, the Company cannot provide any assurance that it will be able to raise additional capital, monetize assets 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. Alternatively, any efforts by the Company to reduce its expenses may adversely impact its ability to sustain revenue-generating activities and delay the progress of its developmental product candidates or otherwise operate its business. As a result, there can be no assurance that the Company will be successful in implementing its plans to alleviate this substantial doubt about its ability to continue as a going concern. Basis of Presentation. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Use of Estimates Management uses estimates and assumptions relating to reporting amounts of assets and liabilities, 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 condensed 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, the value of goodwill, 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 cash flows have been reclassified to conform to the current year presentation, including a reclassification made in the presentation of the U.S. Food and Drug Administration (the “FDA”) fees for commercialized products. This was previously included in general and administrative expenses and is currently recorded as a component of cost of sales on the condensed consolidated statements of operations. These reclassifications did not impact operating results or cash flows for the three and nine months ended March 31, 2022 and 2021 or its financial position as of March 31, 2022 or June 30, 2021. 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 nine months ended March 31, 2022. The impairment of goodwill during the three months ended September 30, 2021 decreased net deferred tax liability by $0.1 million resulting in an income tax benefit of $0.1 million during the three months ended September 30, 2021. The income tax provision did not impact the amount of deferred taxes due to a full valuation allowance and the goodwill being recorded as a deferred tax liability. Recent Adopted Accounting Pronouncements Reference Rate Reform. , Reference Rate Reform (Topic 848): “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” discontinued if contract modifications are made on or before December 31, 2022. The Company adopted the guidance effective March 31, 2022 for the accounting of its LIBOR indexed revolving loans by prospectively applying the interest rate. The Company elected not to reassess the discount rate of its leases. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial position and results of operations. Recent Accounting Pronouncements Not Yet Adopted Debt—Debt with Conversion and Other Options. Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40)— “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” Financial Instruments Credit Losses. ASU 2016-13, “Financial Instruments – Credit Losses” 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 nine months ended March 31, 2022. |
Acquisitions
Acquisitions | 9 Months Ended |
Mar. 31, 2022 | |
Acquisitions | |
Acquisitions | 3. Acquisitions Neos Acquisition On March 19, 2021, the Company acquired Neos, a commercial-stage pharmaceutical company. Neos merged into, a subsidiary of the Company with and all outstanding Neos common stock was exchanged for approximately 5,472,000 shares of the Company’s common stock (“the Neos Acquisition”). The Company incurred (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 fair value 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 Fair value per share of Aytu common stock $ 9.73 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 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 The fair value of the 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 was determined using cost to recreate method. The finite-lived intangible assets are being amortized over a range of between 1 to 17 years. 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: Nine Months Ended March 31, 2022 2021 Pro forma Unaudited Unaudited (In thousands) Total revenues, net $ 69,221 $ 74,582 Net loss $ (92,472) $ (55,712) 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 “Rumpus”) pursuant to which the Company acquired commercial global licenses, relating primarily to the pediatric-onset rare disease development asset enzastaurin, or AR101. AR101 is initially 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. Upon the achievement of certain regulatory and commercial milestones, the Company is obliged to pay 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. AR101 is an orally available investigational small molecule, serine/threonine kinase inhibitor of the PKC beta, PI3K and AKT pathways (see Note 13 – Commitments and Contingencies). |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition | |
Revenue Recognition | 4. Revenue Recognition Contract Balances The Company disaggregates 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 over twenty consumer health products competing in large healthcare categories. As part of the realization of post-acquisition synergies and product prioritization, the Company has implemented a portfolio rationalization plan whereby it will discontinue or divest non-core products including Cefaclor, Flexichamber, Tussionex, Tuzistra XR, and Zolpimist, effectively eliminating the primary care portfolio. These products, collectively, contributed $1.7 million in net revenue and $0.6 million in gross loss during the nine months ended March 31, 2022 (see Note 8 – Goodwill and Other Intangible Assets). Revenues by Product Portfolio. Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) Primary care portfolio $ 272 $ 1,209 $ 889 $ 8,339 Pediatric portfolio 13,590 3,918 41,499 9,752 Consumer Health portfolio 10,337 8,356 26,833 24,059 Consolidated revenue $ 24,199 $ 13,483 $ 69,221 $ 42,150 Revenues by Geographic location . Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) U.S. $ 23,755 $ 12,344 $ 67,408 $ 38,245 International 444 1,139 1,813 3,905 Total net revenue $ 24,199 $ 13,483 $ 69,221 $ 42,150 |
Inventories
Inventories | 9 Months Ended |
Mar. 31, 2022 | |
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 charge to reduce the value of the inventory to net realizable value in the period that the impairment is first recognized. The Company incurred charges of $2.0 million and $7.0 million of inventory during the three months ended March 31, 2022 and 2021, respectively, and $2.4 million and $7.2 million during the nine months ended March 31, 2022 and 2021, respectively. In the three and nine months ended March 31, 2022, the inventory charge of $2.0 million was related to the decision to discontinue or divest certain non-core products (see Note 4 – Revenue Recognition and Note 8 – Goodwill and Other Intangible Assets). The write-down for each of the three and nine months ended March 31, 2021 was primarily due to the changing market conditions for the Company’s Covid-19 test kits. Inventory balances consist of the following: March 31, June 30, 2022 2021 (In thousands) Raw materials $ 1,796 $ 2,269 Work in process 2,222 3,346 Finished goods 9,873 10,724 Inventory, net $ 13,891 $ 16,339 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2022 | |
Property and Equipment | |
Property and Equipment | 6. Property and Equipment Properties and equipment are recorded at cost and depreciated on a straight-line basis over the assets estimated economic life. Leasehold improvements are amortized over the shorter of the estimated economic life or remaining lease term. Property and equipment consist of the following: March 31, June 30, 2022 2021 (In thousands) Manufacturing equipment $ 2,139 $ 3,070 Leasehold improvements 999 959 Office equipment, furniture and other 1,120 1,093 Lab equipment 832 832 Assets under construction 129 198 Property and equipment, gross 5,219 6,152 Less accumulated depreciation and amortization (1,740) (1,012) Property and equipment, net $ 3,479 $ 5,140 Depreciation and amortization expense was $0.5 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively, and $1.3 million and $0.1 million for the nine months ended March 31, 2022 and 2021, respectively. During the nine months ended March 31, 2022 and 2021, the Company recognized a gain of $44,000 and a loss of $0.1 million on the disposal of equipment, respectively. During the three and nine months ended March 31, 2022, in connection with the decision to divest Tussionex, the Company recorded a $0.2 million impairment charge related to manufacturing equipment associated with this product. There was no such impairment expense during the three and nine months ended March 31, 2021. |
Leases
Leases | 9 Months Ended |
Mar. 31, 2022 | |
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. In connection with the Neos Acquisition, Aytu assumed an 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 an 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 Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Statement of Operations Classification (In thousands) Lease cost: Operating lease cost $ 316 $ 70 $ 942 $ 195 Operating expenses Short-term lease cost 65 9 130 14 Operating expenses Finance lease cost: Amortization of leased assets 18 19 55 19 Cost of sales Interest on lease liabilities 3 1 11 1 Other (expense), net Total net lease cost $ 402 $ 99 $ 1,138 $ 229 Supplemental balance sheet information related to leases is as follows: March 31, June 30, Balance Sheet Classification 2022 2021 (In thousands) Assets: Operating lease assets $ 3,561 $ 3,563 Operating lease right-of-use asset Finance lease assets 274 329 Property and equipment, net, net Total leased assets $ 3,835 $ 3,892 Liabilities: Current: Operating leases $ 1,203 $ 940 Current portion of operating lease liabilities Finance leases 100 102 Current portion of debt Non-current Operating leases 2,406 2,624 Operating lease liabilities, net of current portion Finance leases 106 180 Debt, net of current portion Total lease liabilities $ 3,815 $ 3,846 Remaining lease term and discount rate used are as follows: March 31, June 30, 2022 2021 Weighted-Average Remaining Lease Term (years) Operating lease assets 2.86 3.42 Finance lease assets 1.98 2.72 Weighted-Average Discount Rate Operating lease assets 7.44 % 6.62 % Finance lease assets 6.43 % 6.41 % Supplemental cash flow information related to lease is as follows: Nine Months Ended March 31, 2022 2021 (In thousands) Cash flow classification of lease payments: Operating cash flows from operating leases $ 942 $ 195 Operating cash flows from finance leases $ 12 $ 1 Financing cash flows from finance leases $ 76 $ 3 As of March 31, 2022, the maturities of the Company’s future minimum lease payments were as follows: Operating Finance (In thousands) 2022 (remaining 3 months) $ 357 $ 29 2023 1,436 104 2024 1,379 87 2025 749 — 2026 90 — 2027 46 — Total lease payments 4,057 220 Less: Imputed interest (448) (14) Lease liabilities $ 3,609 $ 206 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Mar. 31, 2022 | |
Goodwill and Other Intangible Assets | |
Goodwill and Other Intangible Assets | 8. Goodwill and Other Intangible Assets During fiscal 2022, the Company’s market capitalization has significantly declined. During the three months ended September 30, 2021, the decline was considered a qualitative factor that led management to assess whether an impairment had occurred. Management’s evaluation indicated that the goodwill related to one of its reporting units within the BioPharma segment was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair value of the reporting unit and compared that amount 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. The decline in market capitalization was an indicator of increased risk thereby increasing the discount rates in the valuation models. The Company determined the fair value of the reporting unit utilizing the discounted cash flow model. As of September 30, 2021, utilizing the risk adjusted weighted-average discount rate, the fair value of the reporting unit was less than its carrying value. The Company recognized an impairment loss of $19.5 million in the BioPharma segment related to the goodwill associated with the Cerecor Inc. acquisition. As of September 30, 2021, a quantitative test indicated there was no impairment to the Consumer Health reporting unit as it resulted in an implied fair value of $5.9 million compared with the $0.5 million carrying value. During the three months ended March 31, 2022, the continued decline of the Company’s market capitalization was considered a qualitative factor that led management to reassess whether an impairment had occurred. Management’s evaluation indicated that the goodwill related to one of its reporting units within the BioPharma segment was potentially impaired. The Company then performed a quantitative impairment test by calculating the fair value of the reporting unit and compared that amount 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. The decline in market capitalization was an indicator of increased risk thereby increasing the discount rates in the valuation models. The Company determined the fair value of the reporting unit utilizing the discounted cash flow model. As of March 31, 2022, utilizing the risk adjusted weighted-average discount rate, the fair value of the reporting unit was less than its carrying value. The Company recognized an impairment loss of $37.7 million in the BioPharma segment related to the goodwill associated with the Neos Acquisition. The Consumer Health segment, which has $8.6 million goodwill from the February 2020 acquisition of Innovus