Relmada Therapeutics (RLMD) 10-K 9 Sep 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2016	Sep. 09, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	RELMADA THERAPEUTICS, INC.
Entity Central Index Key	1,553,643
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Type	10-K
Document Period End Date	Jun. 30, 2016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding		12,035,037

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 8,500,207	$ 22,469,960
Prepaid expenses and other current assets	798,094	1,497,911
Total current assets	9,298,301	23,967,871
Fixed assets, net of accumulated depreciation	531,348	23,911
Other assets	414,355	400,825
Total assets	10,244,004	24,392,607
Current liabilities:
Accounts payable	1,259,711	835,285
Accrued expenses	634,853	482,267
Notes payable	273,670	263,752
Derivative liabilities	892,503	14,001,369
Total current liabilities	3,060,737	15,582,673
Other long-term liabilities	140,914
Total liabilities	3,201,651	15,582,673
Commitments and contingencies
Stockholders' equity:
Preferred stock, value
Common stock, $0.001 par value, 100,000,000 shares authorized, 12,035,037 and 10,778,474 shares issued and outstanding, respectively	12,035	10,778
Additional paid-in capital	86,127,252	84,921,327
Accumulated deficit	(79,096,934)	(76,122,243)
Total stockholders' equity	7,042,353	8,809,934
Total liabilities and stockholders' equity	10,244,004	24,392,607
Class A Convertible Preferred Stock
Stockholders' equity:
Preferred stock, value		$ 72

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Jun. 30, 2015
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	12,035,037	10,778,474
Common stock, shares outstanding	12,035,037	10,778,474
Class A Convertible Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	3,500,000	3,500,000
Preferred stock, shares issued	0	71,672
Preferred stock, shares outstanding	0	71,672

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating expenses:
Research and development	$ 6,206,660	$ 7,872,397
General and administrative	10,008,913	9,226,883
Total operating expenses	16,215,573	17,099,280
Loss from operations	(16,215,573)	(17,099,280)
Other income (expenses):
Change in fair value of derivative liabilities	13,108,866	(3,710,277)
Interest income, net	1,747	5,961
Other income	130,269
Total other income (expenses)	13,240,882	(3,704,316)
Net loss	$ (2,974,691)	$ (20,803,596)
Net loss per common share - basic and diluted	$ (0.26)	$ (2.09)
Weighted average number of common shares outstanding - basic and diluted	11,598,952	9,941,156

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($)	Total	Series A Preferred Stock	Class A Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Jun. 30, 2014	$ (1,108,961)		$ 667	$ 8,059	$ 54,200,960	$ (55,318,647)
Beginning Balance, shares at Jun. 30, 2014			667,462	8,058,843
Issuance of common stock for services	1,180,410			$ 84	1,180,326
Issuance of common stock for services, shares				83,333
Issuance of common stock in connection with A warrant cashless exercises	13,423,838			$ 2,034	13,421,804
Issuance of common stock in connection with A warrant cashless exercises, shares				2,033,915
Stock-based compensation expense	796,952				796,952
Reclassification of derivative liabilities to additional paid-in capital for warrant exercises	15,295,841				15,295,841
Issuance of common stock for cashless exercises of warrant from consultants and Series A Preferred Stock warrant holder	25,450			$ 6	25,444
Issuance of common stock for cashless exercises of warrant from consultants and Series A Preferred Stock warrant holder, shares				6,362
Conversion of Class A Preferred Stock to Common Stock			$ (595)	$ 595
Conversion of Class A Preferred Stock to Common Stock, shares			(595,790)	595,790
Fractional shares issued
Fractional shares issued, shares				231
Net loss	(20,803,596)					(20,803,596)
Ending Balance at Jun. 30, 2015	8,809,934		$ 72	$ 10,778	84,921,327	(76,122,243)
Ending Balance, shares at Jun. 30, 2015			71,672	10,778,474
Issuance of common stock for services	204,534			$ 63	204,471
Issuance of common stock for services, shares				63,329
Issuance of restricted common stock for service				$ 28	(28)
Issuance of restricted common stock for service, shares				27,750
Stock-based compensation expense	1,002,576				1,002,576
Issuance of common stock for cashless exercises of warrant from consultants and Series A Preferred Stock warrant holder				$ 1,094	(1,094)
Issuance of common stock for cashless exercises of warrant from consultants and Series A Preferred Stock warrant holder, shares				1,093,812
Conversion of Class A Preferred Stock to Common Stock			$ (72)	$ 72
Conversion of Class A Preferred Stock to Common Stock, shares			(71,672)	71,672
Net loss	(2,974,691)					(2,974,691)
Ending Balance at Jun. 30, 2016	$ 7,042,353			$ 12,035	$ 86,127,252	$ (79,096,934)
Ending Balance, shares at Jun. 30, 2016				12,035,037

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net loss	$ (2,974,691)	$ (20,803,596)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	54,819	9,256
Common stock issued for services	204,534	1,180,410
Stock-based compensation	1,002,576	796,952
Change in fair value of derivative liabilities	(13,108,866)	3,710,277
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	959,957	(1,209,458)
Accounts payable	424,426	89,187
Accrued expenses	152,586	244
Long-term liabilities	140,914
Net cash used in operating activities	(13,143,745)	(16,226,728)
Cash flows from investing activities
Purchase of fixed assets	(562,256)	(23,326)
Net cash used in investing activities	(562,256)	(23,326)
Cash flows from financing activities
Proceeds from exercise of A warrants, net of fees		13,423,838
Proceeds from warrant exercises from consultants and Series A preferred stock warrant holder		25,450
Payments on notes payable	(263,752)	(293,625)
Net cash (used in) provided by financing activities	(263,752)	13,155,663
Net decrease in cash and cash equivalents	(13,969,753)	(3,094,391)
Cash and cash equivalents at beginning of the year	22,469,960	25,564,351
Cash and cash equivalents at end of the year	8,500,207	22,469,960
Cash paid during the period for:
Income taxes
Interest	3,086	4,922
Non-cash investing and financing transactions:
Notes payable issued in connection with director and officer insurance policies	273,670	557,377
Cancellation of note payable in connection with director and officer insurance policy		55,220
Reclassification of derivative liabilities to additional paid-in capital for warrant exercises		15,295,841
Cashless exercise of warrants for Common Stock	1,094
Conversion of Class A Preferred Stock to Common Stock	72	595
Issuance of restricted stock for service	$ 28

