Palatin (PTN) 10-K 13 Sep 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2018	Sep. 11, 2018	Dec. 31, 2017
Document And Entity Information
Entity Registrant Name	PALATIN TECHNOLOGIES INC
Entity Central Index Key	911,216
Document Type	10-K
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 166,295,449
Entity Common Stock, Shares Outstanding		202,048,804
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 38,000,171	$ 40,200,324
Available-for-sale investments	0	249,837
Accounts receivable	0	15,116,822
Prepaid expenses and other current assets	513,688	1,011,221
Total current assets	38,513,859	56,578,204
Property and equipment, net	164,035	198,153
Other assets	338,916	56,916
Total assets	39,016,810	56,833,273
Current liabilities:
Accounts payable	2,223,693	1,551,367
Accrued expenses	2,103,021	10,521,098
Notes payable, net of discount	5,948,763	7,824,935
Capital lease obligations	0	14,324
Deferred revenue	0	35,050,572
Other current liabilities	487,488	0
Total current liabilities	10,762,965	54,962,296
Notes payable, net of discount	332,898	6,281,660
Deferred revenue	500,000	0
Other non-current liabilities	456,038	753,961
Total liabilities	12,051,901	61,997,917
Commitments and contengencies (Note 13)
Stockholders' deficiency:
Preferred stock of $0.01 par value – authorized 10,000,000 shares: Series A Convertible: issued and outstanding 4,030 shares as of June 30, 2018 and June 30, 2017	40	40
Common stock of $0.01 par value – authorized 300,000,000 shares; issued and outstanding 200,554,205 shares as of June 30, 2018 and 160,515,361 as of June 30, 2017	2,005,542	1,605,153
Additional paid-in capital	357,005,233	349,974,538
Accumulated other comprehensive loss	0	(590)
Accumulated deficit	(332,045,906)	(356,743,785)
Total stockholders' (deficiency) equity	26,964,909	(5,164,644)
Total liabilities and stockholders' equity	$ 39,016,810	$ 56,833,273

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Jun. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, Series A Convertible, shares issued	4,030	4,030
Preferred stock, Series A Convertible, shares outstanding	4,030	4,030
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	200,554,205	160,515,361
Common stock, shares outstanding	200,554,205	160,515,361

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
License and contract	$ 67,134,758	$ 44,723,827	$ 0
OPERATING EXPENSES:
Research and development	32,566,217	45,683,174	43,071,051
General and administrative	8,641,976	9,610,147	6,179,084
Total operating expenses	41,208,193	55,293,321	49,250,135
Income (loss) from operations	25,926,565	(10,569,494)	(49,250,135)
OTHER INCOME (EXPENSE):
Investment income	310,663	26,270	50,226
Interest expense	(1,452,014)	(2,288,309)	(2,513,027)
Total other expense, net	(1,141,351)	(2,262,039)	(2,462,801)
Income (loss) before income taxes	24,785,214	(12,831,533)	(51,712,936)
Income tax expense	(82,500)	(500,000)	0
NET INCOME (LOSS)	$ 24,702,714	$ (13,331,533)	$ (51,712,936)
Basic net income (loss) per common share	$ 0.12	$ (0.07)	$ (0.33)
Diluted net income (loss) income per common share	$ 0.12	$ (0.07)	$ (0.33)
Weighted average number of common shares outstanding used in computing basic net income (loss) per common share	198,101,060	184,087,719	156,553,534
Weighted average number of common shares outstanding used in computing diluted income (loss) income per common share	207,007,558	184,087,719	156,553,534

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Loss - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statement Of Comprehensive Loss
Net loss	$ 24,702,714	$ (13,331,533)	$ (51,712,936)
Other comprehensive loss
Unrealized gain (loss) on available-for-sale investments	590	1,354	(1,944)
Total comprehensive loss	$ 24,703,304	$ (13,330,179)	$ (51,714,880)