Pharmaceuticals, Inc. (the “Innovus Acquisition”), reported $2.2 million negative carrying value as of March 31, 2022, and as such there was no goodwill impairment during the three months ended March 31, 2022. The change in carrying amount of goodwill by reportable segment is as follows: BioPharma 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 September 30, 2021 37,712 8,637 46,349 Goodwill impairment — — — Balance as of December 31, 2021 37,712 8,637 46,349 Goodwill impairment (37,712) — (37,712) Balance as of March 31, 2022 $ — $ 8,637 $ 8,637 The Company currently holds the following intangible asset portfolios as of March 31, 2022: (i) 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 Acquisition in March 2021; (ii) Proprietary modified-release drug delivery technology right as a result of the Neos Acquisition; (iii) Acquired product distribution rights and commercial technology consisting of RxConnect and trade names as a result of the Neos Acquisition, and patents, trade names and the acquired customer lists from the Innovus Acquisition; (iv) Acquired in-process R&D from the Neos Acquisition 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 March 31, 2022 and June 30, 2021, respectively. March 31, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Licensed assets $ 3,246 $ (1,778) $ (1,468) $ — — Acquired product technology right 45,400 (6,864) (3,224) 35,312 12.21 Acquired technology right 30,200 (1,834) — 28,366 16.00 Acquired product distribution rights 11,354 (3,204) — 8,150 7.85 Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived Acquired commercial technology 630 (630) — — — Acquired trade name 400 (206) (194) — — Acquired customer lists 390 (390) — — — Total $ 94,220 $ (14,906) $ (4,886) $ 74,428 13.21 June 30, 2021 Weighted- Gross Average Carrying Accumulated Net Carrying Remaining Amount Amortization Amount Life (in 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: March 31, (In thousands) 2022 (remaining 3 months) $ 1,624 2023 6,490 2024 6,477 2025 6,282 2026 5,938 2027 5,908 Thereafter 39,109 Total future amortization expense $ 71,828 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 $1.7 million for the three months ended March 31, 2022 and 2021, respectively, and $6.1 million and $4.9 million for the nine months ended March 31, 2022 and 2021, respectively. During the three and nine months ended March 31, 2022, in connection with the decision to discontinue commercializing or divesting certain products within the BioPharma segment that have minimal revenue and gross margin contribution, the Company recorded $4.9 million impairment expense for the write-down of intangible assets consisting of (i) $2.6 million for AcipHex, (ii) $1.4 million for ZolpiMist, (iii) $0.5 million for Tussionex, (iv) $0.2 million for Cefaclor and (v) $0.2 million for the Neos tradename. During the three and nine months ended March 31, 2021, in connection with the divestiture of Natesto, the Company recorded $4.3 million impairment expense as a result of the impairment of the associated licensed intangible asset. |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities | |
Accrued Liabilities | 9. Accrued liabilities Accrued liabilities consist of the following: March 31, June 30, 2022 2021 (In thousands) Accrued program liabilities $ 12,058 $ 8,689 Accrued product-related fees 1,997 2,501 Accrued savings offers 17,853 20,148 Accrued distributor fees 5,303 2,710 Accrued liabilities for trade partners 2,003 5,421 Accrued option exercise and milestone fees 3,257 600 Medicaid liabilities 1,487 1,714 Return reserve 5,969 6,367 Other accrued liabilities* 3,543 3,145 Total accrued liabilities $ 53,470 $ 51,295 * |
Line of Credit
Line of Credit | 9 Months Ended |
Mar. 31, 2022 | |
Line of Credit | |
Line of Credit | 10. Line of Credit Upon closing of the Neos Acquisition in March 2021, the Company assumed obligations under the secured credit agreement that Neos had entered into with Eclipse Business Capital LLC (f/k/a Encina Business Credit, LLC) (“Eclipse”) as agent for the lenders (the “Eclipse Loan Agreement”). Under the Eclipse Loan Agreement, Eclipse extended up to $25.0 million in secured revolving loans to Neos (the “Revolving Loans”), of which up to $2.5 million was available for short-term swingline loans, against 85% of eligible accounts receivable. The Revolving Loans thereunder accrued at variable interest through maturity at the one-month London Interbank Offered Rate (“LIBOR”), plus 4.50%. The Eclipse Loan Agreement included an unused line fee of 0.50% of the average unused portion of the maximum revolving facility amount during the immediately preceding month. Interest is payable monthly in arrears. The original maturity date under the Eclipse Loan Agreement was May 11, 2022. In connection with the Avenue Capital Agreement, described in Note 11 below, the Company entered into a Consent, Waiver and Second Amendment to Eclipse Loan Agreement, dated as of January 26, 2022 (together, the “Eclipse Second Amendment”). Pursuant to the Eclipse Second Amendment, Eclipse (i) consented to Aytu and certain of its subsidiaries joining as obligors to the Revolving Loans provided by the Eclipse Loan Agreement, (ii) consented to the Company entering into the Avenue Capital Agreement, (iii) extended the maturity date of the Eclipse Loan Agreement to January 26, 2025, (iv) removed the requirement for the Company to comply with the ongoing fixed charge coverage ratio financial covenant applicable to the borrowers under the Eclipse Loan Agreement, (v) consented to the first priority lien granted by Aytu in favor of the Avenue Capital Agent, (vi) reduced the maximum availability under the Revolving Loans from $25.0 million to $12.5 million minus a $3.5 million availability block, (vii) increased the availability block from $1.0 million to $3.5 million, (viii) consented to the full repayment under the Deerfield Facility, defined below, and (ix) made certain other modifications to conform to the Avenue Capital Agreement and to reflect the consummation of the transactions thereof, in each case subject to the terms and conditions of the Eclipse Second Amendment. The Company incurred $0.1 million in legal and other fees related to the Eclipse Second Amendment, all of which were recorded as deferred financing costs and are being amortized on a straight-line basis over the remaining term of the Eclipse Loan Agreement as interest expense. The unamortized cost of $0.1 million as of March 31, 2022 was included in other noncurrent assets in the condensed consolidated balance sheets. In the event that, for any reason, all or any portion of the Eclipse Loan Agreement is terminated prior to the scheduled maturity date, in addition to the payment of all outstanding principal and unpaid accrued interest, the Company is required to pay a fee equal to (i) 2.0% of the Revolving Loans commitment if such event occurs on or before January 26, 2023, (ii) 1.0% of the Revolving Loans commitment if such event occurs after January 26, 2023 but on or before January 26, 2024, and (iii) 0.5% of the Revolving Loans commitment if such event occurs after January 26, 2024 but on or before January 26, 2025. The Company may permanently terminate the Eclipse Loan Agreement with at least five The Eclipse Loan Agreement contains customary affirmative covenants, negative covenants and events of default, as defined in the agreement, including covenants and restrictions that, among other things, require the Company to satisfy certain capital expenditure limitations and other financial covenants, and restrict the Company’s ability to incur liens, incur additional indebtedness, make certain dividends and distributions with respect to equity securities, engage in mergers and acquisitions or make asset sales without the prior written consent of Eclipse. A failure to comply with these covenants could permit Eclipse to declare the Company’s obligations under the Eclipse 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. As of March 31, 2022, the Company was in compliance with the covenants under the Eclipse Loan Agreement as amended. The Company’s obligations under the Eclipse Loan Agreement are secured by substantially all of the Company’s assets, with a first priority lien in favor of Eclipse on the ABL Priority Collateral, and a second priority lien in favor of Eclipse on the Term Loan Priority Collateral, as each is defined in the Replacement Term Loan Intercreditor Agreement, as defined in the Eclipse Loan Agreement, as amended by the Eclipse Second Amendment. Total interest expense on the Revolving Loans, including amortization of deferred financing costs, was $0.1 million and $0.4 million for the three and nine months ended March 31, 2022, respectively. Interest expense was $28,000 for the period beginning March 19, 2021, the date the Neos Acquisition was closed, through March 31, 2021. As of March 31, 2022 and June 30, 2021, the outstanding Revolving Loans under the Eclipse Loan Agreement, as amended, were $3.4 million and $7.9 million, respectively. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Mar. 31, 2022 | |
Long-term Debt | |
Long-term Debt | 11. Long-term Debt Deerfield Debt. The Company evaluated and determined that the fair value of the remaining outstanding debt was $17.4 million as of the March 19, 2021 acquisition date. Accordingly, the Company recorded a premium of $0.8 million, which was the difference between carrying amount and the fair value of the debt and was being amortized into interest expense using the effective interest method over the remaining term of the debt. On January 26, 2022, the Company repaid the remaining principal outstanding in full, plus exit fees and accrued interest under the Deerfield Facility. The Company recognized a gain of $0.2 million during the three months ended March 31, 2022 related to the extinguishment of the Deerfield Facility. Total interest expense on the facility, net of premium amortization, was $0.8 million for the period from July 1, 2021 through full repayment on January 26, 2022. Avenue Capital Loan: Pursuant to the Avenue Capital Agreement, the Company will make interest only payments for the first 18 months following the Closing Date (“Interest-only Period”). The Interest-only Period could be extended automatically without any action by any party for six months provided, as of the last day of the Interest-only Period then in effect, the Company received, prior to June 15, 2023, a specified amount of net proceeds from the sale and issuance of its equity securities (“Interest-only Milestone 1”). The Interest-only Period could further be extended automatically without any action by any party for an additional six months provided, the Company has achieved, prior to December 31, 2023, (i) Interest-only Milestone 1 and (ii) a specified amount of trailing 12 months revenue as of the date of determination. In the event the Company prepays the outstanding principal prior to the maturity date, the Company will pay Avenue Capital a fee equal to (i) 3.0% of the loan if such event occurs on or before January 26, 2023, (ii) 2.0% of the loan if such event occurs after January 26, 2023 but on or before January 26, 2024, and (iii) 1.0% of the loan if such event occurs after January 26, 2024 but before January 26, 2025. In addition, upon the payment in full of the obligations, the Company shall pay to Avenue Capital a fee in the amount of $0.6 million (“Final Payment”). The Company accounted for the Final Payment as additional obligations on the debt, with the corresponding debit being recorded as debt discount. The Company’s obligations under Avenue Capital Agreement are secured by substantially all of the Company’s assets, with a first priority lien in favor of the Avenue Capital Agent on the Term Loan Priority Collateral, and a second priority lien in favor of the Avenue Capital Agent on the ABL Priority Collateral, as each is defined in the Intercreditor Agreement, as defined in the Avenue Capital Agreement. The Avenue Capital Agreement contains customary affirmative covenants, negative covenants and events of default, as defined in the agreement, including covenants and restrictions that, among other things, require the Company to satisfy certain capital expenditure limitations and other financial covenants, and restricts the Company’s ability to incur liens, incur additional indebtedness, make certain dividends and distributions with respect to equity securities, engage in mergers and acquisitions or make asset sales without the prior written consent of the Avenue Capital Lenders. A failure to comply with these covenants could permit the Avenue Capital Lenders to declare the Company’s obligations under the 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. As of March 31, 2022, the Company was in compliance with the covenants under the Avenue Capital Agreement. On January 26, 2022 (“Issuance Date”), as consideration for entering into the Avenue Capital Agreement, the Company issued warrants to the Avenue Capital Lenders to purchase shares of common stock at an exercise price equal to $1.21 per share (the “Avenue Capital Warrants”). The Avenue Capital Warrants provided that in the event the Company were to engage in an equity offering at a price lower than $1.21 prior to June 30, 2022, the exercise price would be adjusted to the effective price of such equity offering and the number of shares of common stock to be issued under the Avenue Capital Warrants would be adjusted as set forth in the agreement. The Avenue Capital Warrants were immediately exercisable and expire on