Business

Business	12 Months Ended
	Jun. 30, 2016
Business [Abstract]
BUSINESS	NOTE 1 - BUSINESS Relmada Therapeutics, Inc. (“Relmada” or the “Company”) (a Nevada corporation), is a clinical-stage, publicly traded biotechnology company developing new chemical entities (NCEs) together with novel versions of proven drug products that potentially address areas of high unmet medical need in the treatment of central nervous system (CNS) diseases - primarily depression and chronic pain. The Company has a diversified portfolio of four products at various stages of development, including d-Methadone (dextromethadone, REL-1017), an N-methyl-D-aspartate (NMDA) receptor antagonist for treating depression and neuropathic pain; LevoCap ER (REL-1015), an abuse resistant, sustained release dosage form of the opioid analgesic levorphanol; BuTab (oral buprenorphine, REL-1028), an oral dosage form of the opioid analgesic buprenorphine; and MepiGel (topical mepivacaine, REL-1021), an orphan drug designated topical formulation of the local anesthetic mepivacaine. In addition to the normal risks associated with a new business venture, there can be no assurance that the Company’s research and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with the FDA and other governmental regulations and approval requirements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the Company’s accounts and those of the Company’s wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The significant estimates are the valuation of derivative liabilities, stock-based compensation expenses and recorded amounts related to income taxes. Cash and Cash Equivalents The Company considers cash deposits and all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company’s cash deposits are held at two high-credit-quality financial institutions. The Company’s cash deposits of approximately $8,000,000 at these institutions exceed federally insured limits. Patents Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain. Fixed Assets Fixed assets are stated at cost less accumulated depreciation. Fixed assets are comprised of computers and software, leasehold improvements, and furniture and fixtures. Depreciation is calculated using the straight-line method over the estimated useful life of the assets. Computers and software have an estimated useful life of three years. Furniture and fixtures have an estimated useful life of approximately seven years. Leasehold improvements are amortized over the lesser of the estimated life of the asset or the lease term (approximately seven years). Derivatives All derivatives are recorded at fair value on the balance sheet. The Company has determined fair values using market based pricing models incorporating readily available prices and or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) that requires judgment and estimates. Fair Value of Financial Instruments The Company’s financial instruments primarily include cash, derivative liabilities and accounts payable. Due to the short-term nature of cash and accounts payable, the carrying amounts of these assets and liabilities approximate their fair value. Derivatives are recorded at fair value at each period end. Fair value is defined 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 reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Fair Value on a Recurring Basis As required by Accounting Standard Codification (“ASC”) Topic No. 820 - 10 Fair Value Measurement The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2016: Quoted Prices In Active Significant Total Markets for Other Significant Carrying Identical Observable Unobservable Value as of Assets Inputs Inputs June 30, Description (Level 1) (Level 2) (Level 3) 2016 Derivative liabilities - warrant instruments $ - $ - $ 892,503 $ 892,503 The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2015: Description Quoted Prices Significant Significant Unobservable Inputs Total Carrying Value as of June 30, Derivative liabilities - warrant instruments $ - $ - $ 14,001,369 $ 14,001,369 The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as level 3 in the fair value hierarchy: Significant Unobservable Inputs (Level 3) Year Ended June 30, Year Ended June 30, Beginning balance $ 14,001,369 $ 25,586,933 Change in fair value of derivative liabilities included in net loss for the years ended June 30, 2016 and June 30, 2015 (13,108,866 ) 3,710,277 Value of converted warrant instruments transferred to additional paid-in-capital - (15,295,841 ) Ending balance $ 892,503 $ 14,001,369 Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. At June 30, 2016 and 2015, the Company had recorded a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files a U.S. Federal income tax return and various state returns. Uncertain tax positions taken on our tax returns will be accounted for as liabilities for unrecognized tax benefits. The Company will recognize interest and penalties, if any, related to unrecognized tax benefits in general and administrative expenses in the statements of operations. There were no liabilities recorded for uncertain tax positions at June 30, 2016 and 2015. The open tax years, subject to potential examination by the applicable taxing authority, for the Company are from 2013 through June 30, 2016. Research and Development Research and development costs primarily consist of research contracts for the advancement of product development, salaries and benefits, stock-based compensation, and consultants. The Company expenses all research and development costs in the period incurred. The Company makes an estimate of costs in relation to clinical study contracts. The Company analyzes the progress of studies, including the progress of clinical studies and phases, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of those instruments. Compensation expense for warrants granted to non-employees is determined by the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured, and is recognized over the service period. The expense is subsequently adjusted to fair value at the end of each reporting period until such warrants vest, and the fair value of such instruments, as adjusted, is expensed over the related vesting period. Adjustments to fair value at each reporting date may result in income or expense, depending upon the estimate of fair value and the amount of expense recorded prior to the adjustment. The Company reviews its agreements and the future performance obligation with respect to the unvested warrants for its vendors or consultants. When appropriate, the Company will expense the unvested warrants at the time when management deems the service obligation for future services has ceased. Net Loss per Common Share Basic net loss per common share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per common share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of Class A convertible preferred stock, Series A preferred stock, restricted stock awards, options and warrants to purchase common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. Potentially dilutive securities are not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares): Year Ended Year Ended Class A convertible preferred stock - 71,672 Common stock warrants 4,224,573 5,362,183 Restricted stock awards 49,625 94,000 Common stock options 642,204 777,630 Total 4,916,402 6,305,485 Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-12, Compensation-Stock Compensation. The amendments in this update apply to reporting entities that grant their employees stock-based payments in which the terms of the award provide that a performance target can be achieved after the requisite service period. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the effects of this pronouncement on the consolidated financial statements. In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements- Going Concern. The Update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the effects of this pronouncement on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), whereby lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. A modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements must be applied. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Companies may not apply a full retrospective transition approach. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. Early application is permitted. The Company is currently evaluating the effects of this pronouncement on the consolidated financial statements. Subsequent Events The Company’s management reviewed all material events through the date the financial statements were issued for subsequent event disclosure consideration.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Jun. 30, 2016
Prepaid Expenses and Other Current Assets [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses consisted of the following (rounded to nearest $00): June 30, June 30, Rent $ - $ 450,700 Research and development 17,600 565,100 Insurance 346,100 337,100 Biotechnology tax credit receivable 231,900 82,000 Legal 171,100 - Other 31,400 63,000 Total $ 798,100 $ 1,497,900 New York City allows investors and owners of merging technology companies focused on biotechnology to claim a tax credit against the General Corporation Tax and Unincorporated Business Tax for amounts paid or incurred for certain facilities, operations, and employee training in New York City. During the years ended June 30, 2016 and 2015, the Company obtained certificates of biotechnology tax credit from New York City of approximately $149,000 and $82,000, respectively. The Company expects to receive a cash refund of $82,000 and $149,000 in September 2016 and March 2017, respectively.

Fixed Assets

Fixed Assets	12 Months Ended
	Jun. 30, 2016
Fixed Assets [Abstract]
FIXED ASSETS	NOTE 4 - FIXED ASSETS Fixed assets consisted of the following (rounded to nearest $00): Useful lives June 30, June 30, Computer and software 3 years $ 48,200 $ 34,300 Furniture and fixtures 7 years 160,000 - Leasehold improvements 7 years 386,900 - Total $ 595,100 $ 34,300 Less: accumulated depreciation (63,700 ) (10,400 ) Fixed assets, net $ 531,400 $ 23,900

Accrued Expenses

Accrued Expenses	12 Months Ended
	Jun. 30, 2016
Accrued Expenses [Abstract]
ACCRUED EXPENSES	NOTE 5 – ACCRUED EXPENSES Accrued expenses consisted of the following (rounded to nearest $00): June 30, June 30, Research and development $ 49,300 $ 283,500 Professional fees 310,000 64,300 Accrued vacation 66,700 116,600 Board fees 150,000 9,000 Other 58,900 8,800 Total $ 634,900 $ 482,200

Notes Payable

Notes Payable	12 Months Ended
	Jun. 30, 2016
Notes Payable [Abstract]
NOTES PAYABLE	NOTE 6 - NOTES PAYABLE In June 2016, the Company entered into a note for approximately $273,700 in conjunction with a renewal of its director and officer insurance policy. The interest rate was 2.1% per annum. In June 2015, the Company entered into a note for approximately $263,800 in conjunction with a renewal of its director and officer insurance policy. The interest rate was 2.8% per annum. At June 30, 2016 and 2015, the note payable outstanding balances were approximately $273,700 and $263,800, respectively.

Derivative Liabilities

Derivative Liabilities	12 Months Ended
	Jun. 30, 2016
Derivative Liabilities [Abstract]
DERIVATIVE LIABILITIES	NOTE 7 - DERIVATIVE LIABILITIES ASC Topic No. 815 - Derivatives and Hedging The following is a summary of the assumptions used in the valuation model at June 30, 2016 and 2015: June 30, June 30, 2016 2015 Common stock issuable upon exercise of warrants 2,574,570 2,574,570 Market value of common stock on measurement date (1) $ 2.28 $ 10.15 Exercise price $ 7.50 and $11.25 $ 7.50 and $11.25 Risk free interest rate (2) 0.71 % 1.6 % Expected life in years 2.95 3.90 Expected volatility (3) 75 % 70 % Expected dividend yields (4) None None (1) Quoted market value of the common stock, reflects a one-for-five reverse stock split. (2) The risk-free interest rate was determined by management using the applicable Treasury Bill interest rate as of the measurement date, when applicable. (3) The historical trading volatility was determined by calculating the volatility of the Company’s peer group. (4) The Company does not expect to pay a dividend in the foreseeable future. During the year ended June 30, 2015, 2,033,915 A warrants were exercised and 1,398,845 A warrants expired. The following were the summary of the assumptions at the transactions dates for the warrant exercises during the year ended June 30, 2015. Year Ended Common stock issuable upon exercise of warrants 2,033,915 Market value of common stock on measurement date $ 15.00 Exercise price $ 7.50 Risk free interest rate 0.02 % Expected life in years 0.0 Expected volatility 71.2 % Expected dividend yields None The following table sets forth, by level within the fair value hierarchy, the Company’s derivative liabilities that were accounted for at fair value on a recurring basis as of June 30, 2016: Balance at Initial valuation of derivative Decrease in fair value of derivative Fair value of derivatives Balance at 2015 period liabilities paid-in-capital 2016 Series B warrants issued in connection with May and June 2014 offering $ 8,770,700 $ - $ (8,266,218 ) $ - $ 504,482 Placement Agent warrants issued in connection with May and June 2014 offering 5,230,669 - (4,842,648 ) - 388,021 Total $ 14,001,369 $ - $ (13,108,866 ) $ - $ 892,503 The following table sets forth, by level within the fair value hierarchy, the Company’s derivative liabilities that were accounted for at fair value on a recurring basis as of June 30, 2015: Balance at Initial valuation of derivative Increase (decrease) in fair value of derivative Fair value of derivatives Balance at 2014 period liabilities paid-in-capital 2015 Series A warrants issued in May and June 2014 offering $ 10,040,822 $ - $ 5,255,019 $ (15,295,841 ) $ - Series B warrants issued in connection with May and June 2014 offering 9,894,930 - (1,124,230 ) - 8,770,700 Placement Agent warrants issued in connection with May and June 2014 offering 5,651,181 - (420,512 ) - 5,230,669 Total $ 25,586,933 $ - $ 3,710,277 $ (15,295,841 ) $ 14,001,369

