ThermoGenesis (THMO) 10-Q 16 Feb 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Feb. 16, 2016
Entity Registrant Name	CESCA THERAPEUTICS INC.
Entity Central Index Key	811,212
Trading Symbol	kool
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		60,013,350
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 2,942,000	$ 3,357,000
Accounts receivable, net of allowance for doubtful accounts of $40 ($46 at June 30, 2015)	3,467,000	5,133,000
Inventories	3,986,000	4,598,000
Prepaid expenses and other current assets	336,000	163,000
Total current assets	10,731,000	13,251,000
Equipment at cost, less accumulated depreciation of $5,316 ($4,935 at June 30, 2015)	3,137,000	2,937,000
Goodwill	13,195,000	13,195,000
Intangible assets, net	21,045,000	21,295,000
Other assets	78,000	79,000
Total assets	48,186,000	50,757,000
Current liabilities:
Accounts payable	4,424,000	5,079,000
Accrued payroll and related expenses	462,000	705,000
Deferred revenue	279,000	635,000
Other current liabilities	2,225,000	1,527,000
Total current liabilities	7,390,000	7,946,000
Noncurrent deferred tax liability	7,641,000	7,641,000
Derivative obligations	643,000	$ 0
Convertible debentures, net	62,000
Other noncurrent liabilities	259,000	$ 268,000
Total liabilities	$ 15,995,000	$ 15,855,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none issued and outstanding	$ 0	$ 0
Common stock, $0.001 par value; 350,000,000 shares authorized; 42,807,468 issued and outstanding (40,501,730 at June 30, 2015)	43,000	41,000
Paid in capital in excess of par	173,872,000	172,540,000
Accumulated deficit	(141,695,000)	(137,674,000)
Accumulated other comprehensive loss	(29,000)	(5,000)
Total stockholders’ equity	32,191,000	34,902,000
Total liabilities and stockholders’ equity	$ 48,186,000	$ 50,757,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2015	Jun. 30, 2015
Accounts Receivable, Allowance for Doubtful Accounts	$ 40	$ 46
Accumulated Depreciation	$ 5,316	$ 4,935
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Authorized (in shares)	350,000,000	350,000,000
Common Stock, Issued (in shares)	42,807,468	40,501,730
Common Stock, Outstanding (in shares)	42,807,468	40,501,730

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Net revenues	$ 3,294	$ 4,643	$ 6,117	$ 8,298
Cost of revenues	2,266	3,102	4,722	5,571
Gross profit	1,028	1,541	1,395	2,727
Expenses:
Sales and marketing	527	720	1,159	1,528
Research and development	646	1,542	1,743	3,019
General and administrative	1,823	3,632	4,375	5,820
Total operating expenses	2,996	5,894	7,277	10,367
Loss from operations	(1,968)	(4,353)	(5,882)	(7,640)
Fair value change of derivative instruments	2,180		3,606
Registration rights liquidated damages	(220)		(1,100)
Loss on cashless exercise of warrants	(564)		(564)
Other expense net	(52)	(18)	(81)	(27)
Net loss	(624)	(4,371)	(4,021)	(7,667)
COMPREHENSIVE LOSS
Foreign currency translation adjustments	1	(37)	(24)	(69)
Comprehensive loss	$ (623)	$ (4,408)	$ (4,045)	$ (7,736)
Per share data:
Basic and diluted net loss per common share (in dollars per share)	$ (0.02)	$ (0.11)	$ (0.10)	$ (0.19)
Weighted average common shares outstanding – basic and diluted (in shares)	41,384,666	40,303,628	40,968,454	40,289,170