January 31, 2027. At inception and through the reclassification to equity on March 7, 2022, the Company accounted for the Avenue Capital Warrants as a liability as the number of warrants was not fixed at the Issuance Date. The fair value of the Avenue Capital Warrants was $0.6 million on January 26, 2022, with the corresponding debit being recorded as debt discount. On March 7, 2022, the Company closed on an equity offering of shares of common stock and warrants, as described in Note 14 – Capital Structure, at an offering price of $1.25 per share. As this offering precludes the Company from pursuing any equity financing prior to July 7, 2022 and the effective price of the March 7, 2022 offering was more than the exercise price of the Avenue Capital Warrants, the number of shares of common stock issuable upon exercise of the Avenue Capital Warrants were set to 867,769 at an exercise price of $1.21. As a result, on March 7, 2022, the Company reclassified the Avenue Capital Warrants from a liability to equity and recorded the $0.4 million fair value as additional paid in capital in stockholders’ equity in the Company’s financial statements. In addition to the debt discounts discussed above, the Company also incurred $0.4 million loan origination, legal and other fees. The debt discount and issuance costs are being amortized over the term of the loan, using the effective interest method resulting in an effective rate of 15.37%. Total interest expense on the Avenue Capital loan, including debt discount amortization, was $0.4 million for the three months ended March 31, 2022. Long-term debt consists of the following: March 31, 2022 (In thousands) Long-term debt, due on January 26, 2025 $ 15,000 Long-term, final payment fee 638 Unamortized discount and issuance costs (1,577) Financing leases, maturing through May 2024 206 Total debt 14,267 Less: current portion (100) Non-current portion of debt $ 14,167 Future principal payments of long-term debt, including financing leases, are as follows: March 31, (In thousands) 2022 $ 100 2023 5,924 2024 9,820 Future principal payments 15,844 Less unamortized discount and issuance costs (1,577) Less current portion (100) Non-current portion of debt $ 14,167 |
Fair Value Considerations
Fair Value Considerations | 9 Months Ended |
Mar. 31, 2022 | |
Fair Value Considerations | |
Fair Value Considerations | 12. 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 are measured at fair value on a recurring basis and 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 March 31, 2022 and June 30, 2021, by level within the fair value hierarchy. Fair Value Measurements at March 31, 2022 Fair Value at March 31, 2022 (Level 1) (Level 2) (Level 3) (In thousands) Assets: Cash and cash equivalents $ 27,613 $ 27,613 $ — $ — Total $ 27,613 $ 27,613 $ — $ — Liabilities: Contingent consideration $ 371 $ — $ — $ 371 CVR liability 720 — — 720 Total $ 1,091 $ — $ — $ 1,091 Fair Value Measurements at June 30, 2021 Fair Value at June 30, 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 The royalty and make-whole milestone payments related to the licensing agreements with TRIS Pharma, Inc. (“Tris”) for Tuzistra XR was being accounted for as contingent consideration and revalued at each reporting period. As a result of the discontinuation of commercializing Tuzistra (see Note 4 – Revenue Recognition), and ongoing negotiations with Tris, the Company has concluded that, as of March 31, 2022, the product milestone payments underlying the contingent consideration liability ceased to exist. As of March 31, 2022, the Company reversed the remaining contingent considerations liabilities of $8.5 million and recorded a liability of $7.6 million related to the settlement payments payable to Tris (see Note 20 – Subsequent Events) for termination of the Tuzistra licensing agreement. The amount is included in other current and noncurrent liabilities in the consolidated balance sheets, and represents the present value of future payments discounted using the Company’s borrowing rate. The Company deferred recognition of $0.9 million net gain from reversal of contingent consideration liability and the settlement payments until the termination of the original agreement and signing of the settlement agreement in May 2022, and was included in accrued liabilities in the consolidated balance sheets as of March 31, 2022. ZolpiMist The royalty payments related to the licensing agreements with Magna Pharmaceuticals, Inc. (“Magna”) for ZolpiMist were being accounted for as contingent consideration and revalued at each reporting period. As a result of the discontinuation of commercializing ZolpiMist, the Company has concluded that, as of March 31, 2022, the royalty-based product milestone payments underlying the contingent consideration liability ceased to exist. As of March 31, 2022, the Company reversed the remaining contingent consideration liabilities of $0.6 million and recorded the $50,000 payment due for termination of the Manga licensing agreements in other current liability in the consolidated balance sheets. The Company recognized $0.6 million gain from reversal of contingent consideration liability and the termination payment in the consolidated statements of operations for the three and nine months ended March 31, 2022. 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 Acquisition. 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 March 31, 2022 and June 30, 2021, the contingent consideration balance was $0.3 million. In June 2017, Innovus entered into the Exclusive License Agreement with University of Iowa Research Foundation (“UIRD”) (the “UIRD Agreement”) for the use of patent and technology know-how as defined in the agreement. Pursuant to the agreement, Innovus will pay UIRD a milestone payment of $50,000 every other year beginning on July 1, 2021 for a total payments of $0.2 million. The fair value was determined as the 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 March 31, 2022 and June 30, 2021, was approximately $0.1 million. As a result of the reversal of contingent consideration liabilities, there was no gain or loss from the change in fair value of contingent consideration during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company recognized a net gain of $0.7 million from the changes in fair values of contingent considerations. During the nine months ended March 31, 2022 and 2021, the Company recognized a loss of $0.5 million and $1.7 million, respectively, from the changes in fair values of contingent considerations. The total accretion expense related to these contingent considerations was approximately $23,000 and $15,000 during the three months ended March 31, 2022 and 2021, respectively, and $0.1 million and $0.3 million during the nine months ended March 31, 2022 and 2021, respectively. Contingent value rights. Warrants. 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 March 31, 2022: CVR Contingent Warrant Liability Consideration Liability (In thousands) Balance as of June 30, 2021 $ 1,395 $ 12,057 $ — Included in earnings (675) 579 (211) Purchases, issues, sales and settlements: Issues — — 590 Settlements * — (12,265) (379) Balance as of March 31, 2022 $ 720 $ 371 $ — * Including $9.1 million reversal of contingent consideration liabilities and $0.4 million liability warrants reclassified to equity Significant Assumptions Significant assumptions used in valuing CVRs were as follows: March 31, 2022 Leveraged Beta 0.79 Market risk premium 6.22 % Risk-free interest rate 2.12 % Discount 19.50 % Company specific discount 10.00 % Significant assumptions used in valuing the warrants were as follows: January 26, 2022 Expected volatility 56.75 % Equivalent term (years) 5.00 Risk-free rate 1.66 % Dividend yield 0.00 % |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 13. Commitments and Contingencies 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 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 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 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. Product Contingent Liability In February 2015, Innovus acquired Novalere, which included the rights associated with distributing FlutiCare. As part of the acquisition, Innovus is obligated to make five additional payments of $0.5 Pursuant to 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 March 31, 2022, is approximately $0.1 million. 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. 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 March 31, 2022, and was paid in full on April 1, 2022. |
Capital Structure
Capital Structure | 9 Months Ended |
Mar. 31, 2022 | |
Capital Structure | |
Capital Structure | 14. 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 March 31, 2022 and June 30, 2021, the Company had 33,355,935 and 27,490,412 common shares outstanding, respectively, and zero preferred shares outstanding, respectively. Included in the common stock outstanding are 2,241,089 shares of unvested 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 March 31, 2022, approximately $43.0 million remains available under the 2020 Shelf. On June 4, 2021, the Company entered into a sales agreement with a 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 “ATM Sales Agreement”). During the nine months ended March 31, 2022, the Company issued an additional 2,430,784 shares of common stock under the ATM Sales Agreement, with total gross proceeds of approximately $5.1 million before deducting underwriting discounts, commissions, and other offering expenses of $0.2 million. As of March 31, 2022, approximately $12.2 million of the Company’s common stock remained available to be sold pursuant to the ATM Sales Agreement. 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 March 31, 2022, approximately $92.4 million remain available under the 2021 Shelf. On March 7, 2022, the Company closed on an underwritten public offering utilizing the 2021 Shelf, pursuant to which, the Company sold, (i) 3,030,000 shares of the Company’s common stock, (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 3,030,000 shares of common stock, and (iii) common stock purchase warrants (the “Common Warrants”) to purchase up to 6,666,000 shares of common stock (the “March 2022 Offering”). The shares of common stock and the Pre-Funded Warrants were each sold in combination with corresponding Common Warrants, with one Common Warrant to purchase 1.1 shares of common stock for each share of common stock or each Pre-Funded Warrant sold. The Pre-Funded Warrants have an exercise price of $0.0001 per share of common stock and were exercised in full in April 2022. The Common Warrants have an exercise price of $1.30 per share of common stock and are exercisable six months after the date of issuance and have a term of five years from the date of exercisability. The Company raised gross proceeds of $7.6 million through the March 2022 Offering before commission and other costs of $0.8 million. The Pre-Funded and Common Warrants have a combined fair value of approximately $6.3 million and are classified as additional paid in capital in stockholders’ equity in the Company’s financial statements (see Note 16 - Warrants). On January 26, 2022, as consideration for entering into the Avenue Capital Agreement, the Company issued the Avenue Capital Warrants to the Avenue Capital Lenders to purchase shares of common stock at an exercise price equal to $1.21 per share. The Avenue Capital Warrants are immediately exercisable and expire on January 31, 2027. On March 7, 2022, the Company closed on an equity offering of shares of common stock and warrants, as described above, at an offering price of $1.25 per share. As this offering precluded the Company from pursuing any equity financing prior to July 7, 2022 and the effective price of the March 7, 2022 offering was more than the exercise price of the Avenue Capital Warrants, the number of common stock issuable upon exercise of the Avenue Capital Warrants were set to 867,769 shares at an exercise price of $1.21. As a result, on March 7, 2022, the Company reclassified the Avenue Capital Warrants from a liability to equity and recorded the $0.4 million fair value as additional paid in capital in stockholders’ equity in the Company’s financial statements (see Note 11 – Long-term Debt and Note 12 – Fair Value Considerations). |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Mar. 31, 2022 | |
Equity Incentive Plans | |
