Aytu BioPharma (AYTU) 10-K 6 Oct 20 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2020	Sep. 15, 2020	Dec. 31, 2019
Cover [Abstract]
Entity Registrant Name	AYTU BIOSCIENCE, INC
Entity Central Index Key	0001385818
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Type	10-K
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38247
Entity Public Float			$ 10,100,000
Entity Common Stock, Shares Outstanding		125,837,357

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Current assets
Cash and cash equivalents	$ 48,081,715	$ 11,044,227
Restricted cash	251,592	250,000
Accounts receivable, net	5,175,924	1,740,787
Inventory, net	9,999,441	1,440,069
Prepaid expenses and other	5,715,089	957,781
Other current assets	5,742,011	0
Total current assets	74,965,772	15,432,864
Fixed assets, net	258,516	203,733
Right-of-use-asset	634,093	0
Licensed assets, net	16,586,847	18,861,983
Patents and tradenames, net	11,081,048	220,611
Product technology rights, net	21,186,666	0
Deposits	32,981	2,200
Goodwill	28,090,407	0
Total long-term assets	77,870,558	19,288,527
Total assets	152,836,330	34,721,391
Current liabilities
Accounts payable and other	11,824,560	2,133,522
Accrued liabilities	7,849,855	1,311,488
Accrued compensation	3,117,177	849,498
Debt	982,076	0
Contract liability	339,336	0
Current lease liability	300,426	0
Current portion of fixed payment arrangements	2,340,166	0
Current portion of CVR liabilities	839,734	0
Current portion of contingent consideration	713,251	1,078,068
Total current liabilities	28,306,581	5,372,576
Long-term contingent consideration, net of current portion	12,874,351	22,247,796
Long-term lease liability, net of current portion	725,374	0
Long-term fixed payment arrangements, net of current portion	11,171,491	0
Long-term CVR liabilities, net of current portion	4,731,866	0
Warrant derivative liability	11,371	13,201
Total liabilities	57,821,034	27,633,573
Commitments and contingencies (Note 17)
Stockholders' equity
Preferred stock, par value $.0001; 50,000,000 shares authorized; shares issued and outstanding 0 and 3,594,981, respectively as of June 30, 2020 and 2019	0	359
Common stock, par value $.0001; 200,000,000 shares authorized; shares issued and outstanding 125,837,357 and 17,538,071, respectively as of June 30, 2020 and 2019	12,584	1,754
Additional paid-in capital	215,012,891	113,475,205
Accumulated deficit	(120,010,179)	(106,389,500)
Total stockholders' equity	95,015,296	7,087,818
Total liabilities and stockholders' equity	$ 152,836,330	$ 34,721,391

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Jun. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	3,594,981
Preferred stock, shares outstanding	0	3,594,981
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	125,837,357	17,538,071
Common stock, shares outstanding	125,837,357	17,538,071

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenue	$ 27,632,080	$ 7,320,357
Operating expenses
Cost of sales	7,553,031	2,202,041
Research and development	1,721,419	589,072
Selling, general and administrative	34,802,432	18,887,783
Selling, general and administrative - related party	0	351,843
Impairment of intangible assets	195,278	0
Amortization of intangible assets	4,490,466	2,136,255
Total operating expenses	48,762,626	24,166,994
Loss from operations	(21,130,546)	(16,846,637)
Other (expense) income
Other (expense), net	(2,606,487)	(535,500)
(Loss) gain from change in fair value of contingent consideration	10,430,252	(9,830,550)
Gain (loss) on extinguishment of debt	(315,728)	0
Gain from warrant derivative liability	1,830	80,779
Total other (expense) income	7,509,867	(10,285,271)
Net loss	$ (13,620,679)	$ (27,131,908)
Weighted average number of common shares outstanding	45,192,010	7,794,489
Basic and diluted net loss per common share	$ (0.30)	$ (3.48)
Product Revenue
Revenues
Total revenue	$ 27,632,080	$ 7,314,581
License Revenue
Revenues
Total revenue	$ 0	$ 5,776

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance, shares at Jun. 30, 2018	0	1,794,762
Beginning balance, amount at Jun. 30, 2018	$ 0	$ 179	$ 92,681,918	$ (79,257,592)	$ 13,424,505
Stock-based compensation, shares		2,681,422
Stock-based compensation, amount		$ 270	1,021,931		1,022,201
Common stock issued to employee, shares		9,000
Common stock issued to employee, amount		$ 1	11,689		11,690
Issuance of preferred, common stock and warrants, net of cash issuance costs, shares	8,342,993	1,777,007
Issuance of preferred, common stock and warrants, net of cash issuance costs, amount	$ 834	$ 178	11,810,373		11,811,385
Warrants issued in connection with the registered offering			1,827,628		1,827,628
Warrants issued in connection with the registered offering to the placement agents, non-cash issuance costs			61,024		61,024
Preferred converted into common stock, shares	(7,899,160)	7,899,160
Preferred converted into common stock, amount	$ (790)	$ 789	1		0
Issued preferred stock, shares	400,000
Issued preferred stock, amount	$ 40		519,560		519,600
Issuance of preferred, common stock related to debt conversion, shares	2,751,148	3,120,064
Issuance of preferred, common stock related to debt conversion, amount	$ 275	$ 312	4,666,897		4,667,484
Warrants issued in connection with debt conversion			499,183		499,183
Warrant and option exercises, shares		250,007
Warrant and option exercises, amount		$ 25	375,001		375,026
Rounding from reverse stock split		6,649
Net loss				(27,131,908)	(27,131,908)
Ending balance, shares at Jun. 30, 2019	3,594,981	17,538,071
Ending balance, amount at Jun. 30, 2019	$ 359	$ 1,754	113,475,205	(106,389,500)	7,087,818
Stock-based compensation, shares		1,952,912
Stock-based compensation, amount		$ 196	1,079,115		1,079,311
Issuance of Series H preferred stock and common stock due to acquisition of Innovus, shares	1,997,902	3,809,712
Issuance of Series H preferred stock and common stock due to acquisition of Innovus, amount	$ 200	$ 381	4,405,603		4,406,184
Issuance of Series F preferred stock from October 2019 private placement financing, net of issuance costs, shares	10,000
Issuance of Series F preferred stock from October 2019 private placement financing, net of issuance costs, amount	$ 1		5,249,483		5,249,484
Issuance of preferred, common stock and warrants, net of cash issuance costs, shares		36,365,274
Issuance of preferred, common stock and warrants, net of cash issuance costs, amount		$ 3,637	33,275,119		33,278,756
Warrants issued in connection with the registered offering			9,723,161		9,723,161
Warrants issued in connection with the registered offering to the placement agents, non-cash issuance costs			1,458,973		1,458,973
Issuance of common stock, net of issuance costs, shares		4,302,271
Issuance of common stock, net of issuance costs, amount		$ 430	4,982,009		49,982,439
Preferred converted into common stock, shares	(15,408,728)	25,398,728
Preferred converted into common stock, amount	$ (1,541)	$ 2,540	91,881		92,880
Issuance of Series G preferred stock due to acquisition of Cerecor, shares	9,805,845
Issuance of Series G preferred stock due to acquisition of Cerecor, amount	$ 981		5,558,933		5,559,914
Issuance of preferred, common stock related to debt conversion, shares		1,842,046
Issuance of preferred, common stock related to debt conversion, amount		$ 185	2,578,679		2,578,864
Cashless warrant exercise, shares		12,915,770
Cashless warrant exercise, amount		$ 1,292	(1,292)		0
Warrant and option exercises, shares		20,186,994
Warrant and option exercises, amount		$ 2,018	26,989,823		26,991,841
Common stock issued to consultants, shares		165,000
Common stock issued to consultants, amount		$ 16	230,984		231,000
Issuance of common stock related to settlement, shares		122,375
Issuance of common stock related to settlement, amount		$ 12	173,602		173,614
CVR payouts, shares		1,238,204
CVR payouts, amount		$ 123	1,732,747		1,732,870
Net loss				(13,620,679)	(13,620,679)
Ending balance, shares at Jun. 30, 2020	0	125,837,357
Ending balance, amount at Jun. 30, 2020	$ 0	$ 12,584	$ 215,012,891	$ (120,010,179)	$ 95,015,296

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (13,620,679)	$ (27,131,908)
Adjustments to reconcile net loss to cash used in operating activities
Depreciation, amortization and accretion	6,245,827	2,727,067
Impairment of intangible assets	195,278	0
Stock-based compensation expense	1,079,311	1,022,202
Loss (gain) from change in fair value of contingent consideration	(5,291,629)	9,830,550
Derecognition of contingent consideration	(5,199,806)	0
Gain on the change in fair value of CVR payout	(267,130)	0
Changes in allowance for bad debt	404,549	0
Loss (gain) from change in fair value of CVR	352,782	0
Loss (gain) from note conversion	315,728	0
Loss (gain) from settlement payment	(24,469)	0
Issuance of common stock to employee	48,083	11,690
Derivative income	(1,830)	(80,779)
Changes in operating assets and liabilities:
(Increase) in accounts receivable	(3,560,860)	(1,162,005)
(Increase) in inventory	(6,950,624)	(101,096)
(Increase) in prepaid expenses and other	(2,315,881)	(517,772)
(Increase) in other current assets	(3,749,846)	0
(Decrease) increase in accounts payable and other	(1,376,521)	134,775
Increase in accrued liabilities	4,330,856	961,858
Increase in accrued compensation	1,124,624	308,824
(Decrease) in contract liabilities	(111,650)	0
Increase in interest payable - related party	0	166,667
(Decrease) in deferred rent	0	(1,450)
Net cash used in operating activities	(28,373,887)	(13,831,377)
Investing activities
Deposit	6,000	2,888
Purchases of fixed assets	0	(59,848)
Contingent consideration payment	(202,688)	(505,025)
Cash received from acquisition	390,916	0
Purchase of assets	(5,850,000)	(500,000)
Net cash used in investing activities	(5,655,772)	(1,061,985)
Financing activities
Issuance of preferred, common stock and warrants	65,729,900	15,180,000
Issuance costs related to preferred, common stock and warrants	(5,404,151)	(1,479,964)
Warrant exercises	26,991,841	375,026
Payments made to borrowings	(19,436,779)	0
Proceeds from borrowings	2,547,928	0
Issuance of note payable	640,000	0
Issuance of debt - related party	0	5,000,000
Net cash provided by financing activities	71,068,739	19,075,062
Net change in cash, restricted cash and cash equivalents	37,039,080	4,181,700
Cash, restricted cash and cash equivalents at beginning of period	11,294,227	7,112,527
Cash, restricted cash and cash equivalents at end of period	48,333,307	11,294,227
Supplemental disclosures of cash and non-cash investing and financing transactions
Warrants issued to investors and underwriters	0	1,888,652
Contingent consideration included in accounts payable	16,014	42,821
Contingent consideration related to product acquisition	0	8,833,219
Issuance of preferred stock related to purchase of assets	0	519,600
Conversion of debt to equity	0	5,166,667
Cash paid for interest	1,040,276	0
Fair value of right-to-use asset and related lease liability	334,895	0
Issuance of Series G preferred stock due to acquisition of the Pediatric Portfolio of therapeutics	5,559,941	0
Issuance of Series H preferred stock due to acquisition of the Innovus	12,805,263	0
Fixed payment arrangements included in accounts payable	894,900	0
Exchange of convertible preferred stock into common stock	2,540	0
Reclass of par from APIC to Common Stock for issuance of stock for equity classified instruments	1,488	0
Issuance cost related to S-3	1,531,190	0
Issuance of common stock for settlement	125,531	0
Issuance of common stock for note conversion	2,578,864	0
Issuance of common stock to consultants	231,000	0
CVR payout for calendar year 2019	$ 2,000,000	$ 0

