Perspective Therapeutics (CATX) 10-Q 10 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 10, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	IsoRay, Inc.
Entity Central Index Key	728,387
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Trading Symbol	ISR
Entity Common Stock, Shares Outstanding		55,017,419

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 5,100	$ 10,139
Certificates of deposit (Note 3)	5,307	2,247
Accounts receivable, net of allowance for doubtful accounts of $30 and $30, respectively	854	605
Inventory	314	334
Prepaid expenses and other current assets	348	304
Total current assets	11,923	13,629
Property and equipment, net	1,013	577
Certificates of deposit, non-current (Note 3)	0	2,973
Restricted cash	181	181
Inventory, non-current	557	591
Other assets, net of accumulated amortization	267	151
Total assets	13,941	18,102
Current liabilities:
Accounts payable and accrued expenses	706	612
Accrued protocol expense	84	122
Accrued radioactive waste disposal	203	177
Accrued payroll and related taxes	25	72
Accrued vacation	122	111
Total current liabilities	1,140	1,094
Long-term liabilities:
Warrant derivative liability	0	27
Asset retirement obligation	554	580
Total liabilities	1,694	1,701
Commitments and contingencies (Note 8)
Shareholders' equity:
Common stock, $.001 par value; 192,998,329 shares authorized; 55,017,419 and 55,010,619 shares issued and outstanding	55	55
Additional paid-in capital	82,941	82,788
Accumulated deficit	(70,749)	(66,442)
Total shareholders' equity	12,247	16,401
Total liabilities and shareholders' equity	13,941	18,102
Series A Preferred Stock [Member]
Shareholders' equity:
Preferred Stock, Value, Issued	0	0
Series B Preferred Stock [Member]
Shareholders' equity:
Preferred Stock, Value, Issued	0	0
Series C Preferred Stock [Member]
Shareholders' equity:
Preferred Stock, Value, Issued	0	0
Series D Preferred Stock [Member]
Shareholders' equity:
Preferred Stock, Value, Issued	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Allowance for Doubtful Accounts Receivable, Current	$ 30	$ 30
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	7,001,671	7,001,671
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	192,998,329	192,998,329
Common Stock, Shares, Issued	55,017,419	55,010,619
Common Stock, Shares, Outstanding	55,017,419	55,010,619
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	59,065	59,065
Preferred Stock, Shares Outstanding	59,065	59,065
Series C Preferred Stock [Member]
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series D Preferred Stock [Member]
Preferred Stock, Shares Authorized	1,671	1,671
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Product sales, net	$ 1,282	$ 1,199	$ 3,391	$ 3,649
Cost of product sales	989	1,132	3,051	3,472
Gross profit	293	67	340	177
Research and development
Proprietary research and development	166	183	488	385
Collaboration arrangement, net of reimbursement (Note 8)	161	0	161	0
Total research and development	327	183	649	385
Sales and marketing	530	301	1,550	834
General and administrative	825	910	2,632	2,786
Change in estimate of asset retirement obligation (Note 13)	0	0	(48)	0
Total operating expenses	1,682	1,394	4,783	4,005
Operating loss	(1,389)	(1,327)	(4,443)	(3,828)
Non-operating income:
Interest income, net	29	54	89	166
Change in fair value of warrant derivative liability	0	78	27	136
Other income	0	0	20	0
Non-operating income, net	29	132	136	302
Net loss	(1,360)	(1,195)	(4,307)	(3,526)
Preferred stock dividends	(3)	(3)	(8)	(8)
Net loss applicable to common shareholders	$ (1,363)	$ (1,198)	$ (4,315)	$ (3,534)
Basic and diluted loss per share (in dollars per share)	$ (0.02)	$ (0.02)	$ (0.08)	$ (0.06)
Weighted average shares used in computing net loss per share:
Basic and diluted (in shares)	55,017	55,023	55,015	55,011

