Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | May. 16, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | AntriaBio, Inc. | |
Entity Central Index Key | 1,509,261 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | ANTB | |
Entity Common Stock, Shares Outstanding | 24,338,219 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Current assets | ||
Cash | $ 1,746,022 | $ 5,278,706 |
Restricted cash | 0 | 450,167 |
Other current assets | 294,278 | 387,511 |
Total current assets | 2,040,300 | 6,116,384 |
Non-current assets | ||
Fixed assets, net | 6,134,613 | 4,524,912 |
Intangibile assets, net | 53,437 | 58,906 |
Deposit | 562,500 | 563,000 |
Total non-current assets | 6,750,550 | 5,146,818 |
Total Assets | 8,790,850 | 11,263,202 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,168,973 | 1,408,399 |
Convertible notes payable | 60,000 | 60,000 |
Deferred lease liability, current portion | 116,952 | 98,671 |
Lease payable, current portion | 46,946 | 93,852 |
Interest payable | 14,579 | 13,079 |
Warrant derivative liability | 11,679 | 31,777 |
Total current liabilities | 2,419,129 | 1,705,778 |
Non-current liabilities: | ||
Deferred lease liability, less current portion | 431,341 | 480,490 |
Lease payable, less current portion | 0 | 23,127 |
Total non-current liabilities | 431,341 | 503,617 |
Total Liabilities | $ 2,850,470 | $ 2,209,395 |
Commitments and Contingencies (Note 11) | ||
Series A Convertible Preferred Stock - subject to redemption, $0.01 par value, $1.95 redemption value; 15,000,000 authorized; 2,769,422 and no shares issued and outstanding, March 31, 2016 and June 30, 2015, respectively | $ 4,821,802 | $ 0 |
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized; 24,338,219 and 24,338,219 shares issued and outstanding, March 31, 2016 and June 30, 2015 | 24,341 | 24,341 |
Additional paid-in capital | 41,268,207 | 38,138,754 |
Accumulated deficit | (40,173,970) | (29,109,288) |
Total stockholders' equity | 1,118,578 | 9,053,807 |
Total Liabilities, Series A Convertible Preferred Stock and Stockholders' Equity | $ 8,790,850 | $ 11,263,202 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,338,219 | 24,338,219 |
Common stock, shares outstanding | 24,338,219 | 24,338,219 |
Series A Convertible Preferred Stock [Member] | ||
Temporary Equity, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Temporary Equity, Redemption Price Per Share | $ 1.95 | $ 1.95 |
Temporary Equity, Shares Authorized | 15,000,000 | 15,000,000 |
Temporary Equity, Shares Issued | 2,769,422 | 0 |
Temporary Equity, Shares Outstanding | 2,769,422 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Research and development | ||||
Compensation and benefits | $ 1,180,350 | $ 628,252 | $ 3,187,751 | $ 1,306,806 |
Consultants and outside costs | 265,470 | 166,472 | 869,750 | 425,891 |
Material manufacturing costs | 461,599 | 296,385 | 1,837,110 | 871,308 |
Facilities and other costs | 402,770 | 199,686 | 907,721 | 365,511 |
Research and development | 2,310,189 | 1,290,795 | 6,802,332 | 2,969,516 |
General and administrative | ||||
Consulting fees | 0 | 33,000 | 0 | 349,633 |
Compensation and benefits | 907,626 | 780,500 | 3,025,476 | 2,828,032 |
Professional fees | 106,791 | 72,270 | 344,964 | 362,339 |
Investor relations | 88,138 | 36,602 | 202,458 | 468,047 |
General and administrative | 302,731 | 87,033 | 706,380 | 626,777 |
General and Administrative | 1,405,286 | 1,009,405 | 4,279,278 | 4,634,828 |
Total operating expenses | 3,715,475 | 2,300,200 | 11,081,610 | 7,604,344 |
Loss from operations | (3,715,475) | (2,300,200) | (11,081,610) | (7,604,344) |
Other income (expense) | ||||
Interest income | 1 | 1,093 | 965 | 4,062 |
Interest expense | (1,143) | (2,086) | (4,135) | (4,885) |
Derivative gains (losses) | 5,782 | (871,447) | 20,098 | (717,733) |
Total other income (expense) | 4,640 | (872,440) | 16,928 | (718,556) |
Net loss | (3,710,835) | (3,172,640) | (11,064,682) | (8,322,900) |
Cumulative Preferred Stock dividend | (61,279) | 0 | (61,279) | 0 |
Net loss attributable to common stock | $ (3,772,114) | $ (3,172,640) | $ (11,125,961) | $ (8,322,900) |
Net loss per common share - basic and diluted | $ (0.15) | $ (0.14) | $ (0.46) | $ (0.42) |
Weighted average number of common shares outstanding - basic and diluted | 24,338,219 | 22,542,821 | 24,338,219 | 19,840,425 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Jun. 30, 2014 | $ 6,406,731 | $ 18,092 | $ 24,135,563 | $ (17,746,924) |
Balance (in shares) at Jun. 30, 2014 | 18,091,792 | |||
Stock-based compensation | 2,846,828 | $ 0 | 2,846,828 | 0 |
Issuance of common stock for services | 368,419 | $ 207 | 368,212 | 0 |
Issuance of common stock for services (in shares) | 205,506 | |||
Fair value of warrants issued | 6,026,070 | $ 0 | 6,026,070 | 0 |
Issuance of common stock, net of issuance costs of $3,144,479 | 4,768,123 | $ 6,042 | 4,762,081 | 0 |
Issuance of common stock, net of issuance costs of $3,144,479 (in shares) | 6,040,921 | |||
Net loss | (11,362,364) | $ 0 | 0 | (11,362,364) |
Balance at Jun. 30, 2015 | 9,053,807 | $ 24,341 | 38,138,754 | (29,109,288) |
Balance (in shares) at Jun. 30, 2015 | 24,338,219 | |||
Stock-based compensation | 2,877,628 | $ 0 | 2,877,628 | 0 |
Fair value of warrants issued | 313,104 | 0 | 313,104 | 0 |
Dividends on Series A Preferred Stock | (61,279) | 0 | (61,279) | 0 |
Net loss | (11,064,682) | 0 | 0 | (11,064,682) |
Balance at Mar. 31, 2016 | $ 1,118,578 | $ 24,341 | $ 41,268,207 | $ (40,173,970) |
Balance (in shares) at Mar. 31, 2016 | 24,338,219 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Common Stock [Member] | |
Payments of stock issuance costs | $ 3,144,479 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (11,064,682) | $ (8,322,900) |