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2016
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 - STOCKHOLDERS’ EQUITY Class A Convertible Preferred Stock (“Class A Stock”) The Class A Stock has dividend rights to two times the amount of any dividend granted by the Board of Directors of the Company to the holders of common stock. In the event of any dissolution, liquidation or winding up of the Company, whether voluntary or involuntary, the holders of Class A Stock shall be entitled to participate in any distribution out of the assets of the Corporation on an equal basis per share with the holders of the Company’s common stock. The holders of Class A Stock shall have no right to vote on any matter submitted to a vote of the holders of the Company’s common stock, including the election of directors. The Class A Stock is automatically converted on a monthly basis into common stock on a one-for-one basis by action of the Corporation, in the event the total of all shares of common stock and Class A Stock held by the shareholder do not exceed 9.9% of the issued and outstanding shares of common stock of the Company. In no event can Class A Stock be converted into common stock of the Corporation if such conversion would cause the holder to own, beneficially or otherwise, more than 9.9% of the Company’s stock. During the years ended June 30, 2016 and 2015, 71,672 and 595,790 shares of Class A Stock were converted to common stock, respectively. Common Stock Common stock issued for services During the years ended June 30, 2016 and 2015, the Company issued 63,329 and 83,333 shares of common stock for consulting services, respectively, that had a fair market of approximately $204,500 and approximately $1,180,400, respectively, based upon the stock price at the date of issuances. The Company recorded the stock-based compensation expense to general and administrative expense. Exercise of warrants for non-cash During the year ended June 30, 2016, the Company issued approximately 1,094,000 shares of common stock for cashless exercise of approximately 1,138,000 warrants. Common stock issued in connection with exercise of warrants During the year ended June 30, 2015, shareholders from the May and June 2014 equity offerings exercised Series A warrants to purchase 2,033,915 shares of common stock at an exercise price of $7.50 per share that resulted in net proceeds of approximately $13,423,800 to the Company, net of approximately $1,830,500 of offering costs. During the year ended June 30, 2015, three consultants exercised their warrants and also a Series A preferred warrant holder exercised warrants aggregating 6,512 shares of common stock. The Company received approximately $25,500. Options and warrants In December 2014, the Board of Directors adopted and the shareholders approved Relmada’s 2014 Stock Option and Equity Incentive Plan, as amended (the “Plan”), which allows for the granting of common stock awards, stock appreciation rights, and incentive and nonqualified stock options to purchase shares of the Company’s common stock to designated employees, non-employee directors, and consultants and advisors. The Plan allows for the granting of 1,611,769 options or stock awards. In August 2015, the board approved an amendment to the Plan. Among other things, the Plan Amendment updates the definition of “change of control” and provides for accelerated vesting of all awards granted under the plan in the event of a change of control of the Company. At June 30, 2016, no stock appreciation rights have been issued. Stock options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years. As of June 30, 2016, 919,943 shares were available for future grants under the Plan. The Company utilizes the Black-Scholes option pricing model to estimate the fair value of stock options and warrants. The price of common stock prior to the Company being public was determined from a third party valuation. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. The expected volatility was based upon its peer group. The Company routinely reviews its calculation of volatility changes in future volatility, the Company’s life cycle, its peer group, and other factors. The Company uses the simplified method for share-based compensation to estimate the expected term for employee option awards for share-based compensation in its option-pricing model. The Company uses the contractual term for non-employee options to estimate the expected term, for share-based compensation in its option-pricing model. Stock-based compensation - options During the year ended June 30, 2015, the Company granted to its current officers options to purchase 55,000 shares of common stock. Each option has a ten-year term and an exercise price of $13.50 per share. 6.25% of the options vest each quarter over the following four years. The fair value of the options at the grant date was $9.08 per share using the Black-Scholes Option pricing model. During the year ended June 30, 2015, the Company granted various employees options to purchase 256,100 shares of common stock. Each option has a ten-year term and has an exercise price ranging from $8.60 to $13.50 per share. A total of 135,400 options vest as follows: 25% on the one year anniversary of the grant date and the remaining options vest quarterly over the following 3 years. The remaining 120,700 options vest at a rate of 6.25% each quarter over 4 years. The fair value of the options on the grant date ranges from $3.59 to $9.96 per share using the Black-Scholes Option pricing model. During the year ended June 30, 2016, the Company granted various employees options to purchase 106,795 shares of common stock. Each option has a ten-year term and has an exercise price ranging from $1.55 to $8.45 per share. A total of 77,295 options vest as follows: 25% on the one year anniversary of the grant date and the remaining options vest quarterly over the following 3 years. The remaining 29,500 options vest at a rate of 6.25% each quarter over 4 years. The fair value of the options on the grant date ranges from $1.08 to $5.59 per share using the Black-Scholes Option pricing model. A summary of the changes in options outstanding for the period from July 1, 2014 to June 30, 2016 is as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding and expected to vest at July 1, 2014 673,034 $ 5.56 9.2 $ 2,988,000 Granted 311,100 $ 12.63 9.6 Forfeited (206,504 ) $ 9.12 - Outstanding and expected to vest at June 30, 2015 777,630 $ 7.44 8.6 $ 2,787,000 Granted 106,795 $ 4.13 9.4 Forfeited (242,221 ) $ 8.70 - Outstanding and expected to vest at June 30, 2016 642,204 $ 6.41 7.7 $ 21,500 Options exercisable at June 30, 2016 349,953 $ 5.69 7.0 $ 1,300 At June 30, 2016, the Company has unrecognized stock-based compensation expense of approximately $1,257,500 related to unvested stock options over the weighted average remaining service period of 2.5 years. The weighted average fair value of options granted during the years ended June 30, 2016 and 2015 was approximately $2.67 and $8.35 per share, respectively, on the date of grant using the Black-Scholes option pricing model with the following assumptions: Year Ended June 30, Year Ended June 30, Risk free interest rate 0 .87% to 1.7 % 1.5% to 1.8 % Dividend yield 0 % 0 % Volatility 71% to 80 % 71% to 76 % Expected term (in years) 6.25 6.25 The following summarizes the components of stock-based compensation expense which includes stock options, warrants and restricted stock in the consolidated statements of operations for the years ended June 30, 2016 and 2015, respectively: Year Ended June 30, Year ended June 30, Research and development $ 210,100 $ 321,900 General and administrative 792,500 475,100 Total $ 1,002,600 $ 797,000 Stock-based compensation – restricted common stock A summary of the changes in outstanding restricted stocks during the years ended June 30, 2016 and 2015 is as follows: Number of Shares Weighted Average Fair Value Per Share Outstanding and expected to issue at July 1, 2014 - $ - Granted 104,000 $ 13.79 Forfeited (10,000 ) $ 14.65 Outstanding and expected to issue at June 30, 2015 94,000 $ 13.80 Forfeited (44,375 ) $ 13.24 Outstanding and vested at June 30, 2016 49,625 $ 14.10 The restricted stock grants vest over four years. The Company had an unrecognized expense at June 30, 2016 and 2015 of approximately $281,023 and $1,179,300, respectively, related to unvested restricted stock grants which will be recognized over the remaining weighted average service periods of 2.3 and 3.7 years, respectively. During the year ended June 30, 2016, the Company issued 27,750 shares in relation to vested restricted stocks. At June 30, 2016, 20,375 shares of restricted stocks were not vested and 1,500 shares were vested and to be issued. Stock-based compensation – warrants A summary of the changes in outstanding warrants during the years ended June 30, 2016 and 2015 is as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding and vested at July 1, 2014 8,628,911 $ 6.40 Granted 173,643 $ 4.00 Exercised (2,040,277 ) $ 7.50 Forfeited (1,400,094 ) $ 7.50 Outstanding and vested at June 30, 2015 5,362,183 $ 5.60 Exercised (1,137,610 ) $ 0.27 Outstanding and vested at June 30, 2016 4,224,573 $ 7.04 At June 30, 2016 and 2015, the Company does not have any unrecognized stock based compensation expense related to outstanding warrants. At June 30, 2016 and 2015, the aggregate intrinsic value of warrants vested and outstanding is approximately $1,526,000 and $26,270,000, respectively. There were no common stock warrants granted by the Company during the years ended June 30, 2016 and 2015 other than the reissuance of 173,643 warrants to the founder.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS Placement Agent On February 18, 2014 and May 19, 2014, the Company entered into two engagement agreements with the Placement Agent for the May 2014 offering. The Company agreed to pay Placement Agent: (a) a cash commission in the amount of ten percent (10%) of the gross proceeds of the Offering received from investors at a Closing as well as a non-accountable expense reimbursement equal to two percent; and (b) (2%) of the gross proceeds of the Offering received from investors at a Closing and an activation fee of $25,000. The Placement Agent or its designees also received five-year warrants to purchase 858,190 shares of Relmada’s common stock at a price of $7.50 per share. The Placement Agent shall also be entitled to the compensation set forth above as well for any cash exercise of Warrants within six (6) months of the final closing of the Offering as well as a five percent (5%) solicitation fee for any Warrants exercised as a result of any redemption of any Warrants. If the Company elects to call the warrants, the Placement Agent shall receive a warrant solicitation fee equal to 5% of the funds solicited by the Placement Agent upon exercise of the warrants. The Company shall pay the Placement Agent a non-refundable financial advisory fee to be paid monthly, at the rate of $25,000 per month for a period of six months commencing after the May offerings. The Company extended the monthly $25,000 financial advisory fee to May 2015 and the Company did not renew the agreement. Sublease On March 10, 2016 and effective as of January 1, 2016, Relmada entered into an Office Space License Agreement (the “License”) with Actinium Pharmaceuticals, Inc. (“Actinium”), with whom we share two common board members, for office space located at 275 Madison Avenue, 7 th Advisory Firm On December 6, 2011, the Company entered into an advisory agreement with Jamess Capital Group, LLC (formerly known as Amerasia Capital Group, LLC), a consulting firm affiliated with Mr. Seth, a Director of the Company (“Advisory Firm”) to provide non-investment banking related advisory services. The Advisory Firm is due a monthly fee of $12,500 and the agreement is terminable by either party with three months written notice and is to be issued fully vested warrants to purchase common stock equal to 12% of the outstanding capital stock of the Company as of the Share Exchange (exercisable at an exercise price of $0.001 per share), see Note 5. The Advisory Firm is also eligible to be reimbursed upon the submission of proper documentation for ordinary and necessary out-of-pocket expenses not to exceed $5,000 per month. This agreement was terminated effective June 30, 2015 (the “Termination Date”). The parties agreed to defer payment of any compensation owed by the Company to the Advisory Firm at the time of the Termination Date, despite the Advisory Firm having delivered the Services in good faith prior to the Termination Date, until the Company uplisted its common stock to a senior stock exchange. The parties have since waived this provision given that more than one year has passed from the Termination Date and the uplisting has not yet occurred due to circumstances beyond the control of the Advisory Firm. On August 4, 2015, the Company entered into an Advisory and Consulting Agreement (the “Consulting Agreement”) with Sandesh Seth, the Company’s Chairman of the Board. The effective date of the Consulting Agreement is June 30, 2015. Mr. Seth has substantial experience in, among other matters, business development, corporate planning, corporate finance, strategic planning, investor relations and public relations, and an expansive network of connections spanning the biopharmaceutical industry, accounting, legal and corporate communications professions. Mr. Seth will provide advisory and consulting services to assist the Company with strategic advisory services, assist in prioritizing product development programs per strategic objectives, assist in recruiting of key personnel and directors, corporate planning, business development activities, corporate finance advice, and assist in investor and public relations services. In consideration for the services to be provided, the Company agrees to pay Mr. Seth $12,500 per month on an ongoing basis.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