Nature of Business and Financia

Nature of Business and Financial Condition	12 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Financial Condition	Nature of Business. The Company is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant healthcare needs in both prescription and consumer health categories. The Primary Care Portfolio that existed at the beginning of the year ended June 30, 2020 includes (i) Natesto®, the only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or "Low T"), (ii) ZolpiMist®, the only FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra® XR, the only FDA-approved 12-hour codeine-based antitussive syrup. On November 1, 2019, the Company acquired the portfolio of pediatric products from Cerecor, Inc (the “Pediatric Portfolio”). The Pediatric Portfolio includes; (i) Cefaclor, a second-generation cephalosporin antibiotic suspension; (ii) Karbinal® ER, an extended-release carbinoxamine (antihistamine) suspension indicated to treat numerous allergic conditions; and (iii) Poly-Vi-Flor® and Tri-Vi-Flor®, two complementary prescription fluoride-based supplement product lines containing combinations of fluoride and vitamins in various forms for infants and children with fluoride deficiency. On February 14, 2020, the Company acquired Innovus Pharmaceuticals Inc. (“Innovus”), a specialty pharmaceutical company commercializing, licensing and developing safe and effective consumer healthcare products designed to improve health and vitality. Innovus commercializes over twenty-two consumer health products competing in large healthcare categories including diabetes, men's health, sexual wellness and respiratory health (the “Consumer Health Portfolio”). The Consumer Health Portfolio is commercialized through direct-to-consumer marketing channels utilizing Innovus’ proprietary Beyond Human® marketing and sales platform. The Company recently acquired exclusive U.S., Canada and Mexico distribution rights to a COVID-19 IgG/IgM rapid test. The coronavirus test is a solid phase immunochromatographic assay used in the rapid, qualitative and differential detection of IgG and IgM antibodies to the 2019 Novel Coronavirus in human whole blood, serum or plasma. The rapid test has been validated in multi-center clinical trials. Most recently, the Company signed a licensing agreement with Cedars-Sinai Medical Center for worldwide rights to various potential uses of Healight, an investigational medical device platform technology. Healight has demonstrated safety and efficacy in pre-clinical studies, and the Company plans to advance this technology and assess its safety and efficacy in human studies. The Company’s strategy is to continue building its portfolio of revenue-generating products, leveraging its focused commercial team and expertise to build leading brands within large therapeutic markets. Financial Condition. On November 1, 2019, the Company closed an asset acquisition with Cerecor, Inc. (“Cerecor”) whereby the Company acquired certain of Cerecor’s portfolio of pediatric therapeutics (the “Pediatric Portfolio”) for $4.5 million in cash, approximately 9.8 million shares of Series G Convertible Preferred Stock, the assumption of Cerecor’s financial and royalty obligations, which includes not more than $3.5 million of Medicaid rebates and products returns as they come due, and other assumed liabilities associated with the Pediatric Portfolio (see Note 2). As of June 30, 2020, the Company has paid down approximately $3.5 million of those assumed liabilities. In addition, the Company assumed obligations in connection with the Pediatric Portfolio acquisition due to an investor including fixed and variable payments. The Company assumed fixed monthly payments equal to $0.1 million from November 2019 through January 2021 plus $15 million due in January 2021. Monthly variable payments due to the same investor are equal to 15% of net revenue generated from a subset of the Pediatric Portfolio, subject to an aggregate monthly minimum of $0.1 million, except for January 2020, when a one-time payment of $0.2 million was paid. The variable payment obligation continues until the earlier of: (i) aggregate variable payments of approximately $9.5 million have been made, or (i) February 12, 2026. On May 29, 2020, the Company, Armistice and the Deerfield Parties entered into an Early Payment Agreement and Escrow Instruction (the “Early Payment Agreement”) pursuant to which, (i) the Company agreed to transfer the sum of $15 million to the Deerfield Parties in early satisfaction of the Balloon Payment Obligation (ii) the Deerfield Parties, jointly and severally, acknowledged receipt and payment in full of the Balloon Payment and (iii) the Deerfield Parties and Armistice agreed to deliver to the Escrow Agent the joint written instruction to release the Escrow Funds to Armistice. The parties to the Early Payment Agreement acknowledged and agreed that the remaining fixed payments set forth on Schedule I of the Waiver other than the Balloon Payment Obligation remain due and payable pursuant to the terms of the Waiver, and that nothing in the Early Payment Agreement alters, amends, or waives any provisions or obligations in the Waiver or the Deerfield agreement other than as expressly set forth therein. As further consideration for the early payment of the Balloon Payment Obligation contemplated by the Early Payment Agreement, Armistice agreed (i) to pay to the Company, in immediately available funds, an amount equal to $200,000 and (ii) to reimburse the Company for all reasonable out–of-pocket legal expenses and fees incurred in connection with the Early Payment Agreement and the transactions contemplated thereby. On April 3, 2020, a majority of the Company’s disinterested board of directors approved the Company entering into an agreement whereby the Company would either assume the Escrow Agreement pursuant to an assignment and assumption agreement or paying the Balloon Payment Obligation. In early June 2020, the Company paid down the $15 million Balloon Payment Obligation, leaving a remaining fixed minimum commitment of approximately $7.3 million. On February 14, 2020, the Company completed a merger with Innovus after approval by the stockholders of both companies on February 13, 2020 (the “Merger”). Upon closing the Merger, the Company merged with and into Innovus and all outstanding Innovus common stock was exchanged for approximately 3.8 million shares of the Company’s common stock and up to $16 million of Contingent Value Rights (“CVRs”). The outstanding Innovus warrants with cash out rights were exchanged for approximately 2.0 million shares of Series H Convertible Preferred stock of Aytu and retired. The remaining Innovus warrants outstanding at the time of the Merger continue to be outstanding, and upon exercise, retain the right to the merger consideration offered to Innovus stockholders, including any remaining claims represented by CVRs at the time of exercise. Innovus will continue as a wholly owned subsidiary of the Company. In addition, as part of the Merger, the Company assumed approximately $3.1 million of notes payable, $0.8 million in lease liabilities, and other assumed liabilities associated with Innovus. Of the $3.1 million of notes payable, approximately $2.2 million was converted into approximately 1.8 million shares of the Company’s common stock during the quarter ended June 30, 2020. During the three months ended March 31, 2020, the Company completed three separate equity offerings, on March 10, 2020, March 12, 2020 and March 19, 2020 (the “March Offerings”), in which the Company issued a combination of common stock and warrants. The following summarizes the March Offerings, including total capital raised from both the issuance of common stock and subsequent warrant exercises. On March 19, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of (i) 12,539,197 shares of the Company’s common stock (the “Common Stock”) at a purchase price per share of $1.595 and (ii) warrants to purchase up to 12,539,197 shares of Common Stock (the “March 19, 2020 Warrants”) at an exercise price of $1.47 per share, for aggregate gross proceeds to the Company of $20.0 million, before deducting placement agent fees and other offering expenses payable by the Company. The March 19, 2020 Warrants are exercisable immediately upon issuance and have a term of one year from the issuance date. In addition, the Company issued warrants with an exercise price of $1.9938 per share to purchase up to 815,047 shares of common stock (the “March 19, 2020 Placement Agent Warrants”) as a portion of the fees paid to the placement agent. The March 19, 2020 Placement Agent Warrants have a term of five year from the issuance date. Since March 19, 2020, a total of 1.2 million March 19, 2020 Warrants have been exercised, for total proceeds of $1.7 million, of which 0.7 million March 19, 2020 Warrants were exercised, for total proceeds of $1.1 million. On March 12, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of (i) 16,000,000 shares of the Company’s common stock at a purchase price per share of $1.25 and (ii) warrants to purchase up to 16,000,000 shares of Common Stock (the “March 12, 2020 Warrants”) at an exercise price of $1.25 per share, for aggregate gross proceeds to the Company of $20.0 million, before deducting placement agent fees and other offering expenses payable by the Company (the “Registered Offering”). The March 12, 2020 Warrants are exercisable immediately upon issuance and have a term of one year from the issuance date. In addition, the Company issued warrants with an exercise price of $1.5625 per share to purchase up to 1,040,000 shares of common stock (the “March 12, 2020 Placement Agent Warrants”) as a portion of the fees paid to the placement agent. The March 12, 2020 Placement Agent Warrants have a term of five year from the issuance date. Since March 12, 2020, a total of 13 million March 12, 2020 Warrants have been exercised, for total proceeds of approximately $16.3 million, of which approximately 10.5 million March 12, 2020 Warrants were exercised through March 31, 2020, for total proceeds of $13.1 million. On March 10, 2020, Company entered into a securities purchase agreement with an institutional investor, pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of (i) 4,450,000 shares of the Company’s common stock (the “Common Stock”) at a purchase price per share of $1.15 and (ii) pre-funded warrants to purchase up to 3,376,087 shares of Common Stock (the “Pre-Funded Warrants”) at an effective price of $1.15 per share ($1.1499 paid to the Company upon the closing of the offering and $0.0001 to be paid upon exercise of such Pre- Funded Warrants), for aggregate gross proceeds to the Company of approximately $9.0 million, before deducting placement agent fees and other offering expenses payable by the Company (the “Registered Offering”). The Pre-Funded Warrants were immediately exercised upon close. In addition, the Company issued warrants with an exercise price of $1.4375 per share to purchase up to 508,696 shares of common stock (the “March 10, 2020 Placement Agent Warrants”). The March 10, 2020 Placement Agent Warrants have a term of five year from the issuance date. Since March 10, 2020, a total of 6.0 million shares of the Company’s October 2018 $1.50 Warrants (the “October 18 $1.50 Warrants”) were exercised, resulting in proceeds of approximately $9.0 million. In total, the Company has raised net proceeds of approximately $71.3 million from the March Offerings and related warrant exercises, as well as exercises of the October 2018 $1.50 Warrants. The net proceeds received by the Company from the March Offerings and related warrant exercise will be used for general corporate purposes, including working capital. On October 11, 2019, the Company entered into Securities Purchase Agreements (the “Purchase Agreement”) with two institutional investors (the “Investors”) providing for the issuance and sale by the Company (the “October 2019 Offering”) of $10.0 million of, (i) 10,000 shares of the Company’s Series F Convertible Preferred Stock (the “Preferred Stock”) which are convertible into 10,000,000 shares of common stock (the “Conversion Shares”) for a stated value of $1,000 per unit and (ii) 10,000,000 warrants (the “October 2019 Warrants”) which are exercisable for shares of common stock (the “Warrant Shares”), which expire January 10, 2025,. The closing of the October 2019 offering occurred on October 16, 2019. The Warrants had an exercise price equal to $1.25 and contain a cashless exercise provision. This provision was dependent on (i) performance of the Company’s stock price between October 11, 2019 and the date of exercise of all, or a portion of the Warrants, and (ii) subject to shareholder approval of the October 2019 Offering, which was approved January 24, 2020. During March 2020, all of the Series F Convertible Preferred Stock were converted into 10 million shares of the Company’s common stock, and 5.0 million of the October 2019 Warrants were exercised using the cashless exercise provision to acquire 5.0 million shares of the Company’s common stock. In April of 2020, the remaining 5 million October 2019 Warrants were exercised using the cashless exercise provision into 5.0 million shares of the Company’s common stock. The net proceeds that the Company received from the October 2019 Offering were approximately $9.3 million. The net proceeds received by the Company from the October 2019 Offerings have been used for general corporate purposes, including working capital. In June 2020, we completed an at-the-market offering program, which allows us to sell and issue shares of our common stock from time-to-time. The company issued 4,302,271 shares of common stock, with total gross proceeds of $6.8 million before deducting underwriting discounts, commissions and other offering expenses payable by the Company. As of the date of this Report, the Company expects its costs for its current operation to stabilize as the Company integrates the acquisition of the Pediatrics Portfolio and Innovus and continues to focus on revenue growth through increasing product sales and the introduction of new products. The Company’s total current asset position of approximately $75.0 million plus the proceeds expected from ongoing product sales will be used to fund operations. Since the Company has sufficient cash and cash equivalents on-hand as of June 30, 2020, to fund potential net cash outflows for the twelve months following the filing date of this Annual Report, in accordance with ASU 2014-15, Subtopic 205-40, the Company reports that there does not exist any indication of substantial doubt about its ability to continue as a going concern. As of the date of this report, while the Company has adequate capital resources to complete its near-term operations, there is no guarantee that such capital resources will be sufficient until such time the Company reaches profitability. The Company may access capital markets to fund strategic acquisitions or ongoing operations on terms the Company believes are favorable. The timing and amount of capital that may be raised is dependent on market conditions and the terms and conditions upon which investors would require to provide such capital. The Company may utilize debt or sell newly issued equity securities through public or private transactions, or through the use of an at the market facility. There is no guarantee that capital will be available on terms favorable to the Company and its stockholders, or at all. However, the Company has been successful in accessing the capital markets in the past and are confident in its ability to access the capital markets again, if needed. If the Company is unable to raise adequate capital in the future, and if and when it is required, the Company can adjust its operating plans to reduce the magnitude of the capital need under its existing operating plan. Some of the adjustments that could be made include delays of and reductions to merger, acquisition and commercial programs, reductions in headcount, narrowing the scope of the Company’s commercial plans, or reductions to its research and development programs. Without sufficient operating capital, the Company could be required to relinquish rights to products or renegotiate to maintain such rights on less favorable terms than it would otherwise choose. This may lead to impairment or other charges, which could materially affect the Company’s balance sheet and operating results. The Company has incurred accumulated net losses since inception, and at June 30, 2020, we had an accumulated deficit of $120.1 million. Our net loss decreased to $13.6 million from $27.1 million for fiscal 2020 and 2019, respectively. The Company used $28.4 million and $13.8 million in cash from operations during fiscal 2020 and 2019.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation. Cash, Cash Equivalents and Restricted Cash. Accounts Receivable. Inventories. Fixed Assets. Fair Value of Financial Instruments. Cash, cash equivalents, restricted cash, accounts receivable, and accounts Contingent consideration. Liability and equity classified warrants. Contingent value rights Fixed Payment Arrangements Revenue Recognition. Aytu BioScience Segment (Note 19) Product sales consist of sales of its prescription related products from both the (i) Pediatric Portfolio and (ii) Primary Care Portfolio principally to a limited number of wholesale distributors and pharmacies in the United States, which account for the largest portion of our total prescription products revenue. International sales are made primarily to specialty distributors, as well as to hospitals, laboratories, and clinics, some of which are government owned or supported (collectively, its “Customers”). Products are generally shipped “free-on- board” destination when shipped domestically within the United States and if shipped internationally, products are shipped “free-on-board” shipping point, as those are the agreed-upon contractual terms. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers, or for new customers, upon review of customer financial condition and credit history. Revenue from product sales is recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from coupons, discounts, chargebacks and distributor fees, processing fees, as well as allowances for returns and government rebates. The Company constrains revenue by giving consideration to factors that could otherwise lead to a probable reversal of revenue. Provision balances related to estimated amounts payable to direct customers are netted against accounts receivable from such customers. Balances related to indirect customers are included in accounts payable and accrued liabilities. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience and specific known market events and trends. Aytu Consumer Health Segment (Note 19) The Company generates revenues from its Consumer Health Portfolio from product sales and the licensing of the rights to market and commercialize our products. Sales from the Company’s Aytu Consumer Health division are generally recognized ”free-on-board” shipping point, as those are the agreed-upon contractual terms. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by us from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. Customer Contract Costs. Customer Concentrations. Year Ended June 30, 2020 2019 Customer A 16 % 19 % Customer B 16 % 20 % Customer C 14 % 26 % Customer D − 22 % The loss of one or more of the Company's significant partners or customers could have a material adverse effect on its business, operating results or financial condition. We are also subject to credit risk from our accounts receivable related to our product sales. Historically, we have not experienced significant credit losses on our accounts receivable and we do not expect to have write-offs or adjustments to accounts receivable which would have a material adverse effect on our financial position, liquidity or results of operations. As of June 30, 2020, four customers accounted for 61% of gross accounts receivable. As of June 30, 2019, four customers accounted for 88% of gross accounts receivable. Year Ended June 30, 2020 2019 Customer A 19 % 9 % Customer B 16 % 20 % Customer C 14 % 36 % Customer E 0 % 23 % Customer F 12 % 0 % In addition, the Company is owed approximately $3.6 million as of June 30, 2020 by Cerecor that arose as a result of certain transition processes that caused customer payments on the Pediatric Portfolio products to continue to be deposited in Cerecor’s account. The Company and Cerecor are expected to finalize the settlement of these amounts in the first half of the fiscal year ended June 30, 2021. Estimated Sales Returns and Allowances. Costs of Sales. Stock-Based Compensation. Research and Development Patents and tradenames. Patents and tradenames subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. Impairment losses are measured and recognized to the extent the carrying value of such assets exceeds their fair value. In June 2020, the Company decided to write off the entire remaining balance of the Luoxis patents. On February 14, 2020, upon completion of the Merger with Innovus, the Company recognized the fair value of the rental of the customer lists for $390,000 and amortizes the asset over a useful life of 1.5 years. The Company recognized the fair value of trademarks, patents or a combination of both for 18 distinct products that Innovus markets, distributes and sells for $11,354,000 and amortizes the asset over a useful life of 5 years. Advertising Costs. Impairment of Long-lived Assets. The Company evaluated its long-lived assets for impairment as of June 30, 2020 and 2019 respectively, and there was $0.2 million and $0 million of impairment recorded. Income Taxes. The amount of income taxes and related income tax positions taken are subject to audits by federal and state tax authorities. The Company has adopted accounting guidance for uncertain tax positions which provides that in order to recognize an uncertain tax position, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon settlement with the taxing authority. The Company believes that it has no material uncertain tax positions. The Company's policy is to record a liability for the difference between the benefits that are both recognized and measured pursuant to FASB ASC 740-10. "Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement 109" (ASC 740-10) and tax position taken or expected to be taken on the tax return. Then, to the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company reports tax-related interest and penalties as a component of income tax expense. During the periods reported, management of the Company has concluded that no significant tax position requires recognition under ASC 740-10. Net Loss Per Common Share. The following table sets-forth securities that could be potentially dilutive, but as of the years ended June 30, 2020 and 2019 are anti-dilutive, and therefore excluded from the calculation of diluted earnings per share. Year Ended June 30, 2020 2019 Warrants to purchase common stock - liability classified (Note 15) 240,755 240,755 Warrant to purchase common stock - equity classified (Note 15) 22,884,538 16,238,657 Employee stock options (Note 14) 765,937 1,607 Employee unvested restricted stock (Note 14) 4,186,056 2,551,024 Convertible preferred stock (Note 13) - 3,594,981 28,077,286 22,627,024 Adoption of New Accounting Pronouncements Leases (“ASU 2016-02”). Topic 842 Leases. The Company has elected to apply the short-term scope exception for leases with terms of 12 months or less at the inception of the lease and will continue to recognize rent expense on a straight-line basis. As a result of the adoption, on July 1, 2019, the Company recognized a lease liability of approximately $0.4 million, which represented the present value of the remaining minimum lease payments using an estimated incremental borrowing rate of 8%. As of July 1, 2019, the Company recognized a right-to-use asset of approximately $0.4 million. Lease expense did not change materially as a result of the adoption of ASU 2016-02. In addition, in conjunction with the Innovus Merger, the Company recognized a lease liability of approximately $0.8 million relating to Innovus’ corporate offices and related warehouse as part of the purchase price allocation (see Note 2 and Note 22). Leases (“ASU 2018-11”) Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) (“ASU 2017- 11”) . Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) Compensation – Stock Compensation (Topic 718) (“ASU 2018-07) . Business Combinations (Topic 805) — Clarifying the Definition of a Business (“ASU 2017-01”). During the fiscal year ended June 30, 2020, the Company acquired both the Pediatric Portfolio from Cerecor and Consumer Health Portfolio from Innovus. The Company adopted this standard as a result of the acquisitions, and while ASU 2017-01 is expected to result in more asset acquisitions in life science industries, the Company came to the conclusion that both of the acquisitions qualified as business combinations. Statement of Cash Flows (Topic 230) — Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The Company has numerous obligations in which there is no stipulated interest rate, and the obligation is recognized at a discount from the ultimate obligation. These include certain notes and fixed payment arrangements. The Company adopted this standard in the year ended June 30, 2020 and classified cash payments, if any, in accordance with this standard. Recent Accounting Pronouncements Fair Value Measurements (“ASU 2018-03”). The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of ASU 2018-13. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact that ASU 2018-13 will have on its financial statements. Financial Instruments – Credit Losses (“ASU 2016-13”). The standard was originally effective for interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. However, in November 2019, the Financial Accounting Standard Board (FASB) issued ASU 2019-10, Financial Instruments—Credit Losses, (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) — Effective Dates ASU 2019-10

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers	Revenues by Product Portfolio. Year Ended June 30, June 30, 2020 June 30, 2019 Primary care and devices portfolio $ 7,957,000 $ 7,320,000 Pediatric portfolio 9,292,000 - Consumer Health portfolio 10,383,000 - Consolidated revenue $ 27,632,000 $ 7,320,000 Revenues by Geographic location. Year Ended June 30, 2020 2019 U.S. $ 24,980,000 $ 6,462,000 Rest-of-the-World 2,652,000 858,000 Total net revenue $ 27,632,000 $ 7,320,000

Acquisitions

Acquisitions	12 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	The Pediatric Portfolio On October 10, 2019, the Company entered into the Purchase Agreement with Cerecor, Inc. (“Cerecor”) to purchase and acquire Cerecor’s Pediatric Portfolio, which closed on November 1, 2019. The Pediatric Portfolio consists of four prescription products consisting of (i) Cefaclor for Oral Suspension, (ii) Karbinal® ER and, (iii) Poly-Vi-Flor® and Tri-Vi-Flor™. Total consideration transferred to Cerecor consisted of $4.5 million in cash and approximately 9.8 million shares of Series G Convertible Preferred Stock. The Company also assumed certain of Cerecor’s financial and royalty obligations, and not more than $3.5 million of Medicaid rebates and products returns, of which $3.5 million has been incurred. The Company also retained the majority of Cerecor’s workforce focused on sales, commercial contracts and customer relationships. In addition, the Company assumed Cerecor obligations due to an investor that include fixed and variable payments aggregating to $25.6 million. The Company assumed fixed monthly payments equal to $0.1 million from November 2019 through January 2021 plus $15 million due in January 2021. Monthly variable payments due to the same investor are equal to 15% of net revenue generated from a subset of the Pediatric Portfolio, subject to an aggregate monthly minimum of $0.1 million, except for January 2020, when a one-time payment of $0.2 million was paid to the investor. The variable payment obligation continues until the earlier of: (i) aggregate variable payments of approximately $9.5 million have been made, or (ii) February 12, 2026. In early June 2020, the Company paid down the $15 million due in January 2021, leaving a remaining fixed minimum commitment of approximately $7.3 million. Further, certain of the products in the Pediatric Portfolio require royalty payments ranging from 12% to 15% of net revenue. One of the products in the Pediatric Portfolio requires the Company to generate minimum annual sales sufficient to represent annual royalties of approximately $1.8 million, in the event the minimum sales volume is not satisfied. While no equity was acquired by the Company, the transaction was accounted for as a business combination under the acquisition method of accounting pursuant to Topic 805. Accordingly, the tangible and identifiable intangible assets acquired and liabilities assumed were recorded at fair value as of the date of acquisition, with the remaining purchase price recorded as goodwill. The goodwill recognized is attributable primarily to strategic opportunities related to an expanded commercial footprint and diversified product portfolio that is expected to provide revenue and cost synergies. Goodwill is not amortizable for tax purposes. Transaction costs of $0.7 million were included as general and administrative expense in the consolidated statements of operations for the fiscal year 2020. The following table summarizes the preliminary fair value of assets acquired and liabilities assumed at the date of acquisition. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below: As of November 1, 2019 Consideration Cash and cash equivalents $ 4,500,000 Fair value of Series G Convertible Preferred Stock Total shares issued 9,805,845 Estimated fair value per share of Aytu common stock $ 0.567 5,559,914 Total consideration transferred $ 10,059,914 Recognized amounts of identifiable assets acquired and liabilities assumed Inventory, net $ 459,123 Prepaid assets 1,743,555 Other current assets 2,525,886 Intangible assets - product marketing rights 22,700,000 Accrued liabilities (300,000 ) Accrued product program liabilities (6,683,932 ) Assumed fixed payment obligations $ (29,837,853 ) Total identifiable net assets (9,393,221 ) Goodwill $ 19,453,135 The following table provides a reconciliation of the carrying value of the Company’s goodwill associated with the acquisition of the Pediatric Portfolio: Goodwill – Pediatric Portfolio Balance as of November 1, 2019 $ 15,387,064 Increase due to change in estimated fixed payment obligations 3,766,071 Increase to account for settlement with former product licensor 300,000 Balance as of June 30, 2020 $ 19,453,135 The Company recorded an adjustment to the previously reported identifiable net assets and goodwill of approximately $4.1 million, of which $3.8 million related to the Karbinal make-whole payment, and $0.3 million related to a settlement upon the closing of the Cerecor transaction. The amounts above represent the provisional fair value estimates as of June 30, 2020 and are subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. The fair values of intangible assets, including product technology rights were determined using variations of the income approach. Varying discount rates were also applied to the projected net cash flows. The Company believes the assumptions are representative of those a market participant would use in estimating fair value (see Note 10). As of November 1, 2020 Acquired product technology rights $ 22,700,000 The fair value of the net identifiable asset acquired was determined to be $22.7 million, which is being amortized over ten years. The aggregate amortization expense was $1.5 million and $0, for fiscal year 2020 and 2019 respectively. Since the November 1, 2019 acquisition of the Pediatric Portfolio, the Pediatric Portfolio has contributed $9.3 million in net revenues and a net loss of approximately $0.4 million, excluding corporate, overhead and other costs not assigned to these products. Innovus Merger (Consumer Health Portfolio) On February 14, 2020, the Company completed the merger with Innovus Pharmaceuticals after approval by the stockholders of both companies on February 13, 2020. Upon the effectiveness of the Merger, the Company merged with and into Innovus and all outstanding Innovus common stock was exchanged for approximately 3.8 million shares of the Company’s common stock and up to $16 million of Contingent Value Rights (“CVRs”). The outstanding Innovus warrants with cash out rights were exchanged for approximately 2.0 million shares of Series H Convertible Preferred stock of the Company and retired. The remaining Innovus warrants outstanding at the time of the Merger continue to be outstanding, and upon exercise, retain the right to the merger consideration offered to Innovus stockholders, including any remaining claims represented by CVRs at the time of exercise. Innovus is now a 100% wholly-owned subsidiary of the Company, (“Aytu Consumer Health”). On March 31, 2020, the Company paid out the first CVR Milestone in the form of approximately 1.2 million shares of the Company’s common stock to satisfy the $2.0 million obligation as a result of Innovus achieving the $24 million revenue milestone for the calendar year ended December 31, 2019. As a result of this, the Company recognized a gain of approximately $0.3 million. In addition, as part of the merger, the Company assumed approximately $3.1 million of notes payable, $0.8 million in lease liabilities, and other assumed liabilities associated with Innovus. Of the $3.1 million of notes payable, approximately $2.2 million was converted into approximately 1.8 million shares of the Company’s common stock since February 14, 2020. The following table summarized the preliminary fair value of assets acquired and liabilities assumed at the date of acquisition. As this was a tax-exempt transaction, goodwill is not tax deductible in future periods. These estimates are preliminary, pending final evaluation of certain assets acquired and liabilities assumed, and therefore, are subject to revisions that may result in adjustments to the values presented below. The estimates of the fair value of the assets acquired assumed at the date of the Acquisition are subject to adjustment during the measurement period (up to one year from the Acquisition date). While the Company believes that such preliminary estimates provide a reasonable basis for estimating the fair value of assets acquired, it evaluates any necessary information prior to finalization of the fair value. During the measurement period, the Company will adjust assets and liabilities if new information is obtained about facts and circumstances that existed as of the Acquisition date that, if known, would have resulted in the revised estimated values of those assets as of that date. The impact of all changes that do not qualify as measurement period adjustments, if applicable, and are included in current period earnings. As of February 14, 2020 Consideration Fair value of Aytu Common Stock Total shares issued at close 3,810,393 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 2,880,581 Fair value of Series H Convertible Preferred Stock Total shares issued 1,997,736 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 1,510,288 Fair value of former Innovus warrants $ 15,315 Fair value of Contingent Value Rights $ 7,049,079 Forgiveness of Note Payable owed to the Company $ 1,350,000 Total consideration transferred $ 12,805,263 As of February 14, 2020 Total consideration transferred $ 12,805,263 Cash and cash equivalents $ 390,916 Accounts receivables, net 278,826 Inventory, net 1,149,625 Prepaid expenses and other current assets 1,692,133 Other long-term assets 36,781 Right-to-use assets 328,410 Property, plant and equipment 190,393 Trademarks and patents 11,744,000 Accounts payable and accrued other expenses (7,202,309 ) Other current liabilities (629,601 ) Debt (3,056,361 ) Lease liability (754,822 ) Total identifiable net assets 4,167,991 Goodwill $ 8,637,272 The fair values of intangible assets, including product distribution rights were determined using variations of the income approach, specifically the relief-from-royalties method. It also includes customer lists using an income approach utilizing a discounted cash flow model. Varying discount rates were also applied to the projected net cash flows. The Company believes the assumptions are representative of those a market participant would use in estimating fair value (see Note 10). As of February 14, 2020 Acquired product distribution rights $ 11,354,000 Acquired customer lists 390,000 Total intangible assets $ 11,744,000 The fair value of the net identifiable assets acquired was determined to be $11.7 million, which is being amortized over a range between 1.5 to 10 years. The aggregate amortization expense was $0.7 million and $0, for the fiscal year ended June 30, 2020 and 2019, respectively. The Company recorded an adjustment to the previously reported identifiable net assets and goodwill of approximately $0.2 million related to legal fee liabilities relating to a lawsuit which was settled prior to the merger date. The amounts above represent the provisional fair value estimates as of June 30, 2020 and are subject to subsequent adjustment as the Company obtains additional information during the measurement period and finalizes its fair value estimates. Goodwill - Innovus Merger As of February 14, 2020 $ 8,374,269 Increase due to settlements related to lawsuit and product royalties 209,178 Increase due to additional bonus accrual 53,825 As of June 30, 2020 $ 8,637,272 Since the February 14, 2020 acquisition of Innovus, Innovus has contributed approximately $10.4 million in net revenues and net loss of approximately $3.2 million. Pro Forma Impact due to Business Combinations The following supplemental unaudited proforma financial information presents the Company’s results as if the following acquisitions had occurred on July 1, 2018: ● Acquisition of the Pediatric Portfolio, effective November 1, 2019; ● Merger with Innovus effective February 14, 2020. Year ended June 30, 2020 2019 Unaudited (aa) Pro forma Unaudited Total revenues, net $ 35,562,537 $ 39,044,357 Net loss $ (16,325,078 ) $ (37,939,908 ) Net loss per share $ (0.37 ) $ (3.27 ) (aa) Due to the absence of discrete financial information for Innovus, covering the period from February 1, 2020 through February 13, 2020, the Company did not include the impact of that stub-period for the pro forma results for the year ended June 30, 2020.