Amortization of intangible asset | 5,469 | 3,432 |
Depreciation expense | 476,941 | 91,021 |
Stock-based compensation expense | 2,877,628 | 1,864,226 |
Stock issued for services | 0 | 298,418 |
Derivative (gains) losses | (20,098) | 717,733 |
Warrant expense | 62,941 | 84,558 |
Forgiveness of accounts payable and accrued expenses - related party | 0 | 132,339 |
Changes in operating assets and liabilities: | ||
(Decrease) increase in other assets | (93,767) | 105,577 |
Increase in accounts payable and accrued expenses | 448,345 | 380,727 |
Decrease in accounts payable and accrued expenses - related party | 0 | (529,394) |
Increase in interest payable | 1,500 | 1,500 |
(Decrease) increase in deferred lease liability | (30,868) | 57,017 |
Net Cash Used In Operating Activities | (7,336,591) | (5,115,746) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (1,774,413) | (874,960) |
Acquisition of intangibles | 0 | (55,000) |
Return of security deposit | 187,500 | 0 |
Decrease (increase) in restricted cash | 450,167 | (450,055) |
Net Cash Used In Investing Activities | (1,136,746) | (1,380,015) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on lease payable | (70,033) | (45,019) |
Proceeds from issuance of equity financing | 0 | 9,761,070 |
Proceeds from issuance of preferred stock | 5,347,615 | 0 |
Payment of placement agent compensation and issuance costs | (336,929) | (930,106) |
Net Cash Provided by Financing Activities | 4,940,653 | 8,785,945 |
Net (decrease) increase in cash | (3,532,684) | 2,290,184 |
Cash - Beginning of Period | 5,278,706 | 5,934,534 |
Cash - End of Period | 1,746,022 | 8,224,718 |
Cash Paid During the Period for: | ||
Taxes | 0 | 0 |
Interest | 0 | 0 |
Non-Cash Transactions: | ||
Warrant value recorded as issuance costs | 250,163 | 1,671,618 |
Warrant derivative liability reclassified as equity | 0 | 2,217,605 |
Series A Preferred Stock dividend paid in stock | 61,279 | 0 |
Lease Payable | ||
Non-Cash Transactions: | ||
Fixed assets acquired | 0 | 184,877 |
Tenant Improvements | ||
Non-Cash Transactions: | ||
Fixed assets acquired | 0 | 511,616 |
Accounts payable and Accrued expenses | ||
Non-Cash Transactions: | ||
Fixed assets acquired | $ 312,229 | $ 484,716 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operation [Text Block] | Note 1 Nature of Operations These financial statements represent the consolidated financial statements of AntriaBio, Inc. (“AntriaBio”), formerly known as Fits My Style, Inc., and its wholly owned operating subsidiary, AntriaBio Delaware, Inc. (“Antria Delaware”). AntriaBio and Antria Delaware are collectively referred to herein as the “Company”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 Summary of Significant Accounting Policies The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 28, 2015, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2015. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended March 31, 2016 are not necessarily indicative of results for the full fiscal year. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. Actual results could differ from those estimates. The Company's operations may be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated with a preclinical stage company, including the potential risk of business failure. See Note 3 regarding going concern matters. Restricted cash consisted of cash held in a joint account with our general contractor until the completion of the construction in progress. As the construction process was completed as of December 31, 2015, the restricted cash was released and used to pay the final invoices to the general contractor. Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: · Level 1: Quoted prices for identical assets and liabilities in active markets; · Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying amounts of financial instruments including cash, restricted cash, accounts payable and accrued expenses, and convertible notes payable approximated fair value as of March 31, 2016 and June 30, 2015 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of March 31, 2016 and June 30, 2015 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. See significant assumptions in Note 9. Balance as of June 30, 2015 $ (31,777) Total unrealized gains (losses): Included in earnings 20,098 Balance as of March 31, 2016 $ (11,679) In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items (Subtopic 225-20) In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2016 | |
Going Concern [Abstract] | |
Going Concern Disclosure [Text Block] | Note 3 Going Concern As reflected in the accompanying financial statements, the Company has a net loss of $ 11,064,682 7,336,591 378,829 1,118,578 40,173,970 The Company expects that its current cash resources as well as expected lack of operating cash flows will not be sufficient to sustain operations for a period greater than one year. The ability of the Company to continue its operations is dependent on Management's plans, which include continuing to raise capital through issuances of common and preferred stock. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the satisfaction of the liabilities that might be necessary should the Company be unable to continue as a going |
Fixed Assets
Fixed Assets | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Fixed Assets Useful Life March 31, 2016 June 30, 2015 Furniture and fixtures 5 - 7 years $ 62,730 $ 55,330 Lab equipment 3 - 15 years 3,378,355 889,671 Lab equipment (not yet placed in service) 3 - 15 years 113,965 1,371,441 Leasehold improvements 3 - 7 years 3,191,792 29,296 Construction in process - - 2,315,803 6,746,842 4,661,541 Less: accumulated depreciation and amortization (612,229) (136,629) $ 6,134,613 $ 4,524,912 The construction in process was completed as of December 31, 2015 and the balance was recorded into leasehold improvements at which time it began depreciating over the remaining life of the lease. Depreciation expense was $ 256,404 33,113 476,941 91,021 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 5 Related Party Transactions During the three and nine months ended March 31, 2016, there were no related party transactions. During the three and nine months ended March 31, 2015, the Company incurred consulting expenses of $ 33,000 99,000 |