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,307)	$ (3,526)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation expense	50	412
Loss on equipment disposals	5	7
Writeoff of inventory associated with discontinued product	0	72
Amortization of other assets	35	25
Change in fair value of warrant derivative liability	(27)	(136)
Accretion of asset retirement obligation	22	66
Change in estimate of asset retirement obligation	(48)	0
Share-based compensation	162	229
Changes in operating assets and liabilities:
Accounts receivable, gross	(249)	165
Inventory	54	(126)
Prepaid expenses and other current assets	(44)	16
Accounts payable and accrued expenses	(104)	234
Accrued protocol expense	(38)	(26)
Accrued radioactive waste disposal	26	35
Accrued payroll and related taxes	(47)	(94)
Accrued vacation	11	(29)
Net cash used by operating activities	(4,499)	(2,676)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment	(293)	(260)
Additions to other assets	(151)	(3)
Proceeds from maturity of certificates of deposit	0	9,559
Purchases of and interest from certificates of deposit	(87)	(6,192)
Net cash provided by (used in) investing activities	(531)	3,104
CASH FLOWS FROM FINANCING ACTIVITIES:
Preferred dividends paid	(11)	(11)
Proceeds from sales of common stock, pursuant to exercise of options	2	50
Net cash provided by (used in) financing activities	(9)	39
Net increase (decrease) in cash and cash equivalents	(5,039)	467
Cash and cash equivalents, beginning of fiscal year	10,139	5,227
CASH AND CASH EQUIVALENTS, END OF QUARTER	5,100	5,694
Non-cash investing and financing activities:
Land acquired with accounts payable	$ 198	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Basis of Presentation The accompanying unaudited interim consolidated financial statements are those of IsoRay, Inc., and its wholly-owned subsidiaries, referred to herein as “IsoRay” or the “Company”. All significant intercompany accounts and transactions have been eliminated in the consolidation. In the opinion of management, all adjustments necessary for the fair presentation of the consolidated financial statements have been included. These unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related footnotes as set forth in the Company’s annual report filed on Form 10-K for the year ended June 30, 2016. The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures are adequate for the information not to be misleading. Certain prior period amounts have been reclassified to conform to the current period’s presentation. The results of operations for the periods presented may not be indicative of those which may be expected for a full year. The Company anticipates that as the result of continuing operating losses and the significant net operating losses available from prior fiscal years, its effective income tax rate for fiscal year 2017 will be 0

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	2. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers" (ASU 2014-09), which supersedes the revenue recognition requirements in FASB Accounting Standards Codification (ASC) Topic 605, "Revenue Recognition". The guidance requires that an entity recognize revenue in a way that depicts the transfer of promised goods or services to customers in the amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods and services. The guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and is to be applied retrospectively, with early application not permitted. This update will be effective as of the beginning of fiscal 2019. This update is not expected to have a material impact on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU 2015-11: Inventory. The guidance requires an entity’s management to measure inventory within the scope of this ASU at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early application is permitted. The Company continues to evaluate the new standard and its impact on the Company's consolidated financial statements. This update will be effective as of the beginning of fiscal 2018. In November 2015, the FASB issued ASU 2015-17 to simplify the balance sheet classification of deferred taxes. This update requires all deferred tax assets and liabilities to be reported as non-current in the consolidated balance sheets. This update will be effective as of the beginning of fiscal 2018. This update is not expected to have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02: Leases (Subtopic 842), which will require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by most leases. The update is effective for annual and interim reporting periods beginning after December 15, 2018. The Company continues to evaluate the new standard and its impact on the Company's consolidated financial statements. This update will be effective as of the beginning of fiscal 2019. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. Except to indicate an evaluation of a recent pronouncement is in process, the Company does not discuss recent pronouncements that are not anticipated to have potential impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures of the Company.

Certificates of Deposit

Certificates of Deposit	9 Months Ended
	Mar. 31, 2017
Investments, All Other Investments [Abstract]
Cost-method Investments, Description [Text Block]	3. Certificates of Deposit Certificate of Deposit Account Registry Service (CDARS) is a system that allows the Company to invest in certificates of deposit through a single financial institution that exceed the $250,000 limit to be fully insured by the Federal Deposit Insurance Corporation (FDIC). That institution utilizes the CDARS system to purchase certificates of deposit at other financial institutions while keeping the investment at each institution fully insured by the FDIC. As of March 31, 2017 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ - $ 2,284 $ 3,023 $ - As of June 30, 2016 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ - $ - $ 2,247 $ 2,973