Equity Incentive Plans | 15. 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 (15,132) 8.03 Expired (10,599) 9.16 Outstanding at March 31, 2022 83,857 $ 16.37 7.79 Exercisable at March 31, 2022 55,611 $ 20.51 7.68 As of March 31, 2022, there was $0.2 million 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 1.8 years. Restricted Stock During the nine months ended March 31, 2022, the Company granted a total of 295,000 shares of restricted stock, with certain accelerated vesting conditions, to pursuant to the Aytu 2015 Plan, of which 1/3 vest on the grant date and 1/12 on the first day of each quarter thereafter , subject to continuing employment with the Company through each vesting date. These restricted stock grants have a grant date fair value ranging from $2.65 per-share to $4.02 per-share. Restricted stock activity under the Aytu 2015 Plan 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 (112,787) 8.03 Unvested at March 31, 2022 2,137,481 $ 7.25 As of March 31, 2022, there was $10.8 million 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 2.9 years. The Company previously issued 158 shares of restricted stock outside the Aytu 2015 Plan, which vest in July 2026. On January 17, 2022, the Company granted 100,000 shares of restricted stock to team outside of the Aytu 2015 Plan, of which 1/3 vest on January 17, 2023 and 1/12 each quarter thereafter , subject to continuing employment with the Company through each vesting date until January 17, 2025. This restricted stock grant has a grant date fair value of $1.35 per-share. As of March 31, 2022, there was total Restricted Stock Units During the nine months ended March 31, 2022, a total of 150,000 shares of restricted stock units (“RSUs”), to pursuant team to the Aytu 2015 Plan, of which 1/3 vest on the grant date and 1/12 on the first day of each quarter thereafter, subject to continuing employment with the Company through each vesting date. These RSUs have a grant date fair value ranging from $1.08 per-share to $1.86 per-share. RSUs activity is as follows: Weighted Average Grant Number of Date Fair Shares Value Unvested at June 30, 2021 78,318 $ 7.20 Granted 150,000 1.33 Vested (10,908) 6.50 Forfeited (62,922) 7.44 Unvested at March 31, 2022 154,488 $ 1.45 As of March 31, 2022, there was $0.2 million 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 2.8 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 Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) Cost of sales $ 7 $ 9 $ 24 $ 9 Research and development 73 3 467 3 Selling and marketing 23 5 51 5 General and Administrative 1,167 1,505 3,476 2,468 Total stock-based compensation expense $ 1,270 $ 1,522 $ 4,018 $ 2,485 |
Warrants
Warrants | 9 Months Ended |
Mar. 31, 2022 | |
Warrants | |
Warrants | 16. Warrants Equity Classified Warrants On March 7, 2022, the Company closed on an underwriting agreement, pursuant to which, the Company sold, (i) 3,030,000 shares of the Company’s common stock, (ii) Pre-Funded Warrants to purchase up to 3,030,000 shares of common stock, and (iii) Common Warrants to purchase up to 6,666,000 shares of common stock. The shares of common stock and the Pre-Funded Warrants were each sold in combination with corresponding Common Warrants, with one Common Warrant to purchase 1.1 shares of common stock for each share of common stock or each Pre-Funded Warrant sold. The Pre-Funded Warrants have an exercise price of $0.0001 per share of common stock and were exercised in full in April 2022. The Common Warrants have an exercise price of $1.30 per share of common stock and are exercisable six months after the date of issuance and have a term of five years from the date of exercisability (see Note 14 – Capital Structure). On January 26, 2022, as consideration for entering into the Avenue Capital Agreement, the Company issued Avenue Capital Warrants to the Avenue Capital Lenders to purchase shares of common stock at an exercise price of $1.21 per share, subject to adjustment. The Avenue Capital Warrants were immediately exercisable and expire on January 31, 2027. On March 7, 2022, the Company closed on an equity offering of shares of common stock and warrants at an offering price of $1.25 per share. As this offering precluded the Company from pursuing any equity financing prior to July 7, 2022 and the effective price of the March 7, 2022 offering was more than the exercise price of the Avenue Capital Warrants, the number of common stock issuable upon exercise of the Avenue Capital Warrants were set to 867,769 shares at an exercise price of $1.21. As a result, on March 7, 2022, the Company reclassified the Avenue Capital Warrants from a liability to equity (see Note 11 – Long-term Debt, Note 12 – Fair Value Considerations and Note 14 – Capital Structure). Significant assumptions used in valuing these warrants were as follows: March 7, 2022 Valuation method Black-Scholes Expected volatility 54.45 % Equivalent term (years) 4.89 - 5.00 Risk-free rate 1.71 % Dividend yield 0.00 % 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 the nine months ended March 31, 2022, 31,925 various other warrants with a weighted average exercise price of $483.75 per warrant to purchase the Company’s shares of common stock expired. 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 issued 10,563,769 0.92 5.37 Warrants expired (124,250) 124.69 — Outstanding March 31, 2022 11,694,471 $ 3.43 4.98 Liability Classified Warrants As of March 31, 2022, the Company had 24,105 liability warrants outstanding with a weighted-average exercise price of $720.0 per share. These warrants expire on August 25, 2022. |
Net Loss Per Common Share
Net Loss Per Common Share | 9 Months Ended |
Mar. 31, 2022 | |
Net Loss Per Common Share | |
Net Loss Per Common Share | 17. 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. The 3,030,000 Pre-Funded Warrants with an exercise price of $0.0001 per share of common stock were considered economically equivalent to common stock and were included in the weighted average number of common stock outstanding for calculation of basic income (loss) per share. The following table sets-forth securities that are considered anti-dilutive, and therefore excluded from the calculation of diluted earnings per share. March 31, 2022 2021 Warrants to purchase common stock - liability classified (Note 16) 24,105 24,105 Warrant to purchase common stock - equity classified (Note 16) 8,664,471 1,257,525 Employee stock options (Note 15) 83,857 136,254 Employee unvested restricted stock (Note 15) 2,137,481 274,635 Employee unvested restricted stock units (Note 15) 154,488 87,362 Total 11,064,402 1,779,881 |
License Agreements
License Agreements | 9 Months Ended |
Mar. 31, 2022 | |
License Agreements | |
Licensing Agreements | 18. License Agreements 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. 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. 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 as NT0502. NT0502 is a new chemical entity that is being developed for the treatment of sialorrhea, which is excessive salivation or drooling. The Company may 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 December 21, 2018, Neos and Teva Pharmaceuticals USA, Inc. (“Teva”) entered into an agreement granting 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 an Abbreviated New Drug Application (“ANDA”) filed by Teva beginning on July 1, 2026, or earlier under certain circumstances. Actavis On October 17, 2017, Neos entered into an agreement granting 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. 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 | 9 Months Ended |
Mar. 31, 2022 | |
Segment Reporting | |
Segment Reporting | 19. 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: BioPharma and Consumer Health. The BioPharma segment consists of the Company’s prescription products. The Consumer Health segment contains the Company’s consumer healthcare products. Select financial information for these segments is as follows: Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) (In thousands) Consolidated revenue: BioPharma $ 13,862 $ 5,127 $ 42,388 $ 18,091 Consumer Health 10,337 8,356 26,833 24,059 Consolidated revenue $ 24,199 $ 13,483 $ 69,221 $ 42,150 Consolidated net loss: BioPharma $ (52,311) $ (23,570) $ (88,359) $ (34,788) Consumer Health (762) (1,890) (4,113) (4,503) Consolidated net loss $ (53,073) $ (25,460) $ (92,472) $ (39,291) March 31, June 30, 2022 2021 (In thousands) Total assets: BioPharma $ 139,127 $ 236,449 Consumer Health 29,699 29,219 Consolidated assets $ 168,826 $ 265,668 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events | |
Subsequent Events | 20. Subsequent Events On April 14, 2022, upon receiving Fast Track designation from the FDA for AR101, a milestone payment of $1.5 million is due and payable to Rumpus in cash or in shares of the Company’s common stock. In May 2022, the Company issued 2,188,940 shares of common stock and $75,000 in cash for the full repayment of the amount due under the Fast Track designation milestone. On April 19, 2022, the Company issued 3,030,000 shares of common stock to holders of the March 7, 2022 Pre-Funded Warrants upon exercise of these warrants at an exercise price of $0.0001. On May 12, 2022, the Company entered into an agreement with Tris to terminate the License, Development, Manufacturing and Supply Agreement dated November 2, 2018 (the “License Agreement”). Pursuant to such termination, the Company agreed to pay Tris a total of approximately $6 million to $9 million, which reduced our total liability for minimum payments by approximately $8 million from the original License Agreement. The settlement payment will be paid in three installments from December 2022 through July 2024. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation. |
Use of Estimates | Use of Estimates Management uses estimates and assumptions relating to reporting amounts of assets and liabilities, 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 condensed 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, the value of goodwill, 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 cash flows have been reclassified to conform to the current year presentation, including a reclassification made in the presentation of the U.S. Food and Drug Administration (the “FDA”) fees for commercialized products. This was previously included in general and administrative expenses and is currently recorded as a component of cost of sales on the condensed consolidated statements of operations. These reclassifications did not impact operating results or cash flows for the three and nine months ended March 31, 2022 and 2021 or its financial position as of March 31, 2022 or June 30, 2021. |
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 nine months ended March 31, 2022. The impairment of goodwill during the three months ended September 30, 2021 decreased net deferred tax liability by $0.1 million resulting in an income tax benefit of $0.1 million during the three months ended September 30, 2021. The income tax provision did not impact the amount of deferred taxes due to a full valuation allowance and the goodwill being recorded as a deferred tax liability. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Adopted Accounting Pronouncements Reference Rate Reform. , Reference Rate Reform (Topic 848): “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” discontinued if contract modifications are made on or before December 31, 2022. The Company adopted the guidance effective March 31, 2022 for the accounting of its LIBOR indexed revolving loans by prospectively applying the interest rate. The Company elected not to reassess the discount rate of its leases. The Company does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial position and results of operations. Recent Accounting Pronouncements Not Yet Adopted Debt—Debt with Conversion and Other Options. Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40)— “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” Financial Instruments Credit Losses. ASU 2016-13, “Financial Instruments – Credit Losses” 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 nine months ended March 31, 2022. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
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 Fair value per share of Aytu common stock $ 9.73 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 | Nine Months Ended March 31, 2022 2021 Pro forma Unaudited Unaudited (In thousands) Total revenues, net $ 69,221 $ 74,582 Net loss $ (92,472) $ (55,712) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Revenue Recognition | |
Schedule of disaggregation of revenue | Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) Primary care portfolio $ 272 $ 1,209 $ 889 $ 8,339 Pediatric portfolio 13,590 3,918 41,499 9,752 Consumer Health portfolio 10,337 8,356 26,833 24,059 Consolidated revenue $ 24,199 $ 13,483 $ 69,221 $ 42,150 |
Schedule of product revenues by geographic location | Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) U.S. $ 23,755 $ 12,344 $ 67,408 $ 38,245 International 444 1,139 1,813 3,905 Total net revenue $ 24,199 $ 13,483 $ 69,221 $ 42,150 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Inventories | |
Schedule of Inventory balances | March 31, June 30, 2022 2021 (In thousands) Raw materials $ 1,796 $ 2,269 Work in process 2,222 3,346 Finished goods 9,873 10,724 Inventory, net $ 13,891 $ 16,339 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Property and Equipment | |
Schedule of property and equipment | March 31, June 30, 2022 2021 (In thousands) Manufacturing equipment $ 2,139 $ 3,070 Leasehold improvements 999 959 Office equipment, furniture and other 1,120 1,093 Lab equipment 832 832 Assets under construction 129 198 Property and equipment, gross 5,219 6,152 Less accumulated depreciation and amortization (1,740) (1,012) Property and equipment, net $ 3,479 $ 5,140 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Leases | |
Schedule of components of lease expenses | Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 Statement of Operations Classification (In thousands) Lease cost: Operating lease cost $ 316 $ 70 $ 942 $ 195 Operating expenses Short-term lease cost 65 9 130 14 Operating expenses Finance lease cost: Amortization of leased assets 18 19 55 19 Cost of sales Interest on lease liabilities 3 1 11 1 Other (expense), net Total net lease cost $ 402 $ 99 $ 1,138 $ 229 |