Convertible Notes Payable
Convertible Notes Payable | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 6 Convertible Notes Payable From 2010 to 2012, the Company issued several series of convertible promissory notes for which principal and interest were due between six months and two years after issuance. The convertible notes allowed investors to convert their shares into common stock at the time of certain qualifying events with some of the notes also issuing warrants at the time of conversion. During 2014, the Company sent letters to the holders of the 2010, 2011 and 2012 notes requesting amendment of their convertible notes payable. The convertible notes payable were amended to: (i) fix the conversion price of the notes into common stock at $ 1.50 3,032,500 653,000 653,000 2013 Notes 2,703,000 8 3,000,000 1.26 1.26 1.89 The value of the proceeds of the notes was allocated to the warrants as discussed in Note 9 and the remaining balance was allocated to the beneficial conversion feature as the intrinsic value of the beneficial conversion feature is greater than the remaining value of the notes. The discount on the notes is being amortized into interest expense over the remaining life of the notes. On March 31, 2014, the Company closed on an equity transaction which qualified as a “qualified financing” as such the $ 2,703,000 2,186,838 4,275,172 3,111,126 As of March 31, 2016 and June 30, 2015, the convertible notes outstanding balance was $ 60,000 60,000 8 |
Series A Convertible Preferred
Series A Convertible Preferred Stock | 9 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Series A Convertible Preferred Stock [Text Block] | Note 7 Series A Convertible Preferred Stock On December 7, 2015, the Board of Directors authorized 15,000,000 1.95 6 1.95 On December 10, 2015, the Company closed an initial offering of its Series A Stock with an offering price of $ 1.95 1,025,699 1,803,548 105,715 90,852 1.95 1,716,487 2,956,975 231,214 159,311 8,169 On March 31, 2016, the Company declared and issued 27,236 On April 12, 2016, the Company completed an additional close of its Series A Stock with an offering price of $ 1.95 512,820 1 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity Note Disclosure [Text Block] | Note 8 Shareholders’ Equity On March 31, 2014, the Company entered into a services agreement whereby the Company receives assistance with investor relations relating to digital strategy, website and investor materials, market awareness and other services. The compensation for these services was up to 500,000 166,668 296,669 During 2015, the Company completed two private placement transactions in which the Company issued 6,040,921 2.50 36 10.1 1,071,568 2,072,911 37,838 70,000 The Company has not declared or paid any dividends or returned any capital to common stock shareholders as of March 31, 2016. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation [Text Block] | Note 9 Stock-Based Compensation Options 1,500,000 4.50 819,445 541,667 3 138,888 8,334 4.50 On March 26, 2014, the Company adopted the AntriaBio, Inc. 2014 Stock and Incentive Plan which allows the Company to issue up to 3,750,000 3,295,000 1.29 3.44 On February 23, 2015, the Company adopted the AntriaBio, Inc. 2015 Non Qualified Stock Option Plan which allows the Company to issue up to 6,850,000 4,162,000 1.40 2.06 4 AntriaBio has computed the fair value of all options granted 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. AntriaBio estimated a volatility factor utilizing a comparable published volatility of peer companies. Due to the small number of option holders and all options being to officers and/or directors, AntriaBio has estimated a forfeiture rate of zero as the value of each option holder is calculated individually. AntriaBio 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. Expected volatility 100 % Risk free interest rate 1.91 % Expected term (years) 7 Dividend yield 0 % Weighted Weighted Average Number of Average Remaining Options Exercise Price Expected Life Outstanding, June 30, 2014 4,343,334 $ 3.61 5.6 Granted 4,572,000 $ 2.02 Forfeited (212,916) $ 3.57 Outstanding, June 30, 2015 8,702,418 $ 2.78 7.1 Granted 50,000 $ 1.40 Forfeited (35,000) $ 1.75 Outstanding, March 31, 2016 8,717,418 $ 2.77 6.4 Exercisable at March 31, 2016 4,041,063 $ 3.27 5.0 Stock-based compensation expense related to the fair value of stock options was included in the statement of operations as research and development compensation and benefits expense of $ 297,925 917,892 613,710 1,959,736 8,599,608 Warrants - Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding, June 30, 2014 11,099,739 $ 2.21 3.6 Warrants issued in private placement 6,040,921 $ 2.50 Warrants issued to placement agent 1,824,489 $ 2.50 Warrants issued for investor relations 111,000 $ 1.63 Warrants cancelled (59,758) $ 2.92 Outstanding, June 30, 2015 19,016,391 $ 2.33 3.0 Warrants issued for investor relations 87,000 $ 1.70 Warrants issued to placement agent 271,990 $ 2.39 Warrants cancelled (30,000) $ 3.44 Outstanding, March 31, 2016 19,345,381 $ 2.32 2.3 Year Ended June 30, 2015: The Company issued warrants to purchase 6,040,921 2.50 1,824,489 2.50 105,000 1.65 6,000 1.38 For the Nine Months Ended March 31, 2016: The