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (4,021,000)	$ (7,667,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	659,000	667,000
Stock based compensation expense	304,000	$ 676,000
Amortization of debt discount and issue costs	62,000
Change in fair value of derivative obligation	(3,606,000)
Loss on cashless exercise of warrants	564,000
Net change in operating assets and liabilities:
Accounts receivable	1,634,000	$ 114,000
Inventories	568,000	157,000
Prepaid expenses and other current assets	$ (299,000)	(83,000)
Other assets		5,000
Accounts payable	$ (626,000)	(404,000)
Accrued payroll and related expenses	(243,000)	361,000
Deferred revenue	(322,000)	(181,000)
Other liabilities	832,000	486,000
Net cash used in operating activities	(4,494,000)	(5,869,000)
Cash flows from investing activities:
Capital expenditures	(602,000)	(455,000)
Net cash used in investing activities	(602,000)	$ (455,000)
Cash flows from financing activities:
Proceeds from convertible debentures, net of financing costs	4,720,000
Payments on capital lease obligations	(27,000)	$ (16,000)
Repurchase of common stock	(5,000)	(80,000)
Net cash provided by (used in) financing activities	4,688,000	(96,000)
Effects of foreign currency rate changes on cash and cash equivalents	(7,000)	(34,000)
Net decrease in cash and cash equivalents	(415,000)	(6,454,000)
Cash and cash equivalents at beginning of period	3,357,000	14,811,000
Cash and cash equivalents at end of period	2,942,000	$ 8,357,000
Supplemental non-cash financing and investing information:
Derivative obligation related to issuance of warrants	4,282,000
Transfer of inventories to equipment	18,000	$ 218,000
Reclassification of derivative liability to equity	$ 33,000
Equipment acquired by capital lease		$ 112,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Basis of Presentation and Summary of Significant Accounting Policies Organization and Basis of Presentation Cesca Therapeutics Inc. (the Company, Cesca) is focused on the research, development, and commercialization of autologous cell-based therapies that advance the safe and effective practice of regenerative medicine. Cesca is a leader in the development and manufacture of automated blood and bone marrow processing systems that enable the separation, processing and cryopreservation of cell and tissue therapy products. Liquidity At December 31, 2015, the Company had cash and cash equivalents of $2,942 and working capital of $3,341. The Company has incurred recurring operating losses and as of December 31, 2015 had an accumulated deficit of $141,695. The Company has primarily financed operations through the sale of equity securities and the sale of certain non-core assets. In August 2015, the Company sold senior secured convertible debentures and warrants raising proceeds of $5,500 (the “Thirty-Year Debentures”). The second closing for gross proceeds of up to an additional $9,500 was contingent upon a number of items including the Company receiving approval from the California Institute for Regenerative Medicine (“CIRM”) for a grant in the amount of $10,000 or more. The funds were intended to support implementation of Cesca’s FDA approved phase III pivotal trial for Critical Limb Ischemia (“CLIRST III”). The Company applied for the CIRM grant in August 2015. However, based upon preliminary feedback from CIRM received in early November, the Company withdrew its application on November 6, 2015. On February 2, 2016, the Company signed a purchase agreement for a financing transaction (“the Financing Transaction”), as more fully discussed in Footnote 6, for gross proceeds of $15 million. Based upon the closings of the Financing Transaction, repayment of the Thirty-Year Debentures, the Company’s cash balance, historical trends, the restructuring that occurred in September 2015, expected outflows and projections for revenues, management believes it will have sufficient cash to provide for its projected needs to maintain operations and working capital requirements for at least the next 12 months from the date of filing this quarterly report. The Company will need additional funding to support its phase III Critical Limb Ischemia (CLIRST III) pivotal trial. As such, management has been exploring additional funding sources including strategic partner relationships. The Company cannot assure that such funding will be available on a timely basis, in needed quantities, or on favorable terms , if at all. Principles of Consolidation The consolidated financial statements include the accounts of Cesca Therapeutics Inc., and its wholly-owned subsidiaries, TotipotentRX Cell Therapy, Pvt. Ltd. and TotipotentSC Scientific Product Pvt. Ltd. All significant intercompany accounts and transactions have been eliminated upon consolidation. Interim Reporting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such Securities and Exchange Commission (SEC) rules and regulations and accounting principles applicable for interim periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed consolidated financial statements through the date of issuance. Operating results for the six month period ended December 31, 2015, are not necessarily indicative of the results that may be expected for the year ending June 30, 2016. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2015. Revenue Recognition Revenues from the sale of the Company’s products and services are recognized when persuasive evidence of an arrangement exists, delivery has occurred (or services have been rendered), the price is fixed or determinable, and collectability is reasonably assured. The Company generally ships products F.O.B. shipping point. There is no conditional evaluation on any product sold and recognized as revenue. Amounts billed in excess of revenue recognized are recorded as deferred revenue on the balance sheet. The Company’s sales are generally through distributors. There is no right of return. For sales of products made to distributors, the Company considers a number of factors in determining whether revenue is recognized upon transfer of title to the distributor, or when payment is received. These factors include, but are not limited to, whether the payment terms offered to the distributor are considered to be non-standard, the distributor history of adhering to the terms of its contractual arrangements, the level of inventories maintained by the distributor, whether the Company has a pattern of granting concessions for the benefit of the distributor, and whether there are other conditions that may indicate that the sale to the distributor is not substantive. The Company currently recognizes revenue primarily on the sell-in method with its distributors. Revenue arrangements with multiple deliverables are divided into units of accounting if certain criteria are met, including whether the deliverable item(s) has (have) value to the customer on a stand-alone basis. Revenue for each unit of accounting is recognized as the unit of accounting is delivered. Arrangement consideration is allocated to each unit of accounting based upon the relative estimated selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Estimated selling prices are determined using vendor specific objective evidence of value (VSOE), when available, or an estimate of selling price when VSOE is not available for a given unit of accounting. Significant inputs for the estimates of the selling price of separate units of accounting include market and pricing trends and a customer’s geographic location. The Company accounts for training and installation, service agreements and the collection, processing and testing of the umbilical cord blood and the storage as separate units of accounting. Service revenue generated from contracts for providing maintenance of equipment is amortized over the life of the agreement. Revenue generated from storage contracts is deferred and recorded ratably over the life of the agreement, up to 21 years. All other service revenue is recognized at the time the service is completed. Revenues are net of normal discounts. Shipping and handling fees billed to customers are included in net revenues, while the related costs are included in cost of revenues. Fair Value Measurements In accordance with ASC 820, “ Fair Value Measurements and Disclosures The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short duration. The fair value of the Company’s derivative obligation liability is classified as Level 3 within the fair value hierarchy since the valuation model of the derivative obligation is based on unobservable inputs. Debt Issue Costs The Company amortizes debt issue costs to interest expense over the life of the associated debt instrument, using the straight-line method which approximates the interest rate method. Derivative Financial Instruments In connection with the sale of convertible debt and equity instruments, the Company may also issue freestanding warrants. If freestanding warrants are issued and accounted for as derivative instrument liabilities (rather than as equity), the proceeds are first allocated to the fair value of those instruments. The remaining proceeds, if any, are then allocated to the convertible instrument, usually resulting in that instrument being recorded at a discount from its face amount. Derivative financial instruments are initially measured at their fair value and then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. Segment Reporting The Company has one reportable business segment: the research, development and commercialization of autologous cell-based therapies for use in regenerative medicine. Net Loss per Share Net loss per share is computed by dividing the net loss to common stockholders by the weighted average number of common shares outstanding. The calculation of the basic and diluted earnings per share is the same for all periods presented, as the effect of the potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. Anti-dilutive securities consisted of the following at December 31: 2015 2014 Common stock equivalents of convertible debentures 8,088,235 -- Warrants – initial close 12,033,068 (1) -- Warrants – second close 21,654,412 (2) -- Warrants – other 5,052,400 5,052,400 Stock options 2,936,750 2,394,035 Restricted stock units 1,197,072 623,009 Total 50,961,937 8,069,444 (1) The initial close warrants became exercisable on October 30, 2015, the date stockholder approval was received. (2) The second close warrants are subject to vesting based upon the amount of funds actually received by the Company in the second close. Stock-Based Compensation The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing formula. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-03, " Interest -Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In August 2014, the FASB issued ASU 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Recently Issued Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update (ASU) 2016-01, " Recognition and Measurement of Financial Assets and Liabilities In November 2015, the FASB issued ASU 2015-17, " Income Taxes - Balance Sheet Classification of Deferred Taxes

Note 2 - Commitments and Contin

Note 2 - Commitments and Contingencies	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	2 . Commitments and Contingencies Financial Covenants Effective September 30, 2015, the Company entered into a Fifth Amended and Restated Technology License and Escrow Agreement with Cord Blood Registry Systems, Inc. which modified the financial covenant that the Company must meet in order to avoid an event of default: cash balance and short-term investments net of debt or borrowed funds that are payable within one year of not less than $2,000 must be maintained. The Company is in compliance with this financial covenant as of December 31, 2015. Warranty The Company offers a warranty on all of its non-disposable products of one to two years. The Company warrants disposable products through their expiration date. The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary. The warranty liability is included in other current liabilities in the unaudited balance sheet. The change in the warranty liability for the six months ended December 31, 2015 is summarized in the following table: Balance at July 1, 2015 $ 627 Warranties issued during the period 45 Settlements made during the period (237 ) Changes in liability for pre-existing warranties during the period 43 Balance at December 31, 2015 $ 478

