ThermoGenesis (THMO) 10-Q 13 May 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2016	May. 10, 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)		3,008,649
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 7,247,000	$ 3,357,000
Accounts receivable, net of allowance for doubtful accounts of $42 ($46 at June 30, 2015)	4,038,000	5,133,000
Inventories	3,524,000	4,598,000
Prepaid expenses and other current assets	262,000	163,000
Total current assets	15,071,000	13,251,000
Equipment, less accumulated depreciation of $5,414 ($4,935 at June 30, 2015)	3,102,000	2,937,000
Goodwill	13,195,000	13,195,000
Intangible assets, net	20,932,000	21,295,000
Other assets	79,000	79,000
Total assets	52,379,000	50,757,000
Current liabilities:
Accounts payable	3,341,000	5,079,000
Accrued payroll and related expenses	320,000	705,000
Deferred revenue	548,000	635,000
Other current liabilities	1,699,000	1,527,000
Total current liabilities	5,908,000	7,946,000
Noncurrent deferred tax liability	7,641,000	7,641,000
Derivative obligations	913,000	$ 0
Convertible debentures, net	1,535,000
Other noncurrent liabilities	599,000	$ 268,000
Total liabilities	$ 16,596,000	$ 15,855,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 350,000,000 shares authorized; 3,004,752 issued and outstanding (2,025,087 at June 30, 2015)	$ 3,000	$ 2,000
Paid in capital in excess of par	188,380,000	172,579,000
Accumulated deficit	(152,568,000)	(137,674,000)
Accumulated other comprehensive loss	(32,000)	(5,000)
Total stockholders’ equity	35,783,000	34,902,000
Total liabilities and stockholders’ equity	$ 52,379,000	$ 50,757,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Jun. 30, 2015
Accounts Receivable, Allowance for Doubtful Accounts	$ 42	$ 46
Equipment, accumulated depreciation	$ 5,414	$ 4,935
Preferred Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized (in shares)	2,000,000	2,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares 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)	3,004,752	2,025,087
Common Stock, Outstanding (in shares)	3,004,752	2,025,087

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Net revenues	$ 2,832	$ 4,042	$ 8,949	$ 12,340
Cost of revenues	2,424	2,899	7,146	8,470
Gross profit	408	1,143	1,803	3,870
Expenses:
Sales and marketing	537	787	1,696	2,315
Research and development	708	1,712	2,451	4,731
General and administrative	1,904	3,480	6,279	9,300
Total operating expenses	3,149	5,979	10,426	16,346
Loss from operations	(2,741)	$ (4,836)	(8,623)	$ (12,476)
Other income (expense):
Amortization of debt discount	(5,137)		(5,189)
Fair value change of derivative instruments	$ (454)		3,152
Registration rights liquidated damages			(1,100)
Loss on cashless exercise of warrants	$ (475)		(1,039)
Gain (Loss) on Extinguishment of Debt	(795)		(795)
Loss on modification of Series A warrants	(149)		(149)
Interest and other income and (expenses)	(1,122)	$ 25	(1,151)	$ (2)
Total other income (expense)	(8,132)	25	(6,271)	(2)
Net loss	(10,873)	(4,811)	(14,894)	(12,478)
COMPREHENSIVE LOSS
Net loss	(10,873)	(4,811)	(14,894)	(12,478)
Foreign currency translation adjustments	(3)	21	(27)	(48)
Comprehensive loss	$ (10,876)	$ (4,790)	$ (14,921)	$ (12,526)
Per share data:
Basic and diluted net loss per common share (in dollars per share)	$ (4)	$ (2.38)	$ (6.56)	$ (6.19)
Weighted average common shares outstanding – Basic and diluted (in shares)	2,715,860	2,018,554	2,270,902	2,015,824