INCOME TAXES	NOTE 10 – INCOME TAXES No provision or benefit for federal or state income taxes has been recorded because the Company has incurred net losses for all periods presented and has recorded a valuation allowance against its deferred tax assets. The components of the Company’s deferred tax assets are as follows at: June 30, June 30, Deferred tax assets: Net operating loss $ 13,381,000 $ 9,818,000 Stock-based compensation 168,000 61,000 Research and development tax credits 827,000 767,000 Accruals 67,000 46,000 Other 74,000 80,000 Loss: valuation allowance (14,517,000 ) (10,772,000 ) Total $ - $ - The Company has maintained a full valuation allowance against its deferred tax at June 30, 2016 and 2015. A valuation allowance is required to be recorded when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Since the Company cannot be assured of realizing the net deferred tax asset, a full valuation allowance has been provided. The valuation allowance increased for the years ended June 30, 2016 and 2015, by approximately $1,110,500 and $5,313,500, respectively. At June 30, 2016, the Company had federal net operating loss carryforwards of approximately $39,164,000, which begin expiring in 2026. The Company also had federal research and development tax credit carryforwards of approximately $827,000 that will begin to expire in 2027. The United States Tax Reform Act of 1986 contains provisions that may limit the Company’s net operating loss carryforwards available to be used in any given year in the event of significant changes in the ownership interests of significant stockholders, as defined. The effect of an ownership change would be the imposition of an annual limitation on the use of NOL carryforwards attributable to periods before the change. The amount of the annual limitation depends upon the value of the Company immediately before the change, changes to the Company’s capital during a specified period prior to the change, and the federal published interest rate. A reconciliation of the statutory tax rate to the effective tax rate is as follows: Year Ended June 30, Year Ended June 30, Statutory federal income tax rate 34 % 34 % State (net of federal benefit) 6.0 % 6.6 % Non-deductible expenses 25 % (9.7 )% Other - % 0.6 % Change in valuation allowance (65 )% (31.5 )% Effective income tax rate 0 % 0 % The Company does not have any uncertain tax positions at June 30, 2016 and 2015 that would affect its effective tax rate. The Company does not anticipate a significant change in the amount of unrecognized tax benefits over the next twelve months. Because the Company is in a loss carryforward position, the Company is generally subject to US federal and state income tax examinations by tax authorities for all years for which a loss carryforward is available. If and when applicable, the Company will recognize interest and penalties as part of income tax expense.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 - COMMITMENTS AND CONTINGENCIES License Agreements Wonpung Mulsan Co., Ltd. On August 20, 2007 (“Effective Date”), the Company entered into a License Development and Commercialization Agreement (“Agreement”) with Wonpung Mulsan Co., Ltd. (“Wonpung”), a shareholder of the Company. Wonpung has exclusive territorial rights in countries it selects in Asia (“Territory”) to market up to two drugs under development as of the Effective Date as listed in Exhibit A of the Agreement and a right of first refusal (“ROFR”) for up to an additional five drugs in the Territory that the Company may develop in the future as defined in more detail in the license agreement. The Company received an upfront license fee of $1,500,000 and will earn royalties of up to 12% of net sales for up to two licensed products it is currently developing. The licensing terms for the ROFR products are subject to future negotiations and binding arbitration. The terms of each licensing agreement will expire on the earlier of any time from 15 years to 20 years after licensing or on the date of commercial availability of a generic product to such licensed product in the licensed territory. The Company’s current focus is on developing and marketing its products in the United States and not Asia. It will be several years before the Company markets its products in Asia. Third Party Licensor Based upon a prior acquisition, the Company assumed an obligation to pay a third party: (A) royalty payments up to 2% on net sales of licensed products that are not sold by sublicensee and (B) on each and every sublicense earned royalty payment received by licensee from its sublicensee on sales of license product by sublicensee, the higher of (i) 20% of the royalties received by licensee; or (ii) up to 2% of net sales of sublicensee. The Company will also make milestone payments of up to $4 or $2 million, for the first commercial sale of product in the field that has a single active pharmaceutical ingredient, and for the first commercial sale of product in the field of product that has more than one active pharmaceutical ingredient, respectively. Leases The Company moved its New York City corporate office location in October 2015 to another space in New York City. The lease expires in December 2023 and is subject to customary escalations and adjustments. In addition, the Company has a lease expiring in 2017 for its Pennsylvania office location. Future minimum lease payments are as follows: For the year ended June 30: Year Amount 2017 $ 357,400 2018 333,000 2019 334,600 2020 346,800 2021 356,700 Thereafter 551,900 Total $ 2,280,400 The Company incurred rent expense of approximately $380,100 and $239,800 for the years ended June 30, 2016 and 2015, respectively. At June 30, 2016 and 2015, the Company recorded lease deposit of approximately $390,000 in other assets. At June 30, 2016, the Company recorded deferred rent liability of approximately $91,000 in long-term liabilities. On March 10, 2016 and effective as of January 1, 2016, Relmada entered into an Office Space License Agreement (the “License”) with Actinium Pharmaceuticals, Inc. (“Actinium”), with whom we share two common board members, for office space located at 275 Madison Avenue, 7th Floor, New York, NY 10016. The term of the License is three years from the effective date, with an automatic renewal provision. The cost of the License is approximately $16,620 per month for Actinium, subject to customary escalations and adjustments. The Company records the license fees as other income in the consolidated income statement. During the year ended June 30, 2016, the Company received and recorded a lease deposit of approximately $50,000 in long-term liabilities. Letter Of Credit The Company has an outstanding letter of credit of approximately $390,800 in connection with the Company’s New York City corporate office lease. The letter of credit is secured by a restricted certificate of deposit in the same amount that is included in other assets at June 30, 2016 and 2015. On the second anniversary of the commencement date which is expected to be in October 2017, the letter of credit will be reduced to approximately $234,400. In October 2022, the letter of credit will be reduced to approximately $156,000. Legal From time to time, the Company may become involved in lawsuits and other legal proceedings that arise in the course of business. Litigation is subject to inherent uncertainties, and it is not possible to predict the outcome of litigation with total confidence. Except as disclosed below, the Company is currently not aware of any legal proceedings or potential claims against it whose outcome would be likely, individually or in the aggregate, to have a material adverse effect on the Company’s business, financial condition, operating results, or cash flows. Lawsuit Brought by Former Officer: Babul has brought a second lawsuit against Relmada. Ruling on Relmada’s Motion to Dismiss, the United States District Court for the Eastern District of Pennsylvania dismissed Babul’s claims for breach of contract and intentional infliction of emotional distress, and left intact his claims for defamation, and wrongful use of civil process. Management believes that the Company has good defenses to all of Babul’s claims, and that the outcome of the Babul litigation, even if unfavorable, would not materially affect the Company’s operations or financial position. However, litigation is an inherently uncertain process, and there can be no assurances with respect to either the outcome or the consequences of this litigation. Proceeding with Laidlaw: On December 10, 2015, the Court issued a temporary restraining order and associated injunction to enjoin the Defendants from “continuing to disseminate false and misleading proxy materials” and require that Defendants, among other things, “immediately must retract or correct its false and misleading proxy materials” (the “Temporary Restraining Order”). The Temporary Restraining Order was set to expire on December 22, 2015, when the parties were scheduled to appear for a hearing before the Court. On December 16, 2015, the Defendants filed an answer in response to the Lawsuit as well as a counterclaim against Relmada and its Board of Directors (the “Counterclaim”). The Counterclaim alleges that (i) Relmada has disseminated materially false and misleading proxy statements concerning Defendants’ previous actions and conduct, in violation of Section 14(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9, and (ii) members of Relmada’s Board of Directors breached their fiduciary duties by, among other things, approving certain changes to Relmada’s stockholder election procedures. The Counterclaim sought the dissolution of the Temporary Restraining Order and injunctive relief that would postpone the Meeting. On December 22, 2015, after a hearing before the Court, the Court entered the Company’s requested preliminary injunction, ordering the Defendants to continue to comply with similar terms to the Temporary Restraining Order (the “Preliminary Injunction Order”). The Preliminary Injunction Order will remain in place pending a full trial on the merits. On February 18, 2016, Relmada filed an amended complaint in connection with the Lawsuit. The amended complaint includes an additional legal claim based on the Defendants’ breach of the fiduciary duty that they owed to Relmada when the Defendants disclosed and mischaracterized confidential information that they acquired in their capacity as Relmada’s investment banker. Relmada is also seeking monetary damages arising from fees and costs that it incurred responding to the Defendants’ false and misleading proxy materials in December 2015. On April 4, 2016, Laidlaw filed a motion to dismiss Relmada’s amended complaint. On April 15, Relmada filed a partial motion to dismiss the Counterclaim and Laidlaw filed a motion to transfer venue to the U.S. District Court for the Southern District of New York. To date, these motions remain pending. On September 6, 2016, Relmada moved for leave to amend the complaint for a second time to allege additional claims against Defendants, including defamation/business disparagement, defamation per se, tortious interference with prospective economic advantage, violations of sections 1962(c) and 1962(d) of the Racketeer Influenced and Corrupt Organizations Act, and violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. All litigation is an inherently uncertain process, and there can be no assurances with respect to either the outcome or the consequences of this litigation. However, Management believes that the determination of the Counterclaim, even if unfavorable, would not materially affect the Company’s operations or financial position. The Company recorded no contingent liability or expense associated with litigation during the twelve months ended June 30, 2016.

