Hepion Pharmaceuticals (HEPA) 10-K 28 Sep 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2016	Sep. 26, 2016	Dec. 31, 2015
Document and Entity Information
Entity Registrant Name	ContraVir Pharmaceuticals, Inc.
Entity Central Index Key	1,583,771
Document Type	10-K
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 41,943,614
Entity Common Stock, Shares Outstanding		53,655,682
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Current Assets:
Cash	$ 7,403,940	$ 4,563,165
Prepaid expenses	491,045	681,249
Total Current Assets	7,894,985	5,244,414
Property and equipment, net	80,848	81,441
In-process research and development	3,190,000
Goodwill	1,870,924
Other assets	69,955	51,344
Total Assets	13,106,712	5,377,199
Current Liabilities:
Accounts payable	4,252,243	1,481,393
Accrued expenses	820,894	456,722
Current portion of capital lease	10,410
Total Current Liabilities	5,083,547	1,938,115
Contingent consideration	3,320,000
Deferred tax liability	1,269,620
Derivative financial instruments, at estimated fair value-warrants	2,115,965
Total Liabilities	11,789,132	1,938,115
Commitments and contingencies (Note 13)
Stockholders' Equity:
Common stock-$0.0001 par value per share; 120,000,000 shares authorized, 32,231,241 and 22,276,730 shares issued and outstanding at June 30, 2016 and 2015, respectively	3,224	2,228
Additional paid in capital	32,226,851	17,350,713
Accumulated deficit	(44,612,495)	(27,613,857)
Total Stockholders' Equity	1,317,580	3,439,084
Total Liabilities and Stockholders' Equity	13,106,712	5,377,199
Series A convertible preferred stock
Stockholders' Equity:
Convertible preferred stock	12,500,000	12,500,000
Series B convertible preferred stock
Stockholders' Equity:
Convertible preferred stock	$ 1,200,000	$ 1,200,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Jun. 30, 2015
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	32,231,241	32,231,241
Common stock, shares outstanding	22,276,730	22,276,730
Convertible preferred stock
Convertible preferred stock, par/stated value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	20,000,000	20,000,000
Series A convertible preferred stock
Convertible preferred stock, par/stated value (in dollars per share)	$ 10	$ 10
Convertible preferred stock, shares issued	1,250,000	1,250,000
Convertible preferred stock, shares outstanding	1,250,000	1,250,000
Series B convertible preferred stock
Convertible preferred stock, par/stated value (in dollars per share)	$ 10	$ 10
Convertible preferred stock, shares issued	120,000	120,000
Convertible preferred stock, shares outstanding	120,000	120,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Costs and Expenses:
Research and development	$ 15,019,277	$ 8,403,579
General and administrative	5,786,208	5,556,400
Total Operating Expenses	20,805,485	13,959,979
Loss From Operations	(20,805,485)	(13,959,979)
Other Income (Expense):
Change in fair value of derivative instruments-warrants	3,806,847	(387,898)
Total Other Income (Expense)	3,806,847	(387,898)
Comprehensive Loss	(16,998,638)	(14,347,877)
Series A and B convertible preferred stock beneficial conversion feature accreted as a dividend		(7,844,643)
Comprehensive Loss Attributable to Common Shareholders	$ (16,998,638)	$ (22,192,520)
Weighted Average Common Shares Outstanding
Basic and Diluted (in shares)	27,060,326	21,754,623
Net loss per Common Share
Basic and Diluted (in dollars per share)	$ (0.63)	$ (1.02)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($)	Series A convertible preferred stockPreferred Stock	Series B convertible preferred stockPreferred Stock	Common Stock	Additional Paid in Capital	Accumulated Deficit	Total
Balance at Jun. 30, 2014			$ 1,848	$ 2,486,309	$ (5,421,337)	$ (2,933,180)
Balance (in shares) at Jun. 30, 2014			18,479,279
Increase (Decrease) in Stockholders' Equity
Stock options granted in excess of authorized limit				(81,689)		(81,689)
Reversal of stock option liability upon increase in authorized number of shares				119,167		119,167
Restricted common shares issued in exchange of warrants			$ 380	4,862,863		4,863,243
Restricted common shares issued in exchange of warrants (in shares)			3,794,118
Issuance of Series A preferred shares	$ 12,500,000					12,500,000
Issuance of Series A preferred shares (in shares)	1,250,000
Issuance of Series B preferred shares		$ 1,200,000				1,200,000
Issuance of Series B preferred shares (in shares)		120,000
Beneficial conversion feature accreted as deemed dividend				7,844,643	(7,844,643)
Stock option exercise				1,233		1,233
Stock option exercise (in shares)			3,333
Stock-based compensation expense				2,118,187		2,118,187
Net loss					(14,347,877)	(14,347,877)
Balance at Jun. 30, 2015	$ 12,500,000	$ 1,200,000	$ 2,228	17,350,713	(27,613,857)	3,439,084
Balance (in shares) at Jun. 30, 2015	1,250,000	120,000	22,276,730
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net			$ 993	19,862,993		19,863,986
Issuance of common stock, net (in shares)			9,929,578
Fair value of warrants issued in connection with equity offering, reclassified to derivative liability				(5,922,812)		(5,922,812)
Stock option exercise			$ 3	34,090		34,093
Stock option exercise (in shares)			24,933
Stock-based compensation expense				901,867		901,867
Net loss					(16,998,638)	(16,998,638)
Balance at Jun. 30, 2016	$ 12,500,000	$ 1,200,000	$ 3,224	$ 32,226,851	$ (44,612,495)	$ 1,317,580
Balance (in shares) at Jun. 30, 2016	1,250,000	120,000	32,231,241

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	$ (16,998,638)	$ (14,347,877)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	901,867	2,118,187
Stock issued for license expense		1,200,000
Change in fair value of derivative instruments-warrants	(3,806,847)	387,898
Depreciation	21,525	16,355
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	3,135,022	1,516,855
Prepaid expenses and other assets	191,973	(563,974)
Net Cash Used In Operating Activities	(16,555,098)	(9,672,556)
Cash Flows From Investing Activities:
Acquisition of business, net of cash acquired	(495,603)
Purchase of property and equipment	(6,603)	(83,269)
Net Cash Used In Investing Activities	(502,206)	(83,269)
Cash Flows From Financing Activities:
Proceeds from the issuance of preferred stock		12,500,000
Proceeds from the issuance of common stock and warrants, net	19,863,986
Issuance of common stock via stock option exercise	34,093	1,233
Net cash provided by financing activities	19,898,079	12,501,233
Net Increase In Cash	2,840,775	2,745,408
Cash at beginning of period	4,563,165	1,817,757
Cash at end of period	7,403,940	4,563,165
Supplementary Disclosure Of Non-Cash Financing Activities:
Value of warrants exchanged for common stock		4,863,243
Fair value of warrants issued in conjunction with common stock offering	$ 5,922,812
Deemed dividend on preferred stock beneficial conversion feature		$ 7,844,643

Business Overview

Business Overview	12 Months Ended
	Jun. 30, 2016
Business Overview
Business Overview	1. Business Overview ContraVir Pharmaceuticals Inc. (“ContraVir”, “Company “we,” “us,” or similar pronouns) is a biopharmaceutical company focused primarily on the clinical development of FV-100 to treat herpes zoster (HZ), or shingles, which is an infection caused by the reactivation of varicella zoster virus (VZV) or “chickenpox”, and CMX157 to treat Hepatitis B (HBV). On June 10, 2016, the Company, through a wholly-owned subsidiary now known as ContraVir Research Inc., acquired Ciclofilin Pharmaceuticals, Inc. a biopharmaceutical company incorporated on January 13, 2014 in California and reincorporated in Delaware on October 15, 2014. Ciclofilin Pharmaceuticals, Inc. had one wholly-owned subsidiary, Ciclofilin Pharmaceuticals Corp., incorporated in Canada on January 24, 2014. Together, Ciclofilin Pharmaceuticals, Inc. and Ciclofilin Pharmaceuticals Corp (“Ciclofilin”) are a wholly-owned subsidiary known as ContraVir Research Inc. that specializes in the development of cyclophilin inhibitors, an emerging class of drugs for infectious, inflammatory, and degenerative diseases. Ciclofilin’s lead drug candidate, CRV431, is a potent cyclophilin inhibitor that blocks multiple HBV activities including entry into cells and replication, and is currently in pre-clinical development.