Consolidated Statements Shareho

Consolidated Statements Shareholders Equity - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Comprehensive Loss	Accumulated Deficit	Total
Stockholders' equity (deficit) - beginning at Jun. 30, 2015	$ 47	$ 571,284	$ 303,332,460	$ 0	$ (291,699,316)	$ 12,204,475
Preferred stock, shares - beginning at Jun. 30, 2015	4,697					4,697
Common stock, shares - beginning at Jun. 30, 2015		57,128,433				57,128,433
Sale of common stock units, net of costs			19,834,278			$ 19,834,278
Issuance of warrants on debt			305,196			305,196
Warrant exercises		$ 108,909	(108,909)
Warrant exercises, shares		10,890,889
Stock-based compensation		$ 6,622	1,836,743			1,843,365
Stock-based compensation, shares		662,186
Series A Conversion	$ (7)	$ 100	(93)
Series A Conversion, shares	(667)	10,030
Withholding taxes related to restricted stock units		$ (1,235)	(57,166)			(58,401)
Withholding taxes related to restricted stock units, shares		(123,483)
Unrealized gains (loss) on investments				(1,944)		(1,944)
Net income (loss)	$ 0	$ 0	0	0	(51,712,936)	(51,712,936)
Stockholders' equity (deficit) - ending at Jun. 30, 2016	$ 40	$ 685,680	325,142,509	(1,944)	(343,412,252)	$ (17,585,967)
Preferred stock, shares outstanding at Jun. 30, 2016	4,030					4,030
Common stock, shares - ending at Jun. 30, 2016		68,568,055				68,568,055
Sale of common stock units, net of costs		$ 368,661	23,488,312			$ 23,856,973
Sale of common stock units, net of costs, shares		36,866,097
Warrant exercises		$ 545,778	(381,420)			164,358
Warrant exercises, shares		54,577,802
Stock-based compensation		$ 5,794	1,751,465			1,757,259
Stock-based compensation, shares		579,400
Withholding taxes related to restricted stock units		$ (760)	(26,328)			(27,088)
Withholding taxes related to restricted stock units, shares		(75,993)
Unrealized gains (loss) on investments				1,354		1,354
Net income (loss)					(13,331,533)	(13,331,533)
Stockholders' equity (deficit) - ending at Jun. 30, 2017	$ 40	$ 1,605,153	349,974,538	(590)	(356,743,785)	$ (5,164,644)
Preferred stock, shares outstanding at Jun. 30, 2017	4,030					4,030
Common stock, shares - ending at Jun. 30, 2017		160,515,361				160,515,361
Sale of common stock units, net of costs		$ 12,838	1,244,936			$ 1,257,774
Sale of common stock units, net of costs, shares		1,283,754
Warrant exercises		$ 377,786	2,133,243			$ 2,511,029
Warrant exercises, shares		37,778,614				(208,900)
Option exercises		$ 2,089	157,792			$ 159,881
Option exercises, shares		208,900
Stock-based compensation		$ 7,676	3,515,510		(4,835)	3,518,351
Stock-based compensation, shares		767,576
Payment of witholding taxes related to restricted stock units			(20,786)			(20,786)
Unrealized gains (loss) on investments				590		590
Net income (loss)					24,702,714	24,702,714
Stockholders' equity (deficit) - ending at Jun. 30, 2018	$ 40	$ 2,005,542	$ 357,005,233	$ 0	$ (332,327,906)	$ 26,964,909
Preferred stock, shares outstanding at Jun. 30, 2018	4,030					4,030
Common stock, shares - ending at Jun. 30, 2018		200,554,205				200,554,205

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 24,702,714	$ (13,331,533)	$ (51,712,936)
Adjustments to reconcile net income(loss) to net cash provided by (used) in operating activities:
Depreciation and amortization	56,569	33,051	43,052
Non-cash interest expense	175,493	298,790	327,479
Stock-based compensation	3,518,351	1,757,259	1,843,365
Deferred income tax benefit	(500,000)	0	0
Changes in operating assets and liabilities:
Accounts receivable	15,116,822	(15,116,822)	0
Prepaid expenses and other assets	715,533	308,917	503,785
Accounts payable	672,326	837,477	(392,594)
Accrued expenses	(8,393,698)	2,728,985	1,676,209
Deferred revenue	(34,550,572)	35,050,572	0
Other non-current liabilities	189,565	314,831	347,826
Net cash provided by (used in) operating activities	1,703,103	12,881,527	(47,363,814)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale/maturity of investments	250,000	1,124,999	0
Purchases of investments	0	0	(1,387,022)
Purchases of property and equipment	(22,451)	(133,403)	(17,695)
Net cash provided by (used in) investing activities	227,549	991,596	(1,404,717)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on capital lease obligations	(14,324)	(27,424)	(25,872)
Payment of withholding taxes related to restricted stock units	(45,165)	(2,708)	(190,360)
Payment on debt obligations	(8,000,000)	(5,666,666)	0
Proceeds from the exercise of stock options	157,792	0	0
Proceeds from exercise of common stock warrants	2,511,030	164,358	0
Proceeds from the sale of common stock and warrants, net of costs	1,259,862	23,856,973	19,834,278
Proceeds from the issuance of notes payable and warrants	0	0	10,000,000
Payment of debt issuance costs	0	0	(146,115)
Net cash provided by financing activities	(4,130,805)	18,324,533	29,471,931
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(2,200,153)	32,197,656	(19,296,600)
CASH AND CASH EQUIVALENTS, beginning of period	40,200,324	8,002,668	27,299,268
CASH AND CASH EQUIVALENTS, end of period	38,000,171	40,200,324	8,002,668
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	1,084,158	1,676,954	1,836,743
Issuance of warrants in connection with debt financing	$ 0	$ 0	$ 305,196