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (14,894,000)	$ (12,478,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	876,000	1,013,000
Stock based compensation expense	551,000	966,000
Reserve for inventories	451,000	$ 172,000
Amortization of Debt Discount (Premium)	5,189,000
Amortization of Debt Issuance Costs	785,000
Change in fair value of derivative obligation	(3,152,000)
Loss on cashless exercise of warrants	1,039,000
Loss on extinguishment of debt	795,000
Loss on modification of Series A warrants	$ 149,000
Impairment of intangible asset		$ 117,000
Net change in operating assets and liabilities:
Accounts receivable	$ 1,040,000	(1,027,000)
Inventories	568,000	(106,000)
Prepaid expenses and other current assets	$ (301,000)	17,000
Other assets		1,000
Accounts payable	$ (1,733,000)	1,110,000
Accrued payroll and related expenses	(384,000)	383,000
Deferred revenue	(38,000)	6,000
Other liabilities	710,000	511,000
Net cash used in operating activities	(8,349,000)	(9,315,000)
Net cash used in investing activities:
Capital expenditures	(602,000)	$ (544,000)
Cash flows from financing activities:
Gross proceeds from convertible debentures, net of financing costs	18,000,000
Payment of financing cost - convertible debentures	(961,000)
Repayment of convertible debentures	(6,444,000)
Extinguishment of derivative obligation	(159,000)
Payments on capital lease obligations	(46,000)	$ (39,000)
Proceeds from issuance of common stock, net	2,463,000
Repurchase of common stock	(5,000)	$ (97,000)
Net cash provided by (used in) financing activities	12,848,000	(136,000)
Effects of foreign currency rate changes on cash and cash equivalents	(7,000)	(24,000)
Net increase (decrease) in cash and cash equivalents	3,890,000	(10,019,000)
Cash and cash equivalents at beginning of period	3,357,000	14,811,000
Cash and cash equivalents at end of period	7,247,000	$ 4,792,000
Supplemental non-cash financing and investing information:
Derivative obligation related to issuance of warrants	4,282,000
Reclassification of derivative liability to equity	58,000
Transfer of inventories to equipment	$ 18,000	$ 482,000
Equipment acquired by capital lease		$ 208,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2016
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”) develops and markets integrated cellular therapies and delivery systems that advance the safe and effective practice of regenerative medicine. Cesca is a leader in developing and manufacturing automated blood and bone marrow processing systems that enable the separation, processing and preservation of cell and tissue therapy products. Reverse Stock Split On March 4, 2016, the Company effected a one (1) for twenty (20) reverse split of its issued and outstanding common stock. There were no changes to its authorized number of shares of common stock of 350,000,000. Shareholders approved the reverse stock split at the Company’s annual meeting of shareholders held on March 2, 2016, and the specific ratio was determined at a meeting of the Company’s Board of Directors also held on March 2, 2016. All historical share amounts disclosed herein have been retroactively recast to reflect the reverse split and subsequent share exchange. No fractional shares were issued, fractional shares of common stock were rounded up to the nearest whole share. Liquidity At March 31, 2016, the Company had cash and cash equivalents of $7,247 and working capital of $9,163. The Company has incurred recurring operating losses and as of March 31, 2016 had an accumulated deficit of $152,568. The Company has primarily financed operations to date through the sale of equity securities and the sale of certain non-core assets. In February 2016, the Company completed a financing transaction (“the Financing Transaction”) for gross proceeds of $15 million. Half, or $7.5 million, of the proceeds were paid to the investors in the August 2015 financing to repay the convertible debentures, liquidated damages and interest. Net proceeds after the repayment and issue costs were $7.3 million. Based upon 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) 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 condensed 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. Certain amounts have been reclassified to conform to the current presentation. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed financial statements through the date of issuance. Operating results for the nine month period ended March 31, 2016, 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 filed with the SEC on September 17, 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 provided for distributors. 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 with us, the level of inventories maintained by the distributor, whether we have 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, and 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 therapeutics 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 March 31: 2016 2015 Common stock equivalents of convertible debentures 3,676,471 -- Vested Series A warrants 404,412 -- Unvested Series A warrants 698,529 (1) -- Warrants – other 3,725,782 252,620 Stock options 110,452 119,139 Restricted stock units 56,320 26,750 Total 8,671,966 398,509 (1) The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second close of the August 2015 financing which never occurred. The warrants will remain outstanding but unvested until they expire in February 2021. 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 Accounting Standards Update (“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 February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” 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 In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers ”