Company issued warrants to purchase 9,000 1.38 18,000 1.34 60,000 1.85 271,990 2.39 The warrants exercisable for the 66,667 50,365 30,000 11,679 31,777 The warrants exercisable for the 4,968,482 3,527,816 2,597,932 1,072,439 1,009,433 595,184 105,000 80,677 6,000 9,006 The warrants exercisable for the 9,000 11,407 18,000 17,412 60,000 34,122 271,990 250,163 The warrants exercisable for the 1,477,287 58,914 92,111 1,418,373 1,498,809 2,217,605 347,202 247,552 309,121 99,650 172,809 124,434 The warrants were valued using the Black-Scholes option pricing model on the date of issuance except for the warrants to purchase 1,518,387 The Black-Scholes valuation methodology was used because that model embodies all of the relevant assumptions that address the features underlying these instruments. Expected volatility 82% - 124 % Risk free interest rate 0.56% - 2.21 % Warrant term (years) 1 - 7.5 Dividend yield 0 % We utilize a Lattice model to determine the fair market value of the warrants to purchase 1,418,373 1,498,809 Expected volatility 90% - 91 % Risk free interest rate 1.89% - 1.98 % Warrant term (years) 7 Dividend yield 0 % We utilize a Lattice model to determine the fair market value of the warrants to purchase 99,650 172,809 Expected volatility 90 % Risk free interest rate 1.71 % Warrant term (years) 7 Dividend yield 0 % |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 10 Income Taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. In the nine months ended March 31, 2016, the Company did not record any income tax provision due to expected future losses and full valuation allowance on its deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 Commitments and Contingencies Lease Commitments In May 2014, the Company entered into a lease of approximately 27,000 28,939 3 34,381 750,000 187,500 Year Ending June 30, 2016 (remaining) 91,208 2017 370,252 2018 381,360 2019 392,855 2020 335,747 $ 1,571,422 In September 2014, the Company entered into an equipment lease for laboratory equipment to be leased for twenty-four months with a bargain purchase option at the end of the lease. The equipment lease has been recorded as a capital lease with monthly payments of $ 8,075 Year Ending June 30, 2016 (remaining) $ 24,223 2017 24,223 Total rental commitments 48,446 Less: Interest payments (1,500) Total lease payable 46,946 Lease payable, current portion 46,946 Lease payable, less current portion $ - Legal Matters - From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of March 31, 2016, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations. There are no proceedings in which any of our directors, officers or affilia tes, or any registered or beneficial shareholders, is an adverse party or has a material interest adverse to our interest. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. The unaudited interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K filed on September 28, 2015, which contains the audited financial statements and notes thereto, together with the Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the year ended June 30, 2015. Certain information or footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. It is management's opinion, however, that all material adjustments (consisting of normal recurring adjustments) have been made which are necessary for a fair financial statement presentation. The interim results for the period ended March 31, 2016 are not necessarily indicative of results for the full fiscal year. |
Use Of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and the accompanying notes. Such estimates and assumptions impact, among others, the following: estimated useful lives of depreciable assets, the fair value of share-based payments and warrants, fair value of derivative instruments, estimates of the probability and potential magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating losses. Actual results could differ from those estimates. |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties The Company's operations may be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated with a preclinical stage company, including the potential risk of business failure. See Note 3 regarding going concern matters. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consisted of cash held in a joint account with our general contractor until the completion of the construction in progress. As the construction process was completed as of December 31, 2015, the restricted cash was released and used to pay the final invoices to the general contractor. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred and include salaries, benefits and other staff-related costs; consultants and outside costs; material manufacturing costs; and facilities and other costs. These costs relate to research and development costs without an allocation of general and administrative expenses. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: · Level 1: Quoted prices for identical assets and liabilities in active markets; · Level 2: Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and · Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The carrying amounts of financial instruments including cash, restricted cash, accounts payable and accrued expenses, and convertible notes payable approximated fair value as of March 31, 2016 and June 30, 2015 due to the relatively short maturity of the respective instruments. The warrant derivative liability recorded as of March 31, 2016 and June 30, 2015 is recorded at an estimated fair value based on a Black-Scholes pricing model. The warrant derivative liability is a level 3 fair value measurement with the entire change in the balance recorded through earnings. See significant assumptions in Note 9. Balance as of June 30, 2015 $ (31,777) Total unrealized gains (losses): Included in earnings 20,098 Balance as of March 31, 2016 $ (11,679) |