1. ORGANIZATION

1. ORGANIZATION	12 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
1. ORGANIZATION	Palatin Technologies, Inc. (“Palatin” or the “Company”) is a specialized biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Our product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Our most advanced product candidate is Vyleesi™, the trade name for bremelanotide, a peptide melanocortin receptor 4 (MC4r) agonist, for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder (“HSDD”), which is a type of female sexual dysfunction (“FSD”), defined as low desire with associated distress or interpersonal difficulty. A New Drug Application (“NDA”) has been submitted to the U.S. Food and Drug Administration (“FDA”) by our exclusive North American licensee, AMAG Pharmaceuticals, Inc. (“AMAG”) and accepted for filing by the FDA, with an FDA decision on approval expected in the first quarter of calendar 2019. Vyleesi. Our Phase 3 studies for HSDD in premenopausal women, called the RECONNECT studies, consisted of two double-blind placebo-controlled, randomized parallel group studies comparing the on demand use of 1.75 mg of Vyleesi versus placebo, in each case, delivered via a subcutaneous auto-injector. Each trial consisted of more than 600 patients randomized in a 1:1 ratio to either the treatment arm or placebo with a 24-week evaluation period. In both clinical trials, Vyleesi met the pre-specified co-primary efficacy endpoints of improvement in desire and decrease in distress associated with low sexual desire as measured using validated patient-reported outcome instruments. After completing the studies, patients had the option to continue in an open-label safety extension study for an additional 52 weeks. Nearly 80% of patients who completed the randomized portion of the study elected to remain in the open-label portion of the study. In the Phase 3 clinical trials, the most frequent adverse events were nausea, flushing, and headache, which were generally mild-to-moderate in intensity and were transient. We retain worldwide rights for Vyleesi for HSDD and all other indications outside North America, Korea and China. We are actively seeking potential partners for marketing and commercialization rights for Vyleesi for HSDD outside the licensed territories. However, we may not be able to enter into suitable agreements with potential partners on acceptable terms, if at all. Melanocortin Receptor Systems. · PL-8177, a selective MC1r agonist peptide, is our lead clinical development candidate for inflammatory bowel diseases, with potential applicability for a number of other diseases. We filed an Investigational New Drug (“IND”) application on PL-8177 in late 2017 and have completed subcutaneous dosing of human subjects in a Phase 1 single and multiple ascending dose clinical safety study, with data expected in the fourth quarter of calendar year 2018. We anticipate starting a clinical study with oral dosing of PL-8177 in human subjects in the second half of calendar year 2018, with data expected in the first half of calendar 2019. · PL-8331, a dual MC1r and MC5r peptide agonist, is a preclinical development candidate for treating ocular inflammation. We have initiated IND preclinical enabling activities with PL-8331, and if results are favorable, anticipate filing an IND and initiating clinical trials for treatment of dry eye disease in the second half of calendar year 2019. · We have initiated preclinical programs with MC4r peptides and orally-active small molecules for treatment of rare genetic metabolic and obesity disorders, and if results are favorable, anticipate selecting a lead clinical development candidate and completing IND enabling activities in calendar year 2019. Natriuretic Peptide Receptor Systems. · PL-3994 is an NPR-A agonist we developed which has completed Phase 1 clinical safety studies. It has potential utility in treatment of a number of cardiovascular diseases, including genetic and orphan diseases resulting from a deficiency of endogenous active NPR-A. We have ongoing academic collaborations with several institutions with PL-3994. · PL-5028, a dual NPR-A and NPR-C agonist we developed, is in preclinical development for cardiovascular diseases, including reducing cardiac hypertrophy and fibrosis. We have ongoing academic collaborations with several institutions with PL-5028, and seek to enter into a development partnership by the end of calendar year 2019. Business Risk and Liquidity – As of June 30, 2018, the Company’s cash and cash equivalents, were $38,000,171 and current liabilities were $10,762,965. We intend to utilize existing capital resources for general corporate purposes and working capital, including, preclinical and clinical development of our MC1r and MC4r peptide programs and natriuretic peptide program, and development of other portfolio products. Management believes that the Company’s existing capital resources, together with proceeds received from sales of common stock in the Company’s “at-the-market” program (if any), will be adequate to fund the Company’s planned operations through at least September 30, 2019. The Company will need additional funding to complete required clinical trials for its other product candidates and, assuming those clinical trials are successful, as to which there can be no assurance, to complete submission of required applications to the FDA. If the Company is unable to obtain approval or otherwise advance in the FDA approval process, the Company’s ability to sustain its operations would be materially adversely affected. The Company may seek the additional capital necessary to fund its operations through public or private equity offerings, collaboration agreements, debt financings or licensing arrangements. Additional capital that is required by the Company may not be available on reasonable terms, or at all. Concentrations –