Note 2 - Convertible Debentures

Note 2 - Convertible Debentures	9 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	2 . Convertible Debentures Convertible debentures consist of the following as of March 31, 2016: Convertible debentures $ 12,500 Unamortized debt discount (10,789 ) Unamortized debt issue costs (176 ) Convertible debentures, net $ 1,535 Financing Transaction In February 2016 in exchange for aggregate proceeds of $15 million, the Company sold and issued to Boyalife Investment Inc. and Boyalife (Hong Kong Limited) (i) 735,294 shares of common stock at a purchase price of $3.40 per share (the “Stock Price”) for gross proceeds of $2.5 million, (ii) Secured Convertible Debentures for $12.5 million (the “Debentures”) convertible into 3,676,471 shares of common stock and (iii) warrants to purchase 3,529,412 additional shares of common stock at an exercise price of $8.00 per share for a period of five years. The amount of warrants was based on 80% coverage of the shares issued or to be issued for the equity transaction in (i) and the debt transaction in (ii) above. The warrants are exercisable on August 13, 2016. Total issue costs of $220 were allocated proportionately between the debt and equity proceeds, $183 and $37, respectively. The Debentures will be due in three years or February 13, 2019 and bear simple interest at a rate per annum of 22% of the principal amount outstanding. The Debentures may not be prepaid prior to maturity without the prior consent of the investor. Additionally, the Company’s obligations under the Debentures are secured by a first priority, senior lien over all of the Company’s assets. In accordance with the terms of the nomination and voting agreement entered into in connection with the financing, Dr. Xiaochun Xu, Chairman and CEO of Boyalife Group and Chairman of Boyalife Investment Inc. and Boyalife (Hong Kong Limited), was appointed to the Board of Directors of the Company in March 2016. All outstanding principal and accrued and unpaid interest (as well as all interest that would have accrued after the conversion and up to and including maturity in the event conversion occurs prior to maturity) under the Debentures will be convertible into the Company’s common stock at the Stock Price per share at the option of the investor at maturity or 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’s markets. All outstanding principal and accrued and unpaid interest under the Debentures will also be convertible into shares of the Company’s common stock at the Stock Price per share at the option of the Company at any time prior to maturity, provided that (i) the 20-day simple moving average price of the Company’s common stock on the date of conversion is at least 125% of the Stock Price and (ii) the volume weighted average trading price of the Company’s common stock has been greater than the Stock Price for ten consecutive days. Assuming $12.5 million of Debentures are converted in full at maturity, at $3.40 per share, the Debentures and accrued interest would be convertible into 6,102,941 shares of the Company’s common stock. The Debentures contain standard and customary events of default including, but not limited to, bankruptcy or insolvency of the Company and failure to make payments when due under the Debentures. If there is an event of default, the holder of the Debentures has the right to accelerate the amount owing under the Debentures (including all accrued and unpaid interest, if any). There has been no event of default as of March 31, 2016. The warrants were classified as an equity instrument. Accordingly, the Company valued the warrants using the Black-Scholes option pricing model with the following assumptions: closing stock price on the measurement date of $4.00; warrant term of five years based on contractual term of the warrant; expected volatility based on historical volatility of 91% and discount rate based on the U.S. Treasury zero-coupon issues with equivalent terms of 1.2%. For financial reporting purposes, the net proceeds from the debt of $12,319 was allocated first to the relative fair value of the warrants, amounting to $4,434, then to the intrinsic value of the beneficial conversion feature on the Debentures of $6,824, resulting in an initial carrying value of the Debentures of $1,061. The initial debt discount on the Debentures totaled $11,258 and is being amortized over the three year life of the Debentures. During the three months ended March 31, 2016, the Company amortized $469 of the debt discount, $8 of the debt issue costs and accrued $344 in interest expense. Thirty-Year Debenture Restructuring Transaction 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 1,102,942 shares of the Company’s common stock at an exercise price equal to $13.60 per share for a period of five and one-half years (“Series A warrants”) and Series B warrants to purchase up to 606,618 shares of the Company’s common stock at an exercise price equal to $13.60 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 404,412 Series A warrants vested and 222,427 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 the California Institute for Regenerative Medicine (“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. 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 Thirty-Year Debentures of $438, resulting in an initial carrying value of the Thirty-Year Debentures of $0. The initial debt discount on the Thirty-Year Debentures totaled $4,720 and was amortized over the 30 year life of the convertible debentures. The Company entered into a registration rights agreement pursuant to which the Company agreed to register all of the shares of common stock then issued and issuable upon conversion in full of the Thirty-Year Debentures and all warrant shares issuable upon exercise of the Series A warrants and Series B warrants. The holders were 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. 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 five months of liquidated damages would be due and accrued $1,100 during the nine months ended March 31, 2016. Management made one liquidated damages payment of $220 during the three months ended December 31, 2015. In connection with the Financing Transaction described above, the Company concurrently entered into a Consent, Repayment and Release Agreement, pursuant to which the Company repaid the Thirty-Year Debentures and all related interest and liquidated damages. Upon the Company’s payment of $7.5 million, the Thirty-Year Debentures were deemed repaid in full and cancelled, all liquidated damages due and payable were deemed paid and satisfied in full, the registration rights agreement was terminated and the exercise price of the Series A warrants was changed from $13.60 to $8.00. The Company recomputed the fair value of the Series A warrants before and after the modification using the Binomial option pricing model with the following assumptions: expected volatility of 91%, discount rate of 1.2%, contractual term of 5 years and dividend rate of 0%. The loss on modification of $149 was recorded in the accompanying condensed consolidated statements of operations and comprehensive loss. Pursuant to the terms of the Consent Repayment and Release Agreement, the holders of the Series B warrants made a single, one-time cashless exercise of Series B warrants for 125,000 shares of common stock (see Note 3). The Company recomputed the fair value of the Series B warrants using the Binomial option pricing model with the assumptions listed in Note 3 for February 16, 2016. All remaining Series B warrants valued at $159 were cancelled. This restructuring transaction occurred on February 16, 2016 and the Company recorded a loss on extinguishment of debt of $795 during the three months ended March 31, 2016. The loss on extinguishment was calculated as follows: Payment $ 7,500 Repayment of Thirty-Year debentures (5,500 ) Payment of accrued liquidated damages and interest (897 ) Loss on modification of Series A warrants (149 ) Cancellation of Series B derivative obligation (159 ) Loss on extinguishment of debt $ 795 At the time of the repayment, the remaining debt discount of $4,648 and debt issue costs of $765 were fully amortized. For the three and nine months ended March 31, 2016, the Company amortized $4,668 and $4,720 of debt discount and $768 and $778 of debt issue costs. Beneficial Conversion Feature s 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 or Thirty-Year Debentures are convertible. The Company believes that the investor’s ability to resell the common shares resulting from the conversion option is severely limited. As such, the Company did not consider the beneficial conversion feature to be an embedded derivative.

Note 3 - Derivative Obligations

Note 3 - Derivative Obligations	9 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	3. Derivative Obligations Series A and Series B Warrants Series A warrants and Series B warrants to purchase 404,412 and 222,427 common shares, respectively, were issued and vested during the nine months ended March 31, 2016 (see Note 2). At the time of issuance, the Company determined that as such 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 March 31, 2016 August 31, 2015 February 16, 2016 Market price of common stock $ 13.60 $ 3.88 $ 13.60 $ 4.00 Expected volatility 72 % 92 % 62 % 137 % Contractual term (years) 5.5 4.9 1.5 1 Discount rate 1.54 % 1.2 % 0.57 % 0.5 % Dividend rate 0 % 0 % 0 % 0 % Exercise price $ 13.60 $ 8.00 $ 13.60 $ 13.60 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(loss) of approximately ($454) and $3,152 during the three and nine months ended March 31, 2016, 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. On February 16, 2016, the holders of the Series B warrants exercised 26,528 warrants on a cashless basis and received 125,000 shares of common stock. These warrants had an aggregate exercise date fair value of $25. The Company recomputed the fair value of these warrants using the Binomial option pricing model with the assumptions noted above for February 16, 2016. During the nine months ended March 31, 2016, an additional 25,185 Series B warrants were exercised on a cashless basis and the holders of the warrants received 106,711 shares of common stock. These warrants had an aggregate exercise date fair value of $33. 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 $475 and $1,039 for the three and nine months ended March 31, 2016, based on the difference between the fair market value of the Company’s common stock at the time of exercise and the fair value of the warrants exercised. In conjunction with the Consent, Repayment and Release Agreement, the Series A exercise price was changed from $13.60 to $8.00 and the remaining Series B warrants were cancelled (see Note 2). 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 March 31, 2016: Balance at March 31, 2016 Level 1 Level 2 Level 3 Derivative obligation $ 913 $ - $ - $ 913 The following table reflects the change in fair value of the Company’s derivative liabilities for the nine months ended March 31, 2016: 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 (58 ) Extinguishment of derivative obligation (159 ) Change in fair value of derivative obligation (3,152 ) Balance – March 31, 2016 $ 913