Loss per Share

Loss per Share	9 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	4. Loss per Share Basic and diluted earnings (loss) per share are calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding, and does not include the impact of any potentially dilutive common stock equivalents. At March 31, 2017 and 2016, the calculation of diluted weighted average shares did not include convertible preferred stock, common stock warrants, or options that are potentially convertible into common stock, as those would be antidilutive due to the Company’s net loss position. March 31, 2017 2016 Series B preferred stock 59 59 Common stock warrants 5 361 Common stock options 2,456 2,355 Total potential dilutive securities 2,520 2,775

Inventory

Inventory	9 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	5. Inventory Inventory consisted of the following at March 31, 2017 and June 30, 2016 (in thousands): March 31, June 30, 2017 2016 Raw materials $ 182 $ 155 Work in process 119 161 Finished goods 13 18 Total inventory, current $ 314 $ 334 March 31, June 30, 2017 2016 Enriched barium, non-current $ 470 $ 470 Raw materials, non-current 87 121 Total inventory, non-current $ 557 $ 591 Inventory, non-current is raw materials that were ordered in quantities to obtain volume cost discounts which based on current and anticipated sales volumes will not be consumed within an operating cycle and the enriched barium which will only be utilized if required to obtain volumes of isotope not able to be purchased from an existing source in the short or long-term. Management does not anticipate the need to utilize the enriched barium within the current operating cycle.

Property and Equipment

Property and Equipment	9 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	6. Property and Equipment (in thousands): March 31, June 30, 2017 2016 Land $ 366 $ 168 Equipment 3,780 3,606 Leasehold improvements 4,130 4,130 Other 1 311 214 Property and equipment 8,587 8,118 Less accumulated depreciation (7,574) (7,541) Property and equipment, net $ 1,013 $ 577 1 – Represents items that meet the capitalization threshold or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheet. Also included at March 31, 2017 and June 30, 2016 are costs associated with automation of production processes and advance planning and design work on the Company’s new production facility.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Share-Based Compensation (in thousands): Three Months ended March 31, 2017 2016 Cost of product sales $ 15 $ 18 Research and development expenses 13 4 Sales and marketing expenses 9 3 General and administrative expenses 3 141 Total share-based compensation $ 40 $ 166 (in thousands): Nine Months ended March 31, 2017 2016 Cost of product sales $ 59 $ 53 Research and development expenses 28 11 Sales and marketing expenses 35 10 General and administrative expenses 40 155 Total share-based compensation $ 162 $ 229 As of March 31, 2017, total unrecognized compensation expense related to stock-based options was approximately $ 512,000 1.68 : Weighted Weighted Average Number of Exercise Contractual Intrinsic As of March 31, 2017 Options Price Term (Years) Value Outstanding 2,456 $ 1.03 6.59 $ 85 Vested and expected to vest 2,386 $ 1.02 6.54 $ 85 Vested and exercisable 1,494 $ 1.07 5.07 $ 85 There were 6,800 56,260 3,000 27,000 There were 20,000 482,500 7,700 255,739 There were 303,034 442,854 There were 179,437 84,236