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Principles of Consolidation Use of Estimates Cash and Cash Equivalents Investments The fair value of substantially all securities is determined by quoted market prices. The estimated fair value of securities for which there are no quoted market prices is based on similar types of securities that are traded in the market. Fair Value of Financial Instruments Credit Risk Property and Equipment Impairment of Long-Lived Assets Revenue Recognition Revenue Recognition for Arrangements with Multiple Elements · the delivered item has value to the customer on a stand-alone basis; and · if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in control of the vendor. Under FASB ASC Topic 605-25, if both of the criteria above are not met, then separate accounting for the individual deliverables is not appropriate. The Company has determined that it is appropriate to recognize such revenue using the input-based proportional method during the period of Palatin’s development obligations as defined in the license agreement with AMAG (the “AMAG License Agreement”). Refer to Note 4 for additional information. Under its license agreement with Fosun (the “Fosun License Agreement”) (Note 5), the Company received consideration in the form of an upfront license fee payment and determined that it was appropriate to recognize such consideration as revenue in the first quarter of fiscal 2018, which was the quarter in which the license was granted, since the license has stand-alone value and the upfront payment received by the Company is non-refundable. Under its license agreement with Kwangdong (the “Kwangdong License Agreement”) (Note 6), the Company received consideration in the form of an upfront license fee payment and has currently determined that it is appropriate to record such consideration as non-current deferred revenue because the upfront payment received by the Company is subject to certain refund provisions. Revenue resulting from the achievement of development milestones is recorded in accordance with the accounting guidance for the milestone method of revenue recognition. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the Company’s consolidated balance sheet. Amounts expected to be recognized as revenue in the next 12 months following the balance sheet date are classified as current liabilities. Research and Development Costs Accrued Expenses – Stock-Based Compensation – Income Taxes Pursuant to the Fosun License Agreement (Note 5) and Kwangdong License Agreement (Note 6), $500,000 and $82,500, respectively, was withheld in accordance with tax withholding requirements in China and Korea, respectively, and was recorded as an expense during the year ended June 30, 2018. Any potential credit to be received by the Company on its United States tax returns is currently offset by the Company’s valuation allowance. On December 22, 2017, the U.S. government enacted wide-ranging tax legislation, the Tax Cuts and Jobs Act (the “2017 Tax Act”). The 2017 Tax Act significantly revises U.S. tax law by, among other provisions, (a) lowering the applicable U.S. federal statutory corporate income tax rate from 35% to 21%, (b) eliminating or reducing certain income tax deductions, such as deductions for interest expense, executive compensation expenses and certain employee expenses, and (c) repealing the federal alternative minimum tax (“AMT”) and providing for the refund of existing AMT credits. As a result of the 2017 Tax Act, during the quarter ended December 31, 2017, the Company recorded a tax benefit of $500,000 related to the release of a valuation allowance against an AMT credit (Note 15). In addition, as a result of the enactment of the new corporate income tax rate, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse but continues to maintain a full valuation allowance against its net deferred tax assets. Other provisions enacted include a new provision designed to tax low-taxed income of foreign subsidiaries (i.e., “GILTI”) and a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”) from controlled foreign corporations (“CFC”). The Company does not have any foreign subsidiaries, and thus these provisions do not apply. Net Income (Loss) per Common Share - Earnings per Share The following table is a reconciliation of net income (loss) and the shares used in calculating basic and diluted net income (loss) per common share for the three years ended June 30, 2018, 2017 and 2016: Year Ended June 30, 2018 2017 2016 Net income (loss) $ 24,702,714 $ (13,331,533 ) $ (51,712,936 ) Denominator: Weighted average common shares outstanding - Basic 198,101,060 184,087,719 156,553,534 Effect of dilutive shares: Common stock equivalents arising from stock options, warrants and conversion of preferred stock 6,752,604 - - Restriced stock units 2,153,894 - - Weighted average common shares outstanding - Diluted 207,007,558 184,087,719 156,553,534 Net income (loss) per common share: Basic $ 0.12 $ (0.07 ) $ (0.33 ) Diluted $ 0.12 $ (0.07 ) $ (0.33 ) As of June 30, 2018, 2017 and 2016 common shares issuable upon conversion of Series A Convertible Preferred Stock, the exercise of outstanding options and warrants, excluding outstanding warrants exercisable for nominal consideration, and the vesting of restricted stock units amounted in an aggregate of 5,197,592, 40,597,194 and 32,167,737 shares, respectively, being excluded from the weighted average number of common shares outstanding used in computing diluted net income (loss) per common share because they were anti-dilutive during the period or the minimum performance requirements or market conditions had not been met.

3. NEW AND RECENTLY ADOPTED ACC

3. NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jun. 30, 2018
New And Recently Adopted Accounting Pronouncements
3. New and recently adopted accounting pronouncements	In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2016, the FASB issued ASU No. 2016-09, Compensation – Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU No. 2016-02, Leases, In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities In November 2015, the FASB issued ASU No. 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 Identifying Performance Obligations and Licensing The Company has elected to adopt the new standard using the modified retrospective approach. The Company has completed its review to assess the impact to its consolidated financial statements, including an assessment of the Company’s three key contracts. Based on the review of these contracts, the Company expects the effect of initially applying the new standard to result in a decrease to the opening balance of accumulated deficit of $500,000 as a result of recognition of revenue deferred as of June 30, 2018. The Company is continuing its assessment of the impact over its financial reporting disclosures.