Basis of Presentation and Going

Basis of Presentation and Going Concern	12 Months Ended
	Jun. 30, 2016
Basis of Presentation and Going Concern
Basis of Presentation and Going Concern	2. Basis of Presentation and Going Concern Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The results of operations for the year ended June 30, 2016 include the results of Ciclofilin from the closing date of the Merger on June 10, 2016. Principles of Consolidation The consolidated financial statements include the accounts of ContraVir and its subsidiaries ContraVir Research Inc. and Ciclofilin Pharmaceuticals Corp, which conducts its operations in Canada. All intercompany balances and transactions have been eliminated in consolidation. Going Concern As of June 30, 2016, ContraVir had $7.4 million in cash. Net cash used in operating activities was $16.6 million for the year ended June 30, 2016. Net loss for the year ended June 30, 2016 was $17.0 million. As of June 30, 2016 we had an accumulated deficit of $44.6 million. As of June 30, 2016, ContraVir had working capital of $2.8 million, whereas on June 30, 2015 ContraVir had working capital of $3.3 million. The Company expects to incur losses for the next several years as it expands its research, development and clinical trials of FV-100, CMX157 and CRV431. The Company is unable to predict the extent of any future losses or when the Company will become profitable, if at all. These financial statements have been prepared under the assumption that the Company will continue as a going concern. Due to the Company’s recurring and expected continuing losses from operations, the Company has concluded there is substantial doubt in the Company’s ability to continue as a going concern within one year of the issuance of these financial statements without additional capital becoming available to attain further operating efficiencies and, ultimately, to generate revenue. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company will be required to raise additional capital within the next year to continue the development and commercialization of current product candidates and to continue to fund operations at the current cash expenditure levels. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that the Company raises additional funds by issuing equity securities, its stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct business. If we are unable to raise additional capital when required or on acceptable terms, we may have to (i) significantly delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that we would otherwise seek to develop or commercialize its self on unfavorable terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. Cash As of June 30, 2016 and 2015, the amount of cash was approximately $7.4 million and $4.6 million, respectively, consisting of checking accounts held at U.S. and Canadian commercial banks. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced losses related to these balances. Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following: · Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2—Valuations based on 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 and models for which all significant inputs are observable, either directly or indirectly. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Financial instruments consist of cash, accounts payable and derivative instruments. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short term nature, except for derivative instruments, which were marked to market at the end of each reporting period. See Note 6 for additional information of the fair value of the derivative liabilities. The Company recorded contingent consideration in its acquisition of Ciclofilin, which is required to be carried at fair value. See Note 7 for additional information on the fair value of the contingent consideration. Warrants The Company issued common stock warrants in connection with the execution of certain equity financings. The fair value of certain warrants, deemed to be derivative instruments, were recorded as derivative liabilities under the provisions of FASB ASC Topic 815 Derivatives and Hedging (“ASC 815”) upon issuance. Subsequently the liability was adjusted to fair value as of each reporting period and the changes in fair value of derivative liabilities were recorded in the statements of operations under the caption “Change in fair value of derivative liabilities.” The fair value of certain warrants with a price protection clause deemed to be derivative instruments was determined using a Binomial option-pricing model using varying assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. We thus used model-derived valuations where significant value drivers were unobservable to third parties to determine the fair value and accordingly classified such warrants in Level 3 per ASC 820. This derivative liability was extinguished when the warrants were converted into common stock in August 2014. The fair value of the warrants, issued in connection with the October 2015 and April 2016 common stock offerings deemed to be derivative instruments due to the put feature on the warrants, was determined using the Black-Scholes option pricing model, deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. The fair value is affected by changes in inputs to the model including our stock price, expected stock price volatility, the contractual term, and the risk-free interest rate. This model uses Level 3 inputs, including stock price volatility, in the fair value hierarchy established by ASC 820 Fair Value Measurement. At June 30, 2016, the fair value of such warrants was $2,115,965 which we classified as a long term derivative liability on our balance sheets. As of June 30, 2015, all previously issued warrants deemed to be derivative instruments were exchanged for shares of common stock of the Company. Derivative financial instruments The Company has issued common stock warrants in connection with the execution of certain equity financings. The fair value of the warrants, which were deemed to be derivative instruments based on certain contingent put features, was recorded as a derivative liability under the provisions of ASC Topic 815 Derivatives and Hedging (“ASC 815”) upon issuance. Subsequently, the liability is adjusted to fair value as of the end of each reporting period and the changes in the fair value of derivative liabilities are recorded in the statements of operations under the caption “Change in fair value of derivative financial instruments - warrants.” See Note 6 for additional information. Property, equipment and depreciation As of June 30, 2016 and 2015, the Company had $80,848 and $81,441, respectively, of property and equipment, consisting primarily of computer equipment and equipment under capital lease. Expenditures for additions, renewals and improvements will be capitalized at cost. Depreciation will generally be computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the depreciable assets are 2 to 5 years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives, or the remaining term of the lease, whichever is shorter. Depreciation expense for the years ended June 30, 2016 and 2015 was $21,525 and $16,355, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. The Company will periodically evaluate whether current events or circumstances indicate that the carrying value of its depreciable assets may not be recoverable. There were no adjustments to the carrying value of property and equipment at June 30, 2016 and 2015. Lease Accounting The Company accounts for operating lease transactions by recording rent expense on a straight-line basis over the expected life of the lease, commencing on the date it gains possession of leased property. Capital lease transactions are reflected as a liability at the inception of the lease based on the present value of the minimum lease payments or, if lower, the fair value of the property. Assets under capital leases are recorded in property and equipment, net, in the Consolidated Balance Sheets and depreciated over their estimated useful lives. Goodwill and In-Process Research & Development In accordance with ASC Topic 350, Intangibles — Goodwill and Other (“ASC Topic 350”), goodwill and acquired IPR&D are determined to have indefinite lives and, therefore, are not amortized. Instead, they are tested for impairment annually, in the Company’s fourth quarter, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. Pursuant to ASU No. 2011-08, Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment , and No. 2012-02, Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment , the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not (that is, a likelihood of more than 50%) that the goodwill or the acquired IPR&D is impaired. If the Company chooses to first assess qualitative factors and determines that it is not more likely than not goodwill or acquired IPR&D is impaired, the Company is not required to take further action to test for impairment. The Company also has the option to bypass the qualitative assessment and perform only the quantitative impairment test, which the Company may choose to do in some periods but not in others. If the Company performs a quantitative assessment of goodwill, it utilizes the two-step approach prescribed under ASC Topic 350. Step 1 requires a comparison of the carrying value of a reporting unit, including goodwill, to its estimated fair value. The Company tests for impairment at the entity level because it operates on the basis of a single reporting unit. If the carrying value exceeds fair value, the Company then performs Step 2 to measure the amount of impairment loss, if any. In Step 2, the Company estimates the fair value of its individual assets, including identifiable intangible assets, and liabilities to determine the implied fair value of goodwill. The Company then compares the carrying value of its goodwill to its implied fair value. The excess of the carrying value of goodwill over its implied fair value, if any, is recorded as an impairment charge. Goodwill relates to amounts that arose in connection with the acquisition of Ciclofilin. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. There was no impairment of goodwill for the year ended June 30, 2016. IPR&D acquired in a business combination is capitalized as indefinite-lived assets on the Company’s consolidated balance sheets at its acquisition-date fair value. Once the project is completed, the carrying value of the IPR&D is reclassified to other intangible assets, net and is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the IPR&D projects are expensed as incurred. The projected discounted cash flow models used to estimate the fair values of the Company’s IPR&D assets, acquired in connection with the Ciclofilin acquisition, reflect significant assumptions regarding the estimates a market participant would make in order to evaluate a drug development asset, including: (i) probability of successfully completing clinical trials and obtaining regulatory approval; (ii) market size, market growth projections, and market share; (iii) estimates regarding the timing of and the expected costs to advance clinical programs to commercialization; (iv) estimates of future cash flows from potential product sales; and (v) a discount rate. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognized in the period in which the impairment occurs. If the carrying value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, the Company could incur significant charges in the period in which the impairment occurs. There was no impairment of IPR&D for the year ended June 30, 2016. Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carry-forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is ‘‘more-likely-than-not’’ that the position will be sustained upon examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. In conjunction with the acquisition of Ciclofilin in June 2016, a deferred tax liability of $1.3 million was recorded reflecting the difference between the book basis and tax basis of acquired IPR&D. Such deferred income tax liability cannot be used to offset the deferred tax assets when analyzing the Company’s valuation allowance as the acquired IPR&D is considered to have an indefinite life until the Company completes or abandons development of the related IPR&D. Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, product and environmental liability, and tax matters. In accordance with ASC Topic 450, Accounting for Contingencies, (“ASC 450”), the Company records accruals for such loss contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company, in accordance with this guidance, does not recognize gain contingencies until realized. Research and Development Research and development costs, which include expenditures in connection with an in-house research and development laboratory, salaries and staff costs, application and filing for regulatory approval of proposed products, purchased in-process research and development, license costs, regulatory and scientific consulting fees, as well as contract research, insurance and FDA consultants, are accounted for in accordance with ASC Topic 730, Research and Development, (“ASC 730”). Also, as prescribed by this guidance, patent filing and maintenance expenses are considered legal in nature and therefore classified as general and administrative expense, if any. The Company does not currently have any commercial biopharmaceutical products, and does not expect to have such for several years if at all. Accordingly, our research and development costs are expensed as incurred. While certain of our research and development costs may have future benefits, our policy of expensing all research and development expenditures is predicated on the fact that the Company has no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited. Also as prescribed by ASC 730, non-refundable advance payments for goods or services that will be used or rendered for future research and development activities should be deferred and capitalized. As the related goods are delivered or the services are performed, or when the goods or services are no longer expected to be provided, the deferred amounts would be recognized as an expense. At June 30, 2016 and 2015, the Company had prepaid research and development costs of $354,542 and $425,699, respectively. Share-based payments ASC Topic 718 “Compensation—Stock Compensation” (“ASC 718”) requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. Generally, the Company issues stock options with only service-based vesting conditions and records the expense for these awards using the straight-line method. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company has a limited trading history in its common stock and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company accounts for stock options issued to non-employees in accordance with ASC Topic 505-50 “Equity-Based Payment to Non-Employees” and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. At the end of each financial reporting period prior to completion of the service, the fair value of these awards is remeasured using the then-current fair value of the Company’s common stock and updated assumption inputs in the Black-Scholes option-pricing model. ASC 718 requires that cash flows resulting from tax deductions in excess of the cumulative compensation cost recognized for options exercised (excess tax benefits) be classified as cash inflows from financing activities and cash outflows from operating activities. Due to ContraVir’s accumulated deficit position, no excess tax benefits have been recognized. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) (see Note 4.) which states that excess tax benefits should be classified along with other income tax cash flows as an operating activity. This guidance is effective for the Company for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its results of operations, financial position and cash flows. Foreign Exchange The functional currency of ContraVir and ContraVir Research Inc. is the U.S. dollar. The functional currency of Ciclofilin is the Canadian dollar. The Company’s reporting currency is the U.S. dollar. The assets and liabilities of Ciclofilin are translated into U.S. dollars using period-end exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss, a separate component of shareholders’ equity. The amount of currency translation adjustment was immaterial at June 30, 2016. Transactions in foreign currencies are remeasured into the functional currency of the relevant subsidiaries at the exchange rate in effect at the date of the transaction. Any monetary assets and liabilities arising from these transactions are translated into the functional currency at exchange rates in effect at the balance sheet date or on settlement. Resulting gains and losses are recorded in other foreign exchange (gain) loss within the consolidated statements of operations. The impact of foreign exchange gains (losses) was immaterial at June 30, 2016. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company, through its chief operating decision maker, views its operations and manages the business in one segment Net loss per share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share, (“ASC 260”) for all periods presented. In accordance with this guidance, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. Due to the net losses incurred and because the exercise price of all liability classified warrants exceeds our average stock market price for the period they were outstanding, all stock equivalents were anti-dilutive, thus, basic and dilutive net loss per share are the same. Business Combinations The Company accounts for its business acquisitions, such as our acquisition of Ciclofilin in June of 2016, under the acquisition method of accounting as indicated in FASB ASC 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquired business; and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and non-controlling interest in the acquiree, based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. Contingent consideration assumed in a business combination is remeasured at fair value each reporting period and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in results from operations. The acquisition of Ciclofilin closed on June 10, 2016, wherein the Company’s results of operations were impacted by 20 days in the 2016 fiscal year and are included from the acquisition date in the financial statements for all businesses acquired.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Jun. 30, 2016
Recent Accounting Pronouncements
Recent Accounting Pronouncements	4. Recent Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which amended the existing accounting standards for the statement of cash flows. The amendments provide guidance on eight classification issues related to the statement of cash flows. The Company is required to adopt the guidance in the first quarter of fiscal 2019 and early adoption is permitted. The amendments should be applied retrospectively to all periods presented. For issues that are impracticable to apply retrospectively, the amendments may be applied prospectively as of the earliest date practicable. The Company is currently evaluating the timing and the impact of these amendments on its statement of cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The new standard identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This guidance is effective for the Company for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its results of operations, financial position and cash flows. In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) (“ASU 2016-02”). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact that this guidance will have on its results of operations, financial position and cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . This guidance requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Qualitative and quantitative information is required about:  Contracts with customers —including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations (including the transaction price allocated to the remaining performance obligations).  Significant judgments and changes in judgments —determining the timing of satisfaction of performance obligations (over time or at a point in time), and determining the transaction price and amounts allocated to performance obligations.  Certain assets —assets recognized from the costs to obtain or fulfill a contract. In August 2015, the FASB issued updated guidance deferring the effective date of the revenue recognition standard. In March, April and May 2016, the FASB issued additional updated guidance, which clarifies certain aspects of the ASU and the related implementation guidance issued by the FASB-IASB Joint Transition Resource Group for Revenue Recognition. This guidance is effective for the Company for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that this guidance will have on its results of operations, financial position and cash flows.

Business Combination

Business Combination	12 Months Ended
	Jun. 30, 2016
Business Combination
Business Combination	5. Business Combination Acquisition of Ciclofilin Pharmaceuticals, Inc. On June 10, 2016, ContraVir completed its acquisition of 100% of the common stock of Ciclofilin. The transaction provided ContraVir with a product candidate, CRV431, that is in pre-clinical stage development, targeted at treating hepatitis B. CRV431 belongs to a known drug class of cyclophilin inhibitors derived from cyclosporine A, and was designed specifically to optimize potency and selectivity against HBV. The acquisition-date fair value of the consideration transferred is as follows: At June 10, 2016 Cash $ Notes receivable settled upon closing of transaction Contingent consideration Total consideration $ On April 12, 2016, Ciclofilin issued $200,000 of convertible 1% Notes payable to ContraVir with a maturity date of October 12, 2016. This Note was to be repaid upon the earlier of i) a change in control event or ii) October 12, 2016. In the event of a change of control event in which ContraVir was the acquirer, any amount due from ContraVir to Ciclofilin at closing would be set-off by the principal amount. The Note was effectively settled upon closing of the transaction, with the settlement amount equal to the carrying amount. There was no impact to ContraVir’s consolidated statements of operations as a result of the settlement and the settlement amount is included in total consideration above. The contingent consideration represents the acquisition date fair value of potential future payments, to be paid in cash and Company stock, upon the achievement of certain milestones as described below. The contingent consideration was estimated based on a probability-weighted discounted cash flow model, which is an income approach. Milestone Event under the ContraVir Merger Milestone Payment to Stockholders Upon receipt of Phase I Positive Data from the Phase I trial of CRV431 in humans (1) Such number of validly issued, fully paid and non-assessable shares of Buyer Common Stock equal to 2.5% of the issued and outstanding Buyer Common Stock on the Closing Date and (2) $1,000,000 by wire transfer of immediately available funds. Upon receipt of Phase II Positive Data from a proof of concept clinical trial (whether an HBV-positive Phase I clinical trial or a separate Phase II clinical trial, or otherwise) of CRV431 in humans (1) Such number of validly issued, fully paid and non-assessable shares of Buyer Common Stock equal to 7.5% of the issued and outstanding Buyer Common Stock on the Closing Date and (2) $3,000,000 by wire transfer of immediately available funds. Upon initiation of a Phase III trial of CRV431 $5,000,000 Upon the acceptance by the U.S. Food and Drug Administration of a new drug application for CRV431 $8,000,000 The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the tangible and identifiable intangible assets acquired and liabilities assumed were recorded at fair value as of the date of acquisition, with the remaining purchase price recorded as goodwill. The goodwill recognized is attributable primarily to strategic opportunities related to leveraging Tribute’s existing infrastructure. Goodwill is not deductible for tax purposes. The following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition: At June 10, 2016 Cash $ Tax receivable Prepaid rent Property, plant and equipment, net Other assets In-process research and development Current portion of capital lease ) Deferred tax liability ) Total net assets acquired $ Goodwill Total consideration $ The purchase price allocation has been prepared on a preliminary basis and is subject to change as additional information becomes available concerning the fair value and tax basis of the assets acquired and liabilities assumed. Any adjustments to the purchase price allocation will be made as soon as practicable but no later than one year from the June 10, 2016 acquisition date. Acquired In-Process Research and Development Acquired IPR&D is the estimated fair value of the CRV431 asset at the acquisition date. The Company determined that the estimated fair value of CRV431 was $3,190,000 as of the acquisition date using the Multi-Period Excess Earnings Method, or MPEEM, which is a form of the income approach. Under the MPEEM, the fair value of an intangible asset is equal to the present value of the asset’s projected incremental after-tax cash flows (excess earnings) remaining after deducting the market rates of return on the estimated value of contributory assets (contributory charge) over its remaining useful life. To calculate fair value of CRV431 under the MPEEM, the Company used probability-weighted, projected cash flows discounted at a rate considered appropriate given the significant inherent risks associated with drug development by clinical-stage companies. Cash flows were calculated based on estimated projections of revenues and expenses related to CRV431 and then reduced by a contributory charge on requisite assets employed. Contributory assets included working capital, net fixed assets and assembled workforce. Rates of return on the contributory assets were based on rates used for comparable market participants. Cash flows were assumed to extend through 2040. The resultant cash flows were then discounted to present value using a weighted-average cost of capital for companies with profiles substantially similar to that of ContraVir, which the Company believes represent the rate that market participants would use to value the assets. The Company compensated for the phase of development of the program by applying a probability factor to the estimation of the expected future cash flows. The projected cash flows were based on significant assumptions, including the indication in which development of CRV431 will be pursued, the time and resources needed to complete the development and regulatory approval of CRV431, estimates of revenue and operating profit related to the program considering its stage of development, the life of the potential commercialized product, market penetration and competition, and risks associated with achieving commercialization, including delay or failure to obtain regulatory approvals to conduct clinical studies, failure of clinical studies, delay or failure to obtain required market clearances, and intellectual property litigation. Deferred Income Tax Liability The Company recorded a $1,269,620 deferred income tax liability resulting from the acquisition reflecting the tax impact of the difference between the book basis and tax basis of acquired IPR&D. Such deferred income tax liability cannot be used to offset deferred tax assets when analyzing the Company’s valuation allowance as the acquired IPR&D is considered to have an indefinite life until the Company completes or abandons development of CRV431. The operating results of Ciclofilin for the period from June 10, 2016 to June 30, 2016, including an operating loss of $69,138, have been included in the consolidated financial statements as of and for the year ended June 30, 2016. The Company incurred approximately $214,000 in transaction costs in connection with the acquisition, which were included in general and administrative expenses within the consolidated statements of operations for the year ended June 30, 2016. The following supplemental unaudited pro forma information presents the Company’s financial results as if the acquisition of Ciclofilin had occurred on July 1, 2014: Year Ended June 30, 2016 2015 Total revenues, net $ — $ Net loss $ ) $ ) Basic and diluted net loss per share $ ) $ ) The above unaudited pro forma information was determined based on the historical GAAP results of ContraVir and Ciclofilin. The unaudited pro forma condensed consolidated results are provided for informational purposes only and are not necessarily indicative of what ContraVir’s consolidated results of operations actually would have been if the acquisition was completed on July 1, 2014 or what the consolidated results of operations will be in the future. The pro forma condensed consolidated net loss includes pro forma adjustments relating to the following significant recurring and non-recurring items directly attributable to the business combination: (i) Elimination of interest expense of $67,533 and $47,629 for the years ended June 30, 2016 and 2015 related to Ciclofilin’s convertible notes that were converted to equity as part of the acquisition. (ii) Elimination of $414,444 of stock-based compensation expense recorded by Ciclofilin in the year ended June 30, 2016 for the automatic acceleration of vesting of restricted stock awards upon the merger with ContraVir, considered a change in control. (iii) Elimination of approximately $214,000 of transaction related costs incurred by ContraVir for the year ended June 30, 2016.