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	8. Commitments and Contingencies Class Action Lawsuit Related to Press Release On May 22, 2015, the first of three lawsuits was filed against IsoRay, Inc. and two of its then-current officers – Dwight Babcock (the Company’s retired CEO) and Brien Ragle (the Company’s former CFO) – related to a press release issued on May 20, 2015 regarding a May 19 online publication of the peer-reviewed article in the journal Brachytherapy On March 9, 2017, the parties settled this matter and the court entered an order and final judgment that (i) dismissed with prejudice and released the claims asserted in the complaint against the defendants, including IsoRay, and (ii) approved the payment of the $3,537,500 settlement fund (paid by IsoRay’s insurers), minus the payment of attorneys' fees and costs to plaintiff's counsel, to members of the settlement class. This lawsuit is concluded. Derivative Complaint Related to Shareholder Value On September 29, 2016, a purported shareholder derivative complaint captioned Kitley v. Babcock, et al., No. 0:16-cv-03297, was filed on behalf of the Company in the U.S. District Court for the District of Minnesota against certain of the Company’s current and former officers and directors. The complaint alleges that the defendants breached their fiduciary duties by causing the Company to issue allegedly false and misleading statements in a May 20, 2015 press release – the same press release at issue in the settled securities class action – concerning the results from a peer reviewed study of the Company’s Cesium-131 isotope seeds and mesh product for the treatment of non-small cell lung cancers. The complaint brings claims of breach of fiduciary duty, gross mismanagement, and unjust enrichment, and seeks unspecified compensatory damages, changes in corporate governance, and attorney’s fees and costs. Because the complaint is derivative in nature, it does not seek monetary damages from the Company. The Company may be obligated pursuant to indemnification obligations to advance fees and costs incurred by the individuals defending against the action. The Company has applicable directors and officers insurance policies. On November 17, 2016, the defendants filed a motion to dismiss the complaint. On January 23, 2017, instead of opposing defendants’ motion, plaintiffs filed an amended complaint. On March 9, 2017, defendants moved to dismiss the amended complaint. On April 20, 2017, plaintiffs filed an opposition to defendants’ motion. Defendants’ reply in support of the motion is due May 17, 2017. Class Action Lawsuit Related to Equity Plans On January 31, 2017, a putative class action complaint captioned Griffith, et al. v. LaVoy, et al. The Company, members of the Board, and the former director and officer of the Company vigorously deny that they violated Minnesota law and, as to the non-company defendants, that they breached any fiduciary duty. No awards were issued to then-outside directors under the 2014 Plan. No awards made to anyone under the 2014 Plan have been exercised. No awards were issued under the 2016 Plan. In order to correct mistakes, if any, in connection with the approvals of these Plans or the issuance of these equity awards under the 2014 Plan, the Company reached an agreement in principle with the plaintiffs to settle this lawsuit in order to remedy the claims alleged in the complaint and to eliminate the burden and expense of further litigation. This settlement in principle includes an agreement to seek approval of the 2014 Plan and approval of prior grants under the 2014 Plan, each from shareholders pursuant to the higher voting threshold imposed by Minnesota corporate laws, and cancel the 2016 Plan altogether. The Company has called a Special Meeting of the Shareholders, to be held on June 15, 2017, primarily to seek these approvals. As part of the settlement in principle, the parties have agreed to either (a) negotiate an attorneys’ fee award for plaintiffs’ counsel or (b) if an agreement cannot be reached, accept the court’s decision as to an appropriate attorneys’ fee award. We cannot at this time estimate the attorneys’ fee award. Irradiation Services Agreement On November 29, 2016, IsoRay Medical, Inc. (Medical), a wholly owned subsidiary of IsoRay entered into an Irradiation Services Agreement (MURR Agreement) with the Curators of the University of Missouri, a public corporation of the State of Missouri, on behalf of its University of Missouri Research Reactor (MURR). The MURR Agreement replaces the month-to-month informal arrangement between Medical and MURR and provides Medical with access to reactor space for the irradiation of natural or enriched barium to produce Ba-131, which is used by Medical to produce Cesium-131 for use in its product. The MURR Agreement has a term of five years concluding November 29, 2021 and will automatically renew for successive twelve-month periods unless terminated by either party, and can be terminated by either party upon three months written notice. The MURR Agreement does not require minimum orders or obligate Medical to future minimum payments. Isotope Purchase Agreement In December 2015, the Company completed negotiations with The Open Joint Stock Company <<Isotope>> (located in Russia) for the purchase of Cesium-131 manufactured by the Institute of Nuclear Materials. The total purchase agreement provides the Company with a one year supply of Cesium-131. The agreement was set to expire on March 31, 2017, however on December 22, 2016, the Company agreed to an addendum extending the expiration period to December 31, 2017. Operating Lease Agreements The Company leases office and laboratory space under an operating lease. The lease may be terminated by either party with a six month written notice. The Company agreed to a modification which became effective November 1, 2016 to extend the lease termination date to April 30, 2021. The lease terms require monthly lease payments and include a contractually permitted annual rent increase based on changes in the CPI index. Future minimum lease payments under this operating lease are as follows (in thousands): Year ending June 30, Amount 2017 $ 70 2018 281 2019 281 2020 281 2021 234 $ 1,147 Collaborative Development Agreement On March 13, 2017, Medical entered into a Collaborative Development Agreement (CDA) with GammaTile, LLC to further develop a brachytherapy medical device for the treatment of cancerous tumors in the brain and to seek regulatory approval for the new product. As the project manager Medical will incur all costs in connection with the collaboration project which will be shared equally by both parties and date back to November 8, 2016 when they informally began the collaboration. In accordance with ASC 808 “Collaborative Arrangements”, this activity is accounted for as a collaborative arrangement and is reported on the financial statements under “Research and development: Collaboration arrangements, net of reimbursement.” As of March 31, 2017 costs incurred in connection with the collaboration agreement total approximately $322,000 of which GammaTile LLC has been invoiced approximately $161,000 and paid approximately $42,000.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	9. Fair Value Measurements The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. (in thousands): Fair Value at March 31, 2017 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,100 $ 5,100 $ - $ - Fair Value at June 30, 2016 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 10,139 $ 10,139 $ - $ - Warrant derivative liability 27 - 27 - The Company’s cash and cash equivalent instruments are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company’s warrant derivative liability is valued using the Black-Scholes option pricing model which requires a variety of inputs. Such instruments are typically included in Level 2.