4. AGREEMENT WITH AMAG

4. AGREEMENT WITH AMAG	12 Months Ended
	Jun. 30, 2018
Agreement With Amag
4. AGREEMENT WITH AMAG	On January 8, 2017, the Company entered into the AMAG License Agreement. Under the terms of the AMAG License Agreement, the Company granted to AMAG (i) an exclusive license in all countries of North America (the “Territory”), with the right to grant sub-licenses, to research, develop and commercialize products containing Vyleesi (each a Product, and collectively, Products), (ii) a non-exclusive license in the Territory, with the right to grant sub-licenses, to manufacture Products, and (iii) a non-exclusive license in all countries outside the Territory, with the right to grant sub-licenses, to research, develop and manufacture (but not commercialize) the Products. Following the satisfaction of certain conditions to closing, the license agreement became effective on February 2, 2017. On that date, AMAG paid the Company $60,000,000 as a one-time initial payment. Pursuant to the terms of and subject to the conditions in the AMAG License Agreement, AMAG was required to reimburse the Company up to an aggregate amount of $25,000,000 for reasonable, documented, direct out-of-pocket expenses incurred by the Company following February 2, 2017, in connection with the development and regulatory activities necessary to file an NDA for Vyleesi for HSDD in the United States related to Palatin’s development obligations. The Company has determined there is no stand-alone value for the license, and that the license and the reimbursable direct out-of-pocket expenses, pursuant to the terms of the License Agreement, represent a combined unit of accounting which totals $85,000,000. The Company recognized revenue of the combined unit of accounting over the arrangement using the input-based proportional method as the Company completed its development obligations. For the years ended June 30, 2018 and 2017, the Company recognized $42,134,758 and $44,723,827, respectively, as license and contract revenue which included additional billings for AMAG related Vyleesi costs of $1,151,243 and $707,342 in fiscal 2018 and fiscal 2017, respectively. In addition, pursuant to the terms of and subject to the conditions in the AMAG License Agreement, the Company will be eligible to receive from AMAG (i) up to $80,000,000 in specified regulatory milestone payments upon achievement of certain regulatory milestones, and (ii) up to $300,000,000 in sales milestone payments based on achievement of certain annual net sales for all Products in the Territory. On June 4, 2018 the FDA accepted the Vyleesi NDA for filing. The NDA was filed on March 23, 2018. The FDA’s acceptance triggered a $20,000,000 million milestone payment to Palatin from AMAG. As a result, the Company recognized $20,000,000 in revenue related to regulatory milestones for the year ended June 30, 2018. AMAG is also obligated to pay the Company tiered royalties on annual net sales of Products, on a product-by-product basis, in the Territory ranging from the high single-digits to the low double-digits. The royalties will expire on a product-by-product and country-by-country basis until the latest to occur of (i) the earliest date on which there are no valid claims of the Company’s patent rights covering such Product in such country, (ii) the expiration of the regulatory exclusivity period for such Product in such country and (iii) ten years following the first commercial sale of such Product in such country. Such royalties are subject to reductions in the event that: (a) AMAG must license additional third-party intellectual property in order to develop, manufacture or commercialize a Product, or (b) generic competition occurs with respect to a Product in a given country, subject to an aggregate cap on such deductions of royalties otherwise payable to the Company. After the expiration of the applicable royalties for any Product in a given country, the license for such Product in such country will become a fully paid-up, royalty-free, perpetual and irrevocable license. The Company engaged Greenhill & Co. LLC (“Greenhill”) as the Company’s sole financial advisor in connection with a potential transaction with respect to Vyleesi. Under the engagement agreement with Greenhill, the Company was obligated to pay Greenhill a fee equal to 2% of all proceeds and consideration paid to the Company by AMAG in connection with the AMAG License Agreement, subject to a minimum fee of $2,500,000. The minimum fee of $2,500,000, less a credit of $50,000 for an advisory fee previously paid by the Company, was paid to Greenhill upon the closing of the licensing transaction. This amount will be credited toward amounts that become due to Greenhill in the future, provided that the aggregate fee payable to Greenhill will not be less than 2% of all proceeds and consideration paid to the Company by AMAG in connection with the AMAG License Agreement. The Company will pay Greenhill an aggregate total of 2% of all proceeds and consideration paid to the Company by AMAG in connection with the License Agreement, including future milestone and royalty payments, after crediting the $2,500,000 that was paid to Greenhill upon entering into the AMAG License Agreement. The Company also reimbursed Greenhill $7,263 for certain expenses incurred in connection with its advisory services. Pursuant to the License Agreement, the Company has assigned to AMAG the Company’s manufacturing and supply agreements with Catalent Belgium S.A. to perform fill, finish and packaging of Vyleesi.