Note 3 - Convertible Debentures

Note 3 - Convertible Debentures	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Convertible Debentures Convertible debentures consist of the following as of December 31, 2015: Convertible debentures $ 5,500 Unamortized debt discount (4,668 ) Unamortized debt issue costs (770 ) Convertible debentures, net $ 62 On August 31, 2015, the Company sold senior secured convertible debentures in a financing to raise up to $15,000 (“Thirty-Year Debentures”), Series A warrants to purchase up to 22,058,823 shares of the Company’s common stock at an exercise price equal to $0.68 per share for a period of five and one-half years (“Series A warrants”) and Series B warrants to purchase up to 12,132,353 shares of the Company’s common stock at an exercise price equal to $0.68 per share for a period of eighteen months (“Series B warrants”). At the initial closing on August 31, 2015, the Company received gross proceeds of $5,500 and 8,088,235 Series A warrants vested and 4,448,529 Series B warrants vested. The second closing for up to an additional $9,500 was dependent on a number of items including receipt by the Company of approval from CIRM for a grant in the amount of $10,000, to support the Company’s pivotal trial for CLIRST III. The Company applied for the CIRM grant in August 2015. However, based upon preliminary feedback received in early November, the Company withdrew its application for, and shall not receive, the CIRM grant. Therefore any funds released in a second close will only be at the election of the holders. The warrants issued in contemplation of a second close will remain outstanding until they expire. The Thirty-Year Debentures bear no interest, may be converted into shares of the Company’s common stock at a conversion price of $0.68 per share, are secured by all of the Company’s assets and, unless previously converted, will mature on the 30 year anniversary of the date of issuance. The Series A warrants and Series B warrants are subject to vesting based upon the amount of funds actually received by the Company in the sale of the Thirty-Year Debentures and became exercisable on October 30, 2015, the date stockholder approval was received. The warrants are non-cancelable and will expire in accordance with their terms. The Series A warrants may be exercised for cash or, upon the failure to maintain an effective registration statement, on a cashless basis. The Series B warrants may be exercised on a cashless basis at 90% of the weighted-average price at the time of exercise if it is lower than the conversion price subject to a floor of $0.10 per share with a 250% uplift in the number of shares to be issued. In addition to standard and customary events of default, the holders can declare an event of default under the Thirty-Year Debentures if: a registration statement registering all of the registrable securities shall not have been declared effective by the earlier of (a) the CIRM grant approval date or (b) February 27, 2016 or the Company does not meet the current public information requirements under Rule 144 in respect of the registrable securities. The holders can also declare an event of default if they are not able to resell the registrable securities for a period of more than 20 consecutive trading days or 30 non-consecutive trading days in a year. As the registration statement was declared effective on November 24, 2015 but the Company was precluded from registering all of the shares required, the holders of the Thirty-Year Debentures could declare the Company in default. If there is an event of default, the holder of the Thirty-Year Debentures may require the Company to redeem all or any portion of the Thirty-Year Debentures (including all accrued and unpaid interest, if any), in cash, at a price equal to the greater of: (i) the outstanding principal amount of the Thirty-Year Debentures, plus all accrued and unpaid interest thereon, divided by the conversion price on the date the default amount is either (A) demanded (if demand or notice is required to create an event of default) or otherwise due or (B) paid in full, whichever has a lower conversion price, multiplied by the Volume Weighted Average Price (“VWAP”) on the date the default amount is either demanded or otherwise due, or paid in full, whichever has a higher VWAP, or (ii) 130% of the outstanding principal amount of the Thirty-Year Debentures. As of February 16, 2016 the holders of the Thirty-Year Debentures had not declared the Company in default. In connection with this financing, the Company entered into a registration rights agreement pursuant to which the Company agreed to register (a) all of the shares of common stock then issued and issuable upon conversion in full of the Thirty-Year Debentures (assuming on such date the Thirty-Year Debentures are converted in full without regard to any conversion limitations therein) and (b) all warrant shares then issued and issuable upon exercise of the warrants (assuming on such date the warrants are exercised in full without regard to any exercise limitations therein). In addition, the holders are entitled to receive liquidated damages upon the occurrence of a number of events relating to filing, getting an effective and maintaining an effective registration statement including the failure of the Company to have such registration statement declared effective by October 26, 2015. The liquidated damages are payable upon the occurrence of each of those events and each monthly anniversary thereof until cured. The amount of liquidated damages payable is equal to 4% of the subscription amount paid by each holder. If the Company fails to pay any partial liquidated damages in full within seven days after the date payable, the Company will pay 18% interest. As the Company did not file an effective registration statement until November 24, 2015 and the Company was precluded by the SEC from registering all of the registrable securities on a single registration statement, management considered it probable that 4 months of liquidated damages would be due and accrued $880 during the three months ended September 30, 2015. During the three months ended December 31, 2015, it was determined that one additional month would be due prior to February 27, 2016, the date the holders will be able to trade securities under Rule 144. Therefore, management accrued an additional $220 of registration rights liquidated damages during the three months ended December 31, 2015. Management has made one liquidated damages payment of $220 during the three months ended December 31, 2015 and at December 31, 2015 has reflected the remaining accrual balance of $880 in other current liabilities. For financial reporting purposes, the net proceeds of $4,720 was allocated first to the residual fair value of the Series A warrants, amounting to $3,385, then to the residual fair value of the obligation to issue the Series B warrants of $897, the remaining value to the intrinsic value of the beneficial conversion feature on the convertible debentures of $438, resulting in an initial carrying value of the Debentures of $0. The initial debt discount on the Debentures totaled $4,720 and is being amortized over the 30 year life of the convertible debentures. During the three and six months ended December 31, 2015, the Company amortized $39 and $52 of the debt discount, respectively. Beneficial Conversion Feature The beneficial conversion feature value was calculated as the difference resulting from subtracting the effective conversion price from the market price of the common stock on the issuance date, multiplied by the number of common shares into which the initial funding of the Debentures are convertible.