Stockholder's Equity and Deriva

Stockholder's Equity and Derivative Liability - Warrants	12 Months Ended
	Jun. 30, 2016
Stockholder's Equity and Derivative Liability - Warrants
Stockholder's Equity and Derivative Liability - Warrants	6. Stockholders’ Equity and Derivative Liability — Warrants Exchange of Warrants for Restricted Stock On August 20, 2014, ContraVir consummated its offer (the “Offer”) to exchange an aggregate 4,742,648 outstanding common stock purchase warrants (the “Warrants”) owned by the February 4, 2014 investors in the Company for an aggregate 3,794,118 shares of restricted common stock. The Warrants were revalued on August 20, 2014, immediately prior to conversion, increasing the liability by $387,898 to $4,863,243 which was recorded in the change in fair value of derivative instruments- warrants on the statement of operations. The liability was extinguished when the restricted shares were issued that had a fair value of $4,552,924 (using $1.20 per share, which was the stock price on August 20, 2014) by recording the offset to additional paid in capital. ContraVir’s warrants contained a price protection clause which variable term required the Company to use a binomial model to determine fair value. The range of assumptions used to determine the fair value of the warrants on August 20, 2014 was as follows: August 20, 2014 Estimated fair value of ContraVir common stock $ Expected warrant term (years) 5.46 years Risk-free interest rate Expected volatility Dividend yield — In the Binomial model, the assumption for estimated fair value of the stock was based on a Black-Scholes based apportionment of the unit price paid for the shares and warrants issued in ContraVir’s recent private placement, which resulting stock prices were deemed to be arms-length negotiated prices. Because ContraVir has a limited trading history in its common stock, the Company based expected volatility on that of comparable public development stage biotechnology companies. The warrants have a transferability provision and based on guidance provided in Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment , (“SAB No. 107”), for instruments issued with such a provision, ContraVir used the full contractual term as the expected term of the warrants. The risk free rate is based on the U.S. Treasury security rates for maturities consistent with the expected remaining term of the warrants. Series A and Series B Preferred Stock Issuances On October 14, 2014, the Company’s Board of Directors authorized the sale and issuance of up to 1,250,000 shares of Series A Convertible Preferred Stock (the “Series A”). Also on October 14, 2014, the Company closed a private offering of the Series A and issued 900,000 shares of Series A preferred shares at a stated value of $10.00 per share, generating gross proceeds of approximately $9,000,000. The Company also granted the purchaser of the Series A and their assignees the option to purchase up to an additional 350,000 shares of Series A prior to February 28, 2015. The purchaser elected to purchase an additional 50,000, 30,000 and 20,000 shares on December 23, 2014, February 10, 2015, and February 26, 2015 generating additional gross proceeds of $500,000, $300,000 and $200,000, respectively. On February 26, 2015, assignees of the purchaser elected to purchase 250,000 shares, generating additional gross proceeds of $2,500,000. On December 15, 2014, the Company’s Board of Directors authorized the issuance of 120,000 shares of Series B Convertible Preferred Stock (the “Series B”) in connection with the Company’s exclusive license agreement with Chimerix, Inc., entered into December 17, 2014. (See License Agreement discussion in Note 13). The stated and estimated value of these shares was $10.00 per share based on calculating the value of the series B on a converted-basis less the discount received on the conversion price compared to the stock price on date of issuance. There are no stated dividends or redemption features associated with the Series A and B. The Series A and B have voting rights on an as converted basis. Each share of the Series A and B is convertible at the option of the holder into the number of shares of common stock determined by dividing the stated value of such share by the conversion price that is subject to adjustment. The Series A conversion price is currently $0.48 and the Series B conversion price is currently $1.12, based on 70% of the five day average common share price preceding the date of settlement. If the Company sells common stock or equivalents at an effective price per share that is lower than the conversion price, the Preferred holders conversion price may be reduced to the lower conversion price. The preferred stock is automatically convertible into common stock in the event of a fundamental transaction to the Company. Based on these facts, the Series A and B are classified as permanent equity. Beneficial Conversion Feature- Series A and Series B Preferred Stock Each share of Series A is convertible into shares of common stock, at any time at the option of the holder at a conversion price of $0.48 per share. On October 14, 2014, December 23, 2014, February 10, 2015 and February 26, 2015, the date of issuances of the Series A, the publicly traded common stock prices were $0.65, $2.09, $4.50 and $4.50 per share, respectively. Each share of Series B is convertible into shares of common stock at any time at the option of the holder at a conversion price of $1.12 per share. On December 17, 2014, the date of the Series B agreement, the publicly traded common stock price was $1.79 per share. Based on the guidance in ASC 470-20-20, the Company determined that a beneficial conversion feature exists, as the effective conversion price for the Series A and Series B preferred shares at issuance was less than the fair value of the common stock into which the preferred shares are convertible. A beneficial conversion feature based on the intrinsic value of the date of issuances for the Series A and Series B shares was $7.8 million and the preferred stock was further discounted by this amount. The beneficial conversion amount of $7.8 million was then accreted back to the preferred stock as a dividend charged to accumulated deficit as the preferred stock was 100% convertible immediately. Controlled Equity Offering Sales Agreement On March 9, 2015, the Company entered into a Controlled Equity Offering Sales Agreement (the “Agreement”), with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which the Company may offer and sell, from time to time, through Cantor shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), up to an aggregate offering price of $50.0 million. The Company intends to use the net proceeds from these sales to fund research and development activities, including the Phase 3 clinical trial of FV-100, and for working capital and other general corporate purposes, and possible acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated. Under the Agreement, Cantor may sell the Shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on The NASDAQ Capital Market, on any other existing trading market for the Shares or to or through a market maker. In addition, under the Agreement, Cantor may sell the Shares by any other method permitted by law, including in privately negotiated transactions. Subject to the terms and conditions of the Agreement, Cantor will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of The NASDAQ Capital Market, to sell the Shares from time to time, based upon our instructions (including any price, time or size limits or other customary parameters or conditions we may impose). The Company is not obligated to make any sales of the Shares under the Agreement. The offering of Shares pursuant to the Agreement will terminate upon the earlier of (1) the sale of all of the Shares subject to the Agreement or (2) the termination of the Agreement by Cantor or the Company. ContraVir will pay Cantor a commission of up to 3.0% of the gross sales price per share sold and has agreed to provide Cantor with customary indemnification and contribution rights. As of June 30, 2016, the Company has not made any sales under the Agreement. Common Stock and Warrant Offering On October 7, 2015, the Company entered into an underwriting agreement related to the public offering and sale of 5,000,000 shares of common stock and warrants to purchase up to 3,000,000 shares of common stock, at a fixed combined price to the public of $3.00 under the Company’s current shelf registration statement on Form S-3. The shares of common stock and warrants were issued separately on October 13, 2015. The warrants are immediately exercisable and will be exercisable for a period of five years from the date of issuance at an exercise price of $4.25 per share. There is not, nor is there expected to be, any trading market for the warrants issued in the offering contemplated by the Underwriting Agreement. The Company also granted the Underwriters a 45-day option to purchase up to an additional 750,000 additional shares of common stock and additional warrants to purchase up to 450,000 shares of common stock at $3.00, which was not exercised. The gross proceeds to the Company were $15 million, before deducting the underwriting discount and other offering expenses payable by the Company of approximately $1.5 million. If the warrants were exercised in full, ContraVir would receive additional proceeds of approximately $12.8 million. If the Company consummates any merger, consolidation, sale or other reorganization event in which its common stock is converted into or exchanged for securities, cash or other property (“Fundamental transaction”), then the Company shall pay at the holder’s option, exercisable at any time commencing on the occurrence or the consummation of the fundamental transaction and continuing for 90 days, an amount of cash equal to the value of the remaining unexercised portion of the warrant as determined in accordance with the Black-Scholes option pricing model on the date of such fundamental transaction . As a result of these terms, in accordance with the guidance contained in ASC Topic 815-40, the Company has determined that the warrants issued in connection with this financing transaction must be recorded as derivative liabilities upon issuance and marked to market on a quarterly basis in the Company’s statement of operations and comprehensive loss. Upon the issuance of these warrants, the fair value of approximately $4.4 million was recorded as derivative financial instruments liability - warrants. The fair value of these liability classified warrants were estimated using the Black-Scholes option pricing model. The Company develops its own assumptions for use in the Black-Scholes option pricing model that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility of comparable companies, the contractual term of the warrants, risk free interest rates and dividend yields. The Company has a limited trading history in its common stock, therefore, expected volatility is based on that of comparable public development stage biotechnology companies. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of June 30, 2016: October 13, 2015 June 30, 2016 Price of ContraVir common stock $ $ Expected warrant term (years) 5.00 years 4.28 years Risk-free interest rate Expected volatility Dividend yield — — On April 4, 2016, the Company closed on a public offering of 4,929,578 shares of its common stock and warrants to purchase up to 2,464,789 shares of common stock, at a fixed combined price to the public of $1.42 under the Company’s current shelf registration statement on Form S-3. The warrants are immediately exercisable and will be exercisable for a period of five years from the date of issuance at an exercise price of $1.70 per share. There is not, nor is there expected to be, any trading market for the warrants issued in the offering contemplated by the Underwriting Agreement. The gross proceeds to the Company were $7 million, before deducting the underwriting discount and other offering expenses payable by the Company of approximately $0.7 million. If the warrants were exercised in full, ContraVir would receive additional proceeds of approximately $4.2 million. Similar to the terms of the warrants issued in October 2015, if the Company consummates any merger, consolidation, sale or other reorganization event in which its common stock is converted into or exchanged for securities, cash or other property (“Fundamental transaction”), then the Company shall pay at the holder’s option, exercisable at any time commencing on the occurrence or the consummation of the fundamental transaction and continuing for 90 days, an amount of cash equal to the value of the remaining unexercised portion of the warrant as determined in accordance with the Black-Scholes option pricing model on the date of such fundamental transaction . As a result of these terms, in accordance with the guidance contained in ASC Topic 815-40, the Company has determined that the warrants issued in connection with this financing transaction must be recorded as derivative liabilities upon issuance and marked to market on a quarterly basis in the Company’s statement of operations and comprehensive loss. Upon the issuance of these warrants, the fair value of approximately $1.5 million was recorded as derivative financial instruments liability - warrants. The fair value of these liability classifed warrants were estimated using the Black-Scholes option pricing model. The Company develops its own assumptions for use in the Black-Scholes option pricing model that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility of comparable companies, the contractual term of the warrants, risk free interest rates and dividend yields. The Company has a limited trading history in its common stock, therefore, expected volatility is based on that of comparable public development stage biotechnology companies. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used to measure the warrants at issuance and to remeasure the liability as of June 30, 2016: April 4, 2016 June 30, 2016 Price of ContraVir common stock $ $ Expected warrant term (years) 5.00 years 4.76 years Risk-free interest rate Expected volatility Dividend yield — — The following table sets forth the components of changes in the ContraVir’s derivative financial instruments liability balance for the periods indicated: Date Description Number of Derivative 7/1/2014 Balance of derivative financial instruments liability $ Change in fair value of warrants immediately prior to conversion, recognized as change in fair value of derivative instruments - warrants in the statement of operations — Amounts reclassified to additional paid in capital ) ) 6/30/2015 Balance of derivative financial instruments liability — — Issuance of warrants on October 13, 2015 Issuance of warrants on April 4, 2015 Change in fair value of warrants for the year ended June 30, 2016 — ) 6/30/2016 Balance of derivative financial instruments liability $