5. AGREEMENT WITH FOSUN

5. AGREEMENT WITH FOSUN	12 Months Ended
	Jun. 30, 2018
Agreement With Fosun
5. AGREEMENT WITH FOSUN	On September 6, 2017, the Company entered into the Fosun License Agreement for exclusive rights to commercialize Vyleesi in China. Under the terms of the agreement, the Company received $4,500,000 in October 2017, which consisted of an upfront payment of $5,000,000 less $500,000 that was withheld in accordance with tax withholding requirements in China and recorded as an expense during the year ended June 30, 2018. The Company will receive a $7,500,000 milestone payment when regulatory approval in China is obtained, provided that a commercial supply agreement for Vyleesi has been entered into. Palatin has the potential to receive up to $92,500,000 in additional sales related milestone payments and high single-digit to low double-digit royalties on net sales in the licensed territory. All development, regulatory, sales, marketing, and commercial activities and associated costs in the licensed territory will be the sole responsibility of Fosun.

6. AGREEMENT WITH KWANGDONG

6. AGREEMENT WITH KWANGDONG	12 Months Ended
	Jun. 30, 2018
Agreement With Kwangdong
6. AGREEMENT WITH KWANGDONG	On September 6, 2017, the Company entered into the Fosun License Agreement for exclusive rights to commercialize Vyleesi in China. Under the terms of the agreement, the Company received $4,500,000 in October 2017, which consisted of an upfront payment of $5,000,000 less $500,000 that was withheld in accordance with tax withholding requirements in China and recorded as an expense during the year ended June 30, 2018. The Company will receive a $7,500,000 milestone payment when regulatory approval in China is obtained, provided that a commercial supply agreement for Vyleesi has been entered into. Palatin has the potential to receive up to $92,500,000 in additional sales related milestone payments and high single-digit to low double-digit royalties on net sales in the licensed territory. All development, regulatory, sales, marketing, and commercial activities and associated costs in the licensed territory will be the sole responsibility of Fosun.

7. PREPAID EXPENSES AND OTHER C

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Jun. 30, 2018
Prepaid Expense and Other Assets, Current [Abstract]
7. PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses June 30, June 30, 2018 2017 Clinical study costs $ 145,994 $ 657,069 Insurance premiums 42,605 182,966 Other 325,089 171,186 $ 513,688 $ 1,011,221

8. INVESTMENTS

8. INVESTMENTS	12 Months Ended
	Jun. 30, 2018
Investments [Abstract]
8. INVESTMENTS	The following summarizes the carrying value of our available-for-sale investments, which consist of corporate debt securities: June 30, June 30, 2018 2017 Cost $ - $ 1,387,022 Matured investments - (1,124,999 ) Amortization of premium - (11,596 ) Gross unrealized loss - (590 ) Fair value $ - $ 249,837

9. FAIR VALUE MEASUREMENTS

9. FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
9. FAIR VALUE MEASUREMENTS	The fair value of cash equivalents is classified using a hierarchy prioritized based on inputs. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the assets carried at fair value: Carrying Value Quoted prices in active markets (Level 1) Other quoted/observable inputs (Level 2) Significant unobservable inputs (Level 3) June 30, 2018: Money Market Account $ 37,808,099 $ 37,808,099 $ - $ - June 30, 2017: Money Market Account $ 40,019,336 $ 40,019,336 $ - $ -

10. PROPERTY AND EQUIPMENT, NET

10. PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
10. PROPERTY AND EQUIPMENT, NET	Property and equipment, net, consists of the following: June 30, June 30, 2018 2017 Office equipment $ 1,193,162 $ 1,180,210 Laboratory equipment 558,205 548,706 Leasehold improvements 751,226 751,226 2,502,593 2,480,142 Less: Accumulated depreciation and amortization (2,338,558 ) (2,281,989 ) $ 164,035 $ 198,153 The aggregate cost of assets acquired under capital leases was $146,115 as of both June 30, 2018 and 2017. Accumulated amortization associated with assets acquired under capital leases was $122,115 and $106,115 as of June 30, 2018 and 2017, respectively.

11. ACCRUED EXPENSES

11. ACCRUED EXPENSES	12 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
10. ACCRUED EXPENSES	Accrued expenses June 30, June 30, 2018 2017 Clinical study costs $ 983,410 $ 9,138,827 Other research related expenses 590,236 217,307 Professional services 297,731 434,768 Other 231,644 730,196 $ 2,103,021 $ 10,521,098