Preferred Dividends

Preferred Dividends	9 Months Ended
	Mar. 31, 2017
Preferred Stock Dividends and Other Adjustments [Abstract]
Preferred Stock [Text Block]	10. Preferred Dividends On December 12, 2016, the Board of Directors declared a dividend on the Series B Preferred Stock of all currently payable and accrued outstanding and cumulative dividends through December 31, 2016 in the amount of $ 10,632 10,632

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	11. Shareholders’ Equity Warrants Weighted average Warrants exercise price Outstanding as of June 30, 2016 230,087 $ 0.94 Warrants expired (225,087) $ 0.94 Outstanding as of March 31, 2017 5,000 $ 0.98 Number of Warrants Exercise Price ¹ Expiration Date 5,000 $ 0.98 June 2017 1 – Exercise prices have been rounded to the nearest whole cent.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	12. Related Party Transactions In previous fiscal years the Company engaged the services of APEX Data Systems, Inc. (APEX), owned by Dwight Babcock, former Chairman and Chief Executive Officer, to build and maintain a web interfaced data collection application to aggregate patient data in a controlled environment. An alternative vendor began providing these services beginning January 2016. The cost recorded during nine months ended March 31, 2016 from APEX Data Systems, Inc. for the maintenance of the web interfaced data collection applications in combination with the updating of the Company website was approximately $ 6,000 6,000 During the six months ended June 30, 2016, the Company engaged GO Intellectual Capital, LLC (GO) for marketing services in support of the Company’s rebranding effort. Michael McCormick, a member of the Company Board of Directors, is a 1/3 owner of GO. A statement of work was developed defining the scope of the effort and the deliverables to the Company including a new logo with brand messaging and communication tools including a website, sales presentation tools and a public relations strategy. For the nine months ended March 31, 2017, the Company paid approximately $ 20,000

Asset Retirement Obligation

Asset Retirement Obligation	9 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	13. Asset Retirement Obligation Nine months ended Nine months ended March 31, March 31, 2017 2016 Beginning balance $ 580 $ 948 Accretion of discount 22 66 Gain on change in ARO estimate due to lease extension (48) - Ending balance $ 554 $ 1,014

Concentrations of Credit and Ot

Concentrations of Credit and Other Risks	9 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	14. Concentrations of Credit and Other Risks One group of customers, facilities or physician practices has revenues that aggregate to greater than 10% of total Company product sales: Nine months ended March 31, March 31, Facility 2017 2016 El Camino Hospital of Los Gatos, Fremont Surgery Center & other facilities 1 22.76 % 25.48 % 1 – This group of facilities individually each comprise less than 10% of total Company product sales. They are serviced by the same physician group, one of whom is our Medical Director. The Company routinely assesses the financial strength of its customers and provides an allowance for doubtful accounts as necessary.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Property Transaction Between Medical and The Port of Benton Medical has a contract with The Port of Benton (Port) to develop property and relocate its manufacturing facility to that property from its present location. Covenants and a redevelopment plan contained in that contract, among others, require certain milestones for construction and minimum headcount. The Port of Benton Commissioners previously amended the development plan covenants extending to January 31, 2017 the date by which Medical would need to begin construction or be in default. As Medical failed to comply with this covenant, Medical is required to pay the Port the difference in the sales price and the appraised value of the property. On April 5, 2017 Medical received from the Port the appraisal report on the land indicating a fair market value of $ 365,900 168,000 197,900 was paid on May 4, 2017