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Fair Value Measurements	7. Fair Value Measurements The following table presents the Company’s liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of June 30, 2016. There were no such liabilities as of June 30, 2015. Description Fair value Quoted Prices in Identical Assets Significant Significant Derivative liabilities related to warrants $ ) $ — $ — $ ) Contingent consideration ) $ — $ — $ ) The unrealized gains or losses on the derivative liabilities are recorded as a change in fair value of derivative liabilities- warrants in the Company’s statement of operations. See Note 6 for a rollfoward of the derivative liability for the years ended June 30, 2016 and 2015. The financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, the Company reviews the assets and liabilities that are subject to ASC 815-40. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. As discussed in Note 5, contingent consideration was recorded for the acquisition of Ciclofilin on June 10, 2016. The contingent consideration represented the acquisition date fair value of potential future payments, to be paid in cash and Company stock, upon the achievement of certain milestones and was estimated based on a probability-weighted discounted cash flow model. At June 30, 2016, there was no change in fair value of the contingent consideration from its initial value as of June 10, 2016. Acquisition- Liabilities Balance at June 30, 2015 $ — Contingent consideration recorded in acquisition Change in fair value recorded in earnings — Balance at June 30, 2016 $

Indefinite-lived Intangible Ass

Indefinite-lived Intangible Assets and Goodwill	12 Months Ended
	Jun. 30, 2016
Indefinite-lived Intangible Assets and Goodwill
Indefinite-lived Intangible Assets and Goodwill	8. Indefinite-lived Intangible Assets and Goodwill IPR&D The Company’s IPR&D asset consisted of the following at: June 30, 2016 June 30, 2015 IPR&D asset: CRV431 $ $ — Goodwill The table below provides a roll-forward of the Company’s goodwill balance: Amount Goodwill balance at June 30, 2015 $ — Goodwill from acquisition of Ciclofilin on June 10, 2016 Goodwill balance at June 30, 2016 $

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Jun. 30, 2016
Accrued Liabilities
Accrued Liabilities	9. Accrued Liabilities The Company’s accrued expenses consist of the following: Year ended Year ended Research and development $ $ Professional fees Payroll and related costs Legal fees Other Total accrued expenses $ $

Accounting for Share-Based Paym

Accounting for Share-Based Payments	12 Months Ended
	Jun. 30, 2016
Accounting for Share-Based Payments
Accounting for Share-Based Payments	10. Accounting for Share-Based Payments On June 3, 2013, ContraVir adopted the 2013 Equity Incentive Plan (the “Plan”). Stock options granted under the Plan typically will vest after three years of continuous service from the grant date and will have a contractual term of ten years. ContraVir had initially reserved 1,500,000 shares of common stock issuable pursuant to the Plan. As of September 30, 2014, the Company had issued 841,270 options over the authorized number of options in the Plan. As per ASC Topic 815-40, the options were accounted for as liabilities and recorded at fair value with the changes in fair value being recorded in the Company’s statement of operations. Stockholder and Board approval was obtained on December 2, 2014 to increase the number of authorized shares to 6,500,000. Immediately prior to approval, the liability was revalued, and an additional expense was recorded. Upon approval, the cumulative liability of $119,167 was reversed into additional paid-in capital. As of June 30, 2016, the Company had 1,295,522 shares of common stock available for grant under the Plan. The Company classifies stock-based compensation expense in its statement of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. ContraVir recorded the following stock-based compensation expense for the periods shown: Year ended Year ended General and administrative $ $ Research and development Total stock-based compensation expense $ $ A summary of stock option activity and of changes in stock options outstanding under the Plan is presented below: Number of Exercise Price Weighted Intrinsic Weighted Balance outstanding, July 1, 2014 $0.11 - $2.37 $ 9.65 years Granted $1.50 - $3.83 $ Exercised ) — $ Forfeited — — Balance outstanding, June 30, 2015 $0.11 - $3.83 $ 9.04 years Granted $0.92 - $4.38 $ Exercised ) $0.11 - $2.20 $ Forfeited ) $1.50 - $3.60 $ Balance outstanding, June 30, 2016 $0.11 - $4.38 $ 8.12 years Vested awards and those expected to vest at June 30, 2016 $0.11 - $4.38 $ $ 8.10 years Vested and exercisable at June 30, 2016 $0.11 - $3.83 $ $ 7.01 years The weighted-average grant-date fair value of options granted to employees during the years ended June 30, 2016 and 2015 was $0.76 and $1.36 per share. The total fair value of shares vested during the year ended June 30, 2016 was $1.3 million. The total fair value of shares vested during the year ended June 30, 2015 was $1.6 million. Included within the above table are 1,335,734 non-employee options outstanding as of June 30, 2016, of which 655,999 are unvested as of June 30, 2016 and therefore subject to remeasurement. The remeasurement impact for the year ended June 30, 2016 was negative due to the decreases in the Company’s stock price, which resulted in a decrease in the related expense recognized. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. As of June 30, 2016, the unrecognized compensation cost related to non-vested stock options outstanding, net of expected forfeitures, was approximately $2.6 million to be recognized over a weighted-average remaining vesting period of approximately 2.18 years. The following weighted-average assumptions were used in the Black-Scholes valuation model to estimate fair value of stock option awards to employees during the periods indicated. Year Ended Year Ended Stock price $1.10 $1.90 Risk-free interest rate 1.35% 1.71% Dividend yield — — Expected volatility 81% 87% Expected term (in years) 6 years 6 years Risk-free interest rate —Based on the daily yield curve rates for U.S. Treasury obligations with maturities which correspond to the expected term of the Company’s stock options. Dividend yield —ContraVir has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. Expected volatility —Because ContraVir has a limited trading history in its common stock, the Company based expected volatility on that of comparable public development stage biotechnology companies. Expected term —The expected option term represents the period that stock-based awards are expected to be outstanding based on the simplified method provided in SAB No. 107, which SAB No. 107, options are considered to be “plain vanilla” if they have the following basic characteristics: (i) granted “at-the-money”; (ii) exercisability is conditioned upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable. In December 2007, the SEC issued SAB No. 110, Share-Based Payment , (“SAB No. 110”). SAB No. 110 was effective January 1, 2008 and expresses the views of the Staff of the SEC with respect to extending the use of the simplified method, as discussed in SAB No. 107, in developing an estimate of the expected term of “plain vanilla” share options in accordance with ASC 718. The Company will use the simplified method until it has the historical data necessary to provide a reasonable estimate of expected life in accordance with SAB No. 107, as amended by SAB No. 110. For the expected term, the Company has “plain-vanilla” stock options, and therefore used a simple average of the vesting period and the contractual term for options granted as permitted by SAB No. 107. Forfeitures —ASC 718 requires forfeitures to be estimated at the time of grant and revised if necessary, in subsequent periods if actual forfeitures differ from those estimates. At June 30, 2016, the Company determined that it had sufficient history of issuing stock options and decreased its estimated forfeiture rate from 10%, which was based on the historical experience of its former parent, to 3%, which is the Company’s actual historical forfeiture rate.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2016
Income Taxes
Income Taxes	11. Income Taxes The Company provides for income taxes under ASC 740. Under ASC 740, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company has not recorded a current or deferred income tax expense or benefit since its inception. The Company’s loss before income taxes was $16,998,638 and $14,347,877 for the years ended June 30, 2016 and 2015, respectively, and was generated entirely in the United States and Canada. Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following: Year Ended June 30, Year Ended June 30, Federal net operating loss (“NOL”) $ $ State NOL Canadian NOL — Stock Compensation & Other Deferred tax valuation allowance ) ) Net deferred tax asset $ — $ — Deferred tax liability (In-Process R&D) ) — The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses since inception, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of June 30, 2016 and June 30, 2015. The Company has recorded a net deferred tax liability of $1,269,600 related to in-process research and development as a result of the acquisition of Ciclofilin. It is the Company’s position that the acquired in-process research and development is an indefinite-lived intangible asset and is not available as a source of income to support the realization of deferred tax assets. The valuation allowance increased by $8.3 million and $4.7 million for the years ended June 30, 2016 and 2015 due primarily to the generation of net operating losses during the periods. A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: Year Ended June 30, Year Ended June 30, U.S. statutory income tax rate % % State income taxes, net of federal benefit Warrant liability ) Valuation allowance ) ) Effective tax rate — — As of June 30, 2016 and June 30, 2015, the Company had U.S. federal and state net operating loss carryforwards of $33.3 million and $13.5 million, respectively, which may be available to offset future income tax liabilities and will begin to expire at various dates starting in June 2034. As of June 30, 2016 and June 30, 2015, the Company also had foreign net operating loss carryforwards of $0.7 and $0.1, respectively, which may be available to offset future income tax liabilities and will begin to expire at various dates starting in June 2034. Under the provisions of the Internal Revenue Code, the NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, respectively, as well as similar state tax provisions. This could limit the amount of tax attributes that the Company can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The utilization of these NOLs is subject to limitations based on past and future changes in ownership of the Company pursuant to Section 382. Although the detailed study of Sec. 382 has not been completed, it is more likely than not that an ownership change under Sec. 382 has not occurred through the Series A and Series B Preferred Stock Issuances. The Company files income tax returns in the United States, Canada and various state jurisdictions. The Company’s federal and state income tax returns from the year of incorporation, 2013, and forward remain subject to examination by the IRS and state authorities. The Company had no unrecognized tax benefits or related interest and penalties accrued through June 30, 2016.