Note 4 - Derivative Obligations

Note 4 - Derivative Obligations	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	4. Derivative Obligations Series A and Series B Warrants Series A and Series B warrants to purchase 8,088,235 and 4,448,529 common shares, respectively, were issued and vested during the six months ended December 31, 2015 (see Note 3). At the time of issuance, the Company determined that as the warrants can be settled for cash at the holders’ option in a future fundamental transaction they constituted a derivative liability. The Company estimated the fair value of the derivative liability aggregating approximately $4,282, using a Binomial Lattice Valuation Model and the following assumptions: Series A Series B August 31, 2015 December 31, 2015 August 31, 2015 December 31, 2015 Market price of common stock $ 0.68 $ 0.18 $ 0.68 $ 0.18 Expected volatility 72 % 80 % 62 % 92 % Contractual term (years) 5.5 5.2 1.5 1.2 Discount rate 1.54 % 1.8 % 0.57 % 0.65 % Dividend rate 0 % 0 % 0 % 0 % Exercise price $ 0.68 $ 0.68 $ 0.68 $ 0.68 Expected volatilities are based on the historical volatility of the Company’s common stock. Contractual term is based on remaining term of the respective warrants. The discount rate represents the yield on U.S. Treasury bonds with a maturity equal to the contractual term. The Company recorded a gain of approximately $2,180 and $3,606 during the three and six months ended December 31, 2015, representing the net change in the fair value of the derivative liability, which is presented as fair value change of derivative instruments, in the accompanying condensed consolidated statements of operations and comprehensive loss. During the three months ended December 31, 2015, 503,696 Series B warrants were exercised on a cashless basis and the holders of the warrants received 2,134,203 shares of common stock. These warrants had an aggregate exercise date fair value of $33. The Company recorded a gain on the fair value change of derivative instruments for these warrants of $16 during the three months ended December 31, 2015. The Company recomputed the fair value of these warrants using the Binomial option pricing model (Level 3 inputs) using the following weighted average assumptions: expected volatility of 88%, discount rate of 0.57%, contractual term of 1.2 years and dividend rate of 0%. The Company recorded a loss on cashless exercise of warrants of $564, based on the fair market value of the Company’s common stock at the time of exercise, during the three months ended December 31, 2015. In accordance with U.S. GAAP, the following table represents the Company’s fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of December 31, 2015: Balance at December 31, 2015 Level 1 Level 2 Level 3 Derivative obligation $ 643 $ - $ - $ 643 The following table reflects the change in fair value of the Company’s derivative liabilities for the six months ended December 31, 2015: Amount Balance - July 1, 2015 $ -- Addition of derivative obligation at fair value on date of issuance 4,282 Reclassification of derivative obligation for exercised warrants (33 ) Change in fair value of derivative obligation (3,606 ) Balance – December 31, 2015 $ 643

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5. Stockholders’ Equity Stock Based Compensation The Company recorded stock-based compensation of ($39) and $304 for the three and six months ended December 31, 2015, and $392 and $676 for the three and six months ended December 31, 2014. The Company recorded an overall credit to stock-based compensation for the three months ended December 31, 2015 primarily due to revising estimated completion dates on restricted stock units performance milestones, terminations and revaluing consultant awards. The following is a summary of option activity for the Company’s stock option plans: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at June 30, 2015 2,952,062 $ 1.28 Granted 745,500 $ 0.63 Forfeited (657,062 ) $ 1.43 Expired (103,750 ) $ 2.05 Outstanding at December 31, 2015 2,936,750 $ 1.05 5.5 -- Vested and Expected to Vest at December 31, 2015 2,510,927 $ 1.06 5.4 -- Exercisable at December 31, 2015 1,364,690 $ 1.19 4.7 -- The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. There were no options exercised during the six months ended December 31, 2015 and 2014. The fair value of the Company’s stock options granted for the six months ended December 31, 2015 was estimated using the following weighted-average assumptions: Expected life (years) 5 Risk-free interest rate 1.5 % Expected volatility 77 % Dividend yield 0 % At December 31, 2015, the total compensation cost related to options granted but not yet recognized was $303 which will be amortized over a weighted-average period of approximately two years. Common Stock Restricted Units The following is a summary of restricted stock activity during the six months ended December 31, 2015: Weighted Average Number of Shares Grant Date Fair Value Balance at June 30, 2015 1,451,784 $ 1.12 Granted -- Vested (30,000 ) $ 0.88 Forfeited (224,712 ) $ 2.05 Outstanding at December 31, 2015 1,197,072 $ 0.95 In connection with the vesting of the restricted stock awards, the election was made by some of the employees to satisfy the applicable federal income tax withholding obligation by a net share settlement, pursuant to which the Company withheld 9,915 shares and used the deemed proceeds from those shares to pay the income tax withholding. The net share settlement is deemed to be a repurchase by the Company of its common stock. Warrants A summary of warrant activity for the six months ended December 31, 2015 follows: Number of Shares Weighted-Average Exercise Price Per Share Beginning balance 5,052,400 $ 2.21 Warrants granted 34,191,176 $ 0.68 Warrants canceled -- -- Warrants exercised (503,696 ) $ 0.68 Outstanding at December 31, 2015 38,739,880 $ 0.88 Exercisable at December 31, 2015 17,085,468 $ 1.13 At December 31, 2015, the total intrinsic value of warrants outstanding and exercisable was $0 as calculated as the difference between the exercise price of the underlying warrants and the quoted price of the Company’s common stock. However, the Series B warrants may be exercised on a cashless basis at 90% of the five-day weighted-average price at the time of exercise if it is lower than the conversion price subject to a floor of $0.10 per share with a 250% uplift in the number of shares to be issued.