Certificates of Deposit (Tables

Certificates of Deposit (Tables)	9 Months Ended
	Mar. 31, 2017
Investments, All Other Investments [Abstract]
Schedule of Cost Method Investments [Table Text Block]	CDARS held by the Company as of March 31, 2017 and June 30, 2016 are as follows (in thousands): As of March 31, 2017 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ - $ 2,284 $ 3,023 $ - As of June 30, 2016 Under 90 91 days to Six months to Greater Days six months 1 year than 1 year CDARS $ - $ - $ 2,247 $ 2,973

Loss per Share (Tables)

Loss per Share (Tables)	9 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Securities not considered in the calculation of diluted weighted average shares, but that could be dilutive in the future as of March 31, 2017 and 2016, were as follows (in thousands): March 31, 2017 2016 Series B preferred stock 59 59 Common stock warrants 5 361 Common stock options 2,456 2,355 Total potential dilutive securities 2,520 2,775

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	March 31, June 30, 2017 2016 Raw materials $ 182 $ 155 Work in process 119 161 Finished goods 13 18 Total inventory, current $ 314 $ 334
Schedule of Inventory, Noncurrent [Table Text Block]	March 31, June 30, 2017 2016 Enriched barium, non-current $ 470 $ 470 Raw materials, non-current 87 121 Total inventory, non-current $ 557 $ 591

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consisted of the following at March 31, 2017 and June 30, 2016 (in thousands): March 31, June 30, 2017 2016 Land $ 366 $ 168 Equipment 3,780 3,606 Leasehold improvements 4,130 4,130 Other 1 311 214 Property and equipment 8,587 8,118 Less accumulated depreciation (7,574) (7,541) Property and equipment, net $ 1,013 $ 577 1 – Represents items that meet the capitalization threshold or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheet. Also included at March 31, 2017 and June 30, 2016 are costs associated with automation of production processes and advance planning and design work on the Company’s new production facility.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	The following table presents the share-based compensation expense recognized during the three months ended March 31, 2017 and 2016 (in thousands): Three Months ended March 31, 2017 2016 Cost of product sales $ 15 $ 18 Research and development expenses 13 4 Sales and marketing expenses 9 3 General and administrative expenses 3 141 Total share-based compensation $ 40 $ 166 (in thousands): Nine Months ended March 31, 2017 2016 Cost of product sales $ 59 $ 53 Research and development expenses 28 11 Sales and marketing expenses 35 10 General and administrative expenses 40 155 Total share-based compensation $ 162 $ 229
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]	A summary of stock options within the Company’s share-based compensation plans as of March 31, 2017 was as follows (in thousands except for exercise prices and terms) : Weighted Weighted Average Number of Exercise Contractual Intrinsic As of March 31, 2017 Options Price Term (Years) Value Outstanding 2,456 $ 1.03 6.59 $ 85 Vested and expected to vest 2,386 $ 1.02 6.54 $ 85 Vested and exercisable 1,494 $ 1.07 5.07 $ 85

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The lease terms require monthly lease payments and include a contractually permitted annual rent increase based on changes in the CPI index. Future minimum lease payments under this operating lease are as follows (in thousands): Year ending June 30, Amount 2017 $ 70 2018 281 2019 281 2020 281 2021 234 $ 1,147

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands): Fair Value at March 31, 2017 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,100 $ 5,100 $ - $ - Fair Value at June 30, 2016 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 10,139 $ 10,139 $ - $ - Warrant derivative liability 27 - 27 -

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity Note Warrants or Rights [Table Text Block]	The following table summarizes all warrants outstanding as of the beginning of the fiscal year, all activity related to warrants issued, cancelled, exercised or expired during the period, and weighted average prices by category. Weighted average Warrants exercise price Outstanding as of June 30, 2016 230,087 $ 0.94 Warrants expired (225,087) $ 0.94 Outstanding as of March 31, 2017 5,000 $ 0.98
Schedule Of Stockholders Equity Note Warrants Or Rights By Exercise Price Range [Table Text Block]	The following table summarizes additional information about the Company’s common warrants outstanding as of March 31, 2017: Number of Warrants Exercise Price ¹ Expiration Date 5,000 $ 0.98 June 2017 1 – Exercise prices have been rounded to the nearest whole cent.