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	9 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	4. 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 March 31, 2016. Warranty The Company offers a warranty on all of its products of one to two years, except disposable products which the Company warrants through their expiration date. The Company periodically assesses the adequacy of recorded warranty liabilities and adjust the amounts as necessary. The warranty liability is included in other current liabilities in the unaudited condensed consolidated balance sheet. The change in the warranty liability for the nine months ended March 31, 2016 is summarized in the following table: Balance at July 1, 2015 $ 627 Warranties issued during the period 72 Settlements made during the period (277 ) Changes in liability for pre-existing warranties during the period 84 Balance at March 31, 2016 $ 506

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	9 Months Ended
	Mar. 31, 2016
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 $247 and $551 for the three and nine months ended March 31, 2016, and $290 and $966 for the three and nine months ended March 31, 2015. The following is a summary of option activity for our stock option plans: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at June 30, 2015 147,609 $ 25.51 Granted 44,075 $ 11.37 Forfeited (75,981 ) $ 26.44 Expired (5,251 ) $ 41.47 Outstanding at March 31, 2016 110,452 $ 18.47 5.8 -- Vested and Expected to Vest at March 31, 2016 96,809 $ 19.21 5.7 -- Exercisable at March 31, 2016 61,443 $ 22.12 5.4 -- 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 nine months ended March 31, 2016 and 2015. The fair value of the Company’s stock options granted for the nine months ended March 31, 2016 was estimated using the following weighted-average assumptions: Expected life (years) 5 Risk-free interest rate 1.5 % Expected volatility 79 % Dividend yield 0 % The weighted average grant date fair value of options granted during the nine months ended March 31, 2016 was $6.81 At March 31, 2016, the total compensation cost related to options granted but not yet recognized was $255 which will be amortized over a weighted-average period of approximately two years. Common Stock Restricted Awards The following is a summary of restricted stock activity during the nine months ended March 31, 2016: Weighted Average Number of Shares Grant Date Fair Value Balance at June 30, 2015 72,589 $ 22.40 Granted -- Vested (3,367 ) $ 30.33 Forfeited (12,902 ) $ 41.26 Outstanding at March 31, 2016 56,320 $ 17.66 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 584 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 nine months ended March 31, 2016 follows: Number of Shares Weighted- Average Exercise Price Per Share Beginning balance 252,620 $ 44.18 Warrants granted 5,238,971 $ 9.83 Warrants canceled (611,156 ) $ 17.21 Warrants exercised (51,712 ) $ 13.60 Outstanding at March 31, 2016 4,828,723 $ 9.37 Exercisable at March 31, 2016 600,782 $ 19.02 At March 31, 2016, the total intrinsic value of warrants outstanding and exercisable was $0. Paid in Capital For the nine months ended March 31, 2016, the changes in the Company’s paid-in-capital was as follows: Balance – June 30, 2015 $ 172,579 Discount due to beneficial conversion features 7,262 Discount due to warrants 4,434 Issuance of common shares and warrants in private placement 2,462 Issuance of common shares for exercise of Series B Warrants 1,092 Stock-based compensation expense, net of stock surrenders 546 Shares issued and adjustments related to reverse split 5 Balance – March 31, 2016 $ 188,380

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Organization and Basis of Presentation Cesca Therapeutics Inc. (the “Company”, “Cesca”) develops and markets integrated cellular therapies and delivery systems that advance the safe and effective practice of regenerative medicine. Cesca is a leader in developing and manufacturing automated blood and bone marrow processing systems that enable the separation, processing and preservation of cell and tissue therapy products.
Stockholders' Equity, Policy [Policy Text Block]	Reverse Stock Split On March 4, 2016, the Company effected a one (1) for twenty (20) reverse split of its issued and outstanding common stock. There were no changes to its authorized number of shares of common stock of 350,000,000. Shareholders approved the reverse stock split at the Company’s annual meeting of shareholders held on March 2, 2016, and the specific ratio was determined at a meeting of the Company’s Board of Directors also held on March 2, 2016. All historical share amounts disclosed herein have been retroactively recast to reflect the reverse split and subsequent share exchange. No fractional shares were issued, fractional shares of common stock were rounded up to the nearest whole share.
Liquidity [Policy Text Block]	Liquidity At March 31, 2016, the Company had cash and cash equivalents of $7,247 and working capital of $9,163. The Company has incurred recurring operating losses and as of March 31, 2016 had an accumulated deficit of $152,568. The Company has primarily financed operations to date through the sale of equity securities and the sale of certain non-core assets. In February 2016, the Company completed a financing transaction (“the Financing Transaction”) for gross proceeds of $15 million. Half, or $7.5 million, of the proceeds were paid to the investors in the August 2015 financing to repay the convertible debentures, liquidated damages and interest. Net proceeds after the repayment and issue costs were $7.3 million. Based upon 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) 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 condensed 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. Certain amounts have been reclassified to conform to the current presentation. Events subsequent to the balance sheet date have been evaluated for inclusion in the accompanying condensed financial statements through the date of issuance. Operating results for the nine month period ended March 31, 2016, 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 filed with the SEC on September 17, 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 provided for distributors. 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 with us, the level of inventories maintained by the distributor, whether we have 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, and 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 therapeutics 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 March 31: 2016 2015 Common stock equivalents of convertible debentures 3,676,471 -- Vested Series A warrants 404,412 -- Unvested Series A warrants 698,529 (1) -- Warrants – other 3,725,782 252,620 Stock options 110,452 119,139 Restricted stock units 56,320 26,750 Total 8,671,966 398,509 (1) The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second close of the August 2015 financing which never occurred. The warrants will remain outstanding but unvested until they expire in February 2021.
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 Accounting Standards Update (“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 February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” 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 In May 2014, the FASB issued ASU No. 2014-09, “ Revenue from Contracts with Customers ”