12. NOTES PAYABLE

12. NOTES PAYABLE	12 Months Ended
	Jun. 30, 2018
Notes Payable [Abstract]
12. NOTES PAYABLE	Notes payable consist of the following: June 30, June 30, 2018 2017 Notes payable under venture loan $ 6,333,334 $ 14,333,334 Unamortized related debt discount (33,535 ) (143,524 ) Unamortized debt issuance costs (18,138 ) (83,215 ) Notes payable 6,281,661 14,106,595 Less: current portion 5,948,763 7,824,935 Long-term portion $ 332,898 $ 6,281,660 On December 23, 2014, the Company closed on a $10,000,000 venture loan which was led by Horizon Technology Finance Corporation (“Horizon”). The debt facility is a four-year senior secured term loan that bears interest at a floating coupon rate of one-month LIBOR (floor of 0.50%) plus 8.50%, and provides for interest-only payments for the first eighteen months followed by monthly payments of principal of $333,333 plus accrued interest through January 1, 2019. The lenders also received five-year immediately exercisable Series D 2014 warrants to purchase 666,666 shares of common stock exercisable at an exercise price of $0.75 per share. The Company recorded a debt discount of $267,820 equal to the fair value of these warrants at issuance, which is being amortized to interest expense over the term of the related debt. This debt discount is offset against the note payable balance and included in additional paid-in capital on the Company’s balance sheet at June 30, 2018 and June 30, 2017. In addition, a final incremental payment of $500,000 is due on January 1, 2019, or upon early repayment of the loan. This final incremental payment is being accreted to interest expense over the term of the related debt and is included in other current liabilities on the consolidated balance sheet as of June 30, 2018. The Company incurred $209,367 of costs in connection with the loan. These costs were capitalized as deferred financing costs and are offset against the note payable balance. These debt issuance costs are being amortized to interest expense over the term of the related debt. On July 2, 2015, the Company closed on a $10,000,000 venture loan led by Horizon. The debt facility is a four-year senior secured term loan that bears interest at a floating coupon rate of one-month LIBOR (floor of 0.50%) plus 8.50% and provides for interest-only payments for the first eighteen months followed by monthly payments of principal of $333,333 plus accrued interest through August 1, 2019. The lenders also received five-year immediately exercisable Series G warrants to purchase 549,450 shares of the Company’s common stock exercisable at an exercise price of $0.91 per share. The Company has recorded a debt discount of $305,196 equal to the fair value of these warrants at issuance, which is being amortized to interest expense over the term of the related debt. This debt discount is offset against the note payable balance and is included in additional paid-in capital on the Company’s balance sheet at June 30, 2018 and June 30, 2017. In addition, a final incremental payment of $500,000 is due on August 1, 2019, or upon early repayment of the loan. This final incremental payment is being accreted to interest expense over the term of the related debt and is included in other non-current liabilities on the consolidated balance sheet as of June 30, 2018. The Company incurred $146,115 of costs in connection with the loan agreement. These costs were capitalized as deferred financing costs and are offset against the note payable balance. These debt issuance costs are being amortized to interest expense over the term of the related debt. The Company’s obligations under the 2015 amended and restated loan agreement, which includes both the 2014 venture loan and the 2015 venture loan, are secured by a first priority security interest in substantially all of its assets other than its intellectual property. The Company also has agreed to specified limitations on pledging or otherwise encumbering its intellectual property assets. The 2015 amended and restated loan agreement includes customary affirmative and restrictive covenants, but does not include any covenants to attain or maintain specified financial metrics. The loan agreement includes customary events of default, including payment defaults, breaches of covenants, change of control and a material adverse change default. Upon the occurrence of an event of default and following any applicable cure periods, a default interest rate of an additional 5% may be applied to the outstanding loan balances, and the lenders may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the loan agreement. As of June 30, 2018, the Company was in compliance with all of its loan covenants. Scheduled future principal payments related to notes payable as of June 30, 2018 are as follows: Year Ending June 30, 2019 $ 6,000,000 2020 333,334 6,333,334 Less: Unamortized debt discount and issuance costs (51,673 ) Net $ 6,281,661

13. COMMITMENTS AND CONTINGENCI

13. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
13. COMMITMENTS AND CONTINGENCIES	Operating Leases For the years ended June 30, 2018, 2017 and 2016, rent expense was $292,411, $261,580 and $256,642 respectively. Employment Agreements Employee Retirement Savings Plan Contingencies Loss Contingencies The Company is involved, from time to time, in various claims and legal proceedings arising in the ordinary course of its business. The Company is not currently a party to any such claims or proceedings that, if decided adversely to it, would either individually or in the aggregate have a material adverse effect on its business, financial condition or results of operations.