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	9 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligation [Table Text Block]	The Company has an asset retirement obligation (ARO) associated with the facility it currently leases. The ARO changed as follows (in thousands): Nine months ended Nine months ended March 31, March 31, 2017 2016 Beginning balance $ 580 $ 948 Accretion of discount 22 66 Gain on change in ARO estimate due to lease extension (48) - Ending balance $ 554 $ 1,014

Concentrations of Credit and 30

Concentrations of Credit and Other Risks (Tables)	9 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Nine months ended March 31, March 31, Facility 2017 2016 El Camino Hospital of Los Gatos, Fremont Surgery Center & other facilities 1 22.76 % 25.48 % 1 – This group of facilities individually each comprise less than 10% of total Company product sales. They are serviced by the same physician group, one of whom is our Medical Director.

Basis of Presentation (Details

Basis of Presentation (Details Textual)	9 Months Ended
	Mar. 31, 2017
Basis Of Presentation [Line Items]
Effective Income Tax Rate Reconciliation, Percent, Total	0.00%

Certificates of Deposit (Detail

Certificates of Deposit (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Under 90 Days [Member]
Schedule of Cost-method Investments [Line Items]
Investment Owned, at Cost	$ 0	$ 0
91 Days to Six Months [Member]
Schedule of Cost-method Investments [Line Items]
Investment Owned, at Cost	2,284	0
Six Months to 1 Year [Member]
Schedule of Cost-method Investments [Line Items]
Investment Owned, at Cost	3,023	2,247
Greater than 1 Year [Member]
Schedule of Cost-method Investments [Line Items]
Investment Owned, at Cost	$ 0	$ 2,973

Loss per Share (Details)

Loss per Share (Details) - shares shares in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,520	2,775
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	59	59
Common stock warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5	361
Common stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,456	2,355

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Inventory [Line Items]
Raw materials	$ 182	$ 155
Work in process	119	161
Finished goods	13	18
Total inventory, current	314	334
Total inventory, non-current	557	591
Enriched Barium Inventory [Member]
Inventory [Line Items]
Total inventory, non-current	470	470
Raw Materials [Member]
Inventory [Line Items]
Total inventory, non-current	$ 87	$ 121

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Jun. 30, 2016
Property, Plant and Equipment [Line Items]
Property and equipment		$ 8,587	$ 8,118
Less accumulated depreciation		(7,574)	(7,541)
Property and equipment, net		1,013	577
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment		4,130	4,130
Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	[1]	311	214
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment		366	168
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment		$ 3,780	$ 3,606
[1]	Represents items that meet the capitalization threshold or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheet. Also included at March 31, 2017 and June 30, 2016 are costs associated with automation of production processes and advance planning and design work on the Company’s new production facility.

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Intrinsic Value
Total share-based compensation	$ 40	$ 166	$ 162	$ 229
Cost of Sales [Member]
Intrinsic Value
Total share-based compensation	15	18	59	53
Research and Development Expense [Member]
Intrinsic Value
Total share-based compensation	13	4	28	11
Sales and Marketing Expense [Member]
Intrinsic Value
Total share-based compensation	9	3	35	10
General and Administrative Expense [Member]
Intrinsic Value
Total share-based compensation	$ 3	$ 141	$ 40	$ 155

Share-Based Compensation (Det37

Share-Based Compensation (Details 1) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Number of Options
Outstanding | shares	2,456
Vested and expected to vest | shares	2,386
Vested and exercisable | shares	1,494
Weighted Exercise Price
Outstanding | $ / shares	$ 1.03
Vested and expected to vest | $ / shares	1.02
Vested and exercisable | $ / shares	$ 1.07
Weighted Average Contractual Term
Outstanding	6 years 7 months 2 days
Vested and expected to vest	6 years 6 months 14 days
Vested and exercisable	5 years 25 days
Intrinsic Value
Outstanding | $	$ 85
Vested and expected to vest | $	85
Vested and exercisable | $	$ 85