Note 1 - Basis of Presentatio12

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	2016 2015 Common stock equivalents of convertible debentures 3,676,471 -- Vested Series A warrants 404,412 -- Unvested Series A warrants 698,529 (1) -- Warrants – other 3,725,782 252,620 Stock options 110,452 119,139 Restricted stock units 56,320 26,750 Total 8,671,966 398,509

Note 2 - Convertible Debentur13

Note 2 - Convertible Debentures (Tables)	9 Months Ended
	Mar. 31, 2016
Notes Tables
Convertible Debt [Table Text Block]	Convertible debentures $ 12,500 Unamortized debt discount (10,789 ) Unamortized debt issue costs (176 ) Convertible debentures, net $ 1,535
Schedule of Extinguishment of Debt [Table Text Block]	Payment $ 7,500 Repayment of Thirty-Year debentures (5,500 ) Payment of accrued liquidated damages and interest (897 ) Loss on modification of Series A warrants (149 ) Cancellation of Series B derivative obligation (159 ) Loss on extinguishment of debt $ 795

Note 3 - Derivative Obligatio14

Note 3 - Derivative Obligations (Tables)	9 Months Ended
	Mar. 31, 2016
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	Series A Series B August 31, 2015 March 31, 2016 August 31, 2015 February 16, 2016 Market price of common stock $ 13.60 $ 3.88 $ 13.60 $ 4.00 Expected volatility 72 % 92 % 62 % 137 % Contractual term (years) 5.5 4.9 1.5 1 Discount rate 1.54 % 1.2 % 0.57 % 0.5 % Dividend rate 0 % 0 % 0 % 0 % Exercise price $ 13.60 $ 8.00 $ 13.60 $ 13.60
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Balance at March 31, 2016 Level 1 Level 2 Level 3 Derivative obligation $ 913 $ - $ - $ 913
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 (58 ) Extinguishment of derivative obligation (159 ) Change in fair value of derivative obligation (3,152 ) Balance – March 31, 2016 $ 913

Note 4 - Commitments and Cont15

Note 4 - Commitments and Contingencies (Tables)	9 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Balance at July 1, 2015 $ 627 Warranties issued during the period 72 Settlements made during the period (277 ) Changes in liability for pre-existing warranties during the period 84 Balance at March 31, 2016 $ 506

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2016
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 147,609 $ 25.51 Granted 44,075 $ 11.37 Forfeited (75,981 ) $ 26.44 Expired (5,251 ) $ 41.47 Outstanding at March 31, 2016 110,452 $ 18.47 5.8 -- Vested and Expected to Vest at March 31, 2016 96,809 $ 19.21 5.7 -- Exercisable at March 31, 2016 61,443 $ 22.12 5.4 --
Schedule of Assumptions Used [Table Text Block]	Expected life (years) 5 Risk-free interest rate 1.5 % Expected volatility 79 % 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 72,589 $ 22.40 Granted -- Vested (3,367 ) $ 30.33 Forfeited (12,902 ) $ 41.26 Outstanding at March 31, 2016 56,320 $ 17.66
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Number of Shares Weighted- Average Exercise Price Per Share Beginning balance 252,620 $ 44.18 Warrants granted 5,238,971 $ 9.83 Warrants canceled (611,156 ) $ 17.21 Warrants exercised (51,712 ) $ 13.60 Outstanding at March 31, 2016 4,828,723 $ 9.37 Exercisable at March 31, 2016 600,782 $ 19.02
Schedule of Changes in Additional Paid In Capital [Table Text Block]	Balance – June 30, 2015 $ 172,579 Discount due to beneficial conversion features 7,262 Discount due to warrants 4,434 Issuance of common shares and warrants in private placement 2,462 Issuance of common shares for exercise of Series B Warrants 1,092 Stock-based compensation expense, net of stock surrenders 546 Shares issued and adjustments related to reverse split 5 Balance – March 31, 2016 $ 188,380

Note 1 - Basis of Presentatio17

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	Mar. 04, 2016shares	Feb. 29, 2016USD ($)	Mar. 31, 2016USD ($)shares	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20
Common Stock, Shares Authorized | shares	350,000,000		350,000,000		350,000,000
Cash and Cash Equivalents, at Carrying Value			$ 7,247,000	$ 4,792,000	$ 3,357,000	$ 14,811,000
Working Capital			9,163,000
Retained Earnings (Accumulated Deficit)			(152,568,000)		(137,674,000)
Gross Proceeds from Financing Transaction		$ 15,000,000
Repayments of Convertible Debt		7,500,000	$ 6,444,000
Net Proceeds from Financing Transaction		7,300,000
Maximum Period Of Agreement			21 years
Number of Reportable Segments			1
Debt Issuance Costs, Net		$ 220,000	$ 176,000		$ 0