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 - SUBSEQUENT EVENTS None

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the Company’s accounts and those of the Company’s wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The significant estimates are the valuation of derivative liabilities, stock-based compensation expenses and recorded amounts related to income taxes.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash deposits and all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company’s cash deposits are held at two high-credit-quality financial institutions. The Company’s cash deposits of approximately $8,000,000 at these institutions exceed federally insured limits.
Patents	Patents Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.
Fixed Assets	Fixed Assets Fixed assets are stated at cost less accumulated depreciation. Fixed assets are comprised of computers and software, leasehold improvements, and furniture and fixtures. Depreciation is calculated using the straight-line method over the estimated useful life of the assets. Computers and software have an estimated useful life of three years. Furniture and fixtures have an estimated useful life of approximately seven years. Leasehold improvements are amortized over the lesser of the estimated life of the asset or the lease term (approximately seven years).
Derivatives	Derivatives All derivatives are recorded at fair value on the balance sheet. The Company has determined fair values using market based pricing models incorporating readily available prices and or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) that requires judgment and estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments primarily include cash, derivative liabilities and accounts payable. Due to the short-term nature of cash and accounts payable, the carrying amounts of these assets and liabilities approximate their fair value. Derivatives are recorded at fair value at each period end. Fair value is defined 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 reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
Fair Value on a Recurring Basis	Fair Value on a Recurring Basis As required by Accounting Standard Codification (“ASC”) Topic No. 820 - 10 Fair Value Measurement The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2016: Quoted Prices In Active Significant Total Markets for Other Significant Carrying Identical Observable Unobservable Value as of Assets Inputs Inputs June 30, Description (Level 1) (Level 2) (Level 3) 2016 Derivative liabilities - warrant instruments $ - $ - $ 892,503 $ 892,503 The following table sets forth, by level within the fair value hierarchy, the Company’s financial liabilities that were accounted for at fair value on a recurring basis as of June 30, 2015: Description Quoted Prices Significant Significant Unobservable Inputs Total Carrying Value as of June 30, Derivative liabilities - warrant instruments $ - $ - $ 14,001,369 $ 14,001,369 The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as level 3 in the fair value hierarchy: Significant Unobservable Inputs (Level 3) Year Ended June 30, Year Ended June 30, Beginning balance $ 14,001,369 $ 25,586,933 Change in fair value of derivative liabilities included in net loss for the years ended June 30, 2016 and June 30, 2015 (13,108,866 ) 3,710,277 Value of converted warrant instruments transferred to additional paid-in-capital - (15,295,841 ) Ending balance $ 892,503 $ 14,001,369
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. At June 30, 2016 and 2015, the Company had recorded a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files a U.S. Federal income tax return and various state returns. Uncertain tax positions taken on our tax returns will be accounted for as liabilities for unrecognized tax benefits. The Company will recognize interest and penalties, if any, related to unrecognized tax benefits in general and administrative expenses in the statements of operations. There were no liabilities recorded for uncertain tax positions at June 30, 2016 and 2015. The open tax years, subject to potential examination by the applicable taxing authority, for the Company are from 2013 through June 30, 2016.
Research and Development	Research and Development Research and development costs primarily consist of research contracts for the advancement of product development, salaries and benefits, stock-based compensation, and consultants. The Company expenses all research and development costs in the period incurred. The Company makes an estimate of costs in relation to clinical study contracts. The Company analyzes the progress of studies, including the progress of clinical studies and phases, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of those instruments. Compensation expense for warrants granted to non-employees is determined by the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measured, and is recognized over the service period. The expense is subsequently adjusted to fair value at the end of each reporting period until such warrants vest, and the fair value of such instruments, as adjusted, is expensed over the related vesting period. Adjustments to fair value at each reporting date may result in income or expense, depending upon the estimate of fair value and the amount of expense recorded prior to the adjustment. The Company reviews its agreements and the future performance obligation with respect to the unvested warrants for its vendors or consultants. When appropriate, the Company will expense the unvested warrants at the time when management deems the service obligation for future services has ceased.
Net Loss per Common Share	Net Loss per Common Share Basic net loss per common share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per common share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of Class A convertible preferred stock, Series A preferred stock, restricted stock awards, options and warrants to purchase common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. Potentially dilutive securities are not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive are as follows (in common stock equivalent shares): Year Ended Year Ended Class A convertible preferred stock - 71,672 Common stock warrants 4,224,573 5,362,183 Restricted stock awards 49,625 94,000 Common stock options 642,204 777,630 Total 4,916,402 6,305,485
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-12, Compensation-Stock Compensation. The amendments in this update apply to reporting entities that grant their employees stock-based payments in which the terms of the award provide that a performance target can be achieved after the requisite service period. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the effects of this pronouncement on the consolidated financial statements. In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements- Going Concern. The Update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the effects of this pronouncement on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), whereby lessees will be required to recognize for all leases at the commencement date a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. A modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements must be applied. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Companies may not apply a full retrospective transition approach. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. Early application is permitted. The Company is currently evaluating the effects of this pronouncement on the consolidated financial statements.
Subsequent Events	Subsequent Events The Company’s management reviewed all material events through the date the financial statements were issued for subsequent event disclosure consideration.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Schedule of fair value, financial liabilities measured on recurring basis	Quoted Prices In Active Significant Total Markets for Other Significant Carrying Identical Observable Unobservable Value as of Assets Inputs Inputs June 30, Description (Level 1) (Level 2) (Level 3) 2016 Derivative liabilities - warrant instruments $ - $ - $ 892,503 $ 892,503 Description Quoted Prices Significant Significant Unobservable Inputs Total Carrying Value as of June 30, Derivative liabilities - warrant instruments $ - $ - $ 14,001,369 $ 14,001,369
Summary of fair value of the company level three financial liabilities	Significant Unobservable Inputs (Level 3) Year Ended June 30, Year Ended June 30, Beginning balance $ 14,001,369 $ 25,586,933 Change in fair value of derivative liabilities included in net loss for the years ended June 30, 2016 and June 30, 2015 (13,108,866 ) 3,710,277 Value of converted warrant instruments transferred to additional paid-in-capital - (15,295,841 ) Ending balance $ 892,503 $ 14,001,369
Summary of anti-dilutive securities	Year Ended Year Ended Class A convertible preferred stock - 71,672 Common stock warrants 4,224,573 5,362,183 Restricted stock awards 49,625 94,000 Common stock options 642,204 777,630 Total 4,916,402 6,305,485