Schedule of balance sheet information related to leases | March 31, June 30, Balance Sheet Classification 2022 2021 (In thousands) Assets: Operating lease assets $ 3,561 $ 3,563 Operating lease right-of-use asset Finance lease assets 274 329 Property and equipment, net, net Total leased assets $ 3,835 $ 3,892 Liabilities: Current: Operating leases $ 1,203 $ 940 Current portion of operating lease liabilities Finance leases 100 102 Current portion of debt Non-current Operating leases 2,406 2,624 Operating lease liabilities, net of current portion Finance leases 106 180 Debt, net of current portion Total lease liabilities $ 3,815 $ 3,846 |
Schedule of remaining lease term and discount rate | March 31, June 30, 2022 2021 Weighted-Average Remaining Lease Term (years) Operating lease assets 2.86 3.42 Finance lease assets 1.98 2.72 Weighted-Average Discount Rate Operating lease assets 7.44 % 6.62 % Finance lease assets 6.43 % 6.41 % |
Schedule of supplemental cash flow information related to leases | Nine Months Ended March 31, 2022 2021 (In thousands) Cash flow classification of lease payments: Operating cash flows from operating leases $ 942 $ 195 Operating cash flows from finance leases $ 12 $ 1 Financing cash flows from finance leases $ 76 $ 3 |
Schedule of maturities of future minimum lease payments, operating leases | Operating Finance (In thousands) 2022 (remaining 3 months) $ 357 $ 29 2023 1,436 104 2024 1,379 87 2025 749 — 2026 90 — 2027 46 — Total lease payments 4,057 220 Less: Imputed interest (448) (14) Lease liabilities $ 3,609 $ 206 |
Schedule of maturities of future minimum lease payments, finance leases | Operating Finance (In thousands) 2022 (remaining 3 months) $ 357 $ 29 2023 1,436 104 2024 1,379 87 2025 749 — 2026 90 — 2027 46 — Total lease payments 4,057 220 Less: Imputed interest (448) (14) Lease liabilities $ 3,609 $ 206 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Goodwill and Other Intangible Assets | |
Schedule of change in carrying amount of goodwill | BioPharma 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 September 30, 2021 37,712 8,637 46,349 Goodwill impairment — — — Balance as of December 31, 2021 37,712 8,637 46,349 Goodwill impairment (37,712) — (37,712) Balance as of March 31, 2022 $ — $ 8,637 $ 8,637 |
Schedule of finite lived intangible assets | March 31, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Licensed assets $ 3,246 $ (1,778) $ (1,468) $ — — Acquired product technology right 45,400 (6,864) (3,224) 35,312 12.21 Acquired technology right 30,200 (1,834) — 28,366 16.00 Acquired product distribution rights 11,354 (3,204) — 8,150 7.85 Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived Acquired commercial technology 630 (630) — — — Acquired trade name 400 (206) (194) — — Acquired customer lists 390 (390) — — — Total $ 94,220 $ (14,906) $ (4,886) $ 74,428 13.21 June 30, 2021 Weighted- Gross Average Carrying Accumulated Net Carrying Remaining Amount Amortization Amount Life (in 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 | March 31, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Licensed assets $ 3,246 $ (1,778) $ (1,468) $ — — Acquired product technology right 45,400 (6,864) (3,224) 35,312 12.21 Acquired technology right 30,200 (1,834) — 28,366 16.00 Acquired product distribution rights 11,354 (3,204) — 8,150 7.85 Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived Acquired commercial technology 630 (630) — — — Acquired trade name 400 (206) (194) — — Acquired customer lists 390 (390) — — — Total $ 94,220 $ (14,906) $ (4,886) $ 74,428 13.21 June 30, 2021 Weighted- Gross Average Carrying Accumulated Net Carrying Remaining Amount Amortization Amount Life (in 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 | March 31, (In thousands) 2022 (remaining 3 months) $ 1,624 2023 6,490 2024 6,477 2025 6,282 2026 5,938 2027 5,908 Thereafter 39,109 Total future amortization expense $ 71,828 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Accrued Liabilities | |
Schedule of Accrued liabilities | March 31, June 30, 2022 2021 (In thousands) Accrued program liabilities $ 12,058 $ 8,689 Accrued product-related fees 1,997 2,501 Accrued savings offers 17,853 20,148 Accrued distributor fees 5,303 2,710 Accrued liabilities for trade partners 2,003 5,421 Accrued option exercise and milestone fees 3,257 600 Medicaid liabilities 1,487 1,714 Return reserve 5,969 6,367 Other accrued liabilities* 3,543 3,145 Total accrued liabilities $ 53,470 $ 51,295 * |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Long-term Debt | |
Schedule of long term debt | March 31, 2022 (In thousands) Long-term debt, due on January 26, 2025 $ 15,000 Long-term, final payment fee 638 Unamortized discount and issuance costs (1,577) Financing leases, maturing through May 2024 206 Total debt 14,267 Less: current portion (100) Non-current portion of debt $ 14,167 |
Schedule of future principal payments of long term debt | March 31, (In thousands) 2022 $ 100 2023 5,924 2024 9,820 Future principal payments 15,844 Less unamortized discount and issuance costs (1,577) Less current portion (100) Non-current portion of debt $ 14,167 |
Fair Value Considerations (Tabl
Fair Value Considerations (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Fair Value Considerations | |
Schedule of fair value on a recurring basis | Fair Value Measurements at March 31, 2022 Fair Value at March 31, 2022 (Level 1) (Level 2) (Level 3) (In thousands) Assets: Cash and cash equivalents $ 27,613 $ 27,613 $ — $ — Total $ 27,613 $ 27,613 $ — $ — Liabilities: Contingent consideration $ 371 $ — $ — $ 371 CVR liability 720 — — 720 Total $ 1,091 $ — $ — $ 1,091 Fair Value Measurements at June 30, 2021 Fair Value at June 30, 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 Warrant Liability Consideration Liability (In thousands) Balance as of June 30, 2021 $ 1,395 $ 12,057 $ — Included in earnings (675) 579 (211) Purchases, issues, sales and settlements: Issues — — 590 Settlements * — (12,265) (379) Balance as of March 31, 2022 $ 720 $ 371 $ — |
Schedule of significant assumptions used in valuation | Significant assumptions used in valuing CVRs were as follows: March 31, 2022 Leveraged Beta 0.79 Market risk premium 6.22 % Risk-free interest rate 2.12 % Discount 19.50 % Company specific discount 10.00 % Significant assumptions used in valuing the warrants were as follows: January 26, 2022 Expected volatility 56.75 % Equivalent term (years) 5.00 Risk-free rate 1.66 % Dividend yield 0.00 % |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
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 (15,132) 8.03 Expired (10,599) 9.16 Outstanding at March 31, 2022 83,857 $ 16.37 7.79 Exercisable at March 31, 2022 55,611 $ 20.51 7.68 |
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 (112,787) 8.03 Unvested at March 31, 2022 2,137,481 $ 7.25 |
Restricted stock units activity | Weighted Average Grant Number of Date Fair Shares Value Unvested at June 30, 2021 78,318 $ 7.20 Granted 150,000 1.33 Vested (10,908) 6.50 Forfeited (62,922) 7.44 Unvested at March 31, 2022 154,488 $ 1.45 |
Stock-based compensation expense | Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) Cost of sales $ 7 $ 9 $ 24 $ 9 Research and development 73 3 467 3 Selling and marketing 23 5 51 5 General and Administrative 1,167 1,505 3,476 2,468 Total stock-based compensation expense $ 1,270 $ 1,522 $ 4,018 $ 2,485 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Warrants | |
Significant assumptions in valuing the warrants issued | March 7, 2022 Valuation method Black-Scholes Expected volatility 54.45 % Equivalent term (years) 4.89 - 5.00 Risk-free rate 1.71 % Dividend yield 0.00 % |
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 issued 10,563,769 0.92 5.37 Warrants expired (124,250) 124.69 — Outstanding March 31, 2022 11,694,471 $ 3.43 4.98 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Net Loss Per Common Share | |
Antidilutive securities excluded from the computation of earnings per share | March 31, 2022 2021 Warrants to purchase common stock - liability classified (Note 16) 24,105 24,105 Warrant to purchase common stock - equity classified (Note 16) 8,664,471 1,257,525 Employee stock options (Note 15) 83,857 136,254 Employee unvested restricted stock (Note 15) 2,137,481 274,635 Employee unvested restricted stock units (Note 15) 154,488 87,362 Total 11,064,402 1,779,881 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Segment Reporting | |
Segment financial information | Three Months Ended Nine Months Ended March 31, March 31, 2022 2021 2022 2021 (In thousands) (In thousands) Consolidated revenue: BioPharma $ 13,862 $ 5,127 $ 42,388 $ 18,091 Consumer Health 10,337 8,356 26,833 24,059 Consolidated revenue $ 24,199 $ 13,483 $ 69,221 $ 42,150 Consolidated net loss: BioPharma $ (52,311) $ (23,570) $ (88,359) $ (34,788) Consumer Health (762) (1,890) (4,113) (4,503) Consolidated net loss $ (53,073) $ (25,460) $ (92,472) $ (39,291) March 31, June 30, 2022 2021 (In thousands) Total assets: BioPharma $ 139,127 $ 236,449 Consumer Health 29,699 29,219 Consolidated assets $ 168,826 $ 265,668 |
Nature of Business, Financial_2
Nature of Business, Financial Condition, Basis of Presentation - Product Information (Details) | 9 Months Ended |
Mar. 31, 2022product | |
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 | 9 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash, cash equivalents and restricted cash | ||||||
Cash, cash equivalents and restricted cash | $ 27,613 | $ 46,790 | $ 27,613 | $ 46,790 | $ 49,901 | $ 48,333 |
Net loss | ||||||
Net loss | (53,073) | $ (25,460) | (92,472) | (39,291) | ||
Accumulated deficit | ||||||
Accumulated deficit | $ (270,771) | (270,771) | $ (178,299) | |||
Operating activities | ||||||
Cash used in operations | $ (21,728) | $ (19,687) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Mar. 31, 2022 | |
Significant Accounting Policies | ||
Goodwill impairment, decrease in net deferred tax liability | $ 100 | |
Income tax benefit | $ (100) | $ (110) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) | Mar. 31, 2022 |
Accounting Standards Update 2020-04 | |
Recent Accounting Pronouncements | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Mar. 31, 2022 |
Accounting Standards Update 2020-06 | |
Recent Accounting Pronouncements | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
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 | Mar. 31, 2021 | Mar. 31, 2021 |
General information | |||
Acquisition related costs | $ 1,537 | $ 2,849 | |
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 - Considerations (
Acquisitions - Considerations (Details) - Neos Therapeutics, Inc. $ / shares in Units, $ in Thousands | Mar. 19, 2021USD ($)$ / sharesshares |
Considerations: | |
Total shares issued at close (in shares) | shares | 5,471,804 |
Fair value per share of Aytu common stock (in dollars per share) | $ / shares | $ 9.73 |
Fair value of equity consideration transferred | $ 53,241 |
Cash | 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 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 19, 2021 |
Recognized amounts of identifiable assets acquired, and liabilities assumed | |||||
Goodwill | $ 8,637 | $ 46,349 | $ 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. | 9 Months Ended |
Mar. 31, 2022 | |
Minimum | |
Acquisitions | |
Estimated useful lives | 1 year |
Maximum | |
Acquisitions | |
Estimated useful lives | 17 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 | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Acquisitions | ||
Total revenues, net | $ 69,221 | $ 74,582 |
Net (loss) | $ (92,472) | $ (55,712) |
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) - USD ($) $ in Millions | Mar. 31, 2022 | Jun. 30, 2021 |
Contract with customer liability | ||
Contract with customer liability | $ 0.1 | $ 0.2 |
Revenue Recognition - Revenues
Revenue Recognition - Revenues by Product Portfolio (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($)itemproduct | Mar. 31, 2021USD ($) | |
Revenue Recognition | ||||
Revenue from contract with customer | $ 24,199 | $ 13,483 | $ 69,221 | $ 42,150 |
Gross profit | 12,686 | (452) | $ 37,441 | 17,901 |
Number of product portfolios | item | 3 | |||
Primary Care Portfolio | ||||
Revenue Recognition | ||||
Revenue from contract with customer | 272 | 1,209 | $ 889 | 8,339 |
Pediatric Portfolio | ||||
Revenue Recognition | ||||
Revenue from contract with customer | 13,590 | 3,918 | 41,499 | 9,752 |
Consumer Health Portfolio | ||||
Revenue Recognition | ||||
Revenue from contract with customer | $ 10,337 | $ 8,356 | $ 26,833 | $ 24,059 |
Consumer Health Portfolio | Minimum | ||||
Revenue Recognition | ||||
Number of products | product | 20 | |||
Discontinued Non-core Product | ||||
Revenue Recognition | ||||
Revenue from contract with customer | $ 1,700 | |||
Gross profit | $ (600) |
Revenue Recognition - Revenue_2
Revenue Recognition - Revenues by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue Recognition | ||||
Revenue from contract with customer | $ 24,199 | $ 13,483 | $ 69,221 | $ 42,150 |
U.S. | ||||
Revenue Recognition | ||||
Revenue from contract with customer | 23,755 | 12,344 | 67,408 | 38,245 |
International | ||||
Revenue Recognition | ||||
Revenue from contract with customer | $ 444 | $ 1,139 | $ 1,813 | $ 3,905 |
Inventories - Write-down (Detai
Inventories - Write-down (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Inventory write-down | ||||
Inventory write-down | $ 7,000 | $ 352 | $ 7,227 | |
Impairment expense | $ 45,196 | $ 4,286 | 64,649 | $ 4,286 |
Inventory write-down and impairment | 2,000 | 2,400 | ||
Discontinued Non-core Product | ||||
Inventory write-down | ||||
Impairment expense | $ 2,000 | $ 2,000 |
Inventories - Tabular Disclosur
Inventories - Tabular Disclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Inventory, net | ||
Raw materials | $ 1,796 | $ 2,269 |