Note 6 - Subsequent Events

Note 6 - Subsequent Events	6 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	6 . S ubsequent Events Financing Transaction On February 2, 2016, the Company entered into a purchase agreement pursuant to which the Company agreed to issue 14,705,882 shares of common stock, senior secured three-year convertible debentures (“Three-Year Debentures”) and five year warrants to purchase additional shares of common stock. The sale and issuance of the common stock, the Three-Year Debentures and the warrants will take place in two closings. At the first closing which occurred on February 13, 2016, in exchange for aggregate proceeds to the Company of $10.5 million, the Company sold 14,705,882 shares of common stock, Three-Year Debentures for $8.0 million, convertible into 47,058,824 shares and warrants to purchase 49,411,765 additional shares of Common Stock with an exercise price of $0.40. The second closing was dependent on the Thirty-Year Debentures, being repaid and cancelled. At the second closing, in exchange for aggregate proceeds to the Company of $4.5 million, the Company shall issue $4.5 million of additional Three-Year Debentures , convertible into 26,470,588 common shares and warrants to purchase 21,176,470 additional shares of common stock at an exercise price of $0.40. The second closing occurred on February 16, 2016. The Three-Year Debentures have a 22% interest rate and may not be prepaid without prior consent. The Three-Year Debentures will be secured by a first priority, senior lien over all of the Company’s assets. All outstanding principal and accrued and unpaid interest will be convertible into shares of common stock at the option of the holder at maturity or, provided that the second closing has occurred prior to maturity if (i) for 15 days upon and after the time that the Company’s cash balance and short-term investments, net of short term debt, are less than $2.1 million, (ii) the Company effects certain changes in control, or (iii) the Company’s common stock is delisted from NASDAQ. The Three-Year Debentures may be converted at the Company’s option prior to maturity, provided that (i) the 20-day simple moving average price of the Company’s common stock is at least $0.2125 and (ii) the volume weighted average trading price of the Company’s common stock is greater than $0.17 for ten consecutive days. This financing transaction may result in a change of control of the Company. Upon the second closing and assuming the conversion of the Three-Year Debentures, exercise of the warrants in full and completion of the Thirty-Year Debenture restructuring transaction discussed below, the investors will own approximately 77% of the Company’s outstanding common stock on a fully-diluted basis based on the capitalization of the Company at February 2, 2016 . The exercise of the warrants in full would result in proceeds to the Company of $28,235. Thirty-Year Debenture Restructuring Transaction In connection with the financing transaction described above, the Company concurrently entered into a Consent, Repayment and Release Agreement, pursuant to which the holders of the Thirty-Year Debentures have agreed to allow the Company to repay the Thirty-Year Debentures and all related interest and liquidated damages immediately on or after the first closing of the Three-Year Debentures. Upon the Company’s payment of $7.5 million, the Thirty-Year Debentures shall be deemed repaid in full and cancelled, all liquidated damages due and payable shall be deemed paid and satisfied in full, the registration rights agreement shall be terminated and the exercise price of the Series A warrants shall be changed from $0.68 to $0.40. Pursuant to the terms of the Consent Repayment and Release Agreement, upon receipt of the $7.5 million, the holders of the Series B warrants shall make a single, one-time cashless exercise of their remaining Series B warrants for 2,500,000 shares of common stock. All remaining Series B warrants shall be cancelled. This restructuring transaction occurred on February 16, 2016.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Organization and Basis of Presentation Cesca Therapeutics Inc. (the Company, Cesca) is focused on the research, development, and commercialization of autologous cell-based therapies that advance the safe and effective practice of regenerative medicine. Cesca is a leader in the development and manufacture of automated blood and bone marrow processing systems that enable the separation, processing and cryopreservation of cell and tissue therapy products.
Liquidity [Policy Text Block]	Liquidity At December 31, 2015, the Company had cash and cash equivalents of $2,942 and working capital of $3,341. The Company has incurred recurring operating losses and as of December 31, 2015 had an accumulated deficit of $141,695. The Company has primarily financed operations through the sale of equity securities and the sale of certain non-core assets. In August 2015, the Company sold senior secured convertible debentures and warrants raising proceeds of $5,500 (the “Thirty-Year Debentures”). The second closing for gross proceeds of up to an additional $9,500 was contingent upon a number of items including the Company receiving approval from the California Institute for Regenerative Medicine (“CIRM”) for a grant in the amount of $10,000 or more. The funds were intended to support implementation of Cesca’s FDA approved phase III pivotal trial for Critical Limb Ischemia (“CLIRST III”). The Company applied for the CIRM grant in August 2015. However, based upon preliminary feedback from CIRM received in early November, the Company withdrew its application on November 6, 2015. On February 2, 2016, the Company signed a purchase agreement for a financing transaction (“the Financing Transaction”), as more fully discussed in Footnote 6, for gross proceeds of $15 million. Based upon the closings of the Financing Transaction, repayment of the Thirty-Year Debentures, the Company’s cash balance, historical trends, the restructuring that occurred in September 2015, expected outflows and projections for revenues, management believes it will have sufficient cash to provide for its projected needs to maintain operations and working capital requirements for at least the next 12 months from the date of filing this quarterly report. The Company will need additional funding to support its phase III Critical Limb Ischemia (CLIRST III) pivotal trial. As such, management has been exploring additional funding sources including strategic partner relationships. The Company cannot assure that such funding will be available on a timely basis, in needed quantities, or on favorable terms , if at all.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of Cesca Therapeutics Inc., and its wholly-owned subsidiaries, TotipotentRX Cell Therapy, Pvt. Ltd. and TotipotentSC Scientific Product Pvt. Ltd. All significant intercompany accounts and transactions have been eliminated upon consolidation.
Interim Reporting [Policy Text Block]	Interim Reporting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such Securities and Exchange Commission (SEC) rules and regulations and accounting principles applicable for interim periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed consolidated financial statements through the date of issuance. Operating results for the six month period ended December 31, 2015, are not necessarily indicative of the results that may be expected for the year ending June 30, 2016. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2015.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenues from the sale of the Company’s products and services are recognized when persuasive evidence of an arrangement exists, delivery has occurred (or services have been rendered), the price is fixed or determinable, and collectability is reasonably assured. The Company generally ships products F.O.B. shipping point. There is no conditional evaluation on any product sold and recognized as revenue. Amounts billed in excess of revenue recognized are recorded as deferred revenue on the balance sheet. The Company’s sales are generally through distributors. There is no right of return. For sales of products made to distributors, the Company considers a number of factors in determining whether revenue is recognized upon transfer of title to the distributor, or when payment is received. These factors include, but are not limited to, whether the payment terms offered to the distributor are considered to be non-standard, the distributor history of adhering to the terms of its contractual arrangements, the level of inventories maintained by the distributor, whether the Company has a pattern of granting concessions for the benefit of the distributor, and whether there are other conditions that may indicate that the sale to the distributor is not substantive. The Company currently recognizes revenue primarily on the sell-in method with its distributors. Revenue arrangements with multiple deliverables are divided into units of accounting if certain criteria are met, including whether the deliverable item(s) has (have) value to the customer on a stand-alone basis. Revenue for each unit of accounting is recognized as the unit of accounting is delivered. Arrangement consideration is allocated to each unit of accounting based upon the relative estimated selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Estimated selling prices are determined using vendor specific objective evidence of value (VSOE), when available, or an estimate of selling price when VSOE is not available for a given unit of accounting. Significant inputs for the estimates of the selling price of separate units of accounting include market and pricing trends and a customer’s geographic location. The Company accounts for training and installation, service agreements and the collection, processing and testing of the umbilical cord blood and the storage as separate units of accounting. Service revenue generated from contracts for providing maintenance of equipment is amortized over the life of the agreement. Revenue generated from storage contracts is deferred and recorded ratably over the life of the agreement, up to 21 years. All other service revenue is recognized at the time the service is completed. Revenues are net of normal discounts. Shipping and handling fees billed to customers are included in net revenues, while the related costs are included in cost of revenues.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements In accordance with ASC 820, “ Fair Value Measurements and Disclosures The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. The guidance establishes three levels of inputs that may be used to measure fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short duration. The fair value of the Company’s derivative obligation liability is classified as Level 3 within the fair value hierarchy since the valuation model of the derivative obligation is based on unobservable inputs.
Debt, Policy [Policy Text Block]	Debt Issue Costs The Company amortizes debt issue costs to interest expense over the life of the associated debt instrument, using the straight-line method which approximates the interest rate method.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments In connection with the sale of convertible debt and equity instruments, the Company may also issue freestanding warrants. If freestanding warrants are issued and accounted for as derivative instrument liabilities (rather than as equity), the proceeds are first allocated to the fair value of those instruments. The remaining proceeds, if any, are then allocated to the convertible instrument, usually resulting in that instrument being recorded at a discount from its face amount. Derivative financial instruments are initially measured at their fair value and then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company has one reportable business segment: the research, development and commercialization of autologous cell-based therapies for use in regenerative medicine.
Earnings Per Share, Policy [Policy Text Block]	Net Loss per Share Net loss per share is computed by dividing the net loss to common stockholders by the weighted average number of common shares outstanding. The calculation of the basic and diluted earnings per share is the same for all periods presented, as the effect of the potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. Anti-dilutive securities consisted of the following at December 31: 2015 2014 Common stock equivalents of convertible debentures 8,088,235 -- Warrants – initial close 12,033,068 (1) -- Warrants – second close 21,654,412 (2) -- Warrants – other 5,052,400 5,052,400 Stock options 2,936,750 2,394,035 Restricted stock units 1,197,072 623,009 Total 50,961,937 8,069,444 (1) The initial close warrants became exercisable on October 30, 2015, the date stockholder approval was received. (2) The second close warrants are subject to vesting based upon the amount of funds actually received by the Company in the second close.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing formula. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-03, " Interest -Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In August 2014, the FASB issued ASU 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Recently Issued Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update (ASU) 2016-01, " Recognition and Measurement of Financial Assets and Liabilities In November 2015, the FASB issued ASU 2015-17, " Income Taxes - Balance Sheet Classification of Deferred Taxes