Prepaid Expenses and Other Cu21

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Jun. 30, 2016
Prepaid Expenses and Other Current Assets [Abstract]
Schedule of prepaid expenses	June 30, June 30, Rent $ - $ 450,700 Research and development 17,600 565,100 Insurance 346,100 337,100 Biotechnology tax credit receivable 231,900 82,000 Legal 171,100 - Other 31,400 63,000 Total $ 798,100 $ 1,497,900

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Jun. 30, 2016
Fixed Assets [Abstract]
Schedule of fixed asset, net of accumulated depreciation	Useful lives June 30, June 30, Computer and software 3 years $ 48,200 $ 34,300 Furniture and fixtures 7 years 160,000 - Leasehold improvements 7 years 386,900 - Total $ 595,100 $ 34,300 Less: accumulated depreciation (63,700 ) (10,400 ) Fixed assets, net $ 531,400 $ 23,900

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Jun. 30, 2016
Accrued Expenses [Abstract]
Schedule of accrued expenses	June 30, June 30, Research and development $ 49,300 $ 283,500 Professional fees 310,000 64,300 Accrued vacation 66,700 116,600 Board fees 150,000 9,000 Other 58,900 8,800 Total $ 634,900 $ 482,200

Derivative Liabilities (Tables)

Derivative Liabilities (Tables)	12 Months Ended
	Jun. 30, 2016
Derivative Liabilities [Abstract]
Summary of assumptions used in valuation model of derivatives liabilities	June 30, June 30, 2016 2015 Common stock issuable upon exercise of warrants 2,574,570 2,574,570 Market value of common stock on measurement date (1) $ 2.28 $ 10.15 Exercise price $ 7.50 and $11.25 $ 7.50 and $11.25 Risk free interest rate (2) 0.71 % 1.6 % Expected life in years 2.95 3.90 Expected volatility (3) 75 % 70 % Expected dividend yields (4) None None (1) Quoted market value of the common stock, reflects a one-for-five reverse stock split. (2) The risk-free interest rate was determined by management using the applicable Treasury Bill interest rate as of the measurement date, when applicable. (3) The historical trading volatility was determined by calculating the volatility of the Company’s peer group. (4) The Company does not expect to pay a dividend in the foreseeable future.
Schedule of assumptions used in valuation model of derivatives warrants	Year Ended Common stock issuable upon exercise of warrants 2,033,915 Market value of common stock on measurement date $ 15.00 Exercise price $ 7.50 Risk free interest rate 0.02 % Expected life in years 0.0 Expected volatility 71.2 % Expected dividend yields None
Schedule of fair value of derivative liabilities	Balance at Initial valuation of derivative Decrease in fair value of derivative Fair value of derivatives Balance at 2015 period liabilities paid-in-capital 2016 Series B warrants issued in connection with May and June 2014 offering $ 8,770,700 $ - $ (8,266,218 ) $ - $ 504,482 Placement Agent warrants issued in connection with May and June 2014 offering 5,230,669 - (4,842,648 ) - 388,021 Total $ 14,001,369 $ - $ (13,108,866 ) $ - $ 892,503 Balance at Initial valuation of derivative Increase (decrease) in fair value of derivative Fair value of derivatives Balance at 2014 period liabilities paid-in-capital 2015 Series A warrants issued in May and June 2014 offering $ 10,040,822 $ - $ 5,255,019 $ (15,295,841 ) $ - Series B warrants issued in connection with May and June 2014 offering 9,894,930 - (1,124,230 ) - 8,770,700 Placement Agent warrants issued in connection with May and June 2014 offering 5,651,181 - (420,512 ) - 5,230,669 Total $ 25,586,933 $ - $ 3,710,277 $ (15,295,841 ) $ 14,001,369

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Jun. 30, 2016
Stockholders' Equity [Abstract]
Summary of changes in options outstanding	Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding and expected to vest at July 1, 2014 673,034 $ 5.56 9.2 $ 2,988,000 Granted 311,100 $ 12.63 9.6 Forfeited (206,504 ) $ 9.12 - Outstanding and expected to vest at June 30, 2015 777,630 $ 7.44 8.6 $ 2,787,000 Granted 106,795 $ 4.13 9.4 Forfeited (242,221 ) $ 8.70 - Outstanding and expected to vest at June 30, 2016 642,204 $ 6.41 7.7 $ 21,500 Options exercisable at June 30, 2016 349,953 $ 5.69 7.0 $ 1,300
Summary of Black-Scholes option pricing model assumptions used to determine the fair value of options granted	Year Ended June 30, Year Ended June 30, Risk free interest rate 0 .87% to 1.7 % 1.5% to 1.8 % Dividend yield 0 % 0 % Volatility 71% to 80 % 71% to 76 % Expected term (in years) 6.25 6.25
Schedule of stock-based compensation expense	Year Ended June 30, Year ended June 30, Research and development $ 210,100 $ 321,900 General and administrative 792,500 475,100 Total $ 1,002,600 $ 797,000
Summary of the changes in outstanding restricted stock	Number of Shares Weighted Average Fair Value Per Share Outstanding and expected to issue at July 1, 2014 - $ - Granted 104,000 $ 13.79 Forfeited (10,000 ) $ 14.65 Outstanding and expected to issue at June 30, 2015 94,000 $ 13.80 Forfeited (44,375 ) $ 13.24 Outstanding and vested at June 30, 2016 49,625 $ 14.10
Summary of changes in warrants outstanding	Number of Shares Weighted Average Exercise Price Per Share Outstanding and vested at July 1, 2014 8,628,911 $ 6.40 Granted 173,643 $ 4.00 Exercised (2,040,277 ) $ 7.50 Forfeited (1,400,094 ) $ 7.50 Outstanding and vested at June 30, 2015 5,362,183 $ 5.60 Exercised (1,137,610 ) $ 0.27 Outstanding and vested at June 30, 2016 4,224,573 $ 7.04

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
Schedule of deferred tax assets	June 30, June 30, Deferred tax assets: Net operating loss $ 13,381,000 $ 9,818,000 Stock-based compensation 168,000 61,000 Research and development tax credits 827,000 767,000 Accruals 67,000 46,000 Other 74,000 80,000 Loss: valuation allowance (14,517,000 ) (10,772,000 ) Total $ - $ -
Reconciliation of the statutory tax rate to the effective tax rate	Year Ended June 30, Year Ended June 30, Statutory federal income tax rate 34 % 34 % State (net of federal benefit) 6.0 % 6.6 % Non-deductible expenses 25 % (9.7 )% Other - % 0.6 % Change in valuation allowance (65 )% (31.5 )% Effective income tax rate 0 % 0 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies [Abstract]
Schedule of future minimum lease payments	Year Amount 2017 $ 357,400 2018 333,000 2019 334,600 2020 346,800 2021 356,700 Thereafter 551,900 Total $ 2,280,400

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Fair value hierarchy, the Company's financial liabilities that were accounted for at fair value on a recurring basis
Derivative liabilities	$ 892,503	$ 14,001,369
Quoted PricesIn Active Markets for Identical Assets(Level 1) [Member] | Derivative liabilities warrant instruments [Member]
Fair value hierarchy, the Company's financial liabilities that were accounted for at fair value on a recurring basis
Derivative liabilities
Significant Other Observable Inputs (Level 2) [Member] | Derivative liabilities warrant instruments [Member]
Fair value hierarchy, the Company's financial liabilities that were accounted for at fair value on a recurring basis
Derivative liabilities
Significant Unobservable Inputs (Level 3) [Member] | Derivative liabilities warrant instruments [Member]
Fair value hierarchy, the Company's financial liabilities that were accounted for at fair value on a recurring basis
Derivative liabilities	$ 892,503	$ 14,001,369

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Value of converted warrant instruments transferred to additional paid-in-capital		$ (15,295,841)
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Beginning balance	14,001,369	25,586,933
Change in fair value of derivative liabilities included in net loss for the years ended June 30, 2016 and June 30, 2015	(13,108,866)	3,710,277
Value of converted warrant instruments transferred to additional paid-in-capital		(15,295,841)
Ending balance	$ 892,503	$ 14,001,369

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details 2) - shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Calculation of diluted net loss per share attributable to common stockholders
Total	4,916,402	6,305,485
Common stock options [Member]
Calculation of diluted net loss per share attributable to common stockholders
Total	642,204	777,630
Restricted stock awards [Member]
Calculation of diluted net loss per share attributable to common stockholders
Total	49,625	94,000
Common stock warrants [Member]
Calculation of diluted net loss per share attributable to common stockholders
Total	4,224,573	5,362,183
Class A convertible preferred stock [Member]
Calculation of diluted net loss per share attributable to common stockholders
Total		71,672

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Jun. 30, 2016USD ($)
Significant Accounting Policies (Textual)
Cash deposits amount	$ 8,000,000
Computers and software [Member]
Significant Accounting Policies (Textual)
Fixed assets, Estimated useful life	3 years
Furniture and fixtures [Member]
Significant Accounting Policies (Textual)
Fixed assets, Estimated useful life	7 years
Leasehold improvements [Member]
Significant Accounting Policies (Textual)
Fixed assets, Lease term	7 years

Prepaid Expenses and Other Cu32

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Prepaid Expenses and Other Current Assets [Abstract]
Rent		$ 450,700
Research and development	17,600	565,100
Insurance	346,100	337,100
Biotechnology tax credit receivable	231,900	82,000
Legal	171,100
Other	31,400	63,000
Total	$ 798,094	$ 1,497,911

Prepaid Expenses and Other Cu33

Prepaid Expenses and Other Current Assets (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Prepaid Expenses (Textual)
Biotechnology tax credit receivable	$ 231,900	$ 82,000
New York City [Member]
Prepaid Expenses (Textual)
Biotechnology tax credit receivable	$ 149,000	$ 82,000
Expects to receive cash refund	The Company expects to receive cash refund of $82,000 and $149,000 in September 2016 and March 2017, respectively.