New Accounting Pronouncements, Policy [Policy Text Block] | In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern In January 2015, the FASB issued ASU 2015-01, Income Statement Extraordinary and Unusual Items (Subtopic 225-20) In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09. Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Fair Value, Instruments Classified in Shareholders Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table sets forth a reconciliation of changes in the fair value of financial instruments classified as level 3 in the fair value hierarchy: Balance as of June 30, 2015 $ (31,777) Total unrealized gains (losses): Included in earnings 20,098 Balance as of March 31, 2016 $ (11,679) |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The following is a summary of fixed assets and accumulated depreciation: Useful Life March 31, 2016 June 30, 2015 Furniture and fixtures 5 - 7 years $ 62,730 $ 55,330 Lab equipment 3 - 15 years 3,378,355 889,671 Lab equipment (not yet placed in service) 3 - 15 years 113,965 1,371,441 Leasehold improvements 3 - 7 years 3,191,792 29,296 Construction in process - - 2,315,803 6,746,842 4,661,541 Less: accumulated depreciation and amortization (612,229) (136,629) $ 6,134,613 $ 4,524,912 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected volatility 100 % Risk free interest rate 1.91 % Expected term (years) 7 Dividend yield 0 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock option activity is as follows: Weighted Weighted Average Number of Average Remaining Options Exercise Price Expected Life Outstanding, June 30, 2014 4,343,334 $ 3.61 5.6 Granted 4,572,000 $ 2.02 Forfeited (212,916) $ 3.57 Outstanding, June 30, 2015 8,702,418 $ 2.78 7.1 Granted 50,000 $ 1.40 Forfeited (35,000) $ 1.75 Outstanding, March 31, 2016 8,717,418 $ 2.77 6.4 Exercisable at March 31, 2016 4,041,063 $ 3.27 5.0 |
Schedule Of Warrants Issued To Agents Activity [Table Text Block] | AntriaBio issued warrants to agents in conjunction with the closing of various financings and issued warrants in note conversions and private placements as follows: Weighted Weighted Average Number of Average Remaining Warrants Exercise Price Contractual Life Outstanding, June 30, 2014 11,099,739 $ 2.21 3.6 Warrants issued in private placement 6,040,921 $ 2.50 Warrants issued to placement agent 1,824,489 $ 2.50 Warrants issued for investor relations 111,000 $ 1.63 Warrants cancelled (59,758) $ 2.92 Outstanding, June 30, 2015 19,016,391 $ 2.33 3.0 Warrants issued for investor relations 87,000 $ 1.70 Warrants issued to placement agent 271,990 $ 2.39 Warrants cancelled (30,000) $ 3.44 Outstanding, March 31, 2016 19,345,381 $ 2.32 2.3 |
Black Scholes Pricing Model | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | Significant assumptions were as follows: Expected volatility 82% - 124 % Risk free interest rate 0.56% - 2.21 % Warrant term (years) 1 - 7.5 Dividend yield 0 % |
Lattice Model One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | The estimated fair value was derived using the lattice model with the following assumptions: Expected volatility 90% - 91 % Risk free interest rate 1.89% - 1.98 % Warrant term (years) 7 Dividend yield 0 % |
Lattice Model Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Share Based Payment Award Stock Warrants Valuation Assumptions [Table Text Block] | The estimated fair value was derived using the lattice model with the following assumptions: Expected volatility 90 % Risk free interest rate 1.71 % Warrant term (years) 7 Dividend yield 0 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of March 31, 2016, the minimum rental commitment under the lease is as follows: Year Ending June 30, 2016 (remaining) 91,208 2017 370,252 2018 381,360 2019 392,855 2020 335,747 $ 1,571,422 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | As of March 31, 2016, minimum rental commitment under the lease is as follows: Year Ending June 30, 2016 (remaining) $ 24,223 2017 24,223 Total rental commitments 48,446 Less: Interest payments (1,500) Total lease payable 46,946 Lease payable, current portion 46,946 Lease payable, less current portion $ - |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Mar. 31, 2016USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |
Balance as of June 30, 2015 | $ (31,777) |
Total unrealized gains (losses): | |
Included in earnings | 20,098 |
Balance as of March 31, 2016 | $ (11,679) |
Going Concern (Details Textual)
Going Concern (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Going Concern [Line Items] | ||||||
Net Loss | $ (3,710,835) | $ (3,172,640) | $ (11,064,682) | $ (8,322,900) | $ (11,362,364) | |
Net Cash Used In Operating Activities | (7,336,591) | $ (5,115,746) | ||||
Total Stockholders' Equity | 1,118,578 | 1,118,578 | 9,053,807 | $ 6,406,731 | ||
Accumulated deficit | (40,173,970) | (40,173,970) | $ (29,109,288) | |||
Working Capital Deficit | $ 378,829 | $ 378,829 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 6,746,842 | $ 4,661,541 |
Less: accumulated depreciation and amortization | (612,229) | (136,629) |
Property, Plant and Equipment, Net | 6,134,613 | 4,524,912 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 62,730 | 55,330 |
Furniture and fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,378,355 | 889,671 |
Lab equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Lab equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Lab equipment (not yet placed in service) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 113,965 | 1,371,441 |