Inventories

Inventories	12 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventory balances consist of the following: June 30, 2020 2019 Raw materials $ 397,000 $ 117,000 Finished goods, net 9,603,000 1,323,000 $ 10,000,000 $ 1,440,000 There was no work-in-process inventory as of June 30, 2020 or 2019, respectively. As of June 30, 2020 and 2019, there was a $1.3 million and $0 reserve for excess and obsolete inventory.

Fixed Assets

Fixed Assets	12 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed assets consist of the following: Estimated June 30, Useful Lives in years 2020 2019 Manufacturing equipment 2 - 5 $ 112,000 $ 83,000 Leasehold improvements 3 229,000 112,000 Office equipment, furniture and other 2 - 5 312,000 315,000 Lab equipment 3 - 5 90,000 90,000 Less accumulated depreciation and amortization (484,000 ) (396,000 ) Fixed assets, net $ 259,000 $ 204,000 Aytu recorded depreciation and amortization expense of $0.1 million for the years ended June 30, 2020 and 2019, respectively.

Leases, Right-to-Use Assets and

Leases, Right-to-Use Assets and Related Liabilities	12 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases, Right-to-Use Assets and Related Liabilities	In September 2015, the Company entered into a 37-month operating lease in Englewood, Colorado. In October 2017, the Company signed an amendment to extend the lease for an additional 24 months beginning October 1, 2018. In April 2019, the Company extended the lease for an additional 36 months beginning October 1, 2020. This lease has base rent of approximately $10,000 a month, with total rent over the term of the lease of approximately $0.4 million. In June 2018, the Company entered into a 12-month operating lease, beginning on August 1, 2018, for office space in Raleigh, North Carolina. This lease has base rent of approximately $1,000 a month, with total rent over the term of the lease of approximately $13,000. In October 2017, the Company’s subsidiary, Innovus, entered into a commercial lease agreement for 16,705 square feet of office and warehouse space in San Diego, California that commenced on December 1, 2017 and continues until April 30, 2023. The initial monthly base rent was $21,000 with an approximate 3% increase in the base rent amount on an annual basis, as well as, rent abatement for rent due from January 2018 through May 2018. The Company holds an option to extend the lease an additional 5 years at the end of the initial term. On November 18, 2019 (“decision date”), Innovus determined it would no longer utilize the warehouse portion of the lease space, representing approximately 9,729 square feet, and as of December 31, 2019 (“cease use date”) ceased using any such space. In accordance with ASC 842, Leases As discussed within Note 2 “Leases (Topic 842)” Total 2021 2022 2023 2024 2025 Thereafter Remaining office leases $ 1,193,000 $ 389,000 $ 403,000 $ 362,000 $ 36,000 $ 3,000 - Less: discount adjustment (167,000 ) - - - - - - Total lease liability 1,026,000 - - - - - - Lease liability - current portion 301,000 - - - - - - Long-term lease liability $ 725,000 - - - - - - Rent expense for fiscal 2020 and 2019 totaled $0.2 million and $0.1 million, respectively.

Intangible Assets - Amortizable

Intangible Assets - Amortizable	12 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets - Amortizable	The Company currently holds three existing intangible asset portfolios as of June 30, 2020: (i) Licensed assets, which consist of pharmaceutical product assets that were acquired prior to July 1, 2020; (ii) Product technology rights, acquired from the November 1, 2019 acquisition of the Pediatric Portfolio from Cerecor; and (iii) Patents and tradenames, which as of June 30, 2020, consist entirely of patents, tradenames and customer lists acquired due to the February 2020 acquisition of Innovus. If acquired in an asset acquisition, the Company capitalized the acquisition cost of each licensed patents or tradename, which can include a combination of both upfront considerations, as well as the estimated future contingent consideration estimated at the acquisition date. If acquired in a business combination, the Company capitalizes the estimated fair value of the intangible asset or assets acquired, based primarily on a discounted cash flow model approach or relief-from-royalties model. The following table provides the summary of the Company’s intangible assets as of June 30, 2020 and June 30, 2019, respectively. June 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (7,062,000 ) $ - $ 16,587,000 11.88 MiOXSYS Patent 380,000 (185,000 ) (195,000 ) - - Acquired product technology right 22,700,000 (1,513,000 ) - 21,187,000 9.34 Acquired product distribution rights 11,354,000 (565,000 ) - 10,789,000 4.62 Acquired customer lists 390,000 (98,000 ) - 292,000 1.12 $ 58,473,000 $ (9,423,000 ) $ (195,000 ) $ 48,855,000 9.11 June 30, 2019 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (4,787,000 ) $ - $ 18,862,000 12.31 MiOXSYS Patent 380,000 (159,000 ) - 221,000 8.70 $ 24,029,000 $ (4,946,000 ) $ - $ 19,083,000 12.27 The following table summarizes the estimated future amortization expense to be recognized over the next years and periods thereafter: Licensed Assets Product Technology Rights Product Distribution Rights (Patents & Trademarks) Total 2021 $ 2,276,000 $ 2,270,000 $ 1,768,000 $ 6,314,000 2022 2,276,000 2,270,000 1,540,000 6,086,000 2023 2,276,000 2,270,000 1,500,000 6,046,000 2024 2,275,000 2,270,000 1,488,000 6,033,000 2025 917,000 2,270,000 1,292,000 4,479,000 Thereafter 6,567,000 9,837,000 3,493,000 19,897,000 $ 16,587,000 $ 21,187,000 $ 11,081,000 $ 48,855,000 Certain of the Company’s amortizable intangible assets include renewal options, extending the expected life of the asset. The renewal periods range between approximately 1 to 20 years depending on the license, patent, or other agreement. Renewals are accounted for when they are reasonably assured. Licensed Assets. Natesto. The fair value of the net identifiable Natesto asset acquired was determined to be $10.6 million, which is being amortized over eight years. The aggregate amortization expense for fiscal 2020 and fiscal 2019 was $1.3 million, respectively. ZolpiMist. The ZolpiMist license agreement was valued at $3.2 million and is amortized over the life of the license agreement up to seven years. The amortization expense for fiscal 2020 and fiscal 2019 was $0.5 million and $0.5 million, respectively. Tuzistra XR. The Tuzistra License Agreement was valued at $9.9 million and is amortized over the life of the Tris License Agreement up to twenty years. The amortization expense for fiscal 2020 and 2019 was $0.5 million and $0.3 million, respectively. The Company also agreed to make certain quarterly royalty payments to TRIS which will be calculated as a percentage of our Tuzistra XR net sales, payable within 45 days of the end of the applicable quarter. Product Technology Rights In November 2019, Aytu Therapeutics, LLC., acquired the Pediatric Portfolio. This transaction expanded our product portfolio with the addition of four prescription products, (i) Cefaclor for Oral Suspension, (ii) Karbinal® ER, (iii) Poly-Vi-Flor® and Tri-Vi-Flor™. The fair value of the acquired Product Technology Rights (the “Product Technology Rights”) utilized a Multiple-Period Excess Earnings Method model. The Company amortizes the Product Technology Rights over ten years, with total amortization expense of approximately $1.5 million and $0 for the years ended June 30, 2020 and June 30, 2019 respectively. Karbinal ER. Poly-vi-Flor & Tri-vi-Flor. Cefaclor (cefaclor oral suspension). Patents and Trademarks Tradenames – Acquired from Innovus On February 14, 2020, the Company and Innovus Pharmaceuticals, Inc. (“Innovus”) completed the Merger after successful approval of the Merger by the shareholders of the Company and Innovus at separate special meetings held on February 13, 2020. Upon completion of the Merger, the Company obtained 22 products with a combination of over 300 registered trademarks and/or patent rights including, but not limited to the following: Patented Products ● Sensum ● Vesele ● Zestra Trademarks ● Diabasens – ● FlutiCare – ● UriVarx – ● Beyond Human Testosterone Booster - ● Trexar – a dietary supplement to support healthy nerves in men and women. On February 14, 2020, upon completion of the Merger with Innovus, the Company recognized the fair value of the rental of the customer lists for $0.4 million and amortizes the asset over a useful life of 1.5 years. The Company recognized the fair value of trademarks, patents or a combination of both for 18 distinct products that the Company markets, distributes and sells for approximately $11.4 million and amortizes the asset over a useful life of 3 – 10 years. Patents and Tradenames – MiOXSYS The cost of the oxidation-reduction potential (“ORP”) technology related patents for the MiOXSYS Systems was $0.4 million when they were acquired and are being amortized over the remaining U.S. patent life of approximately 15 years as of the date, which expires in March 2028. Aytu recorded the amortization expense totaling $0.03 and $0.03 million for the years ended June 30, 2020 and 2019, respectively. In June 2020, the Company decided to write off the entire remaining balance of the MiOXSYS patents, resulting in a loss of approximately $0.2 million for the year ended June 30, 2020, presented as Impairment of intangible assets

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of the following: As of As of June 30, June 30, 2020 2019 Accrued settlement expense $ 315,000 $ - Accrued program liabilities 959,000 736,000 Accrued product-related fees 2,471,000 295,000 Credit card liabilities 510,000 − Medicaid liabilities 1,842,000 61,000 Return reserve 1,329,000 98,000 Sales taxes payable 175,000 − Other accrued liabilities* 249,000 121,000 Total accrued liabilities $ 7,850,000 $ 1,311,000 * Other accrued liabilities consist of accounting fee, samples expense and consultants fee, none of which individually represent greater than five percent of total current liabilities.

Fair Value Considerations

Fair Value Considerations	12 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Considerations	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 those 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 include quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are supported by little or no market activity. The Company’s assets and liabilities which are measured at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Company policy is to recognize transfers in and/or out of fair value hierarchy as of the date in which the event or change in circumstances caused the transfer. Aytu has consistently applied the valuation techniques discussed below in all periods presented. The following table presents Company’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2020 and 2019, by level within the fair value hierarchy: Fair Value Measurements at June 30, 2020 Total Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs(Level 3) Recurring: Warrant derivative liability $ 11,000 – – $ 11,000 Contingent consideration 13,588,000 – – 13,588,000 CVR liability 5,572,000 – – 5,572,000 $ 19,171,000 – – $ 19,171,000 Fair Value Measurements at June 30, 2019 Total Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Warrant derivative liability $ 13,000 – – $ 13,000 Contingent consideration 23,326,000 – – 23,326,000 $ 23,339,000 – – $ 23,339,000 Warrant Derivative Liability. As of June 30, 2020 As of At Issuance Warrant Derivative Liability Volatility 163.2 % 163.2 % 188.0 % Equivalent term (years) 2.13 3.13 5.00 Risk-free interest rate 0.16 % 1.83 % 1.83 % Dividend yield 0.00 % 0.00 % 0.00 % The following table sets forth a reconciliation of changes in the warrant derivative liability for the period ended June 30, 2020: Liability Classified Warrants Balance as of June 30, 2018 $ 94,000 Change in fair value included in earnings (81,000 ) Balance as of June 30, 2019 $ 13,000 Change in fair value included in earnings (2,000 ) Balance as of June 30, 2020 $ 11,000 Contingent Consideration. Natesto. ZolpiMist Tuzistra XR Innovus. The following table sets forth a summary of changes in the contingent consideration for the period ended June 30, 2020: Contingent Consideration Balance as of June 30, 2018 $ 4,694,000 Increase due to purchase of assets 8,833,000 Increase due to accretion 516,000 Decrease due to contractual payment (548,000 ) Increase due to remeasurement 9,831,000 Balance as of June 30, 2019 $ 23,326,000 Increase due to purchase of assets 183,000 Increase due to accretion 789,000 Decrease due to contractual payment (180,000 ) Decrease due to amended license agreement (5,200,000 ) Decrease due to remeasurement (5,330,000 ) Balance as of June 30, 2020 $ 13,588,000 The contingent consideration was valued using the Monte-Carlo valuation methodology because that model embodies all of the relevant assumptions that address the features underlying these instruments. Contingent consideration is not actively traded and therefore classified as Level 3. Significant assumptions in valuing the contingent consideration were as follows as of June 30, 2020 and 2019, respectively: As of June 30, 2020 As of June 30, 2019 Natesto Relevered Beta − 0.83 Market risk premium − 5.50 % Risk-free interest rate − 3.50 % Discount − 5.20 % Company specific discount − 5.00 % As of June 30, 2020 As of June 30, 2019 ZolpiMist Relevered Beta 1.17 1.16 Market risk premium 6.00 % 5.50 % Risk-free interest rate 3.00 % 3.50 % Discount 5.20 % 5.20 % Company specific discount 5.00 % 5.00 % As of June 30, 2020 As of June 30, 2019 Tuzistra Relevered Beta 0.36 1.19 Maket risk premium 6.00 % 5.50 % Risk-free interest rate 3.00 % 3.50 % Discount 5.20 % 5.20 % Company specific discount 15.00 % 15.00 % Contingent value rights Contingent value rights (“CVRs”) represent contingent additional consideration of up to $16 million payable to satisfy future performance milestones related to the Innovus Merger. Consideration can be satisfied in up to 4.7 million shares of the Company’s common stock, or cash either upon the option of the Company or in the event there are insufficient shares available to satisfy such obligations. As of June 30, 2020, the Company paid out 1.2 million shares of the Company’s common stock to satisfy the first $2 million milestone, which relates to the Innovus achievement of $24.0 million in revenues during the 2019 calendar year. The Company has a remaining maximum of $14.0 million of additional contingent value rights to satisfy over the remaining four years. The contingent value rights accretion expense for fiscal 2020 and 2019 was $0.2 million and $0 million, respectively. Non-Recurring Fair Value Measurements The following table represents those asset and liabilities measured on a non-recurring basis for the fiscal year 2020 as a result of the (i) November 1, 2019 acquisition of the Pediatrics Portfolio and (ii) the February 14, 2020 Innovus Merger. Fair Value Measurements at June 30, 2020 Fair Value at Measurement Date Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring MiOXSYS patent (Luoxis patents) $ - $ - $ - $ - Debt 982,079 - - 982,076 Pediatric Portfolio (November 1, 2019) Product technology rights 22,700,000 – – 22,700,000 Goodwill 19,453,135 – – 19,453,135 Fixed payment arrangements 29,837,853 – – 29,837,853 Innovus Merger (February 14, 2020) Customer lists 390,000 – – 390,000 Product distribution righs (trademarks and patents) 11,354,000 – – 11,354,000 Goodwill 8,637,272 – – 8,637,272 Notes payable 3,056,361 – – 3,056,361 $ 96,410,697 $ – $ – $ 96,410,697 Acquisition of the Pediatric Portfolio Product technology rights. As of November 1, 2019 (*) Product technology rights Re-levered Beta 1.60 Market risk premium 6.00 % Small stock risk premium 5.20 % Risk-free interest rate 2.00 % Company specific discount 25.00 % (*) Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indications exist that the fair value of the asset has been impaired. There were no indicators as of June 30, 2020 that the fair value of the Product technology rights was impaired. Goodwill. Fixed payment arrangements. As of November 1, 2019 (≠) Fixed payment obligations Discount rate 1.8% to 12.4% (≠) Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indicates that the circumstances that existed as of the November 1, 2019 measurement date indicate that the carrying value is no longer indicative of fair value. Innovus Merger Customer lists. Trademarks and patents. As of February 14, 2020 Trademarks and patents Re-levered Beta 0.84 % Market risk premium 6.17 % Small stock risk premium 4.99 % Risk-free interest rate 1.89 % Company specific discount 20.00 % Goodwill Innovus Notes Payable. The ten unsecured Innovus Notes consist of ten separate loans with implied effective interest rates ranging between 14.1% and 73.4%. The weighted average interest rate for these notes was 39.5%, while the weighted average interest rate for the most recent loan (January 9, 2020) was 41.4%. All ten of the notes are unsecured, and as of the valuation date there was significant risk associated with their repayment. Accordingly, the Company has revalued the notes using an effective rate of 40% and concluded that the fair value at the February 14, 2020 Innovus Merger date was approximately $2.7 million. The secured Innovus Notes due to Amazon had maturities of less than one year and stated rates of 17.2% and 14.7% respectively. Due to the fact that the most recent loan had a stated rate of 14.7% and that the weighted average rate for these two loans was 15.6%, the Company has estimated the current value of the loans using an effective rate of 15% and concluded that the fair value of the secured Innovus Notes totaled approximately $0.4 million. 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 year ended June 30, 2020: Product Technology Rights Innovus Assets Goodwill Liability Classified Warrants CVR Liability Contingent Consideration Fixed Payment Arrangements Balance as of June 30, 2019 $ – $ – $ – $ 13,000 $ – $ 23,326,000 $ – Transfers into Level 3 – – – – – – – Transfer out of Level 3 – – – – – – – Total gains, losses, amortization or accretion in period – – – – – – – Included in earnings (1,513,000 ) (663,000 ) – (2,000 ) 523,000 (9,741,000 ) 1,452,000 Included in other comprehensive income – – – – – Purchases, issues, sales and settlements – Purchases 22,700,000 11,744,000 28,090,000 – 7,049,000 183,000 – Issues – – – – – – 29,838,000 Sales – – – – – – – Settlements – – – – (2,000,000 ) (180,000 ) (17,778,000 ) Balance as of June 30, 2020 $ 21,187,000 $ 11,081,000 $ 28,090,000 $ 11,000 $ 5,572,000 $ 13,588,000 $ 13,512,000

Note Receivable

Note Receivable	12 Months Ended
	Jun. 30, 2020
Note Receivable
Note Receivable	On September 12, 2019, the Company announced it had entered into a definitive merger agreement with Innovus (see Note 1 and Note 4). to acquire Innovus which specializes in commercializing, licensing and developing safe and effective supplements and over-the-counter consumer health products. As part of the negotiations with Innovus, the Company agreed to provide a short-term, loan in the form of a $1.0 promissory note on August 8, 2019 (the “Innovus Note”). In addition, on October 11, 2019, the Company amended the original promissory note, providing an additional approximately $0.4 million of bridge financing under the same terms and conditions as the Innovus Note. Upon the closing of the Innovus Merger, this note receivable was used to offset a portion of the $8 million initial closing purchase price and was deducted from the consideration value used when determining the number of shares of the Company’s common stock issued upon closing of the Innovus Merger (see Note 4).