Note 1 - Basis of Presentatio13

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	2015 2014 Common stock equivalents of convertible debentures 8,088,235 -- Warrants – initial close 12,033,068 (1) -- Warrants – second close 21,654,412 (2) -- Warrants – other 5,052,400 5,052,400 Stock options 2,936,750 2,394,035 Restricted stock units 1,197,072 623,009 Total 50,961,937 8,069,444

Note 2 - Commitments and Cont14

Note 2 - Commitments and Contingencies (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Balance at July 1, 2015 $ 627 Warranties issued during the period 45 Settlements made during the period (237 ) Changes in liability for pre-existing warranties during the period 43 Balance at December 31, 2015 $ 478

Note 3 - Convertible Debentur15

Note 3 - Convertible Debentures (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Convertible Debt [Table Text Block]	Convertible debentures $ 5,500 Unamortized debt discount (4,668 ) Unamortized debt issue costs (770 ) Convertible debentures, net $ 62

Note 4 - Derivative Obligatio16

Note 4 - Derivative Obligations (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	Series A Series B August 31, 2015 December 31, 2015 August 31, 2015 December 31, 2015 Market price of common stock $ 0.68 $ 0.18 $ 0.68 $ 0.18 Expected volatility 72 % 80 % 62 % 92 % Contractual term (years) 5.5 5.2 1.5 1.2 Discount rate 1.54 % 1.8 % 0.57 % 0.65 % Dividend rate 0 % 0 % 0 % 0 % Exercise price $ 0.68 $ 0.68 $ 0.68 $ 0.68
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Balance at December 31, 2015 Level 1 Level 2 Level 3 Derivative obligation $ 643 $ - $ - $ 643
Derivative Instruments, Gain (Loss) [Table Text Block]	Amount Balance - July 1, 2015 $ -- Addition of derivative obligation at fair value on date of issuance 4,282 Reclassification of derivative obligation for exercised warrants (33 ) Change in fair value of derivative obligation (3,606 ) Balance – December 31, 2015 $ 643

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	6 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at June 30, 2015 2,952,062 $ 1.28 Granted 745,500 $ 0.63 Forfeited (657,062 ) $ 1.43 Expired (103,750 ) $ 2.05 Outstanding at December 31, 2015 2,936,750 $ 1.05 5.5 -- Vested and Expected to Vest at December 31, 2015 2,510,927 $ 1.06 5.4 -- Exercisable at December 31, 2015 1,364,690 $ 1.19 4.7 --
Schedule of Assumptions Used [Table Text Block]	Expected life (years) 5 Risk-free interest rate 1.5 % Expected volatility 77 % Dividend yield 0 %
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Weighted Average Number of Shares Grant Date Fair Value Balance at June 30, 2015 1,451,784 $ 1.12 Granted -- Vested (30,000 ) $ 0.88 Forfeited (224,712 ) $ 2.05 Outstanding at December 31, 2015 1,197,072 $ 0.95
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Number of Shares Weighted-Average Exercise Price Per Share Beginning balance 5,052,400 $ 2.21 Warrants granted 34,191,176 $ 0.68 Warrants canceled -- -- Warrants exercised (503,696 ) $ 0.68 Outstanding at December 31, 2015 38,739,880 $ 0.88 Exercisable at December 31, 2015 17,085,468 $ 1.13

Note 1 - Basis of Presentatio18

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Feb. 29, 2016USD ($)	Aug. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015	Dec. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)
Scenario, Forecast [Member]
Gross Proceeds from Financing Transaction	$ 15,000,000
Debt Issuance Cost					$ 770,000	$ 0
Cash and Cash Equivalents, at Carrying Value			$ 2,942,000		2,942,000	3,357,000	$ 8,357,000	$ 14,811,000
Working Capital			3,341,000		3,341,000
Retained Earnings (Accumulated Deficit)			(141,695,000)		(141,695,000)	$ (137,674,000)
Gross Proceeds from Convertible Debt		$ 5,500,000
Potential Proceed from Issuance of Convertible Debt			9,500,000
Approval for Grant in Amount for Clinical Trial		$ 10,000,000	$ 10,000,000		$ 10,000,000
Maximum Period Of Agreement				21 years
Number of Reportable Segments					1

Note 1 - Calculation fo Basic a

Note 1 - Calculation fo Basic and Diluted Earnings Per Share (Details) - shares	6 Months Ended
	Dec. 31, 2015		Dec. 31, 2014
Convertible Debt Securities [Member]
Anti-dilutive securities (in shares)	8,088,235
Warrant, Initial Close [Member]
Anti-dilutive securities (in shares)	12,033,068	[1]
Warrant, Second Close [Member]
Anti-dilutive securities (in shares)	21,654,412	[2]
Warrant, Other [Member]
Anti-dilutive securities (in shares)	5,052,400		5,052,400
Employee Stock Option [Member]
Anti-dilutive securities (in shares)	2,936,750		2,394,035
Restricted Stock Units (RSUs) [Member]
Anti-dilutive securities (in shares)	1,197,072		623,009
Anti-dilutive securities (in shares)	50,961,937		8,069,444
[1]	The initial close warrants became exercisable on October 30, 2015, the date stockholder approval was received.
[2]	The second close warrants are subject to vesting based upon the amount of funds actually received by the Company in the second close.