Lab equipment (not yet placed in service) [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Lab equipment (not yet placed in service) [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,191,792 | 29,296 |
Leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Construction in process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 0 | $ 2,315,803 |
Property, Plant and Equipment, Useful Life | 0 years |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 256,404 | $ 33,113 | $ 476,941 | $ 91,021 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Consulting expenses | $ 33,000 | $ 99,000 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2013 | |
Convertible Notes Payable | |||||
Convertible Notes Payable [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||
Debt instrument, convertible, conversion price | $ 1.50 | ||||
Debt conversion, converted instrument, amount | $ 4,275,172 | $ 3,032,500 | |||
Beneficial conversion feature recorded as a debt discount | 653,000 | ||||
Debt instrument convertible number of common stock | 3,111,126 | ||||
Amortization of Debt Discount (Premium) | $ 653,000 | ||||
Debt Instrument, Face Amount | $ 60,000 | $ 60,000 | |||
2013 Notes | |||||
Convertible Notes Payable [Line Items] | |||||
Qualified financing | $ 2,703,000 | $ 2,703,000 | |||
Debt instrument, interest rate, stated percentage | 8.00% | ||||
Marketable securities, equity securities, current, total | $ 3,000,000 | ||||
Common stock convertible conversion price | $ 1.26 | ||||
Investment option convertible conversion price | 1.26 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.89 | ||||
Debt instrument convertible number of common stock | 2,186,838 |
Series A Convertible Preferre30
Series A Convertible Preferred Stock (Details Textual) - USD ($) | Apr. 12, 2016 | Dec. 10, 2015 | Dec. 07, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 02, 2016 | Jun. 30, 2015 |
Series A Convertible Preferred Stock [Line Items] | |||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Preferred Stock Shares Issued | 0 | 0 | 0 | ||||
Series A Convertible Preferred Stock [Member] | |||||||
Series A Convertible Preferred Stock [Line Items] | |||||||
Preferred Stock, Shares Authorized | 15,000,000 | ||||||
Preferred Stock, Conversion Basis | The Series A Stock has a conversion feature at the option of the holder that can be converted at any time at a conversion rate of $1.95, subject to adjustment, into common stock. The shares also have a mandatory conversion feature at the same conversion rate if one of the following events occurs: 1) Upon vote or consent of 2/3 of the then outstanding Series A Stock; 2) Upon the Company’s listing to NASDAQ Stockmarket or the NYSE MKT and the Company’s common stock trades for 30 days for at least 155% of the Series A Stock conversion price; or 3) the Company closes an underwritten public offering of at least $15 million in gross proceeds with an offering price of at least 155% of the Series A Stock conversion price. The Series A Stock’s conversion price is subject to weighted average anti-dilution protection, as defined, and is subject to adjustments for stock splits, dividends, and similar events. | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||
Preferred Stock, Redemption Price Per Share | $ 1.95 | $ 1.95 | |||||
Preferred Stock Shares Issued | 1,025,699 | 1,716,487 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,803,548 | $ 2,956,975 | |||||
Preferred Stock, Liquidation Preference Per Share | $ 1.95 | $ 1.95 | |||||
Debt Instrument, Convertible, Conversion Price | $ 1.95 | ||||||
Preferred Stock, Accretion of Redemption Discount | $ 8,169 | ||||||
Dividends Preferred Stock, Shares | 27,236 | ||||||
Series A Convertible Preferred Stock [Member] | Subsequent Event [Member] | |||||||
Series A Convertible Preferred Stock [Line Items] | |||||||
Preferred Stock, Redemption Price Per Share | $ 1.95 | ||||||
Preferred Stock Shares Issued | 512,820 | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,000,000 | ||||||
Series A Convertible Preferred Stock [Member] | Warrant [Member] | |||||||
Series A Convertible Preferred Stock [Line Items] | |||||||
Payments of Debt Issuance Costs | 90,852 | $ 159,311 | |||||
Series A Convertible Preferred Stock [Member] | Private Placement [Member] | |||||||
Series A Convertible Preferred Stock [Line Items] | |||||||
Payments of Debt Issuance Costs | $ 105,715 | $ 231,214 |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2014 | |
Class of Stock [Line Items] | |||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 313,104 | $ 6,026,070 | |
Compensation For Services [Member] | |||
Class of Stock [Line Items] | |||
Common Stock To Be Issued | 500,000 | ||
Warrant | |||
Class of Stock [Line Items] | |||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 2,072,911 | ||
Investor Relations | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, Other | 166,668 | ||
Stock Issued During Period, Value, Other | $ 296,669 | ||
Private Placement | |||
Class of Stock [Line Items] | |||
Stock issued during period, shares, new issues | 6,040,921 | ||
Proceeds from issuance of private placement | $ 10,100,000 | ||
Payments of stock issuance costs | $ 1,071,568 | ||
Class of warrant or right of warrants or rights expiring period | 36 months | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | ||
Stock Issued During Period, Shares, Issued for Services | 37,838 | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 70,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) | 9 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 100.00% |
Risk free interest rate | 1.91% |
Expected term (years) | 7 years |
Dividend yield | 0.00% |
Stock-Based Compensation (Det33
Stock-Based Compensation (Details 1) - Stock Option - $ / shares | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Options | |||