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income tax benefit resulting from applying statutory rates in jurisdictions in which Aytu is taxed (Federal and various states) differs from the income tax provision (benefit) in the Aytu financial statements. The following table reflects the reconciliation for the respective periods. June 30, 2020 2019 Benefit at statutory rate $ (2,934,000 ) -21.00 % $ (5,698,000 ) -21.00 % State income taxes, net of federal benefit (798,000 ) -5.71 % (1,077,000 ) -3.97 % Stock based compensation (35,000 ) -0.25 % 3,000 0.01 % Contingent consideration 54,000 0.39 % - 0.00 % Change in tax rate - 0.00 % 12,000 0.04 % Remeasurement of deferred taxes - 0.00 % - 0.00 % Effect of phased-in tax rate - 0.00 % - 0.00 % Loss on debt extinguishment and interest expense 167,000 1.20 % - 0.00 % Change in valuation allowance 3,496,000 25.02 % 6,584,000 24.27 % Derivative income - 0.00 % (16,000 ) -0.06 % Other 50,000 0.37 % 192,000 0.71 % Net income tax provision (benefit) $ - 0.02 % $ - 0.00 % Deferred income taxes arise from temporary differences in the recognition of certain items for income tax and financial reporting purposes. The approximate tax effects of significant temporary differences which comprise the deferred tax assets and liabilities are as follows for the respective periods: June 30, 2020 2019 Deferred tax assets (liabilities): Accrued expenses $ 855,000 $ 234,000 Net operating loss carry forward 37,191,000 18,085,000 Intangibles (1,578,000 ) 3,377,000 Share-based compensation 1,891,000 1,210,000 Fixed assets 73,000 86,000 Capital loss carry forward 203,000 203,000 Contribution carry forward 31,000 31,000 Warrant liability 51,000 51,000 Inventory 789,000 25,000 R&D Credits 9,000 - Lease Liability 261,000 - ROU Asset (224,000 ) - Total deferred income tax assets (liabilities) 39,552,000 23,302,000 Less: Valuation allowance (39,552,000 ) (23,302,000 ) Total deferred income tax assets (liabilities) $ - $ - In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, carry back opportunities and tax planning strategies in making the assessment. The Company believes it is more likely than not it will realize the benefits of these deductible differences, net of the valuation allowance provided. The Company has federal net operating losses of approximately $147 million and $73.9 million as of June 30, 2020 and June 30, 2019, respectively that, subject to limitation, may be available in future tax years to offset taxable income. Of the available federal net operating losses, approximately $46.9 million can be carried forward indefinitely while the balance will begin to expire in 2031. The available state net operating losses, if not utilized to offset taxable income in future periods, will begin to expire in 2025 through 2038. Under the provisions of the Internal Revenue Code, substantial changes in the Company's ownership may result in limitations on the amount of NOL carryforwards that can be utilized in future years. Net operating loss carryforwards are subject to examination in the year they are utilized regardless of whether the tax year in which they are generated has been closed by statute. The amount subject to disallowance is limited to the NOL utilized. Accordingly, the Company may be subject to examination for prior NOLs generated as such NOLs are utilized. As of June 30, 2020, the company had various state NOL carryforwards. The determination of the state NOL carryforwards is dependent on apportionment percentages and state laws that can change from year to year and impact the amount of such carryforwards. As of June 30, 2020, and 2019, the Company has no liability for gross unrecognized tax benefits or related interest and penalties. Aytu has made its best estimates of certain income tax amounts included in the financial statements. Application of the Company's accounting policies and estimates, however, involves the exercise of judgement and use of assumptions as to future uncertainties and, as a result, could differ from these estimates. In arriving at its estimates, factors the Company considers include how accurate the estimates or assumptions have been in the past, how much the estimates or assumptions have changed and how reasonably likely such changes may have a material impact. Under the general statute of limitations, the Company would not be subject to federal or Colorado income tax examinations for tax years prior to 2016 and 2015, respectively. However, given the net operating losses generated since inception, all tax years since inception are subject to examination.

Capital Structure

Capital Structure	12 Months Ended
	Jun. 30, 2020
Equity [Abstract]
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. At June 30, 2020 and June 30, 2019, Aytu had 125,837,357 and 17,538,071 common shares outstanding, respectively, and 0 and 3,594,981 preferred shares outstanding, respectively. Included in the common stock outstanding are 4,186,056 shares of restricted stock issued to executives, directors, employees and consultants. In September 2019, investors holding shares of Series C preferred stock exercised their right to convert 443,833 shares of Series C preferred stock into 443,833 shares of common stock. There are no remaining Series C preferred stock outstanding. In October 2019, Armistice Capital converted 2,751,148 shares of Series E convertible preferred stock into 2,751,148 shares of common stock. There are no remaining Series E preferred stock outstanding. In October 2019, the Company issued 10,000 shares of Series F Convertible preferred stock, with a face value of $1,000 per share, and convertible at a conversion price of $1.00 (the “Current Conversion Price”). The terms of the Series F Convertible Preferred include a conversion price reset provision in the event a future financing transaction is priced below the Current Conversion Price. The Company has determined that concurrent with the adoption of ASU 2017-11, this down-round provision feature reflects a beneficial conversion feature contingent on a future financing transaction at a price lower than the Current Conversion Price. As the Series F Convertible Preferred stock is an equity classified instrument, any accounting arising from a future event giving rise to the beneficial conversion feature would have no net impact on the Company’s financial statements, as all activity would be recognized within Additional Paid-in-Capital and offset. In addition and concurrent with the Series F Convertible preferred stock issuance, the Company issued 10,000,000 warrants, with an exercise price of $1.25 and a term of five years. These warrants feature a contingent cashless exercise provision. During the three months ended December 31, 2019, the cashless exercise contingency was satisfied, reducing the strike price of the October 2019 Warrants to $0. During the three months ended March 31, 2020, an investor exercised 5,000,000 of the warrants using the cashless exercise provision. In April 2020, another investor exercised the remaining 5,000,000 of the October 2019 warrants using the cashless exercise provision, resulting in no remaining October 2019 warrants. In November 2019, in connection with the Pediatric Portfolio acquisition, the Company issued 9,805,845 shares of Series G Convertible Preferred stock, of which, Pediatric Portfolio converted 9,805,845 shares of the Series G Convertible Preferred stock were converted into 9,805,845 shares of common stock in April of 2020. In February 2014, in connection with the Innovus Merger, the Company issued (i) 3,810,293 shares of the Company’s common stock and (ii) 1,997,736 shares of Series H Convertible Preferred stock, of which, 1,997,736 shares of the Series H Convertible Preferred stock were converted into 1,997,736 shares of common stock in March 2020. In March 2020, the Company entered into three separate offerings, on March 10, 2020, March 12, 2020 and March 19, 2020 (the “March Offerings”) in which the Company issued a combination of common stock and warrants. The following summarizes the March Offerings, including total capital raised from both the issuance of common stock and subsequent warrant exercises. On March 19, 2020, the Company entered into a securities purchase agreement with certain institutional investors (the “the March 19, 2020 Purchasers”), pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of (i) 12,539,197 shares of the Company’s common stock (the “Common Stock”) at a purchase price per share of $1.595 and (ii) warrants to purchase up to 12,539,197 shares of Common Stock (the “March 19, 2020 Warrants”) at an exercise price of $1.47 per share, for aggregate gross proceeds to the Company of $20.0 million, before deducting placement agent fees and other offering expenses payable by the Company. The March 19, 2020 Warrants are exercisable immediately upon issuance and have a term of one year from the issuance date. In addition, the Company issued warrants with an exercise price of $1.9938 per share to purchase up to 815,047 shares of common stock (the “March 19, 2020 Placement Agent Warrants”). The March 19, 2020 Placement Agent Warrants have a term of five years from the issuance date. Since March 19, 2020, Aa total of 1.2 million March 19, 2020 Warrants have been exercised through May 5, 2020, for total proceeds of $1.7 million., of which 0.7 million March 19, 2020 Warrants were exercised through March 31, 2020, for total proceeds of $1.1 million. On March 12, 2020, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of (i) 16,000,000 shares of the Company’s common stock at a purchase price per share of $1.25 and (ii) warrants to purchase up to 16,000,000 shares of Common Stock (the “March 12, 2020 Warrants”) at an exercise price of $1.25 per share, for aggregate gross proceeds to the Company of $20.0 million, before deducting placement agent fees and other offering expenses payable by the Company (the “Registered Offering”). The March 12, 2020 Warrants are exercisable immediately upon issuance and have a term of one year from the issuance date. In addition, the Company issued warrants with an exercise price of $1.5625 per share to purchase up to 1,040,000 shares of common stock (the “March 12, 2020 Placement Agent Warrants”). The March 12, 2020 Placement Agent Warrants have a term of five years from the issuance date. Since March 12, 2020, a total of 13 million March 12, 2020 Warrants have been exercised through May 5, 2020, for total proceeds of approximately $16.3 million., of which approximately 10.5 million March 12, 2020 Warrants were exercised through March 31, 2020, for total proceeds of $13.1 million. On March 10, 2020, Company entered into a securities purchase agreement with an institutional investor, pursuant to which the Company agreed to sell and issue, in a registered direct offering, an aggregate of (i) 4,450,000 shares of the Company’s common stock (the “Common Stock”) at a purchase price per share of $1.15 and (ii) pre-funded warrants to purchase up to 3,376,087 shares of Common Stock (the “Pre-Funded Warrants”) at an effective price of $1.15 per share ($1.1499 paid to the Company upon the closing of the offering and $0.0001 to be paid upon exercise of such Pre- Funded Warrants), for aggregate gross proceeds to the Company of approximately $9.0 million, before deducting placement agent fees and other offering expenses payable by the Company (the “Registered Offering”). The Pre-Funded Warrants were immediately exercised upon close. In addition, the Company issued warrants with an exercise price of $1.4375 per share to purchase up to 508,696 shares of common stock (the “March 10, 2020 Placement Agent Warrants”). The March 10, 2020 Placement Agent Warrants have a term of five years from the issuance date. Since March 10, 2020 Between March 10, 2020 and March 31, 2020, a total of 6.0 million shares of the Company’s October 2018 $1.50 Warrants (the “October 18 $1.50 Warrants”) were exercised, resulting in proceeds of approximately $9.0 million. In total, the Company has raised net proceeds of approximately $71.3 million, net of fees, from the March Offerings and related warrant exercises, as well as exercises of the October 2018 Warrants. The net proceeds received by the Company from the March Offerings and related warrant exercise will be used for general corporate purposes, including working capital. In addition, since January 1, 2020, the following Convertible Preferred Stock issuances were converted into the Company’s common stock: 400,000 shares of the Series D Convertible Preferred Stock were converted into 400,000 shares of the Company’s common stock. There are no remaining shares of the Series D Convertible Preferred Stock outstanding at June 30, 2020. In June 2020, we completed an at-the-market offering program, which allows us to sell and issue shares of our common stock from time-to- time. The company issued 4,302,271 shares of common stock, with total gross proceeds of $6.8 million before deducting underwriting discounts, commissions and other offering expenses payable by the Company of $0.2 million through June 30, 2020. Year Ended June 30, 2019 On October 9, 2018, we completed an underwritten public offering for, total gross proceeds of $15.2 million which includes the full exercise of the underwriters’ over-allotment option to purchase additional shares and warrants, before deducting underwriting discounts, commissions and other offering expenses payable by the Company. The securities offered by the Company consisted of: (i) an aggregate of 457,007 shares of its common stock; (ii) an aggregate of 8,342,993 shares of its Series C Convertible preferred stock convertible into an aggregate of 8,342,993 shares of common stock at a conversion price of $1.50 per share; and (iii) warrants to purchase an aggregate of 8,800,000 shares of common stock at an exercise price of $1.50 per share. The securities were issued at a public offering purchase price of $1.50 per fixed unit consisting of: (a) one share of common stock and one warrant; or (b) one share of Series C preferred stock and one warrant. The common stock issued had a relative fair value of $533,000 in the aggregate and a fair value of $594,000 in the aggregate. The Series C preferred stock issued had a relative fair value of $9.7 million in the aggregate and a fair value of $10.8 million in the aggregate. The warrants are exercisable upon issuance and will expire five years from the date of issuance. The warrants have a relative fair value of $1.6 million in the aggregate, a fair value of $1.8 million in the aggregate, and generated gross proceeds of $88,000. The conversion price of the Series C preferred stock in the offering as well as the exercise price of the warrants are fixed and do not contain any variable pricing features, or any price based anti-dilution features. In connection with this offering, the underwriters exercised their over-allotment option in full, purchasing an additional 1,320,000 shares of common stock and 1,320,000 warrants. The common stock issued had a relative fair value of $1.5 million and a fair value of $1.7 million. The warrants have the same terms as the Warrants sold in the registered offering. These warrants have a relative fair value of $238,000, a fair value of $265,000, and gross proceeds of $13,000, which was the purchase price per the underwriting agreement. In October 2018, Aytu issued 9,000 shares of common stock to a former employee at a fair value of $12,000. On November 2, 2018, the Company issued 400,000 shares of Series D Convertible preferred stock as consideration for a purchased asset valued at $520,000. On April 18, 2019, pursuant to the exchange agreement between Aytu and Armistice, which was approved by the stockholders of the Company on April 12, 2019, Aytu exchanged the Armistice Note into: (1) 3,120,064 shares of common stock of the Company, (2) 2,751,148 shares of Series E Convertible preferred stock of the Company, and (3) a Common Stock Purchase Warrant exercisable for 4,403,409 shares of common stock of the Company. The aggregate fair value of shares issued was approximately $4.7 million. As of June 30, 2019, warrants issued from the October registered offering to purchase an aggregate of 250,007 shares of common stock were exercised for aggregate gross proceeds to our Company of approximately $375,000. As of June 30, 2019, investors holding shares of Series C preferred stock exercised their right to convert 7,899,160 shares of Series C preferred stock into 7,899,160 shares of common stock. As of June 30, 2019, Aytu has 443,833 shares of Series C preferred stock outstanding.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity Incentive Plan	2015 Stock Option and Incentive Plan. On December 23, 2019, the Company filed Form S-4 related to the proposed Innovus merger, in which shareholders are asked to approve an increase to 5.0 million total shares of common stock in the 2015 Plan. As of the date of this report, Aytu shareholders approved the proposal to increase the total number of common shares in the 2015 Plan. Stock Options Employee Stock Options: In June 2020, the Company granted 200,000 shares of stock options to executive officers pursuant to the 2015 Plan, which vest over four years. Compensation expense related to these options will be fully recognized over the four-year vesting period. In June 2020, the Company granted 50,000 shares of stock options to board of directors pursuant to the 2015 Plan, which vest on the one employee pursuant to the 2015 Plan, which vest over four years. Compensation expense related to these options will be fully recognized over the four-year vesting period. In June 2020, the Company granted 180,000 shares of stock options to board of directors pursuant to the 2015 Plan, which vest on the one-year anniversary of the grant date. Compensation expense related to these options will be fully recognized over the one-year vesting period. In January 2020, the Company granted 12,500 shares of stock options to 5 employees pursuant to the 2015 Plan, which vest immediately upon grant. Compensation expense related to these options were fully recognized in the three months ended March 31, 2020. In November 2019, the Company granted 327,000 shares of stock options to 28 employees pursuant to the 2015 Plan, which vest over four years. Compensation expense related to these options will be fully recognized over the four-year vesting period. The fair value of the options is calculated using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. Aytu estimates the expected term based on the average of the vesting term and the contractual term of the options. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. The fair value of all options granted during the year ended June 30, 2020 utilized the following range of assumptions: During the Year Ended June 30, 2020 Expected volatility 100.00-182.16 % Expected term (years) 1.-4.00 Risk-free interest rate 0.41-1.82 % Dividend yield 0.00 % Stock option activity is as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2018 1,798 $ 325.97 6.95 Granted 75,000 1.00 Exercised - - Forfeited/Canceled (75,036 ) 1.16 Expired (155 ) 328.00 Outstanding June 30, 2019 1,607 325.97 6.13 Granted 769,500 1.24 Exercised (5,000 ) 0.97 Forfeited/Canceled - - Expired (170 ) 328.00 Outstanding June 30, 2020 765,937 1.85 9.67 Exercisable at June 30, 2020 8,937 $ 53.15 8.92 The following table details the options outstanding at June 30, 2020 by range of exercise prices: Range of Exercise Prices Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life of Options Outstanding Number of Options Exercisable Weighted Average Exercise Price $ 0.97 7,500 $ 0.97 9.52 7,500 $ 0.97 0.98 327,000 0.98 9.37 - 0.98 1.45 430,000 1.45 9.94 - 1.45 280.00 76 280.00 6.84 76 280.00 $ 328.00 1,361 $ 328.00 5.70 1,361 $ 328.00 765,937 $ 1.85 9.67 8,937 $ 53.15 As of June 30, 2020, there was $669,000 of total unrecognized stock-based compensation expense related to employee non-vested stock options. The Company expects to recognize this expense over a weighted-average period of 2.80 years. As of June 30, 2019, there was $7,000 of total unrecognized stock-based compensation expense related to employee non-vested stock options. The Company expected to recognize this expense over a weighted-average period of 0.32 years. As of Jun 30, 2020, the aggregate intrinsic value of the stock options outstanding was approximately $0.1 million. Restricted Stock Restricted stock activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2018 37,200 $ 39.80 9.4 Granted 2,772,022 $ 1.30 Vested – – Forfeited (463,008 ) $ 1.23 Unvested at June 30, 2019 2,346,214 $ 1.83 9.1 Granted 1,952,912 $ 1.06 Vested (114,610 ) $ 1.79 Forfeited - - Unvested at June 30, 2020 4,184,516 $ 1.47 6.4 Activity during Year Ended June 30, 2020 ● In January 2020, the Company issued 75,000 shares of restricted stock to an employee pursuant to the 2015 Plan, which vest in January 2030. ● In January 2020, the Company issued 10,000 shares of restricted stock to a director pursuant to the 2015 Plan, which vest in November 2027. ● In January 2020, The Company issued 200,000 shares of restricted stock to an employee pursuant to the 2015 Plan, which vest in November 2021. ● In February 2020, The Company issued 783,000 shares of restricted stock to employees pursuant to the 2015 Plan, which vest in February 2021. ● In June 2020, The Company issued 700,000 shares of restricted stock to executives pursuant to the 2015 Plan, of which 25% vests on June 7, 2021, with an additional 6.25% of the total shares vesting quarterly thereafter, subject to continued service through each vesting date until June 7, 2024. ● In June 2020, The Company issued 10,000 shares of restricted stock to a director pursuant to the 2015 Plan, which vest in June 2021. ● In June 2020, The Company issued 175,000 shares of restricted stock to employees pursuant to the 2015 Plan, of which 25% vests on June 7, 2021, with an additional 6.25% of the total shares vesting quarterly thereafter, subject to continued service through each vesting date until June 7, 2024. ● 114,610 shares of restricted stock were exchanged with common stock due to employee turnover, and the Company recognized an increase in aggregate stock compensation expense of $130,000. Activity During the Year Ended June 30, 2019 ● In October 2018, the Company issued 2,707,022 shares of restricted stock to executives, directors, employees pursuant to the 2015 Plan, which vest in October 2028. ● In February 2019, The Company issued 65,000 shares of restricted stock to a director pursuant to the 2015 Plan, which vest in February 2029. ● 372,408 shares of restricted stock were exchanged with common stock, and the Company recognized an increase in aggregate stock compensation expense of $371,000. ● 90,600 shares of restricted stock were forfeited due to employee turnover. Under the 2015 Plan, there was $5,035,000 of total unrecognized stock-based compensation expense related to the non-vested restricted stock as of June 30, 2020. The Company expects to recognize this expense over a weighted-average period of 6.37 years. As of June 30, 2020, the aggregate remaining intrinsic value for the Company’s restricted stock units was $5.9 million. The Company previously issued 1,540 shares of restricted stock outside the Company’s 2015 Plan, which vest in July 2026. The unrecognized expense related to these shares was $1,197,761 as of June 30, 2020 and is expected to be recognized over the weighted average period of 6.02 years. Stock-based compensation expense related to the fair value of stock options and restricted stock was included in the statements of operations as selling, general and administrative expenses as set forth in the table below. Aytu determined the fair value of stock compensation as of the date of grant using the Black-Scholes option pricing model and expenses the fair value ratably over the service period which is commensurate with vesting period. The following table summarizes stock-based compensation expense for the stock option and restricted stock issuances for fiscal 2020 and 2019: Selling, general and administrative: 2020 2019 Stock options $ 80,000 $ 125,000 Restricted stock 999,000 897,000 Total stock-based compensation expense $ 1,079,000 $ 1,022,000