Loss per Share

Loss per Share	12 Months Ended
	Jun. 30, 2016
Loss per Share
Loss per Share	12. Loss per Share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share, (“ASC 260”) for all periods presented. In accordance with ASC 260, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. In addition, the net loss attributable to common stockholders’ is adjusted for the preferred stock deemed dividends related to the beneficial conversion feature on this instrument for the periods in which the preferred stock is outstanding. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Year ended Year ended Numerator: Net loss $ ) $ ) Preferred stock deemed dividend — ) Net loss attributable to common stockholders $ ) $ ) Denominator: Weighted average common shares outstanding Net loss per share of common stock—basic and diluted $ ) $ ) The following outstanding securities at June 30, 2016 and 2015 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive: Year ended Year ended Common shares issuable upon conversion of Series A preferred stock Common shares issuable upon conversion of Series B preferred stock Stock options Warrants — Total The liability classified warrants disclosed above been excluded from the computation of diluted earnings per share because their exercise price exceeds the average market price of the Company’s common stock for the period they were outstanding.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies
Commitments and Contingencies	13. Commitments and Contingencies License Agreement with Chimerix, Inc. On December 17, 2014, the Company entered into an exclusive license agreement with Chimerix pursuant to which the Company has licensed CMX157 from Chimerix for further clinical development and commercialization. CMX157 is a highly potent analog of the antiviral drug tenofovir DF (Viread®). Under the terms of the agreement, ContraVir licensed CMX157 from Chimerix in exchange for an upfront payment consisting of 120,000 shares of ContraVir Series B Convertible Preferred Stock. In addition, Chimerix is eligible to receive up to approximately $20 million in clinical, regulatory and initial commercial milestone payments in the United States and Europe, as well as royalties and additional milestone payments based on commercial sales in those territories. Either party may terminate the License Agreement upon the occurrence of a material breach by the other party (subject to standard cure periods), or upon certain events involving the bankruptcy or insolvency of the other party. The Company may also terminate the License Agreement without cause on a country by country basis upon sixty days’ prior written notice to Chimerix. The fair value of the Preferred B shares exchanged for the license was determined to be equal to the amount paid per share of the Series A, as the provision of the Preferred B shares were the same as the Preferred A Shares, based on an arm’s length transaction. Therefore, the fair value of the Preferred B shares issued was $10 per share or $1.2 million. The cost of the license was classified as a research and development expense in the amount of $1.2 million as the compound is early stage, has not yet reached technological feasibility and has no alternative use. As of September 28, 2016, no amounts had been accrued related to the payments Chimerix is eligible to receive. License Agreement with University College Cardiff Consultants Limited (“Cardiff”) On June 10, 2013, the Company and Synergy entered into a Contribution Agreement, as amended and restated on August 5, 2013, or the Contribution Agreement, to transfer to the Company the FV-100 assets, in exchange for the issuance to Synergy of 9,000,000 shares of the Company’s common stock representing 100% of the outstanding shares of the Company’s common stock as of immediately following such issuance. Pursuant to the Contribution Agreement, Synergy transferred ownership of all intellectual property rights acquired from Bristol-Myers Squibb (“BMS”) including all historical research, clinical study protocols, data, results and patents related to the FV-100 assets as well as assumed the obligations of Synergy, including all liabilities of Synergy, under the asset purchase agreement, dated August 17, 2012, by and between Synergy and BMS, or the BMS Agreement. The FV-100 assets acquired from BMS are licensed from Cardiff pursuant to the terms of that certain Patent and Technology License Agreement, dated as of February 2, 2005, between Cardiff and CRI, an entity with no prior relationship with us, as amended March 27, 2007, or the Cardiff Agreement. The Cardiff Agreement shall remain in full force and effect until the date upon which the last of the last patent or the last continuation or extension to any patents within the Patent Rights (as defined in the Cardiff Agreement) expires. Any milestone and/or royalty payment under the Cardiff Agreement shall be payable for as long as the Cardiff Agreement is in effect. The Cardiff Agreement may be terminated in its entirety, for among other reasons and in the following manner as set forth below: (a) automatically by Cardiff, if we become bankrupt or insolvent and/or if our business shall be placed in the hands of a receiver, assignee, or trustee; (b) upon ninety (90) calendar days written notice from Cardiff, if we breach or default (i) on the payment or report obligations or use of name obligations or (ii) on any other obligation under the Cardiff Agreement, subject to a ninety (90) calendar-day cure period; (c) if we have defaulted or been in excess of one (1) month late on its payment obligations pursuant to the terms of the Cardiff Agreement on any two (2) occasions in a twelve (12) month period, subject to a cure period; (d) upon one hundred twenty (120) calendar days written notice from us if any particular patent or patents included in Patent Rights and which account for at least thirty (30%) percent of the total royalty to Cardiff, is or are irrevocably adjudicated to be invalid; or (e) upon ninety (90) calendar days written notice from us if Cardiff is in breach of Section 11.1 (Confidential Information and Publication) unless, before the end of the such ninety (90) calendar-day notice period, Cardiff has cured the default or breach to our reasonable satisfaction and so notifies us, stating the manner of the cure. The terms of the Cardiff Agreement provided in consideration for a license of all of Cardiff’s rights in any technical information, know-how, processes, procedures, compositions, devices, methods, formulae, protocols, techniques related to the FV-100 Assets, or the Patent Rights. The Cardiff Agreement provided for an initial base payment of $270,000, which has previously been paid by CRI, subsequent milestone payments covering (i) initiation of a clinical trial at each phase, (ii) marketing (FDA) approval and (iii) on achieving the milestone of aggregate net sales in three different tiers, as well as a low single digit royalty based on net sales. The total aggregate amount of milestone payments that could be payable to Cardiff by the Company under the Cardiff Agreement is equal to $400,000 as follows: Milestone payments upon occurrence of the following events: · Upon initiation of a Phase 3 clinical trial for a licensed product, $150,000 · Upon approval of the first NDA for any licensed product, $250,000 The terms of the BMS Agreement provided for an initial base payment of $1 million, subsequent milestone payments of $3 million and $6 million, respectively, covering (i) marketing (FDA) approval and (ii) on achieving the milestone of aggregate net sales equal to or greater than $125 million, as well as a single digit royalty based on net sales. The total aggregate amount of milestone payments that could be payable to BMS under the BMS Agreement is equal to $9 million. The duration of any milestone payment obligation owed to BMS shall continue until the earliest of (i) payment, in full, of all milestone payments as required under the BMS Agreement, (ii) our determination using commercially reasonable standards consistent with the exercise of prudent scientific and business judgment and consistent with those standards used by us for its other therapeutic products at a similar stage of development and with similar commercial potential, to terminate the development of the FV-100 assets, and (iii) the tenth (10th) anniversary of the date of the BMS Agreement, The duration of any royalty payment obligation to BMS shall commence on the date of the first commercial sale of the FV-100 assets in a country until the expiration of any claim of an issued and unexpired patent which has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction of any of our patents or any other patent covering the use or sale of the FV-100 assets in such country. The transactions contemplated by the BMS Agreement closed on August 17, 2012 and neither party can terminate the remaining obligations owed under the BMS Agreement. No milestone payments have been made under this agreement. As of September 28, 2016, no amounts had been accrued related to the remaining payments BMS is eligible to receive. Contractual Obligations In August 2014, the Company entered into a lease for corporate office space in Edison, New Jersey. Rent expense for the years ended June 30, 2016 and 2015 was $139,797 and $119,747. Upon acquisition of Ciclofilin on June 10, 2016, the Company also leases space in Edmonton, Canada on a lease on a month to month basis. The following table summarizes annual rental payments for each of the following fiscal years ended June 30: 2017 $ 2018 2019 2020 2021 and thereafter — Total $ Employment Agreements The Company also has employment agreements with certain employees which require the funding of a specific level of payments, if certain events, such as a change in control, termination without cause or retirement, occur. Consulting Agreement On January 23, 2014, the Company entered into a three year consulting agreement with Chris McGuigan, Ph.D. for scientific and technical advisory services. Dr. McGuigan was a director of the company and was instrumental in the early development of the FV-100 drug candidate. His total compensation under the agreement is a grant of 250,000 common stock options, at an exercise price of $0.37 per share, vesting over three years. Upon his death in March 2016, this consulting agreement was terminated. The Company’s Board of Directors authorized the immediate vesting of his unvested stock options outstanding under this consulting agreement and extended the exercise term from 90 days to four years. The modification to this consulting agreement resulted in an expense of $49,534 recorded in Research & Development expense.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2016
Related Party Transactions
Related Party Transactions	14. Related Party Transactions One of the Company’s Directors, Timothy Block, is President of the Baruch S. Blumberg Institute (“Blumberg Institute”). On May 29, 2015, the Company entered into a Sponsored Research Agreement (“Agreement”) with Blumberg Institute, pursuant to which the Company is sponsoring research by investigators affiliated with the Blumberg Institute with respect to CMX157. The Company incurred expenses related to the agreement of approximately $127,500 and $2,000 in 2016 and 2015, respectively. The Company is a party to a Master Services Agreement dated June 19, 2014 with Clinical Supplies Management, Inc. (“CSM”), pursuant to which CSM provides the Company with pharmaceutical and clinical supply management services in support of clinical research programs. James Sapirstein, the CEO of ContraVir, is a director of CSM which is a private company. For the years ended June 30, 2016 and 2015, the Company incurred expenses related to services performed by CSM of approximately $550,000 and $510,000, respectively. As of June 30, 2016 there was an outstanding payables balance of $69,833. On June 1, 2016, the Company entered into a consulting agreement with Gabriele Cerrone, one of the Company’s principal stockholders. The agreement is for a term beginning on June 1, 2016 and expires on June 1, 2019. Pursuant to the consulting agreement Mr. Cerrone is paid $10,000 per month. Either party may terminate the agreement at any time upon 30 days prior written notice. On June 16, 2016, Mr. Cerrone was issued 360,000 stock options which vest in 10,000 increments on a monthly basis over 3 years.

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2016
Subsequent Events
Subsequent Events	15. Subsequent events Certain holders of the Company’s preferred stock elected to convert approximately 1,000,000 shares of Series A Preferred Stock into approximately 21.4 million shares of the Company’s common stock.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates.
Cash	Cash As of June 30, 2016 and 2015, the amount of cash was approximately $7.4 million and $4.6 million, respectively, consisting of checking accounts held at U.S. and Canadian commercial banks. Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has never experienced losses related to these balances.
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following: · Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2—Valuations based on 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 and models for which all significant inputs are observable, either directly or indirectly. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Financial instruments consist of cash, accounts payable and derivative instruments. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short term nature, except for derivative instruments, which were marked to market at the end of each reporting period. See Note 6 for additional information of the fair value of the derivative liabilities. The Company recorded contingent consideration in its acquisition of Ciclofilin, which is required to be carried at fair value. See Note 7 for additional information on the fair value of the contingent consideration.
Warrants	Warrants The Company issued common stock warrants in connection with the execution of certain equity financings. The fair value of certain warrants, deemed to be derivative instruments, were recorded as derivative liabilities under the provisions of FASB ASC Topic 815 Derivatives and Hedging (“ASC 815”) upon issuance. Subsequently the liability was adjusted to fair value as of each reporting period and the changes in fair value of derivative liabilities were recorded in the statements of operations under the caption “Change in fair value of derivative liabilities.” The fair value of certain warrants with a price protection clause deemed to be derivative instruments was determined using a Binomial option-pricing model using varying assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. We thus used model-derived valuations where significant value drivers were unobservable to third parties to determine the fair value and accordingly classified such warrants in Level 3 per ASC 820. This derivative liability was extinguished when the warrants were converted into common stock in August 2014. The fair value of the warrants, issued in connection with the October 2015 and April 2016 common stock offerings deemed to be derivative instruments due to the put feature on the warrants, was determined using the Black-Scholes option pricing model, deemed to be an appropriate model due to the terms of the warrants issued, including a fixed term and exercise price. The fair value is affected by changes in inputs to the model including our stock price, expected stock price volatility, the contractual term, and the risk-free interest rate. This model uses Level 3 inputs, including stock price volatility, in the fair value hierarchy established by ASC 820 Fair Value Measurement. At June 30, 2016, the fair value of such warrants was $2,115,965 which we classified as a long term derivative liability on our balance sheets. As of June 30, 2015, all previously issued warrants deemed to be derivative instruments were exchanged for shares of common stock of the Company.
Derivative financial instruments	Derivative financial instruments The Company has issued common stock warrants in connection with the execution of certain equity financings. The fair value of the warrants, which were deemed to be derivative instruments based on certain contingent put features, was recorded as a derivative liability under the provisions of ASC Topic 815 Derivatives and Hedging (“ASC 815”) upon issuance. Subsequently, the liability is adjusted to fair value as of the end of each reporting period and the changes in the fair value of derivative liabilities are recorded in the statements of operations under the caption “Change in fair value of derivative financial instruments - warrants.” See Note 6 for additional information.
Property, equipment and depreciation	Property, equipment and depreciation As of June 30, 2016 and 2015, the Company had $80,848 and $81,441, respectively, of property and equipment, consisting primarily of computer equipment and equipment under capital lease. Expenditures for additions, renewals and improvements will be capitalized at cost. Depreciation will generally be computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the depreciable assets are 2 to 5 years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives, or the remaining term of the lease, whichever is shorter. Depreciation expense for the years ended June 30, 2016 and 2015 was $21,525 and $16,355, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. The Company will periodically evaluate whether current events or circumstances indicate that the carrying value of its depreciable assets may not be recoverable. There were no adjustments to the carrying value of property and equipment at June 30, 2016 and 2015.
Lease Accounting	Lease Accounting The Company accounts for operating lease transactions by recording rent expense on a straight-line basis over the expected life of the lease, commencing on the date it gains possession of leased property. Capital lease transactions are reflected as a liability at the inception of the lease based on the present value of the minimum lease payments or, if lower, the fair value of the property. Assets under capital leases are recorded in property and equipment, net, in the Consolidated Balance Sheets and depreciated over their estimated useful lives.
Goodwill and In-Process Research & Development	Goodwill and In-Process Research & Development In accordance with ASC Topic 350, Intangibles — Goodwill and Other (“ASC Topic 350”), goodwill and acquired IPR&D are determined to have indefinite lives and, therefore, are not amortized. Instead, they are tested for impairment annually, in the Company’s fourth quarter, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. Pursuant to ASU No. 2011-08, Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment , and No. 2012-02, Intangibles — Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment , the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads the Company to determine that it is more likely than not (that is, a likelihood of more than 50%) that the goodwill or the acquired IPR&D is impaired. If the Company chooses to first assess qualitative factors and determines that it is not more likely than not goodwill or acquired IPR&D is impaired, the Company is not required to take further action to test for impairment. The Company also has the option to bypass the qualitative assessment and perform only the quantitative impairment test, which the Company may choose to do in some periods but not in others. If the Company performs a quantitative assessment of goodwill, it utilizes the two-step approach prescribed under ASC Topic 350. Step 1 requires a comparison of the carrying value of a reporting unit, including goodwill, to its estimated fair value. The Company tests for impairment at the entity level because it operates on the basis of a single reporting unit. If the carrying value exceeds fair value, the Company then performs Step 2 to measure the amount of impairment loss, if any. In Step 2, the Company estimates the fair value of its individual assets, including identifiable intangible assets, and liabilities to determine the implied fair value of goodwill. The Company then compares the carrying value of its goodwill to its implied fair value. The excess of the carrying value of goodwill over its implied fair value, if any, is recorded as an impairment charge. Goodwill relates to amounts that arose in connection with the acquisition of Ciclofilin. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. There was no impairment of goodwill for the year ended June 30, 2016. IPR&D acquired in a business combination is capitalized as indefinite-lived assets on the Company’s consolidated balance sheets at its acquisition-date fair value. Once the project is completed, the carrying value of the IPR&D is reclassified to other intangible assets, net and is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the IPR&D projects are expensed as incurred. The projected discounted cash flow models used to estimate the fair values of the Company’s IPR&D assets, acquired in connection with the Ciclofilin acquisition, reflect significant assumptions regarding the estimates a market participant would make in order to evaluate a drug development asset, including: (i) probability of successfully completing clinical trials and obtaining regulatory approval; (ii) market size, market growth projections, and market share; (iii) estimates regarding the timing of and the expected costs to advance clinical programs to commercialization; (iv) estimates of future cash flows from potential product sales; and (v) a discount rate. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to its revised fair value with the related impairment charge recognized in the period in which the impairment occurs. If the carrying value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, the Company could incur significant charges in the period in which the impairment occurs. There was no impairment of IPR&D for the year ended June 30, 2016.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carry-forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset. The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is ‘‘more-likely-than-not’’ that the position will be sustained upon examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. In conjunction with the acquisition of Ciclofilin in June 2016, a deferred tax liability of $1.3 million was recorded reflecting the difference between the book basis and tax basis of acquired IPR&D. Such deferred income tax liability cannot be used to offset the deferred tax assets when analyzing the Company’s valuation allowance as the acquired IPR&D is considered to have an indefinite life until the Company completes or abandons development of the related IPR&D.
Contingencies	Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, product and environmental liability, and tax matters. In accordance with ASC Topic 450, Accounting for Contingencies, (“ASC 450”), the Company records accruals for such loss contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company, in accordance with this guidance, does not recognize gain contingencies until realized.
Research and Development	Research and Development Research and development costs, which include expenditures in connection with an in-house research and development laboratory, salaries and staff costs, application and filing for regulatory approval of proposed products, purchased in-process research and development, license costs, regulatory and scientific consulting fees, as well as contract research, insurance and FDA consultants, are accounted for in accordance with ASC Topic 730, Research and Development, (“ASC 730”). Also, as prescribed by this guidance, patent filing and maintenance expenses are considered legal in nature and therefore classified as general and administrative expense, if any. The Company does not currently have any commercial biopharmaceutical products, and does not expect to have such for several years if at all. Accordingly, our research and development costs are expensed as incurred. While certain of our research and development costs may have future benefits, our policy of expensing all research and development expenditures is predicated on the fact that the Company has no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited. Also as prescribed by ASC 730, non-refundable advance payments for goods or services that will be used or rendered for future research and development activities should be deferred and capitalized. As the related goods are delivered or the services are performed, or when the goods or services are no longer expected to be provided, the deferred amounts would be recognized as an expense. At June 30, 2016 and 2015, the Company had prepaid research and development costs of $354,542 and $425,699, respectively.
Share-based payments	Share-based payments ASC Topic 718 “Compensation—Stock Compensation” (“ASC 718”) requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. Generally, the Company issues stock options with only service-based vesting conditions and records the expense for these awards using the straight-line method. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company has a limited trading history in its common stock and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company accounts for stock options issued to non-employees in accordance with ASC Topic 505-50 “Equity-Based Payment to Non-Employees” and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. At the end of each financial reporting period prior to completion of the service, the fair value of these awards is remeasured using the then-current fair value of the Company’s common stock and updated assumption inputs in the Black-Scholes option-pricing model. ASC 718 requires that cash flows resulting from tax deductions in excess of the cumulative compensation cost recognized for options exercised (excess tax benefits) be classified as cash inflows from financing activities and cash outflows from operating activities. Due to ContraVir’s accumulated deficit position, no excess tax benefits have been recognized. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) (see Note 4.) which states that excess tax benefits should be classified along with other income tax cash flows as an operating activity. This guidance is effective for the Company for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its results of operations, financial position and cash flows.
Foreign Exchange	Foreign Exchange The functional currency of ContraVir and ContraVir Research Inc. is the U.S. dollar. The functional currency of Ciclofilin is the Canadian dollar. The Company’s reporting currency is the U.S. dollar. The assets and liabilities of Ciclofilin are translated into U.S. dollars using period-end exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss, a separate component of shareholders’ equity. The amount of currency translation adjustment was immaterial at June 30, 2016. Transactions in foreign currencies are remeasured into the functional currency of the relevant subsidiaries at the exchange rate in effect at the date of the transaction. Any monetary assets and liabilities arising from these transactions are translated into the functional currency at exchange rates in effect at the balance sheet date or on settlement. Resulting gains and losses are recorded in other foreign exchange (gain) loss within the consolidated statements of operations. The impact of foreign exchange gains (losses) was immaterial at June 30, 2016.
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company, through its chief operating decision maker, views its operations and manages the business in one segment
Net loss per share	Net loss per share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share, (“ASC 260”) for all periods presented. In accordance with this guidance, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. Due to the net losses incurred and because the exercise price of all liability classified warrants exceeds our average stock market price for the period they were outstanding, all stock equivalents were anti-dilutive, thus, basic and dilutive net loss per share are the same.
Business Combinations	Business Combinations The Company accounts for its business acquisitions, such as our acquisition of Ciclofilin in June of 2016, under the acquisition method of accounting as indicated in FASB ASC 805, “Business Combinations”, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any non-controlling interest in the acquired business; and establishes the acquisition date as the fair value measurement point. Accordingly, the Company recognizes assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities and non-controlling interest in the acquiree, based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, the Company recognizes and measures goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. Contingent consideration assumed in a business combination is remeasured at fair value each reporting period and any change in the fair value from either the passage of time or events occurring after the acquisition date, is recorded in results from operations. The acquisition of Ciclofilin closed on June 10, 2016, wherein the Company’s results of operations were impacted by 20 days in the 2016 fiscal year and are included from the acquisition date in the financial statements for all businesses acquired.