Outstanding | 8,702,418 | 4,343,334 | |
Granted | 50,000 | 4,572,000 | |
Forfeited | (35,000) | (212,916) | |
Outstanding | 8,717,418 | 8,702,418 | 4,343,334 |
Exercisable | 4,041,063 | ||
Weighted Average Exercise Price | |||
Outstanding | $ 2.78 | $ 3.61 | |
Granted | 1.40 | 2.02 | |
Forfeited | 1.75 | 3.57 | |
Outstanding | 2.77 | $ 2.78 | $ 3.61 |
Exercisable | $ 3.27 | ||
Weighted Average Remaining Expected Life | |||
Outstanding | 6 years 4 months 24 days | 7 years 1 month 6 days | 5 years 7 months 6 days |
Exercisable | 5 years |
Stock-Based Compensation (Det34
Stock-Based Compensation (Details 2) - Warrant - $ / shares | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Warrants - Outstanding | 19,016,391 | 11,099,739 | |
Number of Warrants - Warrants issued in private placement | 6,040,921 | ||
Number of Warrants - Warrants issued to placement agent | 271,990 | 1,824,489 | |
Number of Warrants - Warrants issued for investor relations | 87,000 | 111,000 | |
Number of Warrants - Warrants cancelled | (30,000) | (59,758) | |
Number of Warrants - Outstanding | 19,345,381 | 19,016,391 | 11,099,739 |
Weighted Average Exercise Price - Outstanding | $ 2.33 | $ 2.21 | |
Weighted Average Exercise Price - Warrants issued in private placement | 2.50 | ||
Weighted Average Exercise Price - Warrants issued to placement agent | 2.39 | 2.50 | |
Weighted Average Exercise Price - Warrants issued for investor relations | 1.70 | 1.63 | |
Weighted Average Exercise Price - Warrants cancelled | 3.44 | 2.92 | |
Weighted Average Exercise Price - Outstanding | $ 2.32 | $ 2.33 | $ 2.21 |
Weighted Average Remaining Contractual Life - Outstanding | 2 years 3 months 18 days | 3 years | 3 years 7 months 6 days |
Stock-Based Compensation (Det35
Stock-Based Compensation (Details 3) | 9 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 100.00% |
Risk free interest rate | 1.91% |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
Black Scholes Pricing Model | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Minimum | Black Scholes Pricing Model | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 82.00% |
Risk free interest rate | 0.56% |
Warrant term (years) | 1 year |
Maximum | Black Scholes Pricing Model | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 124.00% |
Risk free interest rate | 2.21% |
Warrant term (years) | 7 years 6 months |
Stock-Based Compensation (Det36
Stock-Based Compensation (Details 4) | 9 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 100.00% |
Risk free interest rate | 1.91% |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
Lattice Model One | Warrant | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
Lattice Model One | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 90.00% |
Risk free interest rate | 1.89% |
Lattice Model One | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 91.00% |
Risk free interest rate | 1.98% |
Stock-Based Compensation (Det37
Stock-Based Compensation (Details 5) | 9 Months Ended |
Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 100.00% |
Risk free interest rate | 1.91% |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
Lattice Model Two | Warrant | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 90.00% |
Risk free interest rate | 1.71% |
Warrant term (years) | 7 years |
Dividend yield | 0.00% |
Stock-Based Compensation (Det38
Stock-Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 23, 2015 | Mar. 26, 2014 | May. 31, 2013 | Jan. 31, 2013 | Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | Apr. 06, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | $ 2,877,628 | $ 1,864,226 | |||||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, stock options | $ 8,599,608 | $ 8,599,608 | |||||||
Class of warrant or right, number of securities called by warrants or rights | 105,000 | 105,000 | |||||||
Fair value of warrants | $ 11,679 | $ 31,777 | |||||||
Class of warrant exercisable warrants or rights | 6,000 | 6,000 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 313,104 | $ 6,026,070 | |||||||
Black Scholes Pricing Model | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 58,914 | ||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 92,111 | ||||||||
Lattice Model | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants to purchase common stock value | $ 172,809 | $ 172,809 | $ 309,121 | ||||||
Lattice Model One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,418,373 | 1,418,373 | |||||||
Warrant derivative liability | $ 1,498,809 | $ 1,498,809 | |||||||
Lattice Model Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | ||||||||
Warrant derivative liability | $ 172,809 | ||||||||
2014 Stock and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3,750,000 | ||||||||
Two Consultants | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 8,334 | ||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 4.50 | ||||||||
Employees and Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 138,888 | ||||||||
Employees and Directors | General and Administrative Expense [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | 613,710 | 1,959,736 | |||||||
Employees and Directors | Research and Development Expense [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation | $ 297,925 | $ 917,892 | |||||||
Employees and Directors | 2014 Stock and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 4,162,000 | ||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | 4 years | ||||||||
Employees and Directors | 2014 Stock and Incentive Plan | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1.40 | $ 1.29 | |||||||
Employees and Directors | 2014 Stock and Incentive Plan | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 3.44 | ||||||||