Work in process | 2,222 | 3,346 |
Finished goods | 9,873 | 10,724 |
Inventory, net | $ 13,891 | $ 16,339 |
Property and Equipment - Tabula
Property and Equipment - Tabular Disclosure (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Property, Plant and Equipment | ||
Property and equipment, gross | $ 5,219 | $ 6,152 |
Less accumulated depreciation and amortization | (1,740) | (1,012) |
Property and equipment, net | 3,479 | 5,140 |
Manufacturing Equipment | ||
Property, Plant and Equipment | ||
Property and equipment, gross | 2,139 | 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 | 1,120 | 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 | $ 129 | $ 198 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation expense | ||||
Depreciation expense | $ 500 | $ 100 | $ 1,300 | $ 100 |
Loss on sale of equipment | ||||
Loss on sale of equipment | 44 | 44 | (112) | |
Impairment expense | 45,196 | 4,286 | 64,649 | 4,286 |
Tussionex | ||||
Loss on sale of equipment | ||||
Impairment expense | $ 200 | $ 0 | $ 200 | $ 0 |
Leases - General Information (D
Leases - General Information (Details) $ in Thousands | 9 Months Ended | ||||
Mar. 31, 2022USD ($) | Oct. 31, 2021USD ($)ft² | Sep. 01, 2021USD ($)ft² | Jun. 30, 2021USD ($) | Mar. 19, 2021USD ($) | |
Operating leases | |||||
Operating lease right-of-use asset | $ 3,561 | $ 3,563 | |||
Operating lease liabilities | $ 3,609 | ||||
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 | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net lease cost | ||||
Operating lease cost | $ 316 | $ 70 | $ 942 | $ 195 |
Short-term lease cost | 65 | 9 | 130 | 14 |
Amortization of leased assets | 18 | 19 | 55 | 19 |
Interest on lease liabilities | 3 | 1 | 11 | 1 |
Total net lease cost | $ 402 | $ 99 | $ 1,138 | $ 229 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease assets | $ 3,561 | $ 3,563 |
Finance lease assets | $ 274 | $ 329 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position | Property and equipment, net | Property and equipment, net |
Total leased assets | $ 3,835 | $ 3,892 |
Current portion of operating lease liabilities | 1,203 | 940 |
Finance leases, current | $ 100 | $ 102 |
Finance Lease, Liability, Current, Statement of Financial Position | Current portion of debt | Current portion of debt |
Operating lease liabilities, net of current portion | $ 2,406 | $ 2,624 |
Finance leases, long-term | $ 106 | $ 180 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position | Debt, net of current portion | Debt, net of current portion |
Total lease liabilities | $ 3,815 | $ 3,846 |
Leases - Remaining Lease Term a
Leases - Remaining Lease Term and Weighted-average Discount Rate (Details) | Mar. 31, 2022 | Jun. 30, 2021 |
Leases | ||
Operating lease assets, weighted-average remaining lease term (years) | 2 years 10 months 9 days | 3 years 5 months 1 day |
Finance lease assets, weighted-average remaining lease term (years) | 1 year 11 months 23 days | 2 years 8 months 19 days |
Operating lease assets, weighted-average discount rate | 7.44% | 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 | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Operating cash flows from operating leases | $ 942 | $ 195 |
Operating cash flows from finance leases | 12 | 1 |
Financing cash flows from finance leases | $ 76 | $ 3 |
Leases - Operating Leases - Fut
Leases - Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Operating leases | |
2022 (remaining 3 months) | $ 357 |
2023 | 1,436 |
2024 | 1,379 |
2025 | 749 |
2026 | 90 |
2027 | 46 |
Total lease payments | $ 4,057 |
Leases - Operating Leases - Gro
Leases - Operating Leases - Gross Difference (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Operating leases | |
Total lease payments | $ 4,057 |
Less: Imputed interest | (448) |
Lease liabilities | $ 3,609 |
Leases - Finance Leases - Futur
Leases - Finance Leases - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Finance leases | |
2022 (remaining 3 months) | $ 29 |
2023 | 104 |
2024 | 87 |
Total lease payments | $ 220 |
Leases - Finance Leases - Gross
Leases - Finance Leases - Gross Difference (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Finance leases | |
Total lease payments | $ 220 |
Less: Imputed interest | (14) |
Lease liabilities | $ 206 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill Impairment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | |
Impairment | |||||
Goodwill impairment | $ 37,712,000 | $ 19,453,000 | |||
Goodwill | 8,637,000 | 46,349,000 | $ 8,637,000 | $ 46,349,000 | $ 65,802,000 |
BioPharma | |||||
Impairment | |||||
Goodwill impairment | 37,712,000 | 19,453,000 | 37,700,000 | ||
Goodwill | 37,712,000 | 37,712,000 | 57,165,000 | ||
Consumer Health | |||||
Impairment | |||||
Goodwill impairment | 0 | ||||
Goodwill | 8,637,000 | 8,637,000 | 8,637,000 | $ 8,637,000 | $ 8,637,000 |
Reporting unit, fair value | 5,900,000 | ||||
Reporting unit, carrying value | $ (2,200,000) | $ 500,000 | $ (2,200,000) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Change in Carrying Amount of Goodwill (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Goodwill | |||
Goodwill, beginning balance | $ 46,349,000 | $ 65,802,000 | $ 65,802,000 |
Goodwill impairment | (37,712,000) | (19,453,000) | |
Goodwill, ending balance | 8,637,000 | 46,349,000 | 8,637,000 |
BioPharma | |||
Goodwill | |||
Goodwill, beginning balance | 37,712,000 | 57,165,000 | 57,165,000 |
Goodwill impairment | (37,712,000) | (19,453,000) | (37,700,000) |
Goodwill, ending balance | 37,712,000 | ||
Consumer Health | |||
Goodwill | |||
Goodwill, beginning balance | 8,637,000 | 8,637,000 | 8,637,000 |
Goodwill impairment | 0 | ||
Goodwill, ending balance | $ 8,637,000 | $ 8,637,000 | $ 8,637,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Finite-lived intangible assets | ||
Accumulated amortization | $ (14,906) | $ (8,756) |
Impairment | (4,886) | |
Finite-lived intangible assets, net | 71,828 | |
Licensed assets | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, gross carrying amount | 3,246 | 3,246 |
Accumulated amortization | (1,778) | (1,430) |
Impairment | (1,468) | |
Finite-lived intangible assets, net | 1,816 | |
Product Technology Right | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, gross carrying amount | 45,400 | 45,400 |
Accumulated amortization | (6,864) | (4,160) |
Impairment | (3,224) | |
Finite-lived intangible assets, net | 35,312 | 41,240 |
Developed Technology Right | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, gross carrying amount | 30,200 | 30,200 |
Accumulated amortization | (1,834) | (501) |
Finite-lived intangible assets, net | 28,366 | 29,699 |
Product distribution rights | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, gross carrying amount | 11,354 | 11,354 |
Accumulated amortization | (3,204) | (2,073) |
Finite-lived intangible assets, net | 8,150 | 9,281 |
Commercial technology | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, gross carrying amount | 630 | 630 |
Accumulated amortization | (630) | (178) |
Finite-lived intangible assets, net | 452 | |
Trade Name | ||
Finite-lived intangible assets | ||
Finite-lived intangible assets, gross carrying amount | 400 | 400 |
Accumulated amortization | (206) | (56) |
Impairment | (194) | |
Finite-lived intangible assets, net | 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 | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted-average remaining life | 13 years 2 months 15 days | 13 years 5 months 19 days |
Licensed assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted-average remaining life | 3 years 11 months 1 day | |
Product Technology Right | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted-average remaining life | 12 years 2 months 15 days | 12 years 10 months 17 days |
Developed Technology Right | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted-average remaining life | 16 years | 16 years 9 months |
Product distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted-average remaining life | 7 years 10 months 6 days | 8 years 6 months 25 days |
Commercial technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted-average remaining life | 9 months | |
Trade Name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, weighted-average remaining life | 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 | Mar. 31, 2022 | Jun. 30, 2021 |
Intangible assets | ||
Indefinite-lived intangible assets | $ 2,600 | $ 2,600 |
Intangible assets, gross carrying amount | 94,220 | 94,220 |
Accumulated amortization | (14,906) | (8,756) |
Impairment | (4,886) | |
Intangible assets, net carrying amount | $ 74,428 | $ 85,464 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Estimated future amortization expense | |
2022 (remaining 3 months) | $ 1,624 |
2023 | 6,490 |
2024 | 6,477 |
2025 | 6,282 |
2026 | 5,938 |
2027 | 5,908 |
Thereafter | 39,109 |
Finite-lived intangible assets, net | $ 71,828 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets - Renewal Options (Details) | 9 Months Ended |
Mar. 31, 2022 | |
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 | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 2,000 | $ 1,700 | $ 6,100 | $ 4,900 |
Amortization of intangible assets | 1,061 | 1,585 | 3,214 | 4,754 |
Impairment | 4,900 | $ 4,300 | 4,900 | $ 4,300 |
Trade Name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | 200 | 200 | ||
AcipHex | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | 2,600 | 2,600 | ||
ZolpiMist | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | 1,400 | 1,400 | ||
Tussionex | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | 500 | 500 | ||
Cefaclor | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | $ 200 | $ 200 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Accrued Liabilities | ||
Accrued program liabilities | $ 12,058 | $ 8,689 |
Accrued product-related fees | 1,997 | 2,501 |
Accrued savings offers | 17,853 | 20,148 |
Accrued distributor fees | 5,303 | 2,710 |
Accrued liabilities for trade partners | 2,003 | 5,421 |
Accrued option exercise and milestone fees | 3,257 | 600 |
Medicaid liabilities | 1,487 | 1,714 |
Return reserve | 5,969 | 6,367 |
Other accrued liabilities | 3,543 | 3,145 |
Total accrued liabilities | $ 53,470 | $ 51,295 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2022 | Jan. 26, 2022 | Jan. 25, 2022 | Jun. 30, 2021 | |
Debt | ||||||
Period of notice required before prepaying the debt instrument | 5 days | |||||
Interest expense | $ 400,000 | |||||
Legal and other fees | $ 100,000 | |||||
Aggregate borrowing capacity | $ 3,500,000 | $ 1,000,000 | ||||
Amortization of deferred financing costs | 100,000 | 400,000 | ||||
Other Noncurrent Assets [Member] | ||||||
Debt | ||||||
Unamortized debt issuance expense | 100,000 | $ 100,000 | ||||
Revolving Credit Facility [Member] | ||||||
Debt | ||||||
Maximum borrowing capacity | $ 12,500,000 | $ 25,000,000 | ||||
Event Occurs on or before January 26, 2023 [Member] | ||||||
Debt | ||||||
Commitment fee percentage | 2.00% | |||||
Event Occurs After January 26, 2023 But On or Before January 26, 2024 [Member] | ||||||
Debt | ||||||
Commitment fee percentage | 1.00% | |||||
Event Occurs After January 26, 2024 But on or Before January 26, 2025 [Member] | ||||||
Debt | ||||||
Commitment fee percentage | 0.50% | |||||
Neos Therapeutics, Inc. | Loan Agreement | ||||||
Debt | ||||||
Maximum borrowing capacity | $ 25,000,000 | |||||
Maximum borrowing capacity portion available for short-term swingline loans | $ 2,500,000 | |||||
Percentage of eligible accounts receivable against which short-term swingline loans may be made | 85.00% | |||||
Unused capacity commitment fee percentage | 0.50% | |||||
Interest expense | $ 28,000 | |||||
Outstanding amount | $ 3,400,000 | $ 3,400,000 | $ 7,900,000 | |||
Neos Therapeutics, Inc. | Loan Agreement | London Interbank Offered Rate (LIBOR) | ||||||
Debt | ||||||
Basis spread on variable rate | 4.50% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 07, 2022 | Jan. 26, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 29, 2022 | Jun. 29, 2021 | Mar. 20, 2021 |
Debt Instrument [Line Items] | ||||||||
Gain (loss) on extinguishment of debt | $ 169 | $ 169 | $ (258) | |||||
Debt Instrument, Interest Payment Term | 18 months | |||||||
Debt Instrument, Interest Payment Extension Term | 6 months | |||||||
Interest Only Period Further Extension Term | 6 months | |||||||
Debt Instrument, Term of Trailing Months Revenue | 12 months | |||||||
Debt Instrument Prepayment Fee Percentage | 3.00% | |||||||
Long-term, final payment fee | $ 600 | $ 638 | $ 638 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.21 | $ 0.0001 | $ 0.0001 | $ 1.21 | ||||
Warrants and Rights Outstanding | $ 600 | $ 400 | $ 400 | |||||
Loan Processing Fee | $ 400 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 15.37% | 15.37% | ||||||
Interest Expense, Debt | $ 400 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | 379 | $ 379 | ||||||
Avenue Capital Warrants [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.21 | $ 1.21 | ||||||
Warrants and Rights Outstanding | $ 600 | |||||||
Share Price | $ 1.25 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 867,769 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 400 | |||||||
Minimum | Avenue Capital Warrants [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.21 | |||||||
Event Occurs After January 26, 2023 But On or Before January 26, 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Prepayment Fee Percentage | 2.00% | |||||||
Event Occurs After January 26, 2024 But on or Before January 26, 2025 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument Prepayment Fee Percentage | 1.00% | |||||||