Note 2 - Commitments and Cont20

Note 2 - Commitments and Contingencies (Details Textual) $ in Millions	6 Months Ended
	Dec. 31, 2015USD ($)
Minimum [Member]
Period Of Warranty On Products	1 year
Maximum [Member]
Period Of Warranty On Products Maximum	2 years
Short Term Investment Minimum	$ 2

Note 2 - Changes in Product Lia

Note 2 - Changes in Product Liability Included in Accrued Liabilities (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2015USD ($)
Balance at July 1, 2015	$ 627
Warranties issued during the period	45
Settlements made during the period	(237)
Changes in liability for pre-existing warranties during the period	43
Balance at December 31, 2015	$ 478

Note 3 - Convertible Debentur22

Note 3 - Convertible Debentures (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Debentures [Member] | Series A Warrant [Member]
Proceeds from Convertible Debt	$ 3,385,000
Debentures [Member] | Series B Warrant [Member]
Proceeds from Convertible Debt	$ 897,000
Debentures [Member]
Debt Instrument, Interest Rate During Period	0.00%
Potential Proceed from Issuance of Convertible Debt	$ 15,000,000
Gross Proceeds from Convertible Debt	$ 5,500,000
Debt Instrument, Convertible, Conversion Price	$ 0.68
Debt Instrument, Term	30 years
Debt Instrument, Debt Default, Percentage of Outstanding Principal Amount If Default Is Not Due to Failure to Receive Cirm Grant	130.00%
Debt Instrument, Debt Default, Percentage of Outstanding Principal Amount If Default Is Due to Failure to Receive CIRM Grant	4.00%
Registration Rights Agreement Failure to Pay Liquidated Damages Interest Rate	18.00%
Registration Payment Arrangement, Gains and Losses		$ 220,000	$ 880,000
Registration Payment		220,000
Registration Payment Arrangement, Accrual Carrying Value		880,000		$ 880,000
Proceeds from Convertible Debt	$ 4,720,000
Convertible Debt	0
Debt Instrument, Unamortized Discount	4,720,000
Amortization of Debt Discount (Premium)		$ 39,000		$ 52,000
Payment After Approval of Authorities [Member]
Potential Proceed from Issuance of Convertible Debt	9,500,000
Debentures, Beneficial Conversion Feature [Member]
Proceeds from Convertible Debt	$ 438,000
Series A Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	22,058,823
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.68
Warrant Expiration Period	5 years 182 days
Class of Warrant or Right, Outstanding	8,088,235	8,088,235		8,088,235
Series B Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	12,132,353
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.68
Warrant Expiration Period	1 year 180 days
Class of Warrant or Right, Outstanding	4,448,529	4,448,529		4,448,529
Cashless Basis of Class of Warrant to Be Exercised, Weighted Average Price Percentage				90.00%
Cashless Basis of Class of Warrant to be Exercised Per Share		$ 0.10		$ 0.10
Cashless Basis of Class of Warrant to Be Exercised, Number of Shares to Be Issued, Uplift Percentage				250.00%
Potential Proceed from Issuance of Convertible Debt		$ 9,500,000
Gross Proceeds from Convertible Debt	$ 5,500,000
Approval for Grant in Amount for Clinical Trial	$ 10,000,000	10,000,000		$ 10,000,000
Cashless Basis of Class of Warrant to Be Exercised, Weighted Average Price Percentage	90.00%
Cashless Basis of Class of Warrant to be Exercised Per Share	$ 0.10
Cashless Basis of Class of Warrant to Be Exercised, Number of Shares to Be Issued, Uplift Percentage	250.00%
Registration Payment Arrangement, Gains and Losses		(220,000)		(1,100,000)
Proceeds from Convertible Debt				4,720,000
Convertible Debt		62,000		62,000
Debt Instrument, Unamortized Discount		$ 4,668,000		$ 4,668,000

Note 3 - Convertible Debentur23

Note 3 - Convertible Debentures Components (Details) $ in Thousands	Dec. 31, 2015USD ($)
Convertible debentures	$ 5,500
Unamortized debt discount	(4,668)
Unamortized debt issue costs	(770)
Convertible debentures, net	$ 62

Note 4 - Derivative Obligatio24

Note 4 - Derivative Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Aug. 31, 2015
Series A Warrant [Member]
Class of Warrant or Right, Outstanding	8,088,235	8,088,235	8,088,235
Series B Warrant [Member]
Class of Warrant or Right, Outstanding	4,448,529	4,448,529	4,448,529
Warrants Exercised	503,696
Shares Issued for Cashless Exercise of Warrants	2,134,203
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 33	$ 33
Fair Value Adjustment of Warrants	(16)
Fair Value Assumptions, Expected Volatility Rate		88.00%
Fair Value Inputs, Discount Rate		0.57%
Fair Value Assumptions, Expected Term		1 year 73 days
Fair Value Assumptions, Expected Dividend Rate		0.00%
Gain (Loss) on Cashless Exercise of Warrants		$ 564
Derivative Liability	4,282	4,282
Derivative, Gain (Loss) on Derivative, Net	2,180	$ 3,606
Fair Value Assumptions, Expected Volatility Rate		77.00%
Fair Value Assumptions, Expected Term		5 years
Fair Value Assumptions, Expected Dividend Rate		0.00%
Gain (Loss) on Cashless Exercise of Warrants	$ (564)	$ (564)

Note 4 - Derivative Obligatio25

Note 4 - Derivative Obligations, Fair Value Assumptions (Details) - $ / shares	Aug. 31, 2015	Dec. 31, 2015
Series A Warrant [Member]
Market price of common stock (in dollars per share)	$ 0.68	$ 0.18
Expected volatility	72.00%	80.00%
Contractual term (years)	5 years 182 days	5 years 73 days
Discount rate	1.54%	1.80%
Dividend rate	0.00%	0.00%
Exercise price (in dollars per share)	$ 0.68	$ 0.68
Series B Warrant [Member]
Market price of common stock (in dollars per share)	$ 0.68	$ 0.18
Expected volatility	62.00%	92.00%
Contractual term (years)	1 year 182 days	1 year 73 days
Discount rate	0.57%	0.65%
Dividend rate	0.00%	0.00%
Exercise price (in dollars per share)	$ 0.68	$ 0.68
Expected volatility		77.00%
Contractual term (years)		5 years
Dividend rate		0.00%

Note 4 - Derivative Obligation

Note 4 - Derivative Obligation Fair Value Hierarchy (Details)	Dec. 31, 2015USD ($)
Fair Value, Inputs, Level 1 [Member]
Derivative obligation
Fair Value, Inputs, Level 2 [Member]
Derivative obligation
Fair Value, Inputs, Level 3 [Member]
Derivative obligation	$ 643,000
Derivative obligation	$ 643,000

Note 4 - Change in Fair Value o

Note 4 - Change in Fair Value of Derivative Liabilities (Details)	6 Months Ended
	Dec. 31, 2015USD ($)
Balance	$ 0
Addition of derivative obligation at fair value on date of issuance	4,282,000
Reclassification of derivative obligation for exercised warrants	(33,000)
Change in fair value of derivative obligation	(3,606,000)
Balance	$ 643,000