Investor | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 9,000 | 9,000 | |||||||
Class of warrant exercisable warrants or rights | 18,000 | 18,000 | |||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 11,407 | $ 11,407 | |||||||
Employee Stock Option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 50,000 | 4,572,000 | |||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 1.40 | $ 2.02 | |||||||
Employee Stock Option | Employees and Directors | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 1,500,000 | 3,295,000 | |||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 4.50 | ||||||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 6,850,000 | ||||||||
Employee Stock Option | Employees and Directors | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 2.06 | ||||||||
Share based compensation arrangement by share based payment award options shares purchased vested immediately | 819,445 | ||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly | 541,667 | ||||||||
Share based compensation arrangement by share based payment award options shares purchased vested monthly term | 3 years | ||||||||
Additional Paid-in Capital and Professional Fee | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants to purchase common stock value | $ 80,677 | $ 80,677 | |||||||
Warrant | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 99,650 | 99,650 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 2,072,911 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Warrants cancelled In Period | 30,000 | 59,758 | |||||||
Warrant | Lattice Model | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,518,387 | 1,518,387 | |||||||
Warrant | Additional Paid-in Capital and Professional Fee | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants to purchase common stock value | $ 9,006 | $ 9,006 | |||||||
Warrant One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 9,000 | 9,000 | 6,040,921 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.38 | $ 1.38 | $ 2.50 | ||||||
Warrant Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 18,000 | 18,000 | 1,824,489 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.34 | $ 1.34 | $ 2.50 | ||||||
Warrant Three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 60,000 | 60,000 | 105,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.85 | $ 1.85 | $ 1.65 | ||||||
Warrant Four | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation arrangements by share-based payment award, options, grants in period, weighted average exercise price | $ 2.39 | ||||||||
Class of warrant or right, number of securities called by warrants or rights | 271,990 | 271,990 | 6,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.38 | ||||||||
Warrant Twelve | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of warrants | $ 17,412 | ||||||||
Class of warrant exercisable warrants or rights | 271,990 | 271,990 | |||||||
Warrant Thirteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of warrants | $ 34,122 | ||||||||
Warrant Fourteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of warrants | $ 250,163 | ||||||||
Warrant Fifteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 66,667 | 66,667 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 50,365 | ||||||||
Warrant Sixteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 4,968,482 | 4,968,482 | |||||||
Warrants to purchase common stock value | $ 3,527,816 | $ 3,527,816 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 2,597,932 | ||||||||
Warrant Seventeen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,072,439 | 1,072,439 | |||||||
Class of warrant exercisable warrants or rights | 1,477,287 | 1,477,287 | |||||||
Warrants to purchase common stock value | $ 1,009,433 | $ 1,009,433 | |||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 595,184 | ||||||||
Warrant Eighteen | Lattice Model | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant or right, number of securities called by warrants or rights | 1,418,373 | 1,418,373 | |||||||
Warrant derivative liability | $ 1,498,809 | $ 1,498,809 | |||||||
Warrant Eighteen | Derivative Expense | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants to purchase common stock value | $ 2,217,605 | $ 124,434 | |||||||
Warrant Ninteen | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Class of warrant exercisable warrants or rights | 347,202 | 347,202 | 247,552 |
Commitments and Contingencies39
Commitments and Contingencies (Details) | Mar. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2016 (remaining) | $ 91,208 |
2,017 | 370,252 |
2,018 | 381,360 |
2,019 | 392,855 |
2,020 | 335,747 |
Operating Leases, Future Minimum Payments Due | $ 1,571,422 |
Commitments and Contingencies40
Commitments and Contingencies (Details 1) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Commitments And Contingencies [Line Items] | ||
2016 (remaining) | $ 24,223 | |
2,017 | 24,223 | |
Total rental commitments | 48,446 | |
Less: Interest payments | (1,500) | |
Total lease payable | 46,946 | |
Lease payable, current portion | 46,946 | $ 93,852 |
Lease payable, less current portion | $ 0 | $ 23,127 |
Commitments and Contingencies41
Commitments and Contingencies (Details Textual) | 1 Months Ended | ||
May. 31, 2014USD ($)ft² | Mar. 31, 2016USD ($) | Sep. 30, 2014USD ($) | |
Commitments And Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 28,939 | ||
Payments Of Monthly Lease Adjusted Annually Percentage | 3.00% | ||
Adjusted Triple Net Expense Of Lease Payments | $ 34,381 | ||
Area of Land | ft² | 27,000 | ||
Security Deposit | $ 750,000 | ||
Capital Lease Obligations | $ 46,946 | ||
Proceeds from Other Deposits | $ 187,500 | ||
Capital Lease Obligations | |||
Commitments And Contingencies [Line Items] | |||
Capital Lease Obligations | $ 8,075 |