Note 1 - Calculation fo Basic a

Note 1 - Calculation fo Basic and Diluted Earnings Per Share (Details) - shares	9 Months Ended
	Mar. 31, 2016		Mar. 31, 2015
Convertible Debt Securities [Member]
Anti-dilutive securities (in shares)	3,676,471
Vested Series A warrants [Member]
Anti-dilutive securities (in shares)	404,412
Unvested Series A warrants [Member]
Anti-dilutive securities (in shares)	698,529	[1]
Warrant, Other [Member]
Anti-dilutive securities (in shares)	3,725,782		252,620
Employee Stock Option [Member]
Anti-dilutive securities (in shares)	110,452		119,139
Restricted Stock Units (RSUs) [Member]
Anti-dilutive securities (in shares)	56,320		26,750
Anti-dilutive securities (in shares)	8,671,966		398,509
[1]	The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second close of the August financing which never occurred. The warrants will remain outstanding but unvested until they expire in February 2021.

Note 2 - Convertible Debentur19

Note 2 - Convertible Debentures (Details Textual) - USD ($)	Feb. 29, 2016	Feb. 16, 2016	Aug. 31, 2015	Feb. 29, 2016	Feb. 29, 2016	Aug. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Convertible Debt [Member] | Debt Issuance Cost Allocated to Debt [Member]
Debt Issuance Costs, Net	$ 183,000			$ 183,000	$ 183,000
Convertible Debt [Member] | Debt Issuance Cost Allocated to Equity [Member]
Debt Issuance Costs, Net	37,000			37,000	37,000
Convertible Debt [Member]
Debt Instrument, Face Amount	$ 12,500,000			$ 12,500,000	$ 12,500,000
Debt Conversion, Convertible Shares	3,676,471			3,676,471	3,676,471
Debt Instrument, Term					3 years
Debt Instrument, Interest Rate, Stated Percentage	22.00%			22.00%	22.00%
Debt Instrument, Convertible, Conversion Price	$ 3.40			$ 3.40	$ 3.40
Debt Conversion Convertible Shares, Upon Maturity	6,102,941			6,102,941	6,102,941
Proceeds from Convertible Debt					$ 12,319,000
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 4,434,000			$ 4,434,000	4,434,000
Convertible Debt	1,061,000			1,061,000	1,061,000
Debt Instrument, Unamortized Discount	11,258,000			11,258,000	11,258,000
Amortization of Debt Discount (Premium)							$ 469,000
Amortization of Debt Issuance Costs							8,000
Interest Expense							344,000
Debt Instrument, Debt Default, Amount							0				$ 0
Debentures, Beneficial Conversion Feature [Member]
Debt Instrument, Convertible, Beneficial Conversion Feature					$ 6,824,000
Thirty-Year Debentures [Member] | Series A Warrant [Member]
Residual Fair Value of Warrants			$ 3,385,000
Thirty-Year Debentures [Member] | Series B Warrant [Member]
Residual Fair Value of Warrants			$ 897,000
Class of Warrant or Right, Cancelled During Period,Value							159,000
Thirty-Year Debentures [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			1,102,942			1,102,942
Debt Instrument, Term			30 years
Proceeds from Convertible Debt			$ 4,720,000
Convertible Debt			0			$ 0
Debt Instrument, Unamortized Discount			4,720,000			4,720,000
Amortization of Debt Discount (Premium)		$ 4,648,000					4,668,000				4,720,000
Amortization of Debt Issuance Costs		765,000					768,000				778,000
Potential Proceed from Issuance of Convertible Debt						15,000,000
Gross Proceeds from Convertible Debt						5,500,000	5,500,000
Registration Payment Arrangement, Gains and Losses											$ 1,100,000
Registration Payment								$ 220,000
Repayments of Debt				$ 7,500,000			7,500,000
Gain (Loss) on Extinguishment of Debt							$ (795,000)
Payment After Approval of Authorities [Member]
Potential Proceed from Issuance of Convertible Debt						$ 9,500,000
Thirty-Year Debentures, Beneficial Conversion Feature [Member]
Debt Instrument, Convertible, Beneficial Conversion Feature			$ 438,000
Warrants [Member]
Fair Value Assumptions, Expected Term					5 years
Fair Value Assumptions, Expected Volatility Rate					91.00%
Fair Value Inputs, Discount Rate					1.20%
Series A Warrant [Member] | Other Expense [Member]
Derivative, Gain (Loss) on Derivative, Net	$ (149,000)
Series A Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 8		$ 13.60	$ 8	$ 8	$ 13.60
Warrant Expiration Period						5 years 182 days
Fair Value Assumptions, Expected Term	5 years
Fair Value Assumptions, Expected Volatility Rate	91.00%
Fair Value Inputs, Discount Rate	1.20%
Class of Warrant or Right, Outstanding			404,412			404,412	404,412				404,412
Fair Value Assumptions, Expected Dividend Rate	0.00%
Series B Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			606,618			606,618
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 13.60			$ 13.60
Warrant Expiration Period						1 year 180 days
Fair Value Assumptions, Expected Term										1 year 73 days
Fair Value Assumptions, Expected Volatility Rate										88.00%
Fair Value Inputs, Discount Rate										0.57%
Warrants Not Settleable in Cash, Fair Value Disclosure		$ 25,000						$ 33,000		$ 33,000
Class of Warrant or Right, Outstanding			222,427			222,427	222,427				222,427
Fair Value Assumptions, Expected Dividend Rate										0.00%
Shares Issued for Cashless Exercise of Warrants		125,000						106,711
Class of Warrant or Right, Cancelled During Period,Value		$ 159,000
Gross Proceeds from Financing Transaction					$ 15,000,000
Stock Issued During Period, Shares, New Issues					735,294
Sale of Stock, Price Per Share	$ 3.40			$ 3.40	$ 3.40
Stock Issued During Period, Value, New Issues					$ 2,500
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,529,412			3,529,412	3,529,412
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 8			$ 8	$ 8
Warrant Expiration Period					5 years
Number of Warrants, Percentage of Shares Issued or to Be Issued					80.00%
Debt Issuance Costs, Net	$ 220,000			$ 220,000	$ 220,000		$ 176,000				$ 176,000		$ 0
Period after Benchmark Reached					15 days
Net Cash and Short-Term Investment Benchmark	$ 2,100,000			$ 2,100,000	$ 2,100,000
Duration of Moving Average Price					20 days
Percent of Stock Price					125.00%
Consecutive Days of Weighted Average Trading Price					10 days
Share Price	$ 4			$ 4	$ 4
Fair Value Assumptions, Expected Term											5 years
Fair Value Assumptions, Expected Volatility Rate											79.00%
Proceeds from Convertible Debt											$ 18,000,000
Convertible Debt							1,535,000				1,535,000
Debt Instrument, Unamortized Discount							$ 10,789,000				10,789,000
Amortization of Debt Discount (Premium)											5,189,000
Amortization of Debt Issuance Costs											785,000
Approval for Grant in Amount for Clinical Trial			$ 10,000,000			$ 10,000,000
Registration Payment Arrangement, Gains and Losses											$ (1,100,000)
Fair Value Assumptions, Expected Dividend Rate											0.00%
Derivative, Gain (Loss) on Derivative, Net							$ (454,000)				$ 3,152,000
Gain (Loss) on Extinguishment of Debt							$ (795,000)				$ (795,000)