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Line Items]
Total	$ 595,100	$ 34,300
Less accumulated depreciation	(63,700)	(10,400)
Fixed assets, net	531,348	23,911
Computer and software [Member]
Property, Plant and Equipment [Line Items]
Total	$ 48,200	34,300
Useful lives	3 years
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Total	$ 160,000
Useful lives	7 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total	$ 386,900
Useful lives	7 years

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Accrued Expenses [Abstract]
Research and development	$ 49,300	$ 283,500
Professional fees	310,000	64,300
Accrued vacation	66,700	116,600
Board fees	150,000	9,000
Other	58,900	8,800
Total	$ 634,853	$ 482,267

Notes Payable (Details)

Notes Payable (Details) - USD ($)	1 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Notes Payable (Textual)
Notes payable, Interest rate	2.10%	2.80%
Notes payable	$ 273,700	$ 263,800
Note payable issued in connection with director and officer insurance policy	$ 273,700	$ 263,800

Derivative Liabilities (Details

Derivative Liabilities (Details) - Initial Valuation [Member] - $ / shares		12 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock issuable upon exercise of warrants		2,574,570	2,574,570
Market value of common stock on measurement date	[1]	$ 2.28	$ 10.15
Risk free interest rate	[2]	0.71%	1.60%
Expected life in years		2 years 11 months 12 days	3 years 10 months 24 days
Expected volatility	[3]	75.00%	70.00%
Expected dividend yields	[4]
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price		$ 11.25	$ 11.25
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Exercise price		$ 7.50	$ 7.50
[1]	Quoted market value of the common stock, reflects a one-for-five reverse stock split.
[2]	The risk-free interest rate was determined by management using the applicable Treasury Bill interest rate as of the measurement date, when applicable.
[3]	The historical trading volatility was determined by calculating the volatility of the Company's peer group.
[4]	The Company does not expect to pay a dividend in the foreseeable future.

Derivative Liabilities (Detai38

Derivative Liabilities (Details 1) - Warrant [Member]	12 Months Ended
	Jun. 30, 2015$ / sharesshares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock issuable upon exercise of warrants | shares	2,033,915
Market value of common stock on measurement date	$ 15
Exercise price	$ 7.50
Risk free interest rate	0.02%
Expected life in years	0 years
Expected volatility	71.20%
Expected dividend yields

Derivative Liabilities (Detai39

Derivative Liabilities (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Balance Beginning	$ 14,001,369	$ 25,586,933
Initial valuation of derivative liabilities upon issuance of new warrants during the period
Increase (decrease) in fair value of derivative liabilities	(13,108,866)	3,710,277
Fair value of derivatives reclassified to additional paid-in-capital		(15,295,841)
Balance Ending	892,503	14,001,369
Placement Agent [Member]
Derivative [Line Items]
Balance Beginning	5,230,669	5,651,181
Initial valuation of derivative liabilities upon issuance of new warrants during the period
Increase (decrease) in fair value of derivative liabilities	(4,842,648)	(420,512)
Fair value of derivatives reclassified to additional paid-in-capital
Balance Ending	388,021	5,230,669
A warrants [Member]
Derivative [Line Items]
Balance Beginning		10,040,822
Initial valuation of derivative liabilities upon issuance of new warrants during the period
Increase (decrease) in fair value of derivative liabilities		5,255,019
Fair value of derivatives reclassified to additional paid-in-capital		(15,295,841)
Balance Ending
B warrants [Member]
Derivative [Line Items]
Balance Beginning	8,770,700	9,894,930
Initial valuation of derivative liabilities upon issuance of new warrants during the period
Increase (decrease) in fair value of derivative liabilities	(8,266,218)	(1,124,230)
Fair value of derivatives reclassified to additional paid-in-capital
Balance Ending	$ 504,482	$ 8,770,700

Derivative Liabilities (Detai40

Derivative Liabilities (Details Textual) - Warrant [Member]	12 Months Ended
	Jun. 30, 2015shares
Derivative Liabilities (Textual)
Number of shares, exercisable	2,033,915
Number of warrants, expired	1,398,845

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Stock options [Member] - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding and expected to vest	777,630	673,034
Number of Shares, Granted	106,795	311,100
Number of Shares, Forfeited	(242,221)	(206,504)
Number of Shares, Outstanding and expected to vest	642,204	777,630
Number of Shares, Options exercisable	349,953
Weighted Average Exercise Price Per Share, Outstanding and expected to vest	$ 7.44	$ 5.56
Weighted Average Exercise Price Per Share, Granted	4.13	12.63
Weighted Average Exercise Price Per Share, Forfeited	8.70	9.12
Weighted Average Exercise Price Per Share, Outstanding and expected to vest	6.41	$ 7.44
Weighted Average Exercise Price Per Share, Options exercisable	$ 5.69
Weighted Average Remaining Contractual Term (Years), Outstanding and expected to vest	8 years 7 months 6 days	9 years 2 months 12 days
Weighted Average Remaining Contractual Term (Years), Granted	9 years 4 months 24 days	9 years 7 months 6 days
Weighted Average Remaining Contractual Term (Years), Forfeited	0 years
Weighted Average Remaining Contractual Term (Years), Outstanding and expected to vest	7 years 8 months 12 days	8 years 7 months 6 days
Weighted Average Remaining Contractual Term (Years), Options exercisable	7 years
Aggregate Intrinsic Value, Outstanding and expected to vest	$ 2,787,000	$ 2,988,000
Aggregate Intrinsic Value, Granted
Aggregate Intrinsic Value, Forfeited
Aggregate Intrinsic Value, Outstanding and expected to vest	21,500	$ 2,787,000
Aggregate Intrinsic Value, Options exercisable	$ 1,300

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Dividend yield	0.00%	0.00%
Expected term (in years)	6 years 3 months	6 years 3 months
Maximum [Member]
Risk free interest rate	1.70%	1.80%
Volatility	80.00%	76.00%
Minimum [Member]
Risk free interest rate	0.87%	1.50%
Volatility	71.00%	71.00%

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,002,600	$ 797,000
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	210,100	321,900
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 792,500	$ 475,100

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - Restricted common stock [Member] - $ / shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding and expected to vest	94,000
Number of Shares, Granted		104,000
Number of Shares, Forfeited	(44,375)	(10,000)
Number of Shares, Outstanding and expected to vest	49,625	94,000
Weighted Average Exercise Price Per Share, Outstanding and expected to vest	$ 13.80
Weighted Average Fair Value Per Share, Granted		13.79
Weighted Average Fair Value Per Share, Forfeited	13.24	14.65
Weighted Average Exercise Price Per Share, Outstanding and expected to vest	$ 14.10	$ 13.80

Stockholders' Equity (Details 4

Stockholders' Equity (Details 4) - Warrants [Member] - $ / shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding and vested	5,362,183	8,628,911
Number of Shares, Granted		173,643
Number of Shares, Exercised	(1,137,610)	(2,040,277)
Number of Shares, Forfeited		(1,400,094)
Number of Shares, Outstanding and vested	4,224,573	5,362,183
Weighted Average Exercise Price Per Share, Outstanding and vested	$ 5.60	$ 6.40
Weighted Average Exercise Price Per Share, Granted		4
Weighted Average Exercise Price Per Share, Exercised	0.27	7.50
Weighted Average Exercise Price Per Share, Forfeited		7.50
Weighted Average Exercise Price Per Share, Outstanding and vested	$ 7.04	$ 5.60