Deerfield Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying amount of the remaining outstanding debt | $ 16,600 | |||||||
Gain (loss) on extinguishment of debt | $ 200 | |||||||
Deerfield Facility | Neos Therapeutics, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair value of the remaining outstanding debt | $ 17,400 | |||||||
Unamortized premium | $ 800 | |||||||
Interest expense | $ 800 | |||||||
Avenue Capital Loan, Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
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% | |||||||
Face amount | $ 15,000 |
Long-term Debt - Composition (D
Long-term Debt - Composition (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 26, 2022 | Jun. 30, 2021 |
Line of Credit | |||
Long-term debt, due on January 26, 2025 | $ 15,000 | ||
Long-term, final payment fee | 638 | $ 600 | |
Unamortized discount | (1,577) | ||
Financing leases, maturing through May 2024 | 206 | ||
Total debt | 14,267 | ||
Less current portion | (100) | $ (16,668) | |
Non-current portion of debt | $ 14,167 | $ 180 |
Long-term Debt - Long-term Debt
Long-term Debt - Long-term Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Line of Credit | ||
2022 | $ 100 | |
2023 | 5,924 | |
2024 | 9,820 | |
Future principal payments | 15,844 | |
Less unamortized discount | (1,577) | |
Less current portion | (100) | $ (16,668) |
Long-term Debt and Lease Obligation | $ 14,167 | $ 180 |
Fair Value Considerations - Fin
Fair Value Considerations - Financial Liabilities, Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Assets: | ||
Cash and cash equivalents | $ 27,613 | $ 49,649 |
Total | 27,613 | 49,649 |
Liabilities: | ||
Contingent consideration | 371 | 12,057 |
CVR liability | 720 | 1,395 |
Total | 1,091 | 13,452 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 27,613 | 49,649 |
Total | 27,613 | 49,649 |
Level 3 | ||
Liabilities: | ||
Contingent consideration | 371 | 12,057 |
CVR liability | 720 | 1,395 |
Total | $ 1,091 | $ 13,452 |
Fair Value Considerations - Con
Fair Value Considerations - Contingent Consideration (Details) $ in Thousands | Jul. 01, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Feb. 14, 2020USD ($) |
Fair Value Considerations | |||||||
Payment for contingent consideration liability | $ 700 | $ 500 | $ 1,700 | ||||
Accretion expense | $ 23 | 15 | 100 | 300 | |||
Contingent Consideration Liability Derecognized | 9,100 | 9,100 | |||||
Gain (loss) from contingent consideration | 1,257 | $ 631 | 761 | $ (2,680) | |||
Tris License Agreement | Other Current Liabilities | |||||||
Fair Value Considerations | |||||||
Estimated Litigation Liability | 7,600 | 7,600 | |||||
Tuzistra XR | |||||||
Fair Value Considerations | |||||||
Contingent Consideration Liability Derecognized | 8,500 | 8,500 | |||||
Gain From Derecognition Of Contingent Consideration Liability, Deferred | 900 | 900 | |||||
ZolpiMist | Manga License Agreement | |||||||
Fair Value Considerations | |||||||
Gain (loss) from contingent consideration | 600 | ||||||
ZolpiMist | Manga License Agreement | Other Current Liabilities | |||||||
Fair Value Considerations | |||||||
Estimated Litigation Liability | 50 | 50 | |||||
Innovus | |||||||
Fair Value Considerations | |||||||
Contingent consideration | 300 | 300 | $ 300 | $ 200 | |||
Innovus | University of Iowa Research Foundation | |||||||
Fair Value Considerations | |||||||
Contingent consideration | 100 | 100 | $ 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) - USD ($) $ / shares in Units, $ in Thousands | Mar. 20, 2021 | Mar. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 26, 2022 | Jun. 30, 2021 | Jun. 29, 2021 |
Fair Value Considerations | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0001 | $ 0.0001 | $ 1.21 | $ 1.21 | |||||
Warrants and Rights Outstanding | $ 400 | $ 400 | $ 600 | ||||||
Fair Value Adjustment of Warrants | (211) | (211) | |||||||
Innovus | |||||||||
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 | 24,000 | $ 24,000 | |||||||
Gain (loss) from change in fair value of CVR | 700 | $ (100) | 700 | $ 1,000 | |||||
CVR liability | $ 700 | 700 | $ 1,400 | ||||||
Innovus | Milestone 2021 | |||||||||
Fair Value Considerations | |||||||||
Contingent value rights amount | $ 1,000 | ||||||||
First milestone | 40,000 | ||||||||
Milestone not met during the year | 1,000 | ||||||||
Innovus | 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) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Jan. 26, 2022 | |
Summary of Level 3 input changes | ||
Contingent Consideration Liability Derecognized | $ 9,100 | |
Warrants and Rights Outstanding | 400 | $ 600 |
Contingent Value Rights | ||
Summary of Level 3 input changes | ||
Beginning balance | 1,395 | |
Included in earnings | (675) | |
Ending balance | 720 | |
Contingent Consideration | ||
Summary of Level 3 input changes | ||
Beginning balance | 12,057 | |
Included in earnings | 579 | |
Settlements | (12,265) | |
Ending balance | 371 | |
Warrant Liability | ||
Summary of Level 3 input changes | ||
Included in earnings | (211) | |
Issues | 590 | |
Settlements | $ (379) |
Fair Value Considerations - Val
Fair Value Considerations - Valuation Assumptions - CVRs (Details) | Mar. 31, 2022 |
Leveraged Beta | |
Significant assumptions | |
Contingent value rights, measurement input | 0.79 |
Market risk premium | |
Significant assumptions | |
Contingent value rights, measurement input | 6.22 |
Risk-free rate | |
Significant assumptions | |
Contingent value rights, measurement input | 2.12 |
Discount | |
Significant assumptions | |
Contingent value rights, measurement input | 19.50 |
Company specific discount | |
Significant assumptions | |
Contingent value rights, measurement input | 10 |
Fair Value Considerations - V_2
Fair Value Considerations - Valuation Assumptions - Warrant Liability (Details) | Mar. 07, 2022 | Jan. 26, 2022 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 54.45 | 56.75 |
Equivalent term (years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 5 | |
Risk-free rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 1.71 | 1.66 |
Dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Jul. 01, 2021USD ($) | Jun. 21, 2021USD ($) | Apr. 12, 2021USD ($) | May 29, 2020USD ($) | Aug. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Mar. 31, 2022USD ($) | Dec. 07, 2021USD ($) | 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 | |||||||||||||
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 | ||||||||||||||
Contingent consideration | 300,000 | $ 300,000 | $ 200,000 | |||||||||||
Innovus | University of Iowa Research Foundation | ||||||||||||||
Commitments and Contingencies | ||||||||||||||
Total milestone payments | 200,000 | |||||||||||||
Contingent consideration | 100,000 | $ 100,000 | ||||||||||||
Milestone payment payable | 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 | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||
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 | Mar. 31, 2022 | 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 | 33,355,935 | 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 | Mar. 31, 2022 | Jun. 30, 2021 |
Equity Incentive Plan | ||
Common stock, shares outstanding | 33,355,935 | 27,490,412 |
Restricted Stock | ||
Equity Incentive Plan | ||
Common stock, shares outstanding | 2,241,089 |
Capital Structure - Stock Offer
Capital Structure - Stock Offerings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 28, 2021 | Jun. 04, 2021 | Jun. 08, 2020 | |
Capital Structure | ||||||
Issuance of common stock, net of cash issuance costs | $ 7,034 | $ 11,659 | $ 29,488 | |||
Offering costs | 782 | $ 4,430 | ||||
Shelf Registration 2020 | ||||||
Capital Structure | ||||||
Shelf registration, amount authorized | $ 100,000 | |||||
Shelf registration remaining amount available for sale | 43,000 | $ 43,000 | ||||
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) | 2,430,784 | |||||
Issuance of common stock, net of cash issuance costs | $ 5,100 | |||||
Offering costs | 200 | |||||
Shelf registration remaining amount available for sale | 12,200 | 12,200 | ||||
Shelf Registration 2021 | ||||||
Capital Structure | ||||||
Shelf registration, amount authorized | $ 100,000 | |||||
Shelf registration remaining amount available for sale | $ 92,400 | $ 92,400 |
Capital Structure - Underwritin
Capital Structure - Underwriting Agreement (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 07, 2022 | Mar. 31, 2022 | Jan. 26, 2022 | Jun. 29, 2021 |
Capital Structure | ||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | $ 1.21 | $ 1.21 | |
Fair value of waarrants | $ 0.4 | $ 0.6 | ||
Underwriting Agreement | ||||
Capital Structure | ||||
Issuance of common stock, net of cash issuance costs (in shares) | 3,030,000 | |||
Exercisable term of warrants | 6 months | |||
Warrants outstanding term | 5 years | |||
Underwriting Agreement | Pre Funded Warrants | ||||
Capital Structure | ||||
Number of warrants issued to purchase shares (in shares) | 3,030,000 | |||
Underwriting Agreement | March 2022 Offering | ||||
Capital Structure | ||||
Proceeds from issuance of warrants | $ 7.6 | |||
Other cost of warrants | 0.8 | |||
Fair value of waarrants | $ 6.3 | |||
Underwriting Agreement | March 2022 Offering | Maximum | ||||
Capital Structure | ||||
Number of warrants issued to purchase shares (in shares) | 6,666,000 | |||
Underwriting Agreement | March 2022 Offering | Pre Funded Warrants | ||||
Capital Structure | ||||
Number of warrant to purchase each shares | 1.1 | |||
Exercise price of warrants (in dollars per share) | $ 0.0001 | |||
Underwriting Agreement | March 2022 Offering | Common Warrants | ||||
Capital Structure | ||||
Exercise price of warrants (in dollars per share) | $ 1.30 | |||
Exercisable term of warrants | 6 months | |||
Warrants outstanding term | 5 years | |||
Underwriting Agreement | March 2022 Offering | Common Warrants | Maximum | ||||
Capital Structure | ||||
Number of warrants issued to purchase shares (in shares) | 6,666,000 |
Capital Structure - Avenue Capi
Capital Structure - Avenue Capital Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 07, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Jan. 26, 2022 | Jun. 29, 2021 |
Capital Structure | |||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 1.21 | $ 1.21 | |
Fair value of warrants as additional paid in capital | $ 379 | $ 379 | |||
Avenue Capital Warrants | |||||
Capital Structure | |||||
Exercise price of warrants (in dollars per share) | $ 1.21 | $ 1.21 | |||
Number of warrants issued to purchase shares (in shares) | 867,769 | ||||
Share price | $ 1.25 | ||||
Fair value of warrants as additional paid in capital | $ 400 |
Equity Incentive Plans - Genera
Equity Incentive Plans - General Information (Details) - shares | Apr. 19, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 19, 2021 | Feb. 13, 2020 | Jul. 31, 2017 |
Equity Incentive Plan | ||||||
Number of options outstanding (in shares) | 83,857 | 109,588 | ||||
Restricted Stock Units | ||||||
Equity Incentive Plan | ||||||
Unvested units outstanding (in shares) | 154,488 | 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) | 2,401,186 | |||||
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 | ||||||
Equity Incentive Plan | ||||||
Unvested units outstanding (in shares) | 2,137,481 | 1,955,268 | ||||
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) | 43,151 | |||||
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 | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Number of Options | ||
Number of options outstanding, beginning balance (in shares) | 109,588 | |
Forfeited/cancelled (in shares) | (15,132) | |
Expired (in shares) | (10,599) | |
Number of options outstanding, ending balance (in shares) | 83,857 | 109,588 |
Weighted Average Exercise Price | ||
Weighted average exercise price outstanding, beginning balance (in dollars per share) | $ 14.52 | |
Forfeited/cancelled (in dollars per share) | 8.03 | |
Expired (in dollars per share) | 9.16 | |
Weighted average exercise price outstanding, ending balance (in dollars per share) | $ 16.37 | $ 14.52 |
Additional information | ||
Outstanding, weighted average remaining contractual life (Year) | 7 years 9 months 14 days | 8 years 25 days |
Number of options exercisable | 55,611 | |
Weighted average exercise price exercisable (in dollars per share) | $ 20.51 | |
Weighted average remaining contractual life in years exercisable | 7 years 8 months 4 days |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock - General Information (Details) - Restricted Stock - Aytu 2015 Plan - $ / shares | Aug. 02, 2021 | Mar. 31, 2022 |
Equity Incentive Plan | ||
Granted (in shares) | 295,000 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 3.67 | |
Management | ||
Equity Incentive Plan | ||
Granted (in shares) | 295,000 | |
Management | Minimum | ||
Equity Incentive Plan | ||
Granted, weighted average grant date fair value (in dollars per share) | 2.65 | |
Management | Maximum | ||
Equity Incentive Plan | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 4.02 | |
Management | Tranche One | ||
Equity Incentive Plan | ||
Vesting percentage | 33.33% | |
Management | Tranche Two | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Three | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Four | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Five | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Six | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Seven | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Eight | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Nine | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% |