Share-Based Compensation (Det38

Share-Based Compensation (Details Textual) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 512,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 8 months 5 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	6,800	56,260
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 3,000	$ 27,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	20,000	482,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value	$ 7,700	$ 255,739
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	303,034	442,854
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	179,437	84,236

Commitments and Contingencies39

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2017USD ($)
Operating Leased Assets [Line Items]
2,017	$ 70
2,018	281
2,019	281
2,020	281
2,021	234
Operating Leases, Future Minimum Payments Due	$ 1,147

Commitments and Contingencies40

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase Obligation Expiration Date			Mar. 31, 2017
Loss Contingency, Damages Paid, Value			$ 3,537,500
Research and Development Expense, Total	$ 327,000	$ 183,000	649,000	$ 385,000
Collaborative Development Agreement [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Research and Development Expense, Total			322,000
Collaborative Development Agreement [Member] | GammaTile LLC [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Research and Development, Collaborative Arrangements Cost			161,000
Research and Development, Collaborative Arrangements Cost Reimbursement			$ 42,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 5,100	$ 10,139
Warrant derivative liability		27
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	5,100	10,139
Warrant derivative liability		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Warrant derivative liability		27
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	0
Warrant derivative liability		$ 0

Preferred Dividends (Details Te

Preferred Dividends (Details Textual) - USD ($)	6 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2015
Preferred dividends paid		$ 11,000	$ 11,000
Series B Preferred Stock [Member]
Preferred dividends paid	$ 10,632			$ 10,632

Shareholders' Equity (Details)

Shareholders' Equity (Details)	9 Months Ended
	Mar. 31, 2017$ / sharesshares
Warrants
Outstanding as of June 30, 2016 | shares	230,087
Warrants expired | shares	(225,087)
Outstanding as of March 31, 2017 | shares	5,000
Weighted average exercise price
Outstanding as of June 30, 2016 | $ / shares	$ 0.94
Warrants expired | $ / shares	0.94
Outstanding as of March 31, 2017 | $ / shares	$ 0.98

Shareholders' Equity (Details 1

Shareholders' Equity (Details 1) - $ / shares		9 Months Ended
		Mar. 31, 2017	Jun. 30, 2016
Class of Warrant or Right [Line Items]
Number of Warrants		5,000	230,087
Range of Exercise Prices		$ 0.98	$ 0.94
Range of Exercise Price One [Member]
Class of Warrant or Right [Line Items]
Number of Warrants		5,000
Range of Exercise Prices	[1]	$ 0.98
Expiration Date		June 2,017
[1]	Exercise prices have been rounded to the nearest whole cent.

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Customer Relationships [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party		$ 6,000
Software Development [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party		$ 6,000
Go Intellectual Capital Llc [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 20,000

Asset Retirement Obligation (De

Asset Retirement Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Asset Retirement Obligation [Line Items]
Beginning balance	$ 580	$ 948
Accretion of discount	22	66
Gain on change in ARO estimate due to lease extension	(48)	0
Ending balance	$ 554	$ 1,014

Concentrations of Credit and 47

Concentrations of Credit and Other Risks (Details)		9 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Sales Revenue, Goods, Net [Member]
Concentrations of Credit and Other Risks [Line Items]
El Camino Hospital of Los Gatos, Fremont Surgery Center & other facilities	[1]	22.76%	25.48%
[1]	This group of facilities individually each comprise less than 10% of total Company product sales. They are serviced by the same physician group, one of whom is our Medical Director.

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	May 04, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Apr. 05, 2017
Subsequent Event [Line Items]
Payments to Acquire Property, Plant, and Equipment, Total		$ 293,000	$ 260,000
Land [Member]
Subsequent Event [Line Items]
Payments to Acquire Property, Plant, and Equipment, Total				$ 168,000
Subsequent Event [Member] | Land [Member]
Subsequent Event [Line Items]
Property, Plant, and Equipment, Fair Value Disclosure					$ 365,900
Payments to Acquire Property, Plant, and Equipment, Total	$ 197,900