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual)	1 Months Ended	12 Months Ended
	Dec. 31, 2014shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)Consultant$ / sharesshares	Jun. 30, 2014shares
Stockholders' Equity (Textual)
Proceeds from warrants exercises | $			$ 25,450
Issuance of common stock for consulting services | $		204,534	$ 1,180,410
Unrecognized stock-based compensation expense | $		$ 1,257,500
Weighted average fair value of options and warrants granted | $ / shares		$ 2.67	$ 8.35
Recognized stock-based compensation, weighted average remaining period		2 years 6 months
Class A Convertible Preferred Stock [Member]
Stockholders' Equity (Textual)
Shares of common stock and Class A Stock converted		The Class A Stock is automatically converted on a monthly basis into common stock on a one-for-one basis by action of the Corporation, in the event the total of all shares of common stock and Class A Stock held by the shareholder do not exceed 9.9% of the issued and outstanding shares of common stock of the Company. In no event can Class A Stock be converted into common stock of the Corporation if such conversion would cause the holder to own, beneficially or otherwise, more than 9.9% of the Company's stock.
Class A stock converted to common stock		71,672	595,790
Officers [Member]
Stockholders' Equity (Textual)
Options to purchase of common stock			55,000
Stock options term			10 years
Options vest percentage			6.25%
Exercise price | $ / shares			$ 13.50
Fair value of options | $ / shares			$ 9.08
Vesting period			4 years
Employees [Member]
Stockholders' Equity (Textual)
Options to purchase of common stock		106,795	256,100
Stock options term		10 year	10 year
Fair value of options | $ / shares		$ 1.08
Employees [Member] | Maximum [Member]
Stockholders' Equity (Textual)
Exercise price | $ / shares		8.45	$ 13.50
Fair value of the options on the grant date | $ / shares		5.59	9.96
Employees [Member] | Minimum [Member]
Stockholders' Equity (Textual)
Exercise price | $ / shares		1.55	8.60
Fair value of the options on the grant date | $ / shares		$ 1.08	$ 3.59
Employees 1 [Member]
Stockholders' Equity (Textual)
Options vest percentage		25.00%	25.00%
Vesting period		3 years	3 years
Total number of options vested		77,295	135,400
Employees 2 [Member]
Stockholders' Equity (Textual)
Options vest percentage		6.25%	6.25%
Vesting period		4 years	4 years
Total number of options vested		29,500	120,700
Warrants [Member]
Stockholders' Equity (Textual)
Aggregate intrinsic value of warrants vested | $		$ 1,526,000	$ 26,270,000
Common stocks issued		1,094,000
Shares issued for cashless exercise of warrants		1,138,000
Warrants [Member] | Founder [Member]
Stockholders' Equity (Textual)
Warrants to purchase of common stock		173,643
Restricted Stock [Member]
Stockholders' Equity (Textual)
Number of options granted			104,000
Vesting period		4 years
Unrecognized stock-based compensation expense | $		$ 281,023	$ 1,179,300
Number of shares outstanding and expected to vest		49,625	94,000
Recognized stock-based compensation, weighted average remaining period		2 years 3 months 18 days	3 years 8 months 12 days
Restricted stock, vested		27,750
Restricted stock, non vested		20,375
Restricted stock, to be issued		1,500
Employee Stock Option [Member]
Stockholders' Equity (Textual)
Number of options granted		106,795	311,100
Options vest percentage		6.25%	6.25%
Vesting period		4 years	4 years
Total number of options vested		29,500	120,700
Number of shares outstanding and expected to vest		642,204	777,630	673,034
Stock Option and Equity Incentive Plan [Member]
Stockholders' Equity (Textual)
Number of options granted	1,611,769
Stock options exercisable period		10 years
Number of shares available for future grants under stock option plan		919,943
Shareholders [Member]
Stockholders' Equity (Textual)
Proceeds from warrants exercises | $			$ 13,423,800
Exercise price per share | $ / shares			$ 7.50
Warrants to purchase of common stock			2,033,915
Offering costs | $			$ 1,830,500
Consultants [Member]
Stockholders' Equity (Textual)
Proceeds from warrants exercises | $			$ 25,500
Warrants to purchase of common stock			6,512
Number of consultants | Consultant			3
Common Stock [Member]
Stockholders' Equity (Textual)
Issuance of common stock for consulting services, Shares		63,329	83,333
Issuance of common stock for consulting services | $		$ 63	$ 84

Related Party Transactions (Det

Related Party Transactions (Details)	Dec. 06, 2011USD ($)$ / shares	May 31, 2015USD ($)	May 19, 2014USD ($)Agreement	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)
Class of Warrant or Right [Line Items]
Cost of license				$ 16,620
Lease deposit				50,000
Placement Agent [Member]
Class of Warrant or Right [Line Items]
Advisory services fee		$ 25,000		$ 25,000
Percent of fully vested warrants to purchase common stock				5.00%
Exercise price per share | $ / shares				$ 7.50
Issuance of warrants to purchase common stock, Description				The Placement Agent shall also be entitled to the compensation set forth above as well for any cash exercise of Warrants within six (6) months of the final closing of the Offering as well as a five percent (5%) solicitation fee for any Warrants exercised as a result of any redemption of any Warrants. If the Company elects to call the warrants, the Placement Agent shall receive a warrant solicitation fee equal to 5% of the funds solicited by the Placement Agent upon exercise of the warrants.
Term of warrants				5 years
Offering price, Description			(a) a cash commission in the amount of ten percent (10%) of the gross proceeds of the Offering received from investors at a Closing as well as a non-accountable expense reimbursement equal to two percent; and (b) (2%) of the gross proceeds of the Offering received from investors at a Closing and an activation fee of $25,000.
Number of agreements | Agreement			2
Activation fee			$ 25,000
Issuance of warrants to purchase common stock, shares | shares				858,190
Cost of license				$ 16,620
Term of license				3 years
Advisory Firm [Member]
Class of Warrant or Right [Line Items]
Advisory services fee	$ 12,500				$ 12,500
Percent of fully vested warrants to purchase common stock	12.00%
Exercise price per share | $ / shares	$ 0.001
Maximum reimbursement expenses, monthly					$ 5,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Deferred tax assets:
Net operating loss	$ 13,381,000	$ 9,818,000
Stock-based compensation	168,000	61,000
Research and development tax credits	827,000	767,000
Accruals	67,000	46,000
Other	74,000	80,000
Less: valuation allowance	(14,517,000)	(10,772,000)
Total

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of the statutory tax rate to the effective tax rate
Statutory federal income tax rate	34.00%	34.00%
State (net of federal benefit)	6.00%	6.60%
Non-deductible expenses	25.00%	(9.70%)
Other		0.60%
Change in valuation allowance	(65.00%)	(31.50%)
Effective income tax rate	0.00%	0.00%

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Taxes (Textual)
Federal net operating loss carryforwards	$ 39,164,000
Tax credit carryforwards, expiring date	Jun. 30, 2026
Net operating loss carryforwards, limit description	The United States Tax Reform Act of 1986 contains provisions that may limit the Company's net operating loss carryforwards available to be used in any given year in the event of significant changes in the ownership interests of significant stockholders, as defined. The effect of an ownership change would be the imposition of an annual limitation on the use of NOL carryforwards attributable to periods before the change. The amount of the annual limitation depends upon the value of the Company immediately before the change, changes to the Company's capital during a specified period prior to the change, and the federal published interest rate.
Valuation allowance for deferred tax assets	$ 1,110,500	$ 5,313,500
Federal tax credit carryforwards	$ 827,000
Federal net operating loss carryforwards, expiring date	Jun. 30, 2027

Commitments and Contingencies51

Commitments and Contingencies (Details)	Jun. 30, 2016USD ($)
Schedule of future minimum lease payments
2,017	$ 357,400
2,018	333,000
2,019	334,600
2,020	346,800
2,021	356,700
Thereafter	551,900
Total	$ 2,280,400

Commitments and Contingencies52

Commitments and Contingencies (Details Textual)	1 Months Ended	12 Months Ended
	Aug. 20, 2007USD ($)LicensedProduct	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Commitments and Contingencies (Textual)
Royalty payments, Description		(A) royalty payments up to 2% on net sales of licensed products that are not sold by sublicensee and (B) on each and every sublicense earned royalty payment received by licensee from its sublicensee on sales of license product.
Royalty received by licensee, Description		(i) 20% of the royalties received by licensee; or (ii) up to 2% of net sales of sublicensee. The Company will also make milestone payments of up to $4 or $2 million, for the first commercial sale of product in the field that has a single active pharmaceutical ingredient, and for the first commercial sale of product in the field of product that has more than one active pharmaceutical ingredient, respectively. As of June 30, 2016, the Company has not generated any revenue related to this license agreement.
Cost of license		$ 16,620
Letter of credit		390,800
Deferred rent liability		91,000
Lease deposit		50,000
Lease deposit in other assets		390,000	$ 390,000
License Agreements [Member]
Commitments and Contingencies (Textual)
Number of licensed products | LicensedProduct	2
License fees received	$ 1,500,000
Royalties, Description	License fee of $1,500,000 and will earn royalties of up to 12% of net sales for up to two licensed products it is currently developing.
License Agreements [Member] | Minimum [Member]
Commitments and Contingencies (Textual)
License expiry term	15 years
License Agreements [Member] | Maximum [Member]
Commitments and Contingencies (Textual)
License expiry term	20 years
Lease Agreements [Member]
Commitments and Contingencies (Textual)
Rent expense		$ 380,100	$ 239,800
Description of lease expiration date		The lease expires in December 2023. In addition, the Company has a lease expiring in 2017 for its Pennsylvania office location.
Term of license		3 years
October 2017 [Member]
Commitments and Contingencies (Textual)
Letter of credit decrease amount		$ 234,400
October 2022 [Member]
Commitments and Contingencies (Textual)
Letter of credit decrease amount		$ 156,000