Warrants

Warrants	12 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Warrants	In connection with the October 2019 private placement financing, the Company issued warrants (the October 2019 Warrants) to the investors to purchase an aggregate of 10,000,000 shares of the Company’s common stock at an exercise price of $1.25 and a term of five years. These warrants feature a contingent cashless exercise provision. During the three months ended December 31, 2019, the cashless exercise contingency was satisfied, reducing the strike price of the October 2019 Warrants to $0. During the three months ended March 31, 2020, an investor exercised 5,000,000 of the warrants using the cashless exercise provision. In April 2020, another investor exercised the remaining 5,000,000 of the October 2019 warrants using the cashless exercise provision, resulting in no remaining October 2019 warrants as of April 30, 2020. In February 14, 2020, the Company assumed as part of the Innovus Merger 348,103 warrants to purchase 348,103 shares of the Company’s common stock with exercise prices ranging from $18.00 to $47.00 with terms ending between September of 2020 through March of 2023. In connection with the March Offerings, the following warrants were granted, and potentially subsequently exercised: ● On March 10, 2020, the Company granted 3,376,087 Pre-Funded Warrants for total proceeds of $3.9 million, which were fully exercised as of March 31, 2020. In addition, the Company issued 508,696 of Placement Agent Warrants with an exercise price of $1.4375 to purchase 508,696 shares of the Company's common stock, which expire five years after the grant date. None of the March 10, 2020 Placement Agent Warrants have been exercised as of June 30, 2020. ● On March 12, 2020, the Company granted 16,000,000 March 12, 2020 $1.25 Warrants to purchase 16,000,000 shares of the Company’s common stock for an exercise price of $1.25 per share of common stock, and expire one-year after the grant date, of which 10,450,000 were exercised as of March 31, 2020 for total proceeds of approximately $13.1 million. In addition, the Company granted 1,040,000 of the March 12, 2020 Placement Agent Warrants with an exercise price of $1.5625 per share of common stock to purchase 1,040,000 shares of the Company’s common stock, which expire five years after the grant date. None of the March 12, 2020 Placement Agent Warrants have been exercised as of June 30, 2020. ● On March 19, 2020, the Company granted 12,539,197 March 19, 2020 $1.47 Warrants to purchase 12,539,197 shares of the Company’s common stock for an exercise price of $1.47 per share of common stock, and expire one-year after the grant date, of which 700,000 were exercised as of March 31, 2020 for total proceeds of approximately $1.0 million. In addition, the Company granted 815,047 of the March 12, 2020 Placement Agent Warrants with an exercise price of $1.9938 per share of common stock to purchase 815,047 shares of the Company’s common stock, which expire five years after the grant date. None of the March 19, 2020 Placement Agent Warrants have been exercised as of June 30, 2020. While these warrants are classified as a component of equity, in order to allocate the fair value of the March offerings between the investor warrants and the placement agent warrants, the Company was required to calculate the relative fair value of the warrants issued in March. These warrants issued had a relative fair value of $11.2 million. All warrants issued in March 2020 were valued using a Black-Scholes model. In order to calculate the fair value of the warrants, certain assumptions were made, including the selling price or fair market value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield, and contractual life. Changes to the assumptions could cause significant adjustments to valuation. The Company estimated a volatility factor utilizing a weighted average of comparable published betas of peer companies. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. Significant assumptions in valuing the warrants issued during the year are as follows: Warrants Issued During the Year Ended June 30, 2020 Expected volatility 100 - 153% Equivalent term (years) 1 - 5 Risk-free rate 0.20% - 1.91% Dividend yield 0.00% A summary of equity-based warrants is as follows: Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2018 1,641,906 $ 19.19 4.67 Warrants issued 14,827,009 $ 1.35 – Warrants expired – – – Warrants exercised (250,007 ) – – Outstanding June 30, 2019 16,218,908 $ 3.15 4.36 Warrants issued 44,627,120 $ 1.21 – Warrants expired – – – Warrants exercised (*) (37,961,490 ) – – Outstanding June 30, 2020 22,884,538 $ 3.06 2.00 (*) During the three months March 31, 2020, an investor exercised 5.0 million of the October 2019 private placement warrants under the cashless exercise provision. In April 2020, another investor exercised all remaining 5.0 million October 2019 private placement warrants. There are no more October 2019 private placement warrants outstanding as of June 30, 2020. During the fiscal year 2020, warrants issued from the October 2018 registered offering and March 2020 offerings to purchase an aggregate of 20,181,994 shares of common stock were exercised for aggregate gross proceeds to our Company of approximately $27 million. A summary of liability warrants is as follows: Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2018 240,755 $ 72.00 4.13 Warrants expired – – – Warrants exercised – – – Outstanding June 30, 2019 240,755 $ 72.00 3.16 Warrants expired – – – Warrants exercised – – – Outstanding June 30, 2020 240,755 $ 72.00 2.13

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Employee Benefit Plan	Aytu has a 401(k) plan that allows participants to contribute a portion of their salary, subject to eligibility requirements and annual IRS limits. The Company matches 50% of the first 6% contributed to the plan by employees. In fiscal 2020, the Company’s match was approximately $0.2 million.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies are described below and summarized by the following table as of June 30, 2020: Total 2021 2022 2023 2024 2025 Thereafter Prescription database $ 1,635,000 $ 902,000 $ 733,000 $ – $ – $ – $ – Pediatric portfolio fixed payments and product minimums 17,996,000 3,821,000 3,300,000 3,300,000 3,300,000 3,300,000 975,000 Inventory purchase commitment 1,962,000 1,226,000 736,000 – – – – CVR liability 5,572,000 840,000 1,292,000 2,484,000 956,000 – – Product contingent liability 202,000 – – – – – 202,000 Product milestone payments 3,000,000 – 3,000,000 – – – – Office leases 1,193,000 389,000 403,000 362,000 36,000 3,000 – $ 31,560,000 $ 7,178,000 $ 9,464,000 $ 6,146,000 $ 4,292,000 $ 3,303,000 $ 1,177,000 Prescription Database In May 2016, the Company entered into an agreement with a vendor that provides it with prescription database information. The Company agreed to pay approximately $1.6 million over three years for access to the database of prescriptions written for Natesto, ZolpiMist and Tuzistra. In January 2020, the Company amended the agreement and agreed to pay additional $0.6 million to add access to the database of prescriptions written for the Pediatric Portfolio. The payments have been broken down into quarterly payments. Pediatric Portfolio Fixed Payment Obligations Fixed Obligations. On May 29, 2020, the Company entered into an Early Payment Agreement and Escrow Instruction (the “Early Payment Agreement”) pursuant to which the Company agreed to pay $15.0 million to the investor in early satisfaction of the Balloon Payment Obligation. The parties to the Early Payment Agreement acknowledged and agreed that the remaining fixed payments other than the Balloon Payment Obligation remain 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. 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. There is the potential for the second fixed obligation to increase an additional $1.8 million depending on product sales, which could trigger additional amounts to be paid. The Fixed Payment Obligation is secured by some of the Company’s Pediatric Portfolio and all rights thereon to those products in the event of failure to perform under the Fixed Payment Obligation consisting primarily of Cefaclor and Karbinal. Product Make-whole. 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. A third party agreed to offset the 23.5% royalty payable by 8.5%, for a net royalty equal to 15%, in fiscal year 2018 and 2019 for net sales of Karbinal. The Karbinal Agreement contains minimum unit sales commitments, which is based on a commercial year that spans from August 1 through July 31, of 70,000 units through 2023, with a minimum fixed payment obligation of approximately $2.1 million per year. 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 2033. The annual payment is due in August of each year. CVR Liability On February 14, 2020 the Company closed on the Merger with Innovus Pharmaceuticals after approval by the stockholders of both companies on February 13, 2020. Upon closing the Merger, the Company merged with and into Innovus and entered into a Contingent Value Rights Agreement (the “CVR Agreement”). Each CVR will entitle its holder to receive its pro rata share, payable in cash or stock, at the option of Aytu, of certain payment amounts if the targets are met. If any of the payment amounts is earned, they are to be paid by the end of the first quarter of the calendar year following the year in which they are earned. Multiple revenue milestones can be earned in one year. On March 31, 2020, the Company paid out the first CVR Milestone in the form of approximately 1.2 million shares of the Company’s common stock to satisfy the $2.0 million obligation as a result of Innovus achieving the $24.0 million revenue milestone for calendar year ended December 31, 2019. As a result of this, the Company recognized a gain of approximately $0.3 million. Product Contingent Liability In February 2015, Innovus acquired Novalere, which included the rights associated with distributing FlutiCare. As part of the Merger, Innovus is obligated to make 5 additional payments of $0.5 million when certain levels of FlutiCare sales are achieved. Inventory Purchase Commitment On May 1, 2020, the Company entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Hikma Pharmaceuticals USA Inc. (“Hikma”). Pursuant to the settlement agreement, Innovus has agreed to purchase and Hikma has agreed to manufacture a minimum amount of our branded fluticasone propionate nasal spray USP, 50 mcg per spray (FlutiCare®), under Hikma’s FDA approved ANDA No. 207957 in the U.S. The commitment requires Innovus to purchase three batches of product through fiscal year 2022 each of which amount to $1.0 million. Milestone Payments In connection with the Company’s intangible assets, the Company has certain milestone payments, totaling $3.0 million, payable at a future date, are not directly tied to future sales, but upon other events certain to happen. These obligations are included in the valuation of the Company’s contingent consideration (see Note 10). Offices Leases In September 2015, the Company entered into a 37-month operating lease in Englewood, Colorado. In October 2017, the Company signed an amendment to extend the lease for an additional 24 months beginning October 1, 2018. In April 2019, the Company extended the lease for an additional 36 months beginning October 1, 2020. This lease has base rent of approximately $10 thousand a month, with total rent over the term of the lease of approximately $355 thousand. In June 2018, the Company entered into a 12-month operating lease, beginning on August 1, 2018, for office space in Raleigh, North Carolina. This lease has base rent of approximately $1 thousand a month, with total rent over the term of the lease of approximately $13 thousand. In October 2017, the Company’s subsidiary, Innovus, entered into a commercial lease agreement for 16,705 square feet of office and warehouse space in San Diego, California that commenced on December 1, 2017 and continues until April 30, 2023. The initial monthly base rent was $21,000 with an approximate 3% increase in the base rent amount on an annual basis, as well as, rent abatement for rent due from January 2018 through May 2018. The Company holds an option to extend the lease an additional 5 years at the end of the initial term. On November 18, 2019 (“decision date”), Innovus determined it would no longer utilize the warehouse portion of the lease space, representing approximately 9,729 square feet, and as of December 31, 2019 (“cease use date”) ceased using any such space. In accordance with ASC 842, Leases

Net Loss Per Common Share

Net Loss Per Common Share	12 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Common Share	Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted net loss per share reflects the potential of securities that could share in the net loss of the Company. For each of the years ended June 30, 2020 and 2019, respectively, presented, the basic and diluted loss per share were the same for the years ended June 30, 2020 and 2019, as they were not included in the calculation of the diluted net loss per share because they would have been anti-dilutive. The following table sets-forth securities that could be potentially dilutive, but as of the years ended June 30, 2020 and 2019 are anti-dilutive, and therefore excluded from the calculation of diluted earnings per share. Year Ended June 30, 2020 2019 Warrants to purchase common stock - liability classified (Note 15) 240,755 240,755 Warrant to purchase common stock - equity classified (Note 15) 22,884,538 16,238,657 Employee stock options (Note 14) 765,937 1,607 Employee unvested restricted stock (Note 14) 4,186,056 2,551,024 Convertible preferred stock (Note 13) - 3,594,981 28,077,286 22,627,024

Segment Information

Segment Information	12 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	The Company’s chief operating decision maker (the “CODM”), who is the Company’s Chief Executive Officer, allocates resources and assesses performance based on financial information of the Company. The CODM reviews financial information presented for each reportable segment for purposes of making operating decisions and assessing financial performance. Aytu manages the Company and aggregated our operational and financial information in accordance with two reportable segments: Aytu BioScience and Aytu Consumer Health. The Aytu BioScience segment consists of the Company’s prescription products. The Aytu Consumer Health segment contains the Company’s consumer healthcare products, which was the result of the Innovus Merger. Select financial information for these segments is as follows: As of June 30, 2020 2019 Consolidated revenue: Aytu BioScience $ 17,249,000 $ 7,320,000 Aytu Consumer Health 10,383,000 - Consolidated revenue $ 27,632,000 $ 7,320,000 Consolidated net loss: Aytu BioScience $ (10,464,000 ) $ (27,132,000 ) Aytu Consumer Health (3,157,000 ) - Consolidated net loss $ (13,621,000 ) $ (27,132,000 ) Total assets: Aytu BioScience $ 126,267,000 $ 34,721,000 Aytu Consumer Health 26,569,000 - Total assets $ 152,836,000 $ 34,721,000 As of June 30, 2020 2019 Goodwill Aytu BioScience $ 19,453,000 $ – Aytu Consumer Health 8,637,000 – Consolidated Goodwill $ 28,090,000 $ –

Note Payable

Note Payable	12 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Note Payable	The Aytu BioScience Note. The Innovus Notes. On April 21, 2020, the Company entered into an amendment with one investor who held four different note agreements to extend the maturity date to August 1, 2020 from April 15, 2020 and to amend the conversion feature description within the note agreement. On April 27, 2020, this investor provided a notice of conversion to convert the four outstanding note agreements to shares of common stock. In connection with the notice of conversion, the Company issued 1.5 million shares of common stock in exchange for the settlement of principal and interest due totaling $1.8 million. The fair value of the shares of common stock issued was based on the market price of the Company’s common stock on the date of the notice of conversion was determined to be $2.1 million. Due to the conversion of the principal and interest balance of $1.8 million into shares of common stock, the transaction was recorded as a debt extinguishment and the fair value of the shares of common stock issued in excess of the settled principal and interest balance totaling $0.3 million was recorded as a loss on debt extinguishment in the accompanying consolidated statement of operations. On May 11, 2020, the Company entered into an amendment with one investor who held two different note agreements to amend the conversion feature description within the note agreement. On May 11, 2020, this investor provided a notice of conversion to convert the two outstanding note agreements to shares of common stock. In connection with the notice of conversion, the Company issued 0.3 million shares of common stock in exchange for the settlement of principal and interest due totaling $0.5 million. The fair value of the shares of common stock issued was based on the market price of the Company’s common stock on the date of the notice of conversion was determined to be $0.4 million. Due to the conversion of the principal and interest balance of $0.5 million into shares of common stock, the transaction was recorded as a debt extinguishment and the fair value of the shares of common stock issued in deficit of the settled principal and interest balance totaling $0.1 million was recorded as a gain on debt extinguishment in the accompanying consolidated statement of operations. As of June 30, 2020, there remained one outstanding note agreement with a net amount due of approximately $0.2 million which is required to be paid monthly through January 2021. The remaining note does not have any interest charge associated with it. For the period from February 14, 2020 through June 30, 2020, the Company recorded approximately $0.4 million of amortization of the debt discount initially recorded at the date of the note agreements.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Tris Pharma, Inc. On November 2, 2018, the Company entered into a License, Development, Manufacturing and Supply Agreement (the “Tris License Agreement”) with TRIS (See Note 8). On November 1, 2019, the Company acquired the rights to Karbinal as a result of the acquisition of the Pediatric Portfolio from Cerecor, Inc. (See Notes 4 and 17). Mr. Ketan Mehta serves as a Director on the Board of Directors of the Company, and is also the Chief Executive Officer of TRIS. During the twelve-months ended June 30, 2020, the Company paid TRIS approximately $1.3 and $1.2 million for the years ended June 30, 2020 and 2019, respectively for a combination of royalty payments, inventory purchases and other payments as contractually required. The Company’s liabilities, including accrued royalties, contingent consideration and fixed payment obligations were $22.9 million and $16.0 million as of June 30, 2020 and 2019, respectively. In March 2020, TRIS converted all the 400,0000 Series D Convertible preferred stock into 400,000 shares of the Company’s common stock.