Note 5 - Stockholders' Equity28

Note 5 - Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years
Restricted Stock [Member]
Shares Paid for Tax Withholding for Share Based Compensation				9,915
Series B Warrant [Member]
Cashless Basis of Class of Warrant to Be Exercised, Weighted Average Price Percentage				90.00%
Cashless Basis of Class of Warrant to be Exercised Per Share		$ 0.10		$ 0.10
Cashless Basis of Class of Warrant to Be Exercised, Number of Shares to Be Issued, Uplift Percentage				250.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				0	0
Allocated Share Based Compensation Reversal		$ 39,000
Allocated Share-based Compensation Expense			$ 392,000	$ 304,000	$ 676,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		303,000		303,000
Class of Warrant or Right, Outstanding, Intrinsic Value		$ 0		$ 0
Cashless Basis of Class of Warrant to Be Exercised, Weighted Average Price Percentage	90.00%
Cashless Basis of Class of Warrant to be Exercised Per Share	$ 0.10
Cashless Basis of Class of Warrant to Be Exercised, Number of Shares to Be Issued, Uplift Percentage	250.00%

Note 5 - Option Activity For St

Note 5 - Option Activity For Stock Option Plans (Details) - Employee Stock Option [Member]	6 Months Ended
	Dec. 31, 2015$ / sharesshares
Outstanding at, (in shares) | shares	2,952,062
Outstanding at, (in dollars per share) | $ / shares	$ 1.28
Granted (in shares) | shares	745,500
Granted (in dollars per share) | $ / shares	$ 0.63
Forfeited (in shares) | shares	(657,062)
Forfeited (in dollars per share) | $ / shares	$ 1.43
Expired (in shares) | shares	(103,750)
Expired (in dollars per share) | $ / shares	$ 2.05
Outstanding at, (in shares) | shares	2,936,750
Outstanding at, (in dollars per share) | $ / shares	$ 1.05
Outstanding at,	5 years 182 days
Vested and Expected to Vest at December 31, 2015 (in shares) | shares	2,510,927
Vested and Expected to Vest at December 31, 2015 (in dollars per share) | $ / shares	$ 1.06
Vested and Expected to Vest at December 31, 2015	5 years 146 days
Exercisable at December 31, 2015 (in shares) | shares	1,364,690
Exercisable at December 31, 2015 (in dollars per share) | $ / shares	$ 1.19
Exercisable at December 31, 2015	4 years 255 days

Note 5 - Fair Value of Stock Op

Note 5 - Fair Value of Stock Options Granted (Details)	6 Months Ended
	Dec. 31, 2015
Expected life (years)	5 years
Risk-free interest rate	1.50%
Expected volatility	77.00%
Dividend yield	0.00%

Note 5 - Restricted Stock Activ

Note 5 - Restricted Stock Activity Granted to Employees (Details) - Restricted Stock [Member]	6 Months Ended
	Dec. 31, 2015$ / sharesshares
Balance, Number of Shares, (in shares) | shares	1,451,784
Balance, Weighted Average Grant Date Fair Value, (in dollars per share) | $ / shares	$ 1.12
Vested, Number of Shares (in shares) | shares	(30,000)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 0.88
Forfeited, Number of Shares (in shares) | shares	(224,712)
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 2.05
Outstanding, Number of Shares, (in shares) | shares	1,197,072
Outstanding, Weighted Average Grant Date Fair Value, (in dollars per share) | $ / shares	$ 0.95

Note 5 - Warrant Activity (Deta

Note 5 - Warrant Activity (Details) - Warrants [Member]	6 Months Ended
	Dec. 31, 2015$ / sharesshares
Beginning balance (in shares) | shares	5,052,400
Beginning balance (in dollars per share) | $ / shares	$ 2.21
Warrants granted (in shares) | shares	34,191,176
Warrants granted (in dollars per share) | $ / shares	$ 0.68
Ending balance (in shares) | shares	38,739,880
Ending balance (in dollars per share) | $ / shares	$ 0.88
Warrants exercisable at, (in shares) | shares	17,085,468
Warrants exercisable at, (in dollars per share) | $ / shares	$ 1.13

Note 6 - Subsequent Events (Det

Note 6 - Subsequent Events (Details Textual) - USD ($)	Feb. 29, 2016	Feb. 13, 2016	Feb. 29, 2016	Feb. 29, 2016	Aug. 31, 2015	Dec. 31, 2015	Feb. 12, 2016
Subsequent Event [Member] | First Closing [Member] | Three-Year Debentures [Member]
Debt Instrument, Term		3 years
Debt Instrument, Face Amount		$ 8,000,000
Debt Conversion, Convertible Shares		47,058,824
Subsequent Event [Member] | First Closing [Member]
Stock Issued During Period, Shares, New Issues		14,705,882
Warrant Expiration Period		5 years
Gross Proceeds from Financing Transaction		$ 10,500,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.40
Subsequent Event [Member] | Scenario, Forecast [Member] | Three-Year Debentures [Member]
Debt Instrument, Face Amount	$ 4,500,000		$ 4,500,000	$ 4,500,000
Debt Conversion, Convertible Shares	26,470,588		26,470,588	26,470,588
Subsequent Event [Member] | Scenario, Forecast [Member]
Gross Proceeds from Financing Transaction	$ 4,500,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	21,176,470		21,176,470	21,176,470
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40		$ 0.40	$ 0.40
Subsequent Event [Member] | Three-Year Debentures [Member]
Debt Instrument, Interest Rate, Stated Percentage		22.00%
Period after Benchmark Reached		15 days
Net Cash and Short-Term Investment Benchmark		$ 2,100,000
Duration of Moving Average Price		20 days
Average Price Benchmark		$ 0.2125
Weighted Average Trading Price Benchmark		$ 0.17
Consecutive Days of Weighted Average Trading Price		10 days
Subsequent Event [Member] | Series A Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 0.68
First Closing [Member] | Three-Year Debentures [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		49,411,765
Scenario, Forecast [Member] | Thirty-Year Debentures [Member]
Repayments of Debt			$ 7,500,000
Scenario, Forecast [Member] | Series A Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.40		$ 0.40	$ 0.40
Scenario, Forecast [Member] | Series B Warrant [Member]
Shares Issued for Cashless Exercise of Warrants			2,500,000
Scenario, Forecast [Member]
Gross Proceeds from Financing Transaction				$ 15,000,000
Investors Ownership Percentage	77.00%		77.00%	77.00%
Proceeds from Warrant Exercises			$ 28,235,000
Series A Warrant [Member]
Warrant Expiration Period					5 years 182 days
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					22,058,823
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 0.68
Series B Warrant [Member]
Warrant Expiration Period					1 year 180 days
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					12,132,353
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 0.68
Shares Issued for Cashless Exercise of Warrants						2,134,203