Equity Incentive Plans - Rest_2
Equity Incentive Plans - Restricted Stock - Activity (Details) - Restricted Stock - Aytu 2015 Plan | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares | |
Unvested outstanding, beginning balance (in shares) | shares | 1,955,268 |
Granted (in shares) | shares | 295,000 |
Vested (in shares) | shares | (112,787) |
Unvested outstanding, ending balance (in shares) | shares | 2,137,481 |
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 | 8.03 |
Unvested, weighted average grant date fair value outstanding, ending balance (in dollars per share) | $ / shares | $ 7.25 |
Equity Incentive Plans - Rest_3
Equity Incentive Plans - Restricted Stock - Additional Information (Details) - Restricted Stock - Non-plan - $ / shares | Jan. 17, 2022 | Mar. 31, 2022 |
Equity Incentive Plan | ||
Unvested units outstanding (in shares) | 158 | |
Management | ||
Equity Incentive Plan | ||
Granted (in shares) | 100,000 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 1.35 | |
Management | Tranche One | ||
Equity Incentive Plan | ||
Vesting percentage | 33.33% | |
Management | Tranche Two | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Three | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Four | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Five | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Six | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Seven | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Management | Tranche Eight | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% |
Equity Incentive Plans - Rest_4
Equity Incentive Plans - Restricted Stock Unit - General Information (Details) - Restricted Stock Units - $ / shares | Dec. 01, 2021 | Mar. 31, 2022 |
Equity Incentive Plan | ||
Granted (in shares) | 150,000 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 1.33 | |
Aytu 2015 Plan | Management | ||
Equity Incentive Plan | ||
Granted (in shares) | 150,000 | |
Aytu 2015 Plan | Management | Minimum | ||
Equity Incentive Plan | ||
Granted, weighted average grant date fair value (in dollars per share) | 1.08 | |
Aytu 2015 Plan | Management | Maximum | ||
Equity Incentive Plan | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 1.86 | |
Aytu 2015 Plan | Management | Tranche One | ||
Equity Incentive Plan | ||
Vesting percentage | 33.33% | |
Aytu 2015 Plan | Management | Tranche Two | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Aytu 2015 Plan | Management | Tranche Three | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Aytu 2015 Plan | Management | Tranche Four | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Aytu 2015 Plan | Management | Tranche Five | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Aytu 2015 Plan | Management | Tranche Six | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Aytu 2015 Plan | Management | Tranche Seven | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Aytu 2015 Plan | Management | Tranche Eight | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% | |
Aytu 2015 Plan | Management | Tranche Nine | ||
Equity Incentive Plan | ||
Vesting percentage | 8.33% |
Equity Incentive Plans - Rest_5
Equity Incentive Plans - Restricted Stock Unit - Activity (Details) - Restricted Stock Units | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number of Shares | |
Unvested outstanding, beginning balance (in shares) | shares | 78,318 |
Granted (in shares) | shares | 150,000 |
Vested (in shares) | shares | (10,908) |
Forfeited (in shares) | shares | (62,922) |
Unvested outstanding, ending balance (in shares) | shares | 154,488 |
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 | 1.33 |
Vested | $ / shares | 6.50 |
Forfeited (in dollars per share) | $ / shares | 7.44 |
Unvested, weighted average grant date fair value outstanding, ending balance (in dollars per share) | $ / shares | $ 1.45 |
Equity Incentive Plans - Unreco
Equity Incentive Plans - Unrecognized Compensation Costs (Details) $ in Millions | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Unrecognized compensation costs | |
Unrecognized compensation costs, options | $ 0.2 |
Share-based Payment Arrangement, Option | |
Unrecognized compensation costs | |
Unrecognized compensation costs, period for recognition | 1 year 9 months 18 days |
Restricted Stock | Aytu 2015 Plan | |
Unrecognized compensation costs | |
Unrecognized compensation costs, excluding options | $ 10.8 |
Unrecognized compensation costs, period for recognition | 2 years 10 months 24 days |
Restricted Stock | Non-plan | |
Unrecognized compensation costs | |
Unrecognized compensation costs, excluding options | $ 1 |
Unrecognized compensation costs, period for recognition | 4 years 1 month 6 days |
Restricted Stock Units | |
Unrecognized compensation costs | |
Unrecognized compensation costs, excluding options | $ 0.2 |
Unrecognized compensation costs, period for recognition | 2 years 9 months 18 days |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense | ||||
Total share-based compensation expense | $ 1,270 | $ 1,522 | $ 4,018 | $ 2,485 |
Cost of Sales | ||||
Stock-based compensation expense | ||||
Total share-based compensation expense | 7 | 9 | 24 | 9 |
Research and development | ||||
Stock-based compensation expense | ||||
Total share-based compensation expense | 73 | 3 | 467 | 3 |
Selling and Marketing | ||||
Stock-based compensation expense | ||||
Total share-based compensation expense | 23 | 5 | 51 | 5 |
General and Administrative | ||||
Stock-based compensation expense | ||||
Total share-based compensation expense | $ 1,167 | $ 1,505 | $ 3,476 | $ 2,468 |
Warrants - General Information
Warrants - General Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 07, 2022 | Jul. 01, 2020 | Jul. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2022 | Jan. 26, 2022 | Jun. 30, 2021 | Jun. 29, 2021 |
Warrants | ||||||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 1.21 | $ 1.21 | ||||
Warrants outstanding | $ 400 | $ 400 | $ 600 | |||||
Fair value of warrants as additional paid in capital | $ 379 | $ 379 | ||||||
Equity Warrants | ||||||||
Warrants | ||||||||
Warrants expired (in shares) | 124,250 | |||||||
Warrants expired (in dollars per share) | $ 124.69 | |||||||
Outstanding warrants (in shares) | 11,694,471 | 11,694,471 | 1,254,952 | |||||
Exercise price of warrants (in dollars per share) | $ 3.43 | $ 3.43 | $ 35.85 | |||||
Class of Warrant or Right, Issued During Period (in shares) | 10,563,769 | |||||||
Exercise price of warrants (in dollars per share) | $ 0.92 | |||||||
Avenue Capital Warrants | ||||||||
Warrants | ||||||||
Share price | $ 1.25 | |||||||
Number of warrants issued to purchase shares (in shares) | 867,769 | |||||||
Exercise price of warrants (in dollars per share) | $ 1.21 | $ 1.21 | ||||||
Warrants outstanding | $ 600 | |||||||
Fair value of warrants as additional paid in capital | $ 400 | |||||||
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) | 31,925 | |||||||
Other Warrants Expired | Weighted Average | ||||||||
Warrants | ||||||||
Warrants expired (in dollars per share) | $ 483.75 | |||||||
Liability Warrants | ||||||||
Warrants | ||||||||
Outstanding warrants (in shares) | 24,105 | 24,105 | ||||||
Exercise price of warrants (in dollars per share) | $ 720 | $ 720 | ||||||
Underwriting Agreement | ||||||||
Warrants | ||||||||
Issuance of common stock | 3,030,000 | |||||||
Exercisable term of warrants | 6 months | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Underwriting Agreement | March 2022 Offering | ||||||||
Warrants | ||||||||
Warrants outstanding | $ 6,300 | |||||||
Underwriting Agreement | Pre-Funded Warrants | ||||||||
Warrants | ||||||||
Number of warrants issued to purchase shares (in shares) | 3,030,000 | |||||||
Underwriting Agreement | Pre-Funded Warrants | March 2022 Offering | ||||||||
Warrants | ||||||||
Number of warrant to purchase each shares | 1.1 | |||||||
Exercise price of warrants (in dollars per share) | $ 0.0001 | |||||||
Underwriting Agreement | Common Warrants | March 2022 Offering | ||||||||
Warrants | ||||||||
Exercisable term of warrants | 6 months | |||||||
Exercise price of warrants (in dollars per share) | $ 1.30 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years |
Warrants - Significant Assumpti
Warrants - Significant Assumptions Used (Details) | Mar. 07, 2022Y | Jan. 26, 2022 |
Expected volatility | ||
Class of Warrant or Right [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 54.45 | 56.75 |
Equivalent term (years) | ||
Class of Warrant or Right [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 5 | |
Equivalent term (years) | Minimum | ||
Class of Warrant or Right [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 4.89 | |
Equivalent term (years) | Maximum | ||
Class of Warrant or Right [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 5 | |
Risk-free rate | ||
Class of Warrant or Right [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 1.71 | 1.66 |
Dividend yield | ||
Class of Warrant or Right [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Warrants - Equity-based Warrant
Warrants - Equity-based Warrants Activity (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Jun. 30, 2021 | |
Warrants | ||
Outstanding, exercise price (in dollars per share) | $ 0.0001 | |
Equity Warrants | ||
Warrants | ||
Outstanding, number of warrants (in shares) | 1,254,952 | |
Warrants issued (in shares) | 10,563,769 | |
Warrants expired (in shares) | (124,250) | |
Outstanding, number of warrants (in shares) | 11,694,471 | 1,254,952 |
Outstanding, exercise price (in dollars per share) | $ 35.85 | |
Warrants issued (in dollars per share) | 0.92 | |
Warrants expired (in dollars per share) | 124.69 | |
Outstanding, exercise price (in dollars per share) | $ 3.43 | $ 35.85 |
Outstanding, weighted average remaining contractual life | 4 years 11 months 23 days | 2 years 9 months 29 days |
Warrants issued, weighted average remaining contractual life | 5 years 4 months 13 days |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - $ / shares | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Jan. 26, 2022 | Jun. 29, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities | 11,064,402 | 1,779,881 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0001 | $ 1.21 | $ 1.21 | |
Pre-Funded Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 3,030,000 | |||
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 | 8,664,471 | 1,257,525 | ||
Share-based Payment Arrangement, Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities | 83,857 | 136,254 | ||
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities | 2,137,481 | 274,635 | ||
Restricted Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities | 154,488 | 87,362 |
License Agreements (Details)
License Agreements (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Apr. 30, 2020 | Oct. 31, 2017 | Feb. 29, 2016 | |
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 |
Segment Reporting - General Inf
Segment Reporting - General Information (Details) - segment | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting | ||||
Number of reportable segments | 2 | 2 | 2 | 2 |
Segment Reporting - Consolidate
Segment Reporting - Consolidated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting | ||||
Revenue from contract with customer | $ 24,199 | $ 13,483 | $ 69,221 | $ 42,150 |
BioPharma | ||||
Segment Reporting | ||||
Revenue from contract with customer | 13,862 | 5,127 | 42,388 | 18,091 |
Consumer Health | ||||
Segment Reporting | ||||
Revenue from contract with customer | $ 10,337 | $ 8,356 | $ 26,833 | $ 24,059 |
Segment Reporting - Consolida_2
Segment Reporting - Consolidated Net Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting | ||||
Net loss | $ (53,073) | $ (25,460) | $ (92,472) | $ (39,291) |
BioPharma | ||||
Segment Reporting | ||||
Net loss | (52,311) | (23,570) | (88,359) | (34,788) |
Consumer Health | ||||
Segment Reporting | ||||
Net loss | $ (762) | $ (1,890) | $ (4,113) | $ (4,503) |
Segment Reporting - Total Asset
Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Segment Reporting | ||
Assets | $ 168,826 | $ 265,668 |
BioPharma | ||
Segment Reporting | ||
Assets | 139,127 | 236,449 |
Consumer Health | ||
Segment Reporting | ||
Assets | $ 29,699 | $ 29,219 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | May 12, 2022USD ($)payment | Apr. 19, 2022$ / sharesshares | May 31, 2022USD ($)shares | Apr. 14, 2022USD ($) | Mar. 31, 2022$ / shares | Jan. 26, 2022$ / shares | Dec. 07, 2021USD ($) | Jun. 29, 2021$ / shares |
Subsequent Events | ||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.0001 | $ 1.21 | $ 1.21 | |||||
Rumpus Earn Out Payments | ||||||||
Subsequent Events | ||||||||
Annual maintenance fee payable | $ 2,500 | |||||||
Subsequent Event | ||||||||
Subsequent Events | ||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Issuance of common stock, net of cash issuance costs (in shares) | shares | 3,030,000 | |||||||
Subsequent Event | License Agreement with Tris [Member] | ||||||||
Subsequent Events | ||||||||
Amount payable on termination, low end of range | $ 6,000 | |||||||
Amount payable on termination, high end of range | 9,000 | |||||||
Reduction in amount payable | $ 8,000 | |||||||
Number of installment payments | payment | 3 | |||||||
Subsequent Event | Rumpus Earn Out Payments | ||||||||
Subsequent Events | ||||||||
Annual maintenance fee payable | $ 1,500 | |||||||
Issuance of common stock, net of cash issuance costs (in shares) | shares | 2,188,940 | |||||||
Milestone payments made | $ 75 |