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Innovus Pharmaceuticals, Inc. On August 28, 2020, the Company’s subsidiary Innovus signed a lease termination agreement with its lessor to terminate its lease effective September 30, 2020. The original lease termination date was April 30, 2023. As part of the agreement, Innovus agreed a make cash payment to the landlord the equivalent of two additional months’ rent aggregating to $44,306 plus $125,000 less the security deposit of $20,881. The fair value of the lease liability related to this facility lease was approximately $0.7 million as of June 30, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash.
Accounts Receivable	Accounts Receivable.
Inventories	Inventories.
Fixed Assets	Fixed Assets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. Cash, cash equivalents, restricted cash, accounts receivable, and accounts Contingent consideration. Liability and equity classified warrants. Contingent value rights Fixed Payment Arrangements
Revenue Recognition	Revenue Recognition. Aytu BioScience Segment (Note 19) Product sales consist of sales of its prescription related products from both the (i) Pediatric Portfolio and (ii) Primary Care Portfolio principally to a limited number of wholesale distributors and pharmacies in the United States, which account for the largest portion of our total prescription products revenue. International sales are made primarily to specialty distributors, as well as to hospitals, laboratories, and clinics, some of which are government owned or supported (collectively, its “Customers”). Products are generally shipped “free-on- board” destination when shipped domestically within the United States and if shipped internationally, products are shipped “free-on-board” shipping point, as those are the agreed-upon contractual terms. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers, or for new customers, upon review of customer financial condition and credit history. Revenue from product sales is recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from coupons, discounts, chargebacks and distributor fees, processing fees, as well as allowances for returns and government rebates. The Company constrains revenue by giving consideration to factors that could otherwise lead to a probable reversal of revenue. Provision balances related to estimated amounts payable to direct customers are netted against accounts receivable from such customers. Balances related to indirect customers are included in accounts payable and accrued liabilities. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience and specific known market events and trends. Aytu Consumer Health Segment (Note 19) The Company generates revenues from its Consumer Health Portfolio from product sales and the licensing of the rights to market and commercialize our products. Sales from the Company’s Aytu Consumer Health division are generally recognized ”free-on-board” shipping point, as those are the agreed-upon contractual terms. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by us from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales.
Customer Contract Costs	Customer Contract Costs.
Customer Concentrations	Customer Concentrations. Year Ended June 30, 2020 2019 Customer A 16 % 19 % Customer B 16 % 20 % Customer C 14 % 26 % Customer D − 22 % The loss of one or more of the Company's significant partners or customers could have a material adverse effect on its business, operating results or financial condition. We are also subject to credit risk from our accounts receivable related to our product sales. Historically, we have not experienced significant credit losses on our accounts receivable and we do not expect to have write-offs or adjustments to accounts receivable which would have a material adverse effect on our financial position, liquidity or results of operations. As of June 30, 2020, four customers accounted for 61% of gross accounts receivable. As of June 30, 2019, four customers accounted for 88% of gross accounts receivable. Year Ended June 30, 2020 2019 Customer A 19 % 9 % Customer B 16 % 20 % Customer C 14 % 36 % Customer E 0 % 23 % Customer F 12 % 0 % In addition, the Company is owed approximately $3.6 million as of June 30, 2020 by Cerecor that arose as a result of certain transition processes that caused customer payments on the Pediatric Portfolio products to continue to be deposited in Cerecor’s account. The Company and Cerecor are expected to finalize the settlement of these amounts in the first half of the fiscal year ended June 30, 2021.
Estimated Sales Returns and Allowances	Estimated Sales Returns and Allowances.
Costs of Sales	Costs of Sales.
Stock-Based Compensation	Stock-Based Compensation.
Research and Development	Research and Development
Patents and Tradenames	Patents and tradenames. Patents and tradenames subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. Impairment losses are measured and recognized to the extent the carrying value of such assets exceeds their fair value. In June 2020, the Company decided to write off the entire remaining balance of the Luoxis patents. On February 14, 2020, upon completion of the Merger with Innovus, the Company recognized the fair value of the rental of the customer lists for $390,000 and amortizes the asset over a useful life of 1.5 years. The Company recognized the fair value of trademarks, patents or a combination of both for 18 distinct products that Innovus markets, distributes and sells for $11,354,000 and amortizes the asset over a useful life of 5 years.
Advertising Costs	Advertising Costs.
Impairment of Long-lived Assets	Impairment of Long-lived Assets. The Company evaluated its long-lived assets for impairment as of June 30, 2020 and 2019 respectively, and there was $0.2 million and $0 million of impairment recorded.
Income Taxes	Income Taxes. The amount of income taxes and related income tax positions taken are subject to audits by federal and state tax authorities. The Company has adopted accounting guidance for uncertain tax positions which provides that in order to recognize an uncertain tax position, the taxpayer must be more likely than not of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more than 50% likely to be realized upon settlement with the taxing authority. The Company believes that it has no material uncertain tax positions. The Company's policy is to record a liability for the difference between the benefits that are both recognized and measured pursuant to FASB ASC 740-10. "Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement 109" (ASC 740-10) and tax position taken or expected to be taken on the tax return. Then, to the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. The Company reports tax-related interest and penalties as a component of income tax expense. During the periods reported, management of the Company has concluded that no significant tax position requires recognition under ASC 740-10.
Net Loss Per Common Share	Net Loss Per Common Share. The following table sets-forth securities that could be potentially dilutive, but as of the years ended June 30, 2020 and 2019 are anti-dilutive, and therefore excluded from the calculation of diluted earnings per share. Year Ended June 30, 2020 2019 Warrants to purchase common stock - liability classified (Note 15) 240,755 240,755 Warrant to purchase common stock - equity classified (Note 15) 22,884,538 16,238,657 Employee stock options (Note 14) 765,937 1,607 Employee unvested restricted stock (Note 14) 4,186,056 2,551,024 Convertible preferred stock (Note 13) - 3,594,981 28,077,286 22,627,024
Accounting Pronouncements	Adoption of New Accounting Pronouncements Leases (“ASU 2016-02”). Topic 842 Leases. The Company has elected to apply the short-term scope exception for leases with terms of 12 months or less at the inception of the lease and will continue to recognize rent expense on a straight-line basis. As a result of the adoption, on July 1, 2019, the Company recognized a lease liability of approximately $0.4 million, which represented the present value of the remaining minimum lease payments using an estimated incremental borrowing rate of 8%. As of July 1, 2019, the Company recognized a right-to-use asset of approximately $0.4 million. Lease expense did not change materially as a result of the adoption of ASU 2016-02. In addition, in conjunction with the Innovus Merger, the Company recognized a lease liability of approximately $0.8 million relating to Innovus’ corporate offices and related warehouse as part of the purchase price allocation (see Note 2 and Note 22). Leases (“ASU 2018-11”) Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) (“ASU 2017- 11”) . Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) Compensation – Stock Compensation (Topic 718) (“ASU 2018-07) . Business Combinations (Topic 805) — Clarifying the Definition of a Business (“ASU 2017-01”). During the fiscal year ended June 30, 2020, the Company acquired both the Pediatric Portfolio from Cerecor and Consumer Health Portfolio from Innovus. The Company adopted this standard as a result of the acquisitions, and while ASU 2017-01 is expected to result in more asset acquisitions in life science industries, the Company came to the conclusion that both of the acquisitions qualified as business combinations. Statement of Cash Flows (Topic 230) — Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The Company has numerous obligations in which there is no stipulated interest rate, and the obligation is recognized at a discount from the ultimate obligation. These include certain notes and fixed payment arrangements. The Company adopted this standard in the year ended June 30, 2020 and classified cash payments, if any, in accordance with this standard. Recent Accounting Pronouncements Fair Value Measurements (“ASU 2018-03”). The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of ASU 2018-13. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact that ASU 2018-13 will have on its financial statements. Financial Instruments – Credit Losses (“ASU 2016-13”). The standard was originally effective for interim and annual reporting periods beginning after December 15, 2019 and early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. However, in November 2019, the Financial Accounting Standard Board (FASB) issued ASU 2019-10, Financial Instruments—Credit Losses, (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) — Effective Dates ASU 2019-10

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Concentration of business risk	As of June 30, 2019, four customers accounted for 87% of gross revenue. Year Ended June 30, 2020 2019 Customer A 16 % 19 % Customer B 16 % 20 % Customer C 14 % 26 % Customer D − 22 % As of June 30, 2019, four customers accounted for 88% of gross accounts receivable. Year Ended June 30, 2020 2019 Customer A 19 % 9 % Customer B 16 % 20 % Customer C 14 % 36 % Customer E 0 % 23 % Customer F 12 % 0 %
Antidilutive securities excluded from the computation of earnings per share	Year Ended June 30, 2020 2019 Warrants to purchase common stock - liability classified (Note 15) 240,755 240,755 Warrant to purchase common stock - equity classified (Note 15) 22,884,538 16,238,657 Employee stock options (Note 14) 765,937 1,607 Employee unvested restricted stock (Note 14) 4,186,056 2,551,024 Convertible preferred stock (Note 13) - 3,594,981 28,077,286 22,627,024

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Year Ended June 30, June 30, 2020 June 30, 2019 Primary care and devices portfolio $ 7,957,000 $ 7,320,000 Pediatric portfolio 9,292,000 - Consumer Health portfolio 10,383,000 - Consolidated revenue $ 27,632,000 $ 7,320,000
Product revenues by geographic location	Year Ended June 30, 2020 2019 U.S. $ 24,980,000 $ 6,462,000 Rest-of-the-World 2,652,000 858,000 Total net revenue $ 27,632,000 $ 7,320,000

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Assets acquired and liabilities assumed	The Pediatric Portfolio As of November 1, 2019 Consideration Cash and cash equivalents $ 4,500,000 Fair value of Series G Convertible Preferred Stock Total shares issued 9,805,845 Estimated fair value per share of Aytu common stock $ 0.567 5,559,914 Total consideration transferred $ 10,059,914 Recognized amounts of identifiable assets acquired and liabilities assumed Inventory, net $ 459,123 Prepaid assets 1,743,555 Other current assets 2,525,886 Intangible assets - product marketing rights 22,700,000 Accrued liabilities (300,000 ) Accrued product program liabilities (6,683,932 ) Assumed fixed payment obligations $ (29,837,853 ) Total identifiable net assets (9,393,221 ) Goodwill $ 19,453,135 Innovus Merger (Consumer Health Portfolio) As of February 14, 2020 Consideration Fair value of Aytu Common Stock Total shares issued at close 3,810,393 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 2,880,581 Fair value of Series H Convertible Preferred Stock Total shares issued 1,997,736 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 1,510,288 Fair value of former Innovus warrants $ 15,315 Fair value of Contingent Value Rights $ 7,049,079 Forgiveness of Note Payable owed to the Company $ 1,350,000 Total consideration transferred $ 12,805,263 As of February 14, 2020 Total consideration transferred $ 12,805,263 Cash and cash equivalents $ 390,916 Accounts receivables, net 278,826 Inventory, net 1,149,625 Prepaid expenses and other current assets 1,692,133 Other long-term assets 36,781 Right-to-use assets 328,410 Property, plant and equipment 190,393 Trademarks and patents 11,744,000 Accounts payable and accrued other expenses (7,202,309 ) Other current liabilities (629,601 ) Debt (3,056,361 ) Lease liability (754,822 ) Total identifiable net assets 4,167,991 Goodwill $ 8,637,272
Reconciliation of goodwill	Goodwill – Pediatric Portfolio Balance as of November 1, 2019 $ 15,387,064 Increase due to change in estimated fixed payment obligations 3,766,071 Increase to account for settlement with former product licensor 300,000 Balance as of June 30, 2020 $ 19,453,135 Goodwill - Innovus Merger As of February 14, 2020 $ 8,374,269 Increase due to settlements related to lawsuit and product royalties 209,178 Increase due to additional bonus accrual 53,825 As of June 30, 2020 $ 8,637,272
Intangible assets acquired	The Pediatric Portfolio As of November 1, 2020 Acquired product technology rights $ 22,700,000 Innovus Merger (Consumer Health Portfolio) As of February 14, 2020 Acquired product distribution rights $ 11,354,000 Acquired customer lists 390,000 Total intangible assets $ 11,744,000
Pro forma information	Year ended June 30, 2020 2019 Unaudited (aa) Pro forma Unaudited Total revenues, net $ 35,562,537 $ 39,044,357 Net loss $ (16,325,078 ) $ (37,939,908 ) Net loss per share $ (0.37 ) $ (3.27 ) (aa) Due to the absence of discrete financial information for Innovus, covering the period from February 1, 2020 through February 13, 2020, the Company did not include the impact of that stub-period for the pro forma results for the year ended June 30, 2020.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventory balances	June 30, 2020 2019 Raw materials $ 397,000 $ 117,000 Finished goods, net 9,603,000 1,323,000 $ 10,000,000 $ 1,440,000

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Fixed assets	Estimated June 30, Useful Lives in years 2020 2019 Manufacturing equipment 2 - 5 $ 112,000 $ 83,000 Leasehold improvements 3 229,000 112,000 Office equipment, furniture and other 2 - 5 312,000 315,000 Lab equipment 3 - 5 90,000 90,000 Less accumulated depreciation and amortization (484,000 ) (396,000 ) Fixed assets, net $ 259,000 $ 204,000

Leases, Right-to-Use Assets a_2

Leases, Right-to-Use Assets and Related Liabilities (Tables)	12 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease liability	Total 2021 2022 2023 2024 2025 Thereafter Remaining office leases $ 1,193,000 $ 389,000 $ 403,000 $ 362,000 $ 36,000 $ 3,000 - Less: discount adjustment (167,000 ) - - - - - - Total lease liability 1,026,000 - - - - - - Lease liability - current portion 301,000 - - - - - - Long-term lease liability $ 725,000 - - - - - -

Intangible Assets - Amortizab_2

Intangible Assets - Amortizable (Tables)	12 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	June 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (7,062,000 ) $ - $ 16,587,000 11.88 MiOXSYS Patent 380,000 (185,000 ) (195,000 ) - - Acquired product technology right 22,700,000 (1,513,000 ) - 21,187,000 9.34 Acquired product distribution rights 11,354,000 (565,000 ) - 10,789,000 4.62 Acquired customer lists 390,000 (98,000 ) - 292,000 1.12 $ 58,473,000 $ (9,423,000 ) $ (195,000 ) $ 48,855,000 9.11 June 30, 2019 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (4,787,000 ) $ - $ 18,862,000 12.31 MiOXSYS Patent 380,000 (159,000 ) - 221,000 8.70 $ 24,029,000 $ (4,946,000 ) $ - $ 19,083,000 12.27
Amortization expense	Licensed Assets Product Technology Rights Product Distribution Rights (Patents & Trademarks) Total 2021 $ 2,276,000 $ 2,270,000 $ 1,768,000 $ 6,314,000 2022 2,276,000 2,270,000 1,540,000 6,086,000 2023 2,276,000 2,270,000 1,500,000 6,046,000 2024 2,275,000 2,270,000 1,488,000 6,033,000 2025 917,000 2,270,000 1,292,000 4,479,000 Thereafter 6,567,000 9,837,000 3,493,000 19,897,000 $ 16,587,000 $ 21,187,000 $ 11,081,000 $ 48,855,000

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued liabilities	As of As of June 30, June 30, 2020 2019 Accrued settlement expense $ 315,000 $ - Accrued program liabilities 959,000 736,000 Accrued product-related fees 2,471,000 295,000 Credit card liabilities 510,000 − Medicaid liabilities 1,842,000 61,000 Return reserve 1,329,000 98,000 Sales taxes payable 175,000 − Other accrued liabilities* 249,000 121,000 Total accrued liabilities $ 7,850,000 $ 1,311,000 * Other accrued liabilities consist of accounting fee, samples expense and consultants fee, none of which individually represent greater than five percent of total current liabilities.

Fair Value Considerations (Tabl

Fair Value Considerations (Tables)	12 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair value on a recurring basis	Fair Value Measurements at June 30, 2020 Total Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs(Level 3) Recurring: Warrant derivative liability $ 11,000 – – $ 11,000 Contingent consideration 13,588,000 – – 13,588,000 CVR liability 5,572,000 – – 5,572,000 $ 19,171,000 – – $ 19,171,000 Fair Value Measurements at June 30, 2019 Total Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Warrant derivative liability $ 13,000 – – $ 13,000 Contingent consideration 23,326,000 – – 23,326,000 $ 23,339,000 – – $ 23,339,000
Significant assumptions in valuing the warrant derivative liability	As of June 30, 2020 As of At Issuance Warrant Derivative Liability Volatility 163.2 % 163.2 % 188.0 % Equivalent term (years) 2.13 3.13 5.00 Risk-free interest rate 0.16 % 1.83 % 1.83 % Dividend yield 0.00 % 0.00 % 0.00 %
Reconciliation of changes in the warrant derivative liability	Liability Classified Warrants Balance as of June 30, 2018 $ 94,000 Change in fair value included in earnings (81,000 ) Balance as of June 30, 2019 $ 13,000 Change in fair value included in earnings (2,000 ) Balance as of June 30, 2020 $ 11,000
Changes in the contingent consideration	Contingent Consideration Balance as of June 30, 2018 $ 4,694,000 Increase due to purchase of assets 8,833,000 Increase due to accretion 516,000 Decrease due to contractual payment (548,000 ) Increase due to remeasurement 9,831,000 Balance as of June 30, 2019 $ 23,326,000 Increase due to purchase of assets 183,000 Increase due to accretion 789,000 Decrease due to contractual payment (180,000 ) Decrease due to amended license agreement (5,200,000 ) Decrease due to remeasurement (5,330,000 ) Balance as of June 30, 2020 $ 13,588,000
Assumption for valuing contingent consideration	As of June 30, 2020 As of June 30, 2019 Natesto Relevered Beta − 0.83 Market risk premium − 5.50 % Risk-free interest rate − 3.50 % Discount − 5.20 % Company specific discount − 5.00 % As of June 30, 2020 As of June 30, 2019 ZolpiMist Relevered Beta 1.17 1.16 Market risk premium 6.00 % 5.50 % Risk-free interest rate 3.00 % 3.50 % Discount 5.20 % 5.20 % Company specific discount 5.00 % 5.00 % As of June 30, 2020 As of June 30, 2019 Tuzistra Relevered Beta 0.36 1.19 Maket risk premium 6.00 % 5.50 % Risk-free interest rate 3.00 % 3.50 % Discount 5.20 % 5.20 % Company specific discount 15.00 % 15.00 %
Fair value on a nonrecurring basis	Fair Value Measurements at June 30, 2020 Fair Value at Measurement Date Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-recurring MiOXSYS patent (Luoxis patents) $ - $ - $ - $ - Debt 982,079 - - 982,076 Pediatric Portfolio (November 1, 2019) Product technology rights 22,700,000 – – 22,700,000 Goodwill 19,453,135 – – 19,453,135 Fixed payment arrangements 29,837,853 – – 29,837,853 Innovus Merger (February 14, 2020) Customer lists 390,000 – – 390,000 Product distribution righs (trademarks and patents) 11,354,000 – – 11,354,000 Goodwill 8,637,272 – – 8,637,272 Notes payable 3,056,361 – – 3,056,361 $ 96,410,697 $ – $ – $ 96,410,697
Significant assumptions in valuing intangible assets	As of November 1, 2019 (*) Product technology rights Re-levered Beta 1.60 Market risk premium 6.00 % Small stock risk premium 5.20 % Risk-free interest rate 2.00 % Company specific discount 25.00 % (*) Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indications exist that the fair value of the asset has been impaired. There were no indicators as of June 30, 2020 that the fair value of the Product technology rights was impaired. As of February 14, 2020 Trademarks and patents Re-levered Beta 0.84 % Market risk premium 6.17 % Small stock risk premium 4.99 % Risk-free interest rate 1.89 % Company specific discount 20.00 %
Fixed payment obligations discount rate	As of November 1, 2019 (≠) Fixed payment obligations Discount rate 1.8% to 12.4% (≠) Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indicates that the circumstances that existed as of the November 1, 2019 measurement date indicate that the carrying value is no longer indicative of fair value.
Changes in Level 3 inputs	Product Technology Rights Innovus Assets Goodwill Liability Classified Warrants CVR Liability Contingent Consideration Fixed Payment Arrangements Balance as of June 30, 2019 $ – $ – $ – $ 13,000 $ – $ 23,326,000 $ – Transfers into Level 3 – – – – – – – Transfer out of Level 3 – – – – – – – Total gains, losses, amortization or accretion in period – – – – – – – Included in earnings (1,513,000 ) (663,000 ) – (2,000 ) 523,000 (9,741,000 ) 1,452,000 Included in other comprehensive income – – – – – Purchases, issues, sales and settlements – Purchases 22,700,000 11,744,000 28,090,000 – 7,049,000 183,000 – Issues – – – – – – 29,838,000 Sales – – – – – – – Settlements – – – – (2,000,000 ) (180,000 ) (17,778,000 ) Balance as of June 30, 2020 $ 21,187,000 $ 11,081,000 $ 28,090,000 $ 11,000 $ 5,572,000 $ 13,588,000 $ 13,512,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation	June 30, 2020 2019 Benefit at statutory rate $ (2,934,000 ) -21.00 % $ (5,698,000 ) -21.00 % State income taxes, net of federal benefit (798,000 ) -5.71 % (1,077,000 ) -3.97 % Stock based compensation (35,000 ) -0.25 % 3,000 0.01 % Contingent consideration 54,000 0.39 % - 0.00 % Change in tax rate - 0.00 % 12,000 0.04 % Remeasurement of deferred taxes - 0.00 % - 0.00 % Effect of phased-in tax rate - 0.00 % - 0.00 % Loss on debt extinguishment and interest expense 167,000 1.20 % - 0.00 % Change in valuation allowance 3,496,000 25.02 % 6,584,000 24.27 % Derivative income - 0.00 % (16,000 ) -0.06 % Other 50,000 0.37 % 192,000 0.71 % Net income tax provision (benefit) $ - 0.02 % $ - 0.00 %
Deferred tax assets and liabilities	June 30, 2020 2019 Deferred tax assets (liabilities): Accrued expenses $ 855,000 $ 234,000 Net operating loss carry forward 37,191,000 18,085,000 Intangibles (1,578,000 ) 3,377,000 Share-based compensation 1,891,000 1,210,000 Fixed assets 73,000 86,000 Capital loss carry forward 203,000 203,000 Contribution carry forward 31,000 31,000 Warrant liability 51,000 51,000 Inventory 789,000 25,000 R&D Credits 9,000 - Lease Liability 261,000 - ROU Asset (224,000 ) - Total deferred income tax assets (liabilities) 39,552,000 23,302,000 Less: Valuation allowance (39,552,000 ) (23,302,000 ) Total deferred income tax assets (liabilities) $ - $ -