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
	Jun. 30, 2016
Business Combination
Schedule of acquisition-date fair value of consideration transferred	At June 10, 2016 Cash $ Notes receivable settled upon closing of transaction Contingent consideration Total consideration $
Summary of estimated preliminary fair values of assets acquired and liabilities assumed	At June 10, 2016 Cash $ Tax receivable Prepaid rent Property, plant and equipment, net Other assets In-process research and development Current portion of capital lease ) Deferred tax liability ) Total net assets acquired $ Goodwill Total consideration $
Schedule of supplemental unaudited pro forma information	Year Ended June 30, 2016 2015 Total revenues, net $ — $ Net loss $ ) $ ) Basic and diluted net loss per share $ ) $ )

Stockholder's Equity and Deri24

Stockholder's Equity and Derivative Liability (Tables)	12 Months Ended
	Jun. 30, 2016
Schedule of range of assumptions used to determine fair value of warrants	August 20, 2014 Estimated fair value of ContraVir common stock $ Expected warrant term (years) 5.46 years Risk-free interest rate Expected volatility Dividend yield —
Schedule of changes in derivative financial instruments liability balance	Date Description Number of Derivative 7/1/2014 Balance of derivative financial instruments liability $ Change in fair value of warrants immediately prior to conversion, recognized as change in fair value of derivative instruments - warrants in the statement of operations — Amounts reclassified to additional paid in capital ) ) 6/30/2015 Balance of derivative financial instruments liability — — Issuance of warrants on October 13, 2015 Issuance of warrants on April 4, 2015 Change in fair value of warrants for the year ended June 30, 2016 — ) 6/30/2016 Balance of derivative financial instruments liability $
October 13 2015
Schedule of fair value of liabilities recognized at fair value on recurring basis	October 13, 2015 June 30, 2016 Price of ContraVir common stock $ $ Expected warrant term (years) 5.00 years 4.28 years Risk-free interest rate Expected volatility Dividend yield — —
April 4 2016
Schedule of fair value of liabilities recognized at fair value on recurring basis	April 4, 2016 June 30, 2016 Price of ContraVir common stock $ $ Expected warrant term (years) 5.00 years 4.76 years Risk-free interest rate Expected volatility Dividend yield — —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Schedule of table represents the liabilities measured and recognized at fair value on a recurring basis	Description Fair value Quoted Prices in Identical Assets Significant Significant Derivative liabilities related to warrants $ ) $ — $ — $ ) Contingent consideration ) $ — $ — $ )
Schedule of changes in fair value of contingent consideration	Acquisition- Liabilities Balance at June 30, 2015 $ — Contingent consideration recorded in acquisition Change in fair value recorded in earnings — Balance at June 30, 2016 $

Indefinite-lived Intangible A26

Indefinite-lived Intangible Assets and Goodwill (Tables)	12 Months Ended
	Jun. 30, 2016
Indefinite-lived Intangible Assets and Goodwill
Schedule of IPR&D asset	June 30, 2016 June 30, 2015 IPR&D asset: CRV431 $ $ —
Schedule of roll-forward of goodwill balance	Amount Goodwill balance at June 30, 2015 $ — Goodwill from acquisition of Ciclofilin on June 10, 2016 Goodwill balance at June 30, 2016 $

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Jun. 30, 2016
Accrued Liabilities
Schedule of accrued liabilities	Year ended Year ended Research and development $ $ Professional fees Payroll and related costs Legal fees Other Total accrued expenses $ $

Accounting for Share-Based Pa28

Accounting for Share-Based Payments (Tables)	12 Months Ended
	Jun. 30, 2016
Accounting for Share-Based Payments
Schedule of stock based compensation expense	Year ended Year ended General and administrative $ $ Research and development Total stock-based compensation expense $ $
Summary of stock option activity and of changes in stock options outstanding under the Plan	Number of Exercise Price Weighted Intrinsic Weighted Balance outstanding, July 1, 2014 $0.11 - $2.37 $ 9.65 years Granted $1.50 - $3.83 $ Exercised ) — $ Forfeited — — Balance outstanding, June 30, 2015 $0.11 - $3.83 $ 9.04 years Granted $0.92 - $4.38 $ Exercised ) $0.11 - $2.20 $ Forfeited ) $1.50 - $3.60 $ Balance outstanding, June 30, 2016 $0.11 - $4.38 $ 8.12 years Vested awards and those expected to vest at June 30, 2016 $0.11 - $4.38 $ $ 8.10 years Vested and exercisable at June 30, 2016 $0.11 - $3.83 $ $ 7.01 years
Schedule of weighted-average assumptions used to estimate fair value of stock option awards to employees	Year Ended Year Ended Stock price $1.10 $1.90 Risk-free interest rate 1.35% 1.71% Dividend yield — — Expected volatility 81% 87% Expected term (in years) 6 years 6 years

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2016
Income Taxes
Schedule of components of deferred tax assets and liabilities	Year Ended June 30, Year Ended June 30, Federal net operating loss (“NOL”) $ $ State NOL Canadian NOL — Stock Compensation & Other Deferred tax valuation allowance ) ) Net deferred tax asset $ — $ — Deferred tax liability (In-Process R&D) ) —
Schedule of effective income tax rate (as a percent)	Year Ended June 30, Year Ended June 30, U.S. statutory income tax rate % % State income taxes, net of federal benefit Warrant liability ) Valuation allowance ) ) Effective tax rate — —

Loss per Share (Tables)

Loss per Share (Tables)	12 Months Ended
	Jun. 30, 2016
Loss per Share
Schedule of computation of basic and diluted net loss per share	Year ended Year ended Numerator: Net loss $ ) $ ) Preferred stock deemed dividend — ) Net loss attributable to common stockholders $ ) $ ) Denominator: Weighted average common shares outstanding Net loss per share of common stock—basic and diluted $ ) $ )
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding	Year ended Year ended Common shares issuable upon conversion of Series A preferred stock Common shares issuable upon conversion of Series B preferred stock Stock options Warrants — Total

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies
Schedule of annual rentals for corporate office space	The following table summarizes annual rental payments for each of the following fiscal years ended June 30: 2017 $ 2018 2019 2020 2021 and thereafter — Total $

Business Overview (Details)

Business Overview (Details)	Jun. 10, 2016subsidiary
Ciclofilin
Business Overview
Number of wholly-owned subsidiary	1

Basis of Presentation and Goi33

Basis of Presentation and Going Concern (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Going Concern
Cash	$ 7,403,940	$ 4,563,165	$ 1,817,757
Net cash used in operating activities	(16,555,098)	(9,672,556)
Net loss	(16,998,638)	(14,347,877)
Retained Earnings (Accumulated Deficit)	(44,612,495)	(27,613,857)
Working capital	$ 2,800,000	$ 3,300,000
Substantial doubt about going concern, within one year	true

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Cash & Warrants (Details) - USD ($)	Jun. 30, 2016	Oct. 13, 2015	Jun. 30, 2015	Aug. 20, 2014	Jun. 30, 2014
Cash
Cash	$ 7,403,940		$ 4,563,165		$ 1,817,757
Warrants
Derivative liabilities related to Warrants	2,115,965
Warrants
Warrants
Derivative liabilities related to Warrants	$ 2,115,965	$ 4,400,000		$ 4,863,243

Summary of Significant Accoun35

Summary of Significant Accounting Policies - PP&E (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Property, equipment and depreciation
Property and equipment, consisting primarily of computer equipment and equipment under capital lease	$ 80,848	$ 81,441
Depreciation expense	21,525	16,355
Adjustments in carrying value of property and equipment	0	$ 0
Impairment losses on goodwill	$ 0
Minimum
Property, equipment and depreciation
Estimated useful life	2 years
Maximum
Property, equipment and depreciation
Estimated useful life	5 years