Note 2 - Convertible Debentur20

Note 2 - Convertible Debentures Components (Details) $ in Thousands	Mar. 31, 2016USD ($)
Convertible debentures	$ 12,500
Unamortized debt discount	(10,789)
Unamortized debt issue costs	(176)
Convertible debentures, net	$ 1,535

Note 2 - Schedule of Extinguish

Note 2 - Schedule of Extinguishment of Debt (Details) - USD ($)	Feb. 16, 2016	Feb. 29, 2016	Aug. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Thirty-Year Debentures [Member] | Series A Warrant [Member]
Loss on modification of Series A warrants				$ (149,000)
Thirty-Year Debentures [Member] | Series B Warrant [Member]
Cancellation of Series B derivative obligation				(159,000)
Thirty-Year Debentures [Member]
Repayments of Debt		$ 7,500,000		7,500,000
Repayment of Thirty-Year debentures			$ (5,500,000)	(5,500,000)
Payment of accrued liquidated damages and interest				(897,000)
Loss on extinguishment of debt				795,000
Series B Warrant [Member]
Cancellation of Series B derivative obligation	$ (159,000)
Loss on modification of Series A warrants				149,000		$ 149,000
Loss on extinguishment of debt				$ 795,000		$ 795,000

Note 3 - Derivative Obligatio22

Note 3 - Derivative Obligations (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Feb. 29, 2016	Feb. 16, 2016	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Aug. 31, 2015
Series A Warrant [Member]
Class of Warrant or Right, Outstanding			404,412				404,412		404,412
Fair Value Assumptions, Expected Volatility Rate	91.00%
Fair Value Inputs, Discount Rate	1.20%
Fair Value Assumptions, Expected Term	5 years
Fair Value Assumptions, Expected Dividend Rate	0.00%
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 8								$ 13.60
Series B Warrant [Member]
Class of Warrant or Right, Outstanding			222,427				222,427		222,427
Warrants Exercised		26,528		25,185
Shares Issued for Cashless Exercise of Warrants		125,000		106,711
Warrants Not Settleable in Cash, Fair Value Disclosure		$ 25		$ 33		$ 33
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			$ (475)				$ (1,039)
Class of Warrant or Right, Exercise Price of Warrants or Rights									$ 13.60
Derivative Liability			4,282				4,282
Derivative, Gain (Loss) on Derivative, Net			(454)				$ 3,152
Fair Value Assumptions, Expected Volatility Rate							79.00%
Fair Value Assumptions, Expected Term							5 years
Fair Value Assumptions, Expected Dividend Rate							0.00%
Gain (Loss) on Cashless Exercise of Warrants			$ (475)				$ (1,039)
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 8

Note 3 - Derivative Obligatio23

Note 3 - Derivative Obligations, Fair Value Assumptions (Details) - $ / shares	Aug. 31, 2015	Feb. 29, 2016	Mar. 31, 2016
Series A Warrant [Member]
Market price of common stock (in dollars per share)	$ 13.60		$ 3.88
Expected volatility	72.00%		92.00%
Contractual term (years)	5 years 182 days		4 years 328 days
Discount rate	1.54%		1.20%
Dividend rate	0.00%		0.00%
Exercise price (in dollars per share)	$ 13.60		$ 8
Series B Warrant [Member]
Market price of common stock (in dollars per share)	$ 13.60	$ 4
Expected volatility	62.00%	137.00%
Contractual term (years)	1 year 182 days	1 year
Discount rate	0.57%	0.50%
Dividend rate	0.00%	0.00%
Exercise price (in dollars per share)	$ 13.60	$ 13.60
Market price of common stock (in dollars per share)		$ 4
Expected volatility			79.00%
Contractual term (years)			5 years
Dividend rate			0.00%