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Significant assumptions used in valuing options/warrants issued	During the Year Ended June 30, 2020 Expected volatility 100.00-182.16 % Expected term (years) 1.-4.00 Risk-free interest rate 0.41-1.82 % Dividend yield 0.00 %
Stock option activity	Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2018 1,798 $ 325.97 6.95 Granted 75,000 1.00 Exercised - - Forfeited/Canceled (75,036 ) 1.16 Expired (155 ) 328.00 Outstanding June 30, 2019 1,607 325.97 6.13 Granted 769,500 1.24 Exercised (5,000 ) 0.97 Forfeited/Canceled - - Expired (170 ) 328.00 Outstanding June 30, 2020 765,937 1.85 9.67 Exercisable at June 30, 2020 8,937 $ 53.15 8.92
Stock options outstanding	Range of Exercise Prices Number of Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life of Options Outstanding Number of Options Exercisable Weighted Average Exercise Price $ 0.97 7,500 $ 0.97 9.52 7,500 $ 0.97 0.98 327,000 0.98 9.37 - 0.98 1.45 430,000 1.45 9.94 - 1.45 280.00 76 280.00 6.84 76 280.00 $ 328.00 1,361 $ 328.00 5.70 1,361 $ 328.00 765,937 $ 1.85 9.67 8,937 $ 53.15
Restricted stock activity	Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2018 37,200 $ 39.80 9.4 Granted 2,772,022 $ 1.30 Vested – – Forfeited (463,008 ) $ 1.23 Unvested at June 30, 2019 2,346,214 $ 1.83 9.1 Granted 1,952,912 $ 1.06 Vested (114,610 ) $ 1.79 Forfeited - - Unvested at June 30, 2020 4,184,516 $ 1.47 6.4
Stock-based compensation expense	Selling, general and administrative: 2020 2019 Stock options $ 80,000 $ 125,000 Restricted stock 999,000 897,000 Total stock-based compensation expense $ 1,079,000 $ 1,022,000

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Significant assumptions in valuing the warrants issued	Warrants Issued During the Year Ended June 30, 2020 Expected volatility 100 - 153% Equivalent term (years) 1 - 5 Risk-free rate 0.20% - 1.91% Dividend yield 0.00%
Warrant activity	A summary of equity-based warrants is as follows: Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2018 1,641,906 $ 19.19 4.67 Warrants issued 14,827,009 $ 1.35 – Warrants expired – – – Warrants exercised (250,007 ) – – Outstanding June 30, 2019 16,218,908 $ 3.15 4.36 Warrants issued 44,627,120 $ 1.21 – Warrants expired – – – Warrants exercised (*) (37,961,490 ) – – Outstanding June 30, 2020 22,884,538 $ 3.06 2.00 (*) During the three months March 31, 2020, an investor exercised 5.0 million of the October 2019 private placement warrants under the cashless exercise provision. In April 2020, another investor exercised all remaining 5.0 million October 2019 private placement warrants. There are no more October 2019 private placement warrants outstanding as of June 30, 2020. A summary of liability warrants is as follows: Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2018 240,755 $ 72.00 4.13 Warrants expired – – – Warrants exercised – – – Outstanding June 30, 2019 240,755 $ 72.00 3.16 Warrants expired – – – Warrants exercised – – – Outstanding June 30, 2020 240,755 $ 72.00 2.13

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Total 2021 2022 2023 2024 2025 Thereafter Prescription database $ 1,635,000 $ 902,000 $ 733,000 $ – $ – $ – $ – Pediatric portfolio fixed payments and product minimums 17,996,000 3,821,000 3,300,000 3,300,000 3,300,000 3,300,000 975,000 Inventory purchase commitment 1,962,000 1,226,000 736,000 – – – – CVR liability 5,572,000 840,000 1,292,000 2,484,000 956,000 – – Product contingent liability 202,000 – – – – – 202,000 Product milestone payments 3,000,000 – 3,000,000 – – – – Office leases 1,193,000 389,000 403,000 362,000 36,000 3,000 – $ 31,560,000 $ 7,178,000 $ 9,464,000 $ 6,146,000 $ 4,292,000 $ 3,303,000 $ 1,177,000

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	12 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from the computation of earnings per share	Year Ended June 30, 2020 2019 Warrants to purchase common stock - liability classified (Note 15) 240,755 240,755 Warrant to purchase common stock - equity classified (Note 15) 22,884,538 16,238,657 Employee stock options (Note 14) 765,937 1,607 Employee unvested restricted stock (Note 14) 4,186,056 2,551,024 Convertible preferred stock (Note 13) - 3,594,981 28,077,286 22,627,024

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment financial information	As of June 30, 2020 2019 Consolidated revenue: Aytu BioScience $ 17,249,000 $ 7,320,000 Aytu Consumer Health 10,383,000 - Consolidated revenue $ 27,632,000 $ 7,320,000 Consolidated net loss: Aytu BioScience $ (10,464,000 ) $ (27,132,000 ) Aytu Consumer Health (3,157,000 ) - Consolidated net loss $ (13,621,000 ) $ (27,132,000 ) Total assets: Aytu BioScience $ 126,267,000 $ 34,721,000 Aytu Consumer Health 26,569,000 - Total assets $ 152,836,000 $ 34,721,000 As of June 30, 2020 2019 Goodwill Aytu BioScience $ 19,453,000 $ – Aytu Consumer Health 8,637,000 – Consolidated Goodwill $ 28,090,000 $ –

Nature of Business and Financ_2

Nature of Business and Financial Condition (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (120,010,179)	$ (106,389,500)
Net loss	(13,620,679)	(27,131,908)
Net cash used in operating activities	$ (28,373,887)	$ (13,831,377)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Customer A | Revenue
Percentage of concentration risk	16.00%	19.00%
Customer A | Accounts Receivable
Percentage of concentration risk	19.00%	9.00%
Customer B | Revenue
Percentage of concentration risk	16.00%	20.00%
Customer B | Accounts Receivable
Percentage of concentration risk	16.00%	20.00%
Customer C | Revenue
Percentage of concentration risk	14.00%	26.00%
Customer C | Accounts Receivable
Percentage of concentration risk	14.00%	36.00%
Customer D | Revenue
Percentage of concentration risk	0.00%	22.00%
Customer E | Accounts Receivable
Percentage of concentration risk	0.00%	23.00%
Customer F | Accounts Receivable
Percentage of concentration risk	12.00%	0.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 2) - shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive securities	28,077,286	22,627,024
Liability Warrants
Antidilutive securities	240,755	240,755
Equity-Based Warrants
Antidilutive securities	22,884,538	16,238,657
Stock Options
Antidilutive securities	765,937	1,607
Employee Unvested Restricted Stock
Antidilutive securities	4,186,056	2,551,024
Convertible Preferred Stock
Antidilutive securities	0	3,594,981

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Accounts receivable reserve	$ 400,000	$ 0
Reserve for slow moving inventory	1,300,000	0
Return allowance	1,300,000	100,000
Advertising costs	4,700,000	0
Impairment	$ 200,000	$ 0

Revenues from Contracts with _3

Revenues from Contracts with Customers (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Consolidated revenue	$ 27,632,080	$ 7,320,357
Primary Care and Devices Portfolio
Consolidated revenue
Pediatric Portfolio
Consolidated revenue
Consumer Health Portfolio
Consolidated revenue	$ 10,383,000	$ 0

Revenues from Contracts with _4

Revenues from Contracts with Customers (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Total net revenue	$ 27,632,000	$ 7,320,000
U.S.
Total net revenue	24,980,000	6,462,000
Rest-of-the-World
Total net revenue	$ 2,652,000	$ 858,000

Acquisitions (Details)

Acquisitions (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Recognized amounts of identifiable assets acquired, and liabilities assumed
Goodwill	$ 28,090,407	$ 0
Cerecor, Inc.
Consideration
Cash and cash equivalents	4,500,000
Total consideration transferred	10,059,914
Recognized amounts of identifiable assets acquired, and liabilities assumed
Inventory, net	459,123
Prepaid expenses and other current assets	1,743,555
Other current assets	2,525,886
Intangible assets	22,700,000
Accrued product program liabilities	(6,683,932)
Assumed fixed payment obligations	(29,837,853)
Total identifiable net assets	(9,393,221)
Goodwill	$ 19,453,135	15,387,064
Cerecor, Inc. | Series G Convertible Preferred Stock
Consideration
Shares issued	9,805,845
Estimated fair value per share of Aytu common stock	$ 0.567
Estimated fair value of equity consideration transferred	$ 5,559,914
Innovus Pharmaceuticals
Consideration
Fair value of former Innovus warrants	15,315
Fair value of contingent value rights	7,049,079
Forgiveness of note payable owed to the Company	1,350,000
Total consideration transferred	12,805,263
Recognized amounts of identifiable assets acquired, and liabilities assumed
Cash and cash equivalents	390,916
Accounts receivables, net	278,826
Inventory, net	1,149,625
Prepaid expenses and other current assets	1,692,133
Other long-term assets	36,781
Right-to-use assets	328,410
Property, plant and equipment	190,393
Intangible assets	11,744,000
Accounts payable and accrued other expenses	(7,202,309)
Other current liabilities	(629,601)
Notes payable	(3,056,361)
Lease liability	(754,822)
Total identifiable net assets	4,167,991
Goodwill	$ 8,637,272	$ 8,374,269
Innovus Pharmaceuticals | Aytu Common Stock
Consideration
Shares issued	3,810,393
Estimated fair value per share of Aytu common stock	$ 0.756
Estimated fair value of equity consideration transferred	$ 2,880,581
Innovus Pharmaceuticals | Series H Convertible Preferred Stock
Consideration
Shares issued	1,997,736
Estimated fair value per share of Aytu common stock	$ 0.756
Estimated fair value of equity consideration transferred	$ 1,510,288

Acquisitions (Details 1)

Acquisitions (Details 1)	12 Months Ended
	Jun. 30, 2020USD ($)
Goodwill, beginning balance	$ 0
Goodwill, ending balance	28,090,407
Cerecor, Inc.
Goodwill, beginning balance	15,387,064
Increase due change in estimated fixed payment obligations	3,766,071
Increase to account for settlement with former product licensor	300,000
Goodwill, ending balance	19,453,135
Innovus Pharmaceuticals
Goodwill, beginning balance	8,374,269
Increase due to settlements related to lawsuit and product royalties	209,178
Increase due to additional bonus accrual	53,825
Goodwill, ending balance	$ 8,637,272

Acquisitions (Details 2)

Acquisitions (Details 2)	Jun. 30, 2020USD ($)
Cerecor, Inc. | Product Technology Rights
Acquired intangible assets	$ 22,700,000
Innovus Pharmaceuticals
Acquired intangible assets	11,744,000
Innovus Pharmaceuticals | Product Distribution Rights
Acquired intangible assets	11,354,000
Innovus Pharmaceuticals | Customer Lists
Acquired intangible assets	$ 390,000

Acquisitions (Details 3)

Acquisitions (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2020	[1]	Jun. 30, 2019
Business Combinations [Abstract]
Total revenues, net	$ 35,562,537		$ 39,044,357
Net loss	$ (16,375,078)		$ (37,939,908)
Net loss per share	$ (0.37)		$ (3.27)
[1]	Due to the absence of discrete financial information for Innovus, covering the period from February 1, 2020 through February 13, 2020, the Company did not include the impact of that stub-period for the pro forma results for the year ended June 30, 2020.

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 397,000	$ 117,000
Finished goods, net	9,603,000	1,323,000
Inventory, net	$ 9,999,441	$ 1,440,069

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Inventory Disclosure [Abstract]
Work-in-process	$ 0	$ 0
Reserve for slow moving inventory	$ 1,300,000	$ 0

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Less accumulated depreciation and amortization	$ (484,000)	$ (396,000)
Fixed assets, net	258,516	203,733
Manufacturing Equipment
Fixed assets, gross	$ 112,000	83,000
Manufacturing Equipment | Minimum
Estimated useful lives in years	2 years
Manufacturing Equipment | Maximum
Estimated useful lives in years	5 years
Leasehold Improvements
Estimated useful lives in years	3 years
Fixed assets, gross	$ 229,000	112,000
Office Equipment, Furniture and Other
Fixed assets, gross	$ 312,000	315,000
Office Equipment, Furniture and Other | Minimum
Estimated useful lives in years	2 years
Office Equipment, Furniture and Other | Maximum
Estimated useful lives in years	5 years
Lab Equipment
Fixed assets, gross	$ 90,000	$ 90,000
Lab Equipment | Minimum
Estimated useful lives in years	3 years
Lab Equipment | Maximum
Estimated useful lives in years	5 years

Fixed Assets (Details Narrative

Fixed Assets (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 100,000	$ 100,000

Leases, Right-to-Use Assets a_3

Leases, Right-to-Use Assets and Related Liabilities (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
2021	$ 389,000
2022	403,000
2023	362,000
2024	36,000
2025	3,000
Thereafter	0
Total	1,193,000
Less:discount adjustment	(167,000)
Total lease liability	1,026,000
Lease liability current portion	300,426	$ 0
Long-term lease liability	$ 725,374	$ 0

Leases, Right-to-use Assets a_4

Leases, Right-to-use Assets and Related Liabiliities (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Rent expense	$ 200,000	$ 100,000

Intangible Assets - Amortizab_3

Intangible Assets - Amortizable (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Intangible assets, gross	$ 58,473,000	$ 24,029,000
Accumulated amortization	(9,423,000)	(4,946,000)
Impairment	(195,278)	0
Intangible assets, net	$ 48,855,000	$ 19,083,000
Weighted-average remaining life (in years)	9 years 1 month 10 days	12 years 3 months 7 days
Licensed Assets
Intangible assets, gross	$ 23,649,000	$ 23,649,000
Accumulated amortization	(7,062,000)	(4,787,000)
Impairment	0	0
Intangible assets, net	$ 16,587,000	$ 18,862,000
Weighted-average remaining life (in years)	11 years 10 months 17 days	12 years 3 months 22 days
MiOXSYS Patent
Intangible assets, gross	$ 380,000	$ 380,000
Accumulated amortization	(185,000)	(159,000)
Impairment	(195,000)	0
Intangible assets, net	$ 0	$ 221,000
Weighted-average remaining life (in years)	0 years	8 years 8 months 12 days
Acquired Product Technology Right
Intangible assets, gross	$ 22,700,000
Accumulated amortization	(1,513,000)
Impairment	0
Intangible assets, net	$ 21,187,000
Weighted-average remaining life (in years)	9 years 4 months 2 days
Acquired Product Distribution Rights
Intangible assets, gross	$ 11,354,000
Accumulated amortization	(565,000)
Impairment	0
Intangible assets, net	$ 10,789,000
Weighted-average remaining life (in years)	4 years 7 months 13 days
Acquired Customer Lists
Intangible assets, gross	$ 390,000
Accumulated amortization	(98,000)
Impairment	0
Intangible assets, net	$ 292,000
Weighted-average remaining life (in years)	1 year 1 month 13 days

Intangible Assets - Amortizab_4

Intangible Assets - Amortizable (Details 1) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
2021	$ 6,314,000
2022	6,086,000
2023	6,046,000
2024	6,033,000
2025	4,479,000
Thereafter	19,897,000
Total	48,855,000	$ 19,083,000
Licensed Assets
2021	2,276,000
2022	2,276,000
2023	2,276,000
2024	2,275,000
2025	917,000
Thereafter	6,567,000
Total	16,587,000	$ 18,862,000
Acquired Product Technology Right
2021	2,270,000
2022	2,270,000
2023	2,270,000
2024	2,270,000
2025	2,270,000
Thereafter	9,837,000
Total	21,187,000
Patents and Trademarks
2021	1,768,000
2022	1,540,000
2023	1,500,000
2024	1,488,000
2025	1,292,000
Thereafter	3,493,000
Total	$ 11,081,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)		Jun. 30, 2020	Jun. 30, 2019
Payables and Accruals [Abstract]
Accrued settlement expense		$ 315,000	$ 0
Accrued program liabilities		959,000	736,000
Accrued product-related fees		2,471,000	295,000
Credit card liabilities		510,000	0
Medicaid liabilities		1,842,000	61,000
Return reserve		1,329,000	98,000
Sales taxes payable		175,000	0
Other accrued liabilities	[1]	249,000	121,000
Total accrued liabilities		$ 7,849,855	$ 1,311,488
[1]	Other accrued liabilities consist of accounting fee, samples expense and consultants fee, none of which individually represent greater than five percent of total current liabilities.