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Tax (Details)	12 Months Ended
	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)
Research and Development
Prepaid research and development costs	$ 354,542	$ 425,699
Share-based payments
Excess tax benefits recognized from financing activities	0
Excess tax benefits recognized from operating activities	0
Deferred tax liability	$ 1,269,620
Segment Information
Number of operating segment | segment	1
Ciclofilin | In-process research and development
Share-based payments
Deferred tax liability	$ 1,300,000
Business Combinations
Number of days impacted on business due to acquisition	20 days

Business Combination - Acquisit

Business Combination - Acquisition of Ciclofilin Pharmaceuticals, Inc. (Details) - USD ($)	Jun. 10, 2016	Jun. 30, 2016	Apr. 12, 2016
Acquisition-date fair value of consideration transferred
Contingent consideration		$ 3,320,000
Ciclofilin
Business Combination
Voting interest acquired (as a percent)	100.00%
Acquisition-date fair value of consideration transferred
Cash	$ 300,000
Notes receivable settled upon closing of transaction	200,000
Contingent consideration	3,320,000
Total consideration	$ 3,820,000
Ciclofilin | Convertible notes payable
Acquisition-date fair value of consideration transferred
Amount of debt			$ 200,000
Interest rate (as a percent)			1.00%

Business Combination - Continge

Business Combination - Contingent Consideration (Details)	Jun. 10, 2016USD ($)
Upon acceptance by U.S. Food and Drug Administration of new drug application for CRV431
Contingent Consideration
Milestone payment of contingent consideration	$ 8,000,000
Ciclofilin | Upon receipt of Phase I Positive Data from Phase I trial of CRV431 in humans
Contingent Consideration
Percentage of issued and outstanding common stock on closing date	2.50%
Milestone payment of contingent consideration	$ 1,000,000
Ciclofilin | Upon receipt of Phase II Positive Data from proof of concept clinical trial of CRV431 in humans
Contingent Consideration
Percentage of issued and outstanding common stock on closing date	7.50%
Milestone payment of contingent consideration	$ 3,000,000
Ciclofilin | Upon initiation of Phase III trial of CRV431
Contingent Consideration
Milestone payment of contingent consideration	$ 5,000,000

Business Combination - Fair Val

Business Combination - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)	Jun. 10, 2016	Jun. 30, 2016
Estimated preliminary fair values of assets acquired and liabilities assumed
Goodwill		$ 1,870,924
Ciclofilin
Estimated preliminary fair values of assets acquired and liabilities assumed
Cash	$ 4,397
Tax receivable	5,504
Prepaid rent	1,769
Property, plant and equipment, net	14,329
Other assets	13,107
Current portion of capital lease	(10,410)
Deferred tax liability	(1,269,620)
Total net assets acquired	1,949,076
Goodwill	1,870,924
Total consideration	$ 3,820,000
Maximum period for adjustments to purchase price allocation (in years)	1 year
Ciclofilin | In-process research and development
Estimated preliminary fair values of assets acquired and liabilities assumed
In-process research and development	$ 3,190,000

Business Combination - Operatin

Business Combination - Operating Results and Pro Forma Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Business Combination
Operating loss		$ (20,805,485)	$ (13,959,979)
Supplemental unaudited pro forma information
Elimination of interest expense		67,533	47,629
Elimination of stock based compensation expense		414,444
Elimination of transaction related costs		214,000
Ciclofilin
Business Combination
Operating loss	$ 69,138
Supplemental unaudited pro forma information
Total revenues, net			113,786
Net loss		$ (18,912,149)	$ 15,106,340
Basic and diluted net loss per share		$ (0.70)	$ (1.05)
Ciclofilin | General and administrative
Business Combination
Transaction costs		$ 214,000

Stockholder's Equity (Deficit)

Stockholder's Equity (Deficit) and Derivative Liability - Warrants - Exchange of Warrants for Restricted stock (Details) - USD ($)	Aug. 20, 2014	Jun. 30, 2016	Jun. 30, 2015	Oct. 13, 2015	Feb. 26, 2015	Feb. 10, 2015	Dec. 23, 2014	Dec. 17, 2014	Oct. 14, 2014
Warrants
Change in fair value of derivative instruments-warrants		$ (3,806,847)	$ 387,898
Derivative financial instruments liability - warrants		2,115,965
Fair value of restricted stock	$ 4,552,924
Common Stock
Warrants
Restricted common shares issued in exchange of warrants (in shares)	3,794,118		3,794,118
Price of ContraVir common stock	$ 1.20				$ 4.50	$ 4.50	$ 2.09	$ 1.79	$ 0.65
Warrants
Warrants
Number of warrants converted	4,742,648		4,742,648
Change in fair value of derivative instruments-warrants	$ 387,898
Derivative financial instruments liability - warrants	$ 4,863,243	$ 2,115,965		$ 4,400,000
Price of ContraVir common stock	$ 1.20

Stockholder's Equity and Deri42

Stockholder's Equity and Derivative Liability - warrants - Assumptions Underwriting Agreement (Details) - $ / shares	Apr. 04, 2016	Oct. 13, 2015	Aug. 20, 2014	Jun. 30, 2016
October 13 2015
Range of assumptions used to determine the fair value of the warrants
Estimated fair value of ContraVir common stock (in dollars per share)		$ 2.76		$ 1.04
Expected warrant term (years)		5 years		4 years 3 months 11 days
Risk-free interest rate (as a percent)		1.36%		0.86%
Expected volatility (as a percent)		76.00%		75.00%
April 4 2016
Range of assumptions used to determine the fair value of the warrants
Estimated fair value of ContraVir common stock (in dollars per share)	$ 1.16			$ 1.04
Expected warrant term (years)	5 years			4 years 9 months 4 days
Risk-free interest rate (as a percent)	1.22%			1.01%
Expected volatility (as a percent)	76.00%			76.00%
Warrants
Range of assumptions used to determine the fair value of the warrants
Estimated fair value of ContraVir common stock (in dollars per share)			$ 1.20
Expected warrant term (years)			5 years 5 months 16 days
Risk-free interest rate (as a percent)			1.75%
Expected volatility (as a percent)			88.00%

Stockholder's Equity and Deri43

Stockholder's Equity and Derivative Liability - warrants - Series A and Series B Preferred Stock issuances and Benificial Conversion Feature (Details) - USD ($)	Feb. 26, 2015	Feb. 10, 2015	Dec. 23, 2014	Oct. 14, 2014	Jun. 30, 2016	Jun. 30, 2015	Dec. 17, 2014	Dec. 15, 2014	Aug. 20, 2014
Series A and Series B Convertible Preferred Stock
Gross proceeds from sale of stock						$ 12,500,000
Series A and Series B preferred stock
Series A and Series B Convertible Preferred Stock
Amount of beneficial conversion feature					$ 7,800,000
Percentage of preferred stock convertible immediately					100.00%
Series A convertible preferred stock
Series A and Series B Convertible Preferred Stock
Shares authorized				1,250,000
Convertible preferred stock, stated value (in dollars per share)				$ 10	$ 10	$ 10
Conversion price (in dollars per share)					$ 0.48
Percentage of five day average common share price used as basis for conversion price					70.00%
Series A convertible preferred stock | Purchaser and assignees of purchaser
Series A and Series B Convertible Preferred Stock
Additional number of shares available for purchase by the underwriters				350,000
Series A convertible preferred stock | Purchaser
Series A and Series B Convertible Preferred Stock
Gross proceeds from sale of stock	$ 200,000	$ 300,000	$ 500,000	$ 9,000,000
Series A convertible preferred stock | Assignees of purchaser
Series A and Series B Convertible Preferred Stock
Gross proceeds from sale of stock	$ 2,500,000
Series B convertible preferred stock
Series A and Series B Convertible Preferred Stock
Shares authorized								120,000
Convertible preferred stock, stated value (in dollars per share)					$ 10	$ 10	$ 10	$ 10
Conversion price (in dollars per share)					$ 1.12
Percentage of five day average common share price used as basis for conversion price					70.00%
Preferred Stock | Series A convertible preferred stock
Series A and Series B Convertible Preferred Stock
Shares issued (in shares)						1,250,000
Preferred Stock | Series A convertible preferred stock | Purchaser
Series A and Series B Convertible Preferred Stock
Shares issued (in shares)	20,000	30,000	50,000	900,000
Preferred Stock | Series A convertible preferred stock | Assignees of purchaser
Series A and Series B Convertible Preferred Stock
Shares issued (in shares)	250,000
Common Stock
Series A and Series B Convertible Preferred Stock
Stock price (in dollars per share)	$ 4.50	$ 4.50	$ 2.09	$ 0.65			$ 1.79		$ 1.20

Stockholder's Equity and Deri44

Stockholder's Equity and Derivative Liability - Controlled Equity Offering Sales Agreement (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 09, 2015	Jun. 30, 2016	Jun. 30, 2015
Controlled Equity Offering Sales Agreement
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Controlled Equity Offering Sales Agreement
Controlled Equity Offering Sales Agreement
Maximum aggregate offering price	$ 50
Selling agent fee as a percentage of gross sales price per share sold	3.00%

Stockholder's Equity and Deri45

Stockholder's Equity and Derivative Liability - Common Stock and Warrant Offering (Details)

Apr. 04, 2016USD ($)$ / shares$ / itemshares

Apr. 01, 2016shares

Oct. 07, 2015USD ($)$ / shares$ / itemshares

Aug. 20, 2014USD ($)$ / shares

Jun. 30, 2016USD ($)

Oct. 31, 2015USD ($)

Oct. 13, 2015USD ($)

Feb. 26, 2015$ / shares

Feb. 10, 2015$ / shares

Dec. 23, 2014$ / shares

Dec. 17, 2014$ / shares

Oct. 14, 2014$ / shares

Common Stock and Warrant Offering

Derivative financial instruments liability - warrants

$ 2,115,965

Warrants

Common Stock and Warrant Offering

Derivative financial instruments liability - warrants

$ 4,863,243

$ 2,115,965

$ 4,400,000

Price of ContraVir common stock | $ / shares

$ 1.20

Expected warrant term (years)

5 years 5 months 16 days

Risk-free interest rate (as a percent)

1.75%

Expected volatility (as a percent)

88.00%

Underwriting agreement

Common Stock and Warrant Offering

Purchase price (in dollars per unit) | $ / item

3

Gross proceeds from sale of stock and warrants (in dollars)

$ 7,000,000

$ 15,000,000

Underwriting discount and other offering expenses payable

700,000

1,500,000

Expected proceeds if warrants exercised in full

$ 4,200,000

$ 12,800,000

Derivative financial instruments liability - warrants

$ 1,500,000

Underwriting agreement, overallotment option

Common Stock and Warrant Offering

Purchase price (in dollars per unit) | $ / item

3

Underwriter option period

45 days

Common stock warrants | Underwriting agreement

Common Stock and Warrant Offering

Maximum number of shares to be purchased from warrants offered for sale | shares

2,464,789

3,000,000

Purchase price (in dollars per unit) | $ / item

1.42

Exercise period for warrants

5 years

5 years

Exercise price of warrants (in dollars per share) | $ / shares

$ 1.70

$ 4.25

Common stock warrants | Underwriting agreement, overallotment option

Common Stock and Warrant Offering

Maximum number of shares to be purchased from warrants offered for sale | shares

450,000

Common Stock

Common Stock and Warrant Offering

Price of ContraVir common stock | $ / shares

$ 1.20

$ 4.50

$ 4.50

$ 2.09

$ 1.79

$ 0.65

Common Stock | Underwriting agreement

Common Stock and Warrant Offering

Number of shares offered for sale | shares

4,929,578

5,000,000

Common Stock | Underwriting agreement, overallotment option

Common Stock and Warrant Offering

Number of shares offered for sale | shares

750,000

Stockholder's Equity (Deficit46

Stockholder's Equity (Deficit) and Derivative Liability - Derivative Financial Instruments Liability Securities Purchase Agreement (Details) - Warrants - USD ($)	Oct. 13, 2015	Apr. 04, 2015	Aug. 20, 2014	Jun. 30, 2016	Jun. 30, 2015
Components of changes in derivative financial instruments liability
Balance at the beginning of the period (in shares)					4,742,648
Balance at the beginning of the period					$ 4,475,345
Issuance of warrants (in shares)	3,000,000	2,464,789
Issuance of warrants	$ 4,384,523	$ 1,538,289
Change in fair value of warrants				$ (3,806,847)	$ 387,898
Amounts reclassified to additional paid-in capital (in shares)			(4,742,648)		(4,742,648)
Amounts reclassified to additional paid-in capital					$ (4,863,243)
Balance at end of period (in shares)				5,464,789
Balance at end of period				$ 2,115,965

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Fair value measurements
Contingent consideration	$ (3,320,000)
Significant Unobservable Inputs (Level3) | Acquisition related contingent consideration
Changes in fair value of contingent consideration
Contingent consideration recorded in acquisition	3,320,000
Balance at end of the period	3,320,000
Recurring basis
Fair value measurements
Derivative liabilities related to Warrants	(2,115,965)	$ 0
Contingent consideration	(3,320,000)	$ 0
Recurring basis | Significant Unobservable Inputs (Level3)
Fair value measurements
Derivative liabilities related to Warrants	(2,115,965)
Contingent consideration	$ (3,320,000)