Note 3 - Derivative Obligation

Note 3 - Derivative Obligation Fair Value Hierarchy (Details) - USD ($)	Mar. 31, 2016	Jun. 30, 2015
Fair Value, Inputs, Level 1 [Member]
Derivative obligation
Fair Value, Inputs, Level 2 [Member]
Derivative obligation
Fair Value, Inputs, Level 3 [Member]
Derivative obligation	$ 913,000
Derivative obligation	$ 913,000	$ 0

Note 3 - Change in Fair Value o

Note 3 - Change in Fair Value of Derivative Liabilities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Balance			$ 0
Addition of derivative obligation at fair value on date of issuance			4,282,000
Reclassification of derivative obligation for exercised warrants			(58,000)
Extinguishment of derivative obligation			(159,000)
Change in fair value of derivative obligation	$ 454,000		(3,152,000)
Balance	$ 913,000		$ 913,000

Note 4 - Commitments and Cont26

Note 4 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
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 4 - Changes in Product Lia

Note 4 - Changes in Product Liability Included in Accrued Liabilities (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2016USD ($)
Balance at July 1, 2015	$ 627
Warranties issued during the period	72
Settlements made during the period	(277)
Changes in liability for pre-existing warranties during the period	84
Balance at March 31, 2016	$ 506

Note 5 - Stockholders' Equity28

Note 5 - Stockholders' Equity (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years
Allocated Share-based Compensation Expense	$ 247,000	$ 290,000	$ 551,000	$ 966,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 6.81
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	255,000		$ 255,000
Shares Paid for Tax Withholding for Share Based Compensation			584
Class of Warrant or Right, Outstanding, Intrinsic Value	$ 0		$ 0

Note 5 - Option Activity For St

Note 5 - Option Activity For Stock Option Plans (Details) - Employee Stock Option [Member]	9 Months Ended
	Mar. 31, 2016$ / sharesshares
Outstanding at, (in shares) | shares	147,609
Outstanding at, (in dollars per share) | $ / shares	$ 25.51
Granted (in shares) | shares	44,075
Granted (in dollars per share) | $ / shares	$ 11.37
Forfeited (in shares) | shares	(75,981)
Forfeited (in dollars per share) | $ / shares	$ 26.44
Expired (in shares) | shares	(5,251)
Expired (in dollars per share) | $ / shares	$ 41.47
Outstanding at, (in shares) | shares	110,452
Outstanding at, (in dollars per share) | $ / shares	$ 18.47
Outstanding at,	5 years 292 days
Vested and Expected to Vest at March 31, 2016 (in shares) | shares	96,809
Vested and Expected to Vest at March 31, 2016 (in dollars per share) | $ / shares	$ 19.21
Vested and Expected to Vest at March 31, 2016	5 years 255 days
Exercisable at March 31, 2016 (in shares) | shares	61,443
Exercisable at March 31, 2016 (in dollars per share) | $ / shares	$ 22.12
Exercisable at March 31, 2016	5 years 146 days

Note 5 - Fair Value of Stock Op

Note 5 - Fair Value of Stock Options Granted (Details)	9 Months Ended
	Mar. 31, 2016
Expected life (years)	5 years
Risk-free interest rate	1.50%
Expected volatility	79.00%
Dividend yield	0.00%

Note 5 - Restricted Stock Activ

Note 5 - Restricted Stock Activity Granted to Employees (Details) - Restricted Stock [Member]	9 Months Ended
	Mar. 31, 2016$ / sharesshares
Balance, Number of Shares, (in shares) | shares	72,589
Balance, Weighted Average Grant Date Fair Value, (in dollars per share) | $ / shares	$ 22.40
Vested, Number of Shares (in shares) | shares	(3,367)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 30.33
Forfeited, Number of Shares (in shares) | shares	(12,902)
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 41.26
Outstanding, Number of Shares, (in shares) | shares	56,320
Outstanding, Weighted Average Grant Date Fair Value, (in dollars per share) | $ / shares	$ 17.66

Note 5 - Warrant Activity (Deta

Note 5 - Warrant Activity (Details) - Warrants [Member]	9 Months Ended
	Mar. 31, 2016$ / sharesshares
Beginning balance (in shares) | shares	252,620
Beginning balance (in dollars per share) | $ / shares	$ 44.18
Warrants granted (in shares) | shares	5,238,971
Warrants granted (in dollars per share) | $ / shares	$ 9.83
Warrants canceled (in shares) | shares	(611,156)
Warrants canceled (in dollars per share) | $ / shares	$ 17.21
Warrants exercised (in shares) | shares	(51,712)
Warrants exercised (in dollars per share) | $ / shares	$ 13.60
Ending balance (in shares) | shares	4,828,723
Ending balance (in dollars per share) | $ / shares	$ 9.37
Warrants exercisable at, (in shares) | shares	600,782
Warrants exercisable at, (in dollars per share) | $ / shares	$ 19.02

Note 5 - Changes in Paid in Cap

Note 5 - Changes in Paid in Capital (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2016USD ($)
Private Placement [Member]
Issuance of common shares and warrants in private placement	$ 2,462
Series B Warrant [Member]
Issuance of common shares for exercise of Series B Warrants	1,092
Balance	172,579
Discount due to beneficial conversion features	7,262
Discount due to warrants	4,434
Stock-based compensation expense, net of stock surrenders	546
Shares issued and adjustments related to reverse split	5
Balance	$ 188,380