Fair Value Considerations (Deta

Fair Value Considerations (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Warrant derivative liability	$ 11,371	$ 13,201
Contingent consideration	13,588,000	23,326,000	$ 4,694,000
Fair Value, Measurements, Recurring
Warrant derivative liability	11,000	13,000
Contingent consideration	13,588,000	23,326,000
CVR liability	5,572,000
Total	19,171,000	23,339,000
Level 1 | Fair Value, Measurements, Recurring
Warrant derivative liability	0	0
Contingent consideration	0	0
CVR liability	0
Total	0	0
Level 2 | Fair Value, Measurements, Recurring
Warrant derivative liability	0	0
Contingent consideration	0	0
CVR liability	0
Total	0	0
Level 3 | Fair Value, Measurements, Recurring
Warrant derivative liability	11,000	13,000
Contingent consideration	13,588,000	23,326,000
CVR liability	5,572,000
Total	$ 19,171,000	$ 23,339,000

Fair Value Considerations (De_2

Fair Value Considerations (Details 1) - Warrant Derivative Liability	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Volatility	163.20%	163.20%
Equivalent term (years)	2 years 1 month 17 days	3 years 1 month 17 days
Risk-free interest rate	0.16%	1.83%
Dividend yield	0.00%	0.00%
At Issuance
Volatility	188.00%
Equivalent term (years)	5 years
Risk-free interest rate	1.83%
Dividend yield	0.00%

Fair Value Considerations (De_3

Fair Value Considerations (Details 2) - Warrant Derivative Liability - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Warrant derivative liability, beginning balance	$ 13,000	$ 94,000
Change in fair value included in earnings	(2,000)	(81,000)
Warrant derivative liability, ending balance	$ 11,000	$ 13,000

Fair Value Considerations (De_4

Fair Value Considerations (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Contingent consideration, beginning balance	$ 23,326,000	$ 4,694,000
Increase due to purchase of assets	183,000	8,833,000
Increase due to accretion	789,000	516,000
Decrease due to contractual payment	(180,000)	(548,000)
Decrease due to amended license agreement	(5,200,000)
Increase (decrease) due to remeasurement	(5,330,000)	9,831,000
Contingent consideration, ending balance	$ 13,588,000	$ 23,326,000

Fair Value Considerations (De_5

Fair Value Considerations (Details 4) - Beta	Jun. 30, 2020	Jun. 30, 2019
Natesto
Relevered beta	0	0.83
Market risk premium	0.00%	5.50%
Risk-free interest rate	0.00%	3.50%
Discount	0.00%	5.20%
Company specific discount	0.00%	5.00%
ZolpiMist
Relevered beta	1.17	1.16
Market risk premium	6.00%	5.50%
Risk-free interest rate	3.00%	3.50%
Discount	5.20%	5.20%
Company specific discount	5.00%	5.00%
Tuzistra
Relevered beta	0.36	1.19
Market risk premium	6.00%	5.50%
Risk-free interest rate	3.00%	3.50%
Discount	5.20%	5.20%
Company specific discount	15.00%	15.00%

Fair Value Considerations (De_6

Fair Value Considerations (Details 5) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
MiOXSYS patent (Luoxis patents)	$ 11,081,048	$ 220,611
Fair Value, Measurements, Nonrecurring
MiOXSYS patent (Luoxis patents)	0
Debt	982,076
Total	96,410,697
Level 1 | Fair Value, Measurements, Nonrecurring
MiOXSYS patent (Luoxis patents)	0
Debt	0
Total	0
Level 2 | Fair Value, Measurements, Nonrecurring
MiOXSYS patent (Luoxis patents)	0
Debt	0
Total	0
Level 3 | Fair Value, Measurements, Nonrecurring
MiOXSYS patent (Luoxis patents)	0
Debt	982,076
Total	96,410,697
Cerecor, Inc. | Fair Value, Measurements, Nonrecurring
Product technology rights	22,700,000
Goodwill	19,453,135
Fixed payment arrangements	29,837,853
Cerecor, Inc. | Level 1 | Fair Value, Measurements, Nonrecurring
Product technology rights	0
Goodwill	0
Fixed payment arrangements	0
Cerecor, Inc. | Level 2 | Fair Value, Measurements, Nonrecurring
Product technology rights	0
Goodwill	0
Fixed payment arrangements	0
Cerecor, Inc. | Level 3 | Fair Value, Measurements, Nonrecurring
Product technology rights	22,700,000
Goodwill	19,453,135
Fixed payment arrangements	29,837,853
Innovus Pharmaceuticals | Fair Value, Measurements, Nonrecurring
Customer lists	390,000
Product distribution rights (trademarks and patents)	11,354,000
Goodwill	8,637,272
Notes payable	3,056,361
Innovus Pharmaceuticals | Level 1 | Fair Value, Measurements, Nonrecurring
Customer lists	0
Product distribution rights (trademarks and patents)	0
Goodwill	0
Notes payable	0
Innovus Pharmaceuticals | Level 2 | Fair Value, Measurements, Nonrecurring
Customer lists	0
Product distribution rights (trademarks and patents)	0
Goodwill	0
Notes payable	0
Innovus Pharmaceuticals | Level 3 | Fair Value, Measurements, Nonrecurring
Customer lists	390,000
Product distribution rights (trademarks and patents)	11,354,000
Goodwill	8,637,272
Notes payable	$ 3,056,361

Fair Value Considerations (De_7

Fair Value Considerations (Details 6) - Beta		Feb. 14, 2020	Nov. 01, 2019
Cerecor, Inc. | Product Technology Rights
Re-levered Beta	[1]		1.60
Market risk premium	[1]		6.00%
Small stock risk premium	[1]		5.20%
Risk-free interest rate	[1]		2.00%
Company specific discount	[1]		25.00%
Innovus Pharmaceuticals | Patents & Trademarks
Re-levered Beta		0.84
Market risk premium		6.17%
Small stock risk premium		4.99%
Risk-free interest rate		1.89%
Company specific discount		20.00%
[1]	Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indications exist that the fair value of the asset has been impaired. There were no indicators as of June 30, 2020 that the fair value of the Product technology rights was impaired.

Fair Value Considerations (De_8

Fair Value Considerations (Details 7) - Cerecor, Inc.	Nov. 01, 2019	[1]
Minimum
Fixed payment obligations discount rate	1.80%
Maximum
Fixed payment obligations discount rate	12.40%
[1]	Valuation performed as of November 1, 2019. As a non-recurring fair value measurement, there is no remeasurement at each reporting period unless indicates that the circumstances that existed as of the November 1, 2019 measurement date indicate that the carrying value is no longer indicative of fair value.

Fair Value Considerations (De_9

Fair Value Considerations (Details 8)	12 Months Ended
	Jun. 30, 2020USD ($)
Liability Classified Warrants
Beginning balance	$ 13,000
Transfers into Level 3	0
Transfer out of Level 3	0
Total gains, losses, amortization or accretion in period	0
Total gains, losses, amortization or accretion in period included in earnings	(2,000)
Total gains, losses, amortization or accretion in period included in other comprehensive income	0
Purchases	0
Issues	0
Sales	0
Settlements	0
Ending balance	11,000
CVR Liability
Beginning balance	0
Transfers into Level 3	0
Transfer out of Level 3	0
Total gains, losses, amortization or accretion in period	0
Total gains, losses, amortization or accretion in period included in earnings	523,000
Total gains, losses, amortization or accretion in period included in other comprehensive income	0
Purchases	7,049,000
Issues	0
Sales	0
Settlements	(2,000,000)
Ending balance	5,572,000
Contingent Consideration
Beginning balance	23,326,000
Transfers into Level 3	0
Transfer out of Level 3	0
Total gains, losses, amortization or accretion in period	0
Total gains, losses, amortization or accretion in period included in earnings	(9,741,000)
Total gains, losses, amortization or accretion in period included in other comprehensive income	0
Purchases	183,000
Issues	0
Sales	0
Settlements	(180,000)
Ending balance	13,588,000
Fixed Payment Arrangements
Beginning balance	0
Transfers into Level 3	0
Transfer out of Level 3	0
Total gains, losses, amortization or accretion in period	0
Total gains, losses, amortization or accretion in period included in earnings	647,000
Total gains, losses, amortization or accretion in period included in other comprehensive income	0
Purchases	0
Issues	29,838,000
Sales	0
Settlements	(17,778,000)
Ending balance	13,512,000
Product Technology Rights
Beginning balance	0
Transfers into Level 3	0
Transfer out of Level 3	0
Total gains, losses, amortization or accretion in period	0
Total gains, losses, amortization or accretion in period included in earnings	(1,513)
Total gains, losses, amortization or accretion in period included in other comprehensive income	0
Purchases	22,700,000
Issues	0
Sales	0
Settlements	0
Ending balance	21,187,000
Innovus Assets
Beginning balance	0
Transfers into Level 3	0
Transfer out of Level 3	0
Total gains, losses, amortization or accretion in period	0
Total gains, losses, amortization or accretion in period included in earnings	(663,000)
Total gains, losses, amortization or accretion in period included in other comprehensive income	0
Purchases	11,744,000
Issues	0
Sales	0
Settlements	0
Ending balance	11,081,000
Goodwill
Beginning balance	0
Transfers into Level 3	0
Transfer out of Level 3	0
Total gains, losses, amortization or accretion in period	0
Total gains, losses, amortization or accretion in period included in earnings	0
Total gains, losses, amortization or accretion in period included in other comprehensive income	0
Purchases	28,090,000
Issues	0
Sales	0
Settlements	0
Ending balance	$ 28,090,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Benefit at statutory rate	$ (2,934,000)	$ (5,698,000)
State income taxes, net of federal benefit	(798,000)	(1,077,000)
Stock based compensation	(35,000)	3,000
Contingent consideration	54,000	0
Change in tax rate	0	12,000
Remeasurement of deferred taxes	0	0
Effect of phased-in tax rate	0	0
Loss on debt extinguishment and interest expense	167,000	0
Change in valuation allowance	3,496,000	6,584,000
Derivative income	0	(16,000)
Other	50,000	192,000
Net income tax provision (benefit)	$ 0	$ 0
Benefit at statutory rate, percentage	(21.00%)	(21.00%)
State income taxes, net of federal benefit, percentage	(5.71%)	(3.97%)
Stock based compensation, percentage	(0.25%)	0.01%
Contingent consideration, percentage	0.39%	0.00%
Change in tax rate, percentage	0.00%	0.04%
Remeasurement of deferred taxes, percentage	0.00%	0.00%
Effect of phased-in tax rate, percentage	0.00%	0.00%
Loss on debt extinguishment and interest expense, percentage	1.20%	0.00%
Change in valuation allowance, percentage	25.02%	24.27%
Derivative income, percentage	0.00%	(0.06%)
Other, percentage	0.37%	0.71%
Net income tax provision (benefit), percentage	0.02%	0.00%

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Deferred tax assets (liabilities):
Accrued expenses	$ 855,000	$ 234,000
Net operating loss carry forward	37,191,000	18,085,000
Intangibles	(1,578,000)	3,377,000
Share-based compensation	1,891,000	1,210,000
Fixed assets	73,000	86,000
Capital loss carry forward	203,000	203,000
Contribution carry forward	31,000	31,000
Warrant liability	51,000	51,000
Inventory	789,000	25,000
R&D credits	9,000	0
Lease liability	261,000	0
ROU asset	(224,000)	0
Total deferred income tax assets (liabilities)	39,552,000	23,302,000
Less: valuation allowance	(39,552,000)	(23,302,000)
Total deferred income tax assets (liabilities)	$ 0	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Federal
Net operating losses	$ 147,000,000	$ 73,900,000

Capital Structure (Details Narr

Capital Structure (Details Narrative) - $ / shares	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	125,837,357	17,538,071
Common stock, shares outstanding	125,837,357	17,538,071
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	3,594,981
Preferred stock, shares outstanding	0	3,594,981

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - Stock Options	12 Months Ended
	Jun. 30, 2020
Dividend yield	0.00%
Minimum
Expected volatility	100.00%
Expected term (years)	1 year
Risk-free interest rate	0.41%
Maximum
Expected volatility	182.16%
Expected term (years)	4 years
Risk-free interest rate	1.82%

Equity Incentive Plan (Details

Equity Incentive Plan (Details 1) - Stock Options - $ / shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Number of options outstanding, beginning balance	1,607	1,798
Granted	769,500	75,000
Exercised	(5,000)	0
Forfeited/cancelled	0	(75,036)
Expired	(170)	(155)
Number of options outstanding, ending balance	765,937	1,607
Number of options exercisable	8,937
Weighted average exercise price outstanding, beginning balance	$ 325.97	$ 325.97
Granted	1.24	1
Exercised	.97	.00
Forfeited/cancelled	.00	1.16
Expired	328	328
Weighted average exercise price outstanding, ending balance	1.85	$ 325.97
Weighted average exercise price exercisable	$ 53.15
Weighted average remaining contractual life in years outstanding, beginning balance	6 years 1 month 17 days	6 years 11 months 12 days
Weighted average remaining contractual life in years outstanding, ending balance	9 years 8 months 1 day	6 years 1 month 17 days
Weighted average remaining contractual life in years exercisable	8 years 11 months 1 day

Equity Incentive Plan (Detail_2

Equity Incentive Plan (Details 2)	12 Months Ended
	Jun. 30, 2020$ / sharesshares
Stock Options
Number of options outstanding | shares	765,937
Weighted average exercise price	$ 1.85
Weighted average remaining contractual life of options outstanding	9 years 8 months 1 day
Number of options exercisable | shares	8,937
Weighted average exercise price	$ 53.15
Exercise Price Range 1
Range of exercise prices	$ 0.97
Number of options outstanding | shares	7,500
Weighted average exercise price	$ .97
Weighted average remaining contractual life of options outstanding	9 years 6 months 7 days
Number of options exercisable | shares	7,500
Weighted average exercise price	$ .97
Exercise Price Range 2
Range of exercise prices	$ 0.98
Number of options outstanding | shares	327,000
Weighted average exercise price	$ .98
Weighted average remaining contractual life of options outstanding	9 years 4 months 13 days
Number of options exercisable | shares	0
Weighted average exercise price	$ .98
Exercise Price Range 3
Range of exercise prices	$ 1.45
Number of options outstanding | shares	430,000
Weighted average exercise price	$ 1.45
Weighted average remaining contractual life of options outstanding	9 years 11 months 8 days
Number of options exercisable | shares	0
Weighted average exercise price	$ 1.45
Exercise Price Range 4
Range of exercise prices	$ 280
Number of options outstanding | shares	76
Weighted average exercise price	$ 280
Weighted average remaining contractual life of options outstanding	6 years 10 months 2 days
Number of options exercisable | shares	76
Weighted average exercise price	$ 280
Exercise Price Range 5
Range of exercise prices	$ 328
Number of options outstanding | shares	1,361
Weighted average exercise price	$ 328
Weighted average remaining contractual life of options outstanding	5 years 8 months 12 days
Number of options exercisable | shares	1,361
Weighted average exercise price	$ 328

Equity Incentive Plan (Detail_3

Equity Incentive Plan (Details 3) - Restricted Stock - $ / shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Number of unvested restricted stock outstanding, beginning balance	2,346,214	37,200
Granted	1,952,912	2,772,022
Vested	0	0
Forfeited	(114,610)	(463,008)
Number of unvested restricted stock outstanding, ending balance	4,184,516	2,346,214
Unvested weighted average grant date fair value outstanding, beginning balance	$ 1.83	$ 39.80
Granted	1.06	1.30
Vested	.00	.00
Forfeited	1.79	1.23
Unvested weighted average grant date fair value outstanding, ending balance	$ 1.47	$ 1.83
Unvested weighted average remaining contractual life outstanding, beginning balance	9 years 1 month 6 days	9 years 4 months 24 days
Unvested weighted average remaining contractual life outstanding,, ending balance	6 years 4 months 24 days	9 years 1 month 6 days

Equity Incentive Plan (Detail_4

Equity Incentive Plan (Details 4) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Total share-based compensation expense	$ 1,079,000	$ 1,022,000
Restricted Stock
Total share-based compensation expense	999,000	897,000
Stock Options
Total share-based compensation expense	$ 80,000	$ 125,000

Warrants (Details)

Warrants (Details) - Warrants	12 Months Ended
	Jun. 30, 2020
Dividend yield	0.00%
Minimum
Expected volatility	100.00%
Equivalent term (years)	1 year
Risk-free rate	0.20%
Maximum
Expected volatility	153.00%
Equivalent term (years)	5 years
Risk-free rate	1.91%

Warrants (Details 1)

Warrants (Details 1) - $ / shares	12 Months Ended
	Jun. 30, 2020		Jun. 30, 2019
Equity-Based Warrants
Number of warrants, outstanding beginning balance	16,218,908		1,641,906
Issued	44,627,120		14,827,009
Expired	0		0
Exercised	(37,961,490)	[1]	(250,007)
Number of warrants outstanding, ending balance	2,284,538		16,218,908
Weighted average exercise price outstanding, beginning balance	$ 3.15		$ 19.19
Issued	1.21		1.35
Expired	.00		.00
Exercised	.00		.00
Weighted average exercise price outstanding, ending balance	$ 3.06		$ 3.15
Weighted average remaining contractual life outstanding, beginning balance	4 years 4 months 10 days		4 years 8 months 1 day
Weighted average remaining contractual life outstanding, ending balance	2 years		4 years 4 months 10 days
Liability Warrants
Number of warrants, outstanding beginning balance	240,755		240,755
Expired	0		0
Exercised	0		0
Number of warrants outstanding, ending balance	240,755		240,755
Weighted average exercise price outstanding, beginning balance	$ 72		$ 72
Expired	0		.00
Exercised	0		.00
Weighted average exercise price outstanding, ending balance	$ 72		$ 72
Weighted average remaining contractual life outstanding, beginning balance	3 years 1 month 28 days		4 years 1 month 17 days
Weighted average remaining contractual life outstanding, ending balance	2 years 1 month 17 days		3 years 1 month 28 days
[1]	During the three months March 31, 2020, an investor exercised 5.0 million of the October 2019 private placement warrants under the cashless exercise provision. In April 2020, another investor exercised all remaining 5.0 million October 2019 private placement warrants. There are no more October 2019 private placement warrants outstanding as of June 30, 2020.

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Jun. 30, 2020USD ($)
2021	$ 7,178,000
2022	9,464,000
2023	6,146,000
2024	4,292,000
2025	3,303,000
Thereafter	1,177,000
Total	31,560,000
Prescription Database
2021	902,000
2022	733,000
2023	0
2024	0
2025	0
Thereafter	0
Total	1,635,000
Pediatric Portfolio Fixed Payments and Product Minimums
2021	3,821,000
2022	3,300,000
2023	3,300,000
2024	3,300,000
2025	3,300,000
Thereafter	975,000
Total	17,996,000
Inventory Purchase Commitment
2021	1,226,000
2022	736,000
2023	0
2024	0
2025	0
Thereafter	0
Total	1,962,000
CVR Liability
2021	840,000
2022	1,292,000
2023	2,484,000
2024	956,000
2025	0
Thereafter	0
Total	5,572,000
Product Contingent Liability
2021	0
2022	0
2023	0
2024	0
2025	0
Thereafter	202,000
Total	202,000
Product Milestone Payments
2021	0
2022	3,000,000
2023	0
2024	0
2025	0
Thereafter	0
Total	3,000,000
Office Leases
2021	389,000
2022	403,000
2023	362,000
2024	36,000
2025	3,000
Thereafter	0
Total	$ 1,193,000

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - shares	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive securities	28,077,286	22,627,024
Liability Warrants
Antidilutive securities	240,755	240,755
Equity-Based Warrants
Antidilutive securities	22,884,538	16,238,657
Stock Options
Antidilutive securities	765,937	1,607
Employee Unvested Restricted Stock
Antidilutive securities	4,186,056	2,551,024
Convertible Preferred Stock
Antidilutive securities	0	3,594,981

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Revenue	$ 27,632,080	$ 7,320,357
Net loss	(13,620,679)	(27,131,908)
Assets	152,836,330	34,721,391
Goodwill	28,090,407	0
Aytu BioScience
Revenue	17,249,000	7,320,000
Net loss	(10,464,000)	(27,132,000)
Assets	126,267,000	34,721,000
Goodwill	19,453,000	0
Ayu Consumer Health
Revenue	10,383,000	0
Net loss	(3,157,000)	0
Assets	26,569,000	0
Goodwill	$ 8,637,000	$ 0