Indefinite-lived Intangible A48

Indefinite-lived Intangible Assets and Goodwill - IPR&D (Details)	Jun. 30, 2016USD ($)
Indefinite-lived Intangible Assets
Indefinite-lived intangible assets	$ 3,190,000
In-process research and development | CRV431
Indefinite-lived Intangible Assets
Indefinite-lived intangible assets	$ 3,190,000

Indefinite-lived Intangible A49

Indefinite-lived Intangible Assets and Goodwill - Goodwill (Details)	12 Months Ended
	Jun. 30, 2016USD ($)
Roll-forward of goodwill balance
Goodwill from acquisition of Ciclofilin on June 10, 2016	$ 1,870,924
Ending balance	$ 1,870,924

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Accrued Liabilities
Research and development	$ 177,197	$ 279,682
Professional fees	80,984	60,000
Payroll and related costs	489,823	94,891
Legal fees	8,441	9,091
Other	64,449	13,058
Total accrued expenses	$ 820,894	$ 456,722

Accounting for Share-Based Pa51

Accounting for Share-Based Payments - Equtiy Incentive Plan (Details) - USD ($)	Dec. 02, 2014	Jun. 03, 2013	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2014
Accounting for Shared-Based Payments
Number of shares of common stock initially reserved for issuance, pursuant to the Plan	6,500,000	1,500,000
Number of options issued over authorized options (in shares)					841,270
Reversal of liability into additional paid in capital	$ 119,167
Common stock available for grant under the plan			1,295,522
Stock based compensation expense
Total stock-based compensation expense (in dollars)			$ 901,867	$ 2,118,187
General and administrative
Stock based compensation expense
Total stock-based compensation expense (in dollars)			839,200	1,476,474
Research and development
Stock based compensation expense
Total stock-based compensation expense (in dollars)			$ 62,667	$ 641,713
Stock options
Accounting for Shared-Based Payments
Vesting period for stock options granted under the plan		3 years
Contractual term of stock options		10 years

Accounting for Share-Based Pa52

Accounting for Share-Based Payments - General (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Stock options
Number of Options
Exercised (in shares)		(3,333)
Weighted Average Exercise Price Per Share
Exercised (in dollars per share)		$ 0.37
Share-based payments
Total fair value of shares vested during the period	$ 1,300,000	$ 1,600,000
Unrecognized compensation cost related to non-vested stock options outstanding
Unrecognized compensation cost related to non-vested stock (in dollars)	$ 2,600,000
Weighted average remaining vesting period over which unrecognized compensation is expected to be recognized	2 years 2 months 5 days
Stock options | Exercise Price Per Share $0.11 - $2.37
Number of Options
Balance outstanding at the beginning of the period (in shares)		2,341,270
Balance outstanding at the end of the period (in shares)			2,341,270
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)			$ 0.11
Exercise price, high end of the range (in dollars per share)			2.37
Weighted Average Exercise Price Per Share
Balance outstanding at the beginning of the period (in dollars per share)		$ 1.61
Balance outstanding at the end of the period (in dollars per share)			$ 1.61
Weighted Average Remaining Contractual Term (in years)
Balance outstanding at the end of the period			9 years 7 months 24 days
Stock options | Exercise Price Per Share $1.50 - $3.83
Number of Options
Granted (in shares)		1,779,808
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)		$ 1.50
Exercise price, high end of the range (in dollars per share)		3.83
Weighted Average Exercise Price Per Share
Granted (in dollars per share)		$ 1.95
Stock options | Exercise Price Per Share $0.11 - $3.83
Number of Options
Balance outstanding at the beginning of the period (in shares)	4,117,745
Balance outstanding at the end of the period (in shares)		4,117,745
Vested and exercisable at the end of the period (in shares)	2,183,140
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 0.11	$ 0.11
Exercise price, high end of the range (in dollars per share)	3.83	3.83
Weighted Average Exercise Price Per Share
Balance outstanding at the beginning of the period (in dollars per share)	1.76
Balance outstanding at the end of the period (in dollars per share)		$ 1.76
Vested and exercisable at the end of the period (in dollars per share)	$ 1.51
Intrinsic Value
Vested and exercisable at the end of the period (in dollars)	$ 530,015
Weighted Average Remaining Contractual Term (in years)
Balance outstanding at the end of the period		9 years 15 days
Vested and exercisable at the end of the period (in years)	7 years 4 days
Stock options | Exercise Price Per Share $0.92 - $4.38
Number of Options
Granted (in shares)	1,275,000
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 0.92
Exercise price, high end of the range (in dollars per share)	4.38
Weighted Average Exercise Price Per Share
Granted (in dollars per share)	$ 1.05
Stock options | Exercise Price Per Share $0.11 - $2.20
Number of Options
Exercised (in shares)	(24,933)
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 0.11
Exercise price, high end of the range (in dollars per share)	2.20
Weighted Average Exercise Price Per Share
Exercised (in dollars per share)	$ 1.37
Stock options | Exercise Price Per Share $1.50 - $3.60
Number of Options
Forfeited (in shares)	(163,334)
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 1.50
Exercise price, high end of the range (in dollars per share)	3.60
Weighted Average Exercise Price Per Share
Forfeited (in dollars per share)	$ 1.86
Stock options | Exercise Price Per Share $0.11 - $4.38
Number of Options
Balance outstanding at the end of the period (in shares)	5,204,478
Vested awards and those expected to vest at the end of the period (in shares)	5,113,838
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 0.11
Exercise price, high end of the range (in dollars per share)	4.38
Weighted Average Exercise Price Per Share
Balance outstanding at the end of the period (in dollars per share)	1.59
Vested awards and those expected to vest at the end of the period (in dollars per share)	$ 1.59
Intrinsic Value
Vested awards and those expected to vest at the end of the period (in dollars)	$ 648,126
Weighted Average Remaining Contractual Term (in years)
Balance outstanding at the end of the period	8 years 1 month 13 days
Vested awards and those expected to vest at the end of the period (in years)	8 years 1 month 6 days
Stock options
Share-based payments
Weighted average grant date fair value (in dollars per share)	$ 0.76	$ 1.36
Non-employee stock options
Number of Options
Balance outstanding at the end of the period (in shares)	1,335,734
Share-based payments
Unvested options (in shares)	655,999

Accounting for Share-Based Pa53

Accounting for Share-Based Payments - Assumptions (Details) - $ / shares	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Weighted-average assumptions to determine fair value of stock option awards
Estimated future unvested option forfeitures (as a percent)	10.00%
Actual future unvested option forfeitures (as a percent)	3.00%
Stock options
Weighted-average assumptions to determine fair value of stock option awards
Stock price (in dollars per share)	$ 1.10	$ 1.90
Risk-free interest rate (as a percent)	1.35%	1.71%
Expected volatility (as a percent)	81.00%	87.00%
Expected term (in years)	6 years	6 years

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Loss before income taxes	$ (16,998,638)	$ (14,347,877)
Components of deferred tax assets and liabilities
Federal net operating loss ("NOL")	11,330,100	4,580,100
State NOL	1,965,700	800,200
Canadian NOL	179,200
Stock compensation & Other	949,700	776,900
Deferred tax valuation allowance	(14,424,700)	(6,157,200)
Increase in valuation allowance	8,300,000	$ 4,700,000
In-process research and development
Components of deferred tax assets and liabilities
Deferred tax liability ( In-Process R&D )	$ (1,269,600)

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate (Details)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Taxes
U.S. statutory income tax rate (as a percent)	34.00%	34.00%
State income taxes, net of federal benefit (as a percent)	6.90%	5.50%
Valuation allowance (as a percent)	(48.50%)	(38.60%)

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015
U.S. federal and state
Operating loss carryforwards
Net operating loss carryforwards	$ 33,100,000	$ 13,500,000
Foreign
Operating loss carryforwards
Net operating loss carryforwards	$ 700,000	$ 100,000

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details)	Jun. 30, 2016USD ($)
Income Taxes
Unrecognized Tax Benefits	$ 0
Unrecognized tax benefits, interest and penalties accrued	$ 0

Loss per Share (Details)

Loss per Share (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Numerator
Net loss	$ (16,998,638)	$ (14,347,877)
Preferred stock deemed dividend		(7,844,643)
Net Loss Attributable to Common Shareholders	$ (16,998,638)	$ (22,192,520)
Denominator
Weighted average common shares outstanding (in shares)	27,060,326	21,754,623
Net loss per share of common stock-basic and diluted (in dollars per share)	$ (0.63)	$ (1.02)
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	37,782,363	31,230,841
Series A convertible preferred stock
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	26,041,667	26,041,667
Series B convertible preferred stock
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	1,071,429	1,071,429
Stock options
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	5,204,478	4,117,745
Warrants
Securities excluded from the computation of diluted weighted shares outstanding
Anti-dilutive securities (in shares)	5,464,789

Commitments and Contingencies -

Commitments and Contingencies - License Agreement with Chimerix, Inc. (Details) - USD ($)	Dec. 17, 2014	Jun. 30, 2015	Sep. 28, 2016	Jun. 30, 2016	Dec. 15, 2014
Agreement
Fair value of preferred stock issued		$ 1,200,000
Cost of license classified as research and development expense		$ 1,200,000
Series B convertible preferred stock
Agreement
Convertible preferred stock, stated value (in dollars per share)	$ 10	$ 10		$ 10	$ 10
Preferred Stock | Series B convertible preferred stock
Agreement
Shares issued in connection with license (in shares)		120,000
Fair value of preferred stock issued		$ 1,200,000
License Agreement | Chimerix, Inc.
Agreement
Maximum payments to be made for clinical, regulatory and initial commercial milestones	$ 20,000,000
Minimum prior written notice period in order to terminate agreement	60 days
Cost of license classified as research and development expense	$ 1,200,000
License Agreement | Chimerix, Inc. | Preferred Stock | Series B convertible preferred stock
Agreement
Shares issued in connection with license (in shares)	120,000
Fair value of preferred stock issued	$ 1,200,000
License Agreement | Chimerix, Inc. | Forecast
Agreement
Amounts accrued related to the payments			$ 0

Commitments and Contingencies60

Commitments and Contingencies - License Agreement with Cardiff (Details)	Aug. 05, 2013shares	Mar. 27, 2007USD ($)item	Jun. 30, 2016USD ($)	Sep. 28, 2016USD ($)
Contribution Agreement
Agreement
Shares issued for assets (in shares) | shares	9,000,000
Percentage of outstanding shares of common stock upon issuance	100.00%
License Agreement | Cardiff
Agreement
Written notice period		90 days
Default or breach cure period		90 days
Late payment period		1 month
Number of occasions in 12 month period | item		2
First written notice period		120 days
Royalty threshold rate (as a percent)		30.00%
Second written notice period		90 days
Counterparty's default or cure period		90 days
Initial base payment made		$ 270,000
Aggregate milestone payment		400,000
Milestone payment upon initiation of phase 3 clinical trial		150,000
Milestone payment upon approval of drug application		250,000
License Agreement | BMS
Agreement
Aggregate milestone payment		9,000,000
Initial base payment		1,000,000
Milestone payment upon receiving marketing approval		3,000,000
Milestone payment upon achieving net sales threshold		6,000,000
Net sales threshold amount		$ 125,000,000
Milestone payments			$ 0
License Agreement | BMS | Forecast
Agreement
Amounts accrued related to the payments				$ 0

Commitments and Contingencies61

Commitments and Contingencies - Contractual Obligations (Details) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Contractual Obligations
Rent expense	$ 139,797	$ 119,747
Annual rental payments
2,017	128,043
2,018	130,181
2,019	132,320
2,020	16,573
Total	$ 407,117

Commitments and Contingencies62

Commitments and Contingencies - Consulting Agreement (Details) - Consulting agreement - Dr. McGuigan - USD ($)	Jan. 23, 2014	Jun. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Agreement
Agreement period	3 years
Granted (in shares)	250,000
Exercise price (in dollars per share)	$ 0.37
Vesting period	3 years
Exercise term		4 years		90 days
Research and development
Agreement
Consulting agreement			$ 49,534

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jun. 16, 2016	Jun. 01, 2016	Jun. 30, 2016	Jun. 30, 2015
Affiliated Entity | Blumberg Institute
Related Party Transactions
Payments for services			$ 127,500	$ 2,000
Affiliated Entity | CSM
Related Party Transactions
Payments for services			550,000	$ 510,000
Outstanding payables			$ 69,833
Gabriele Cerrone | Stock options | Consulting agreement
Related Party Transactions
Amount received for vest		$ 10,000
Notice period for termination		30 days
Granted (in shares)	360,000
Increments in vest	10,000
Vesting period for stock options granted under the plan	3 years

Subsequent events (Details)

Subsequent events (Details) - Subsequent event	3 Months Ended
	Sep. 30, 2016shares
Common Stock
Subsequent events
Shares converted, Common Stock	21,400,000
Series A convertible preferred stock
Subsequent events
Shares converted, Preferred Stock	1,000,000