14. STOCKHOLDERS_ EQUITY (DEFIC

14. STOCKHOLDERS’ EQUITY (DEFICIENCY)	12 Months Ended
	Jun. 30, 2018
Equity [Abstract]
14. STOCKHOLDERS’ EQUITY (DEFICIENCY)	Series A Convertible Preferred Stock Financing Transactions – On December 6, 2016, the Company closed on an underwritten public offering of units, with each unit consisting of a share of common stock and a Series J warrant to purchase 0.50 of a share of common stock. Gross proceeds of the offering were $16,500,000, with net proceeds to the Company, after deducting underwriting discounts and commissions and offering expenses, of $15,386,076. The Company issued 25,384,616 shares of common stock and Series J warrants to purchase 12,692,310 shares of common stock at an initial exercise price of $0.80 per share, which warrants are exercisable immediately upon issuance and expire on the fifth anniversary of the date of issuance. The Series J warrants are subject to a limitation on their exercise if the holder and its affiliates would beneficially own more than 9.99%, or 4.99% for certain holders, of the total number of the Company’s shares of common stock following such exercise. On August 4, 2016, the Company closed on an underwritten offering of units, with each unit consisting of a share of common stock and a Series H warrant to purchase 0.75 of a share of common stock. Investors whose purchase of units in the offering would result in them beneficially owning more than 9.99% of the Company’s outstanding common stock following the completion of the offering had the opportunity to acquire units with Series I prefunded warrants substituted for any common stock they would have otherwise acquired. Gross proceeds of the offering were $9,225,000, with net proceeds to the Company, after deducting offering expenses, of $8,470,897. The Company issued 11,481,481 shares of common stock and ten-year prefunded Series I warrants to purchase 2,218,045 shares of common stock at an exercise price of $0.01, together with Series H warrants to purchase 10,274,646 shares of common stock at an exercise price of $0.70 per share. The Series I warrants were exercisable immediately upon issuance and were exercised during the year ended June 30, 2017. The Series H warrants are exercisable at an initial exercise price of $0.70 per share, are exercisable commencing six months following the date of issuance and expire on the fifth anniversary of the date of issuance. The Series H warrants are subject to a limitation on their exercise if the holder and its affiliates would beneficially own more than 9.99% of the total number of the Company’s shares of common stock following such exercise. On July 2, 2015, the Company closed on a private placement of Series E warrants to purchase 21,917,808 shares of common stock and Series F warrants to purchase 2,191,781 shares of common stock. Certain funds managed by QVT Financial LP (“QVT”) invested $5,000,000 and another accredited investment fund invested $15,000,000. The funds paid $0.90 for each Series E warrant and $0.125 for each Series F warrant, resulting in gross proceeds to the Company of $20,000,000, with net proceeds, after deducting estimated offering expenses, of approximately $19,834,278. The Series E warrants, which would be exercised on a cashless basis, were exercisable immediately upon issuance at an initial exercise price of $0.01 per share, and the exercise of all Series E warrants was completed during the year ended June 30, 2018. The Series F warrants are exercisable at an initial exercise price of $0.91 per share, exercisable immediately upon issuance and expire on the fifth anniversary of the date of issuance. The Series F warrants are subject to a limitation on their exercise if the holder and its affiliates would beneficially own more than 9.99% of the total number of the Company’s shares of common stock following such exercise. Outstanding Stock Purchase Warrants Shares of Common Exercise Price per Latest Termination Stock Share Date 666,666 0.75 December 23, 2019 2,191,781 0.91 July 2, 2020 549,450 0.91 July 2, 2020 10,274,646 0.70 August 4, 2021 25,000 0.70 August 4, 2021 9,696,503 0.80 December 6, 2021 23,404,046 During the year ended June 30, 2018, the Company received $2,396,646 and $114,383, respectively, and issued 2,995,807 shares of common stock pursuant to the exercise of warrants at an exercise price of $0.80 per share and issued 11,438,356 shares of common stock pursuant to the exercise of warrants at an exercise price of $0.01 per share. The Company also issued 23,344,451 shares of common stock pursuant to the cashless exercise provisions of warrants at an exercise price of $0.01 per share. As of June 30, 2018, there were no warrants outstanding at an exercise price of $0.01 per share. During the year ended June 30, 2017, the Company issued 38,141,991 shares of common stock pursuant to the cashless exercise provisions of warrants at an exercise price of $0.01 per share, and during the year ended June 30, 2017, the Company received $164,358 and issued 16,435,811 shares of common stock pursuant to the exercise of warrants at an exercise price of $0.01 per share. During the year ended June 30, 2016, the Company issued 10,890,889 shares of common stock pursuant to the cashless exercise provisions of warrants at an exercise price of $0.01. On October 31, 2016, in connection with a contract for financial advisory services, the Company issued to each of PSL Business Development Consulting and SARL Avisius, or their permitted designees, as partial consideration for services, a warrant to purchase up to 12,500 shares of the Company’s common stock at an exercise price of $0.70 per share. The warrants are exercisable at any time, and expire on August 4, 2021. The Company recorded stock-based compensation related to these stock warrants of $6,885 for the year ended June 30, 2017. Stock Plan – The Company has outstanding options that were granted under the 2005 Stock Plan. The Company expects to settle option exercises under any of its plans with authorized but currently unissued shares. The following table summarizes option activity and related information for the years ended June 30, 2018, 2017 and 2016: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - July 1, 2015 5,130,230 1.46 7.3 Granted 355,000 0.54 Forfeited (170,550 ) 0.80 Expired (52,940 ) 22.53 Outstanding - June 30, 2016 5,261,740 1.21 6.2 Granted 4,119,000 0.46 Forfeited (410,388 ) 1.12 Expired (43,220 ) 22.59 Outstanding - June 30, 2017 8,927,132 0.76 7.5 Granted 4,182,550 0.90 Forfeited (39,500 ) 1.70 Exercised (208,900 ) 0.77 Expired (85,820 ) 6.95 Outstanding - June 30, 2018 12,775,462 $ 0.76 7.7 $ 3,115,515 Exercisable at June 30, 2018 6,163,850 $ 0.79 6.0 $ 1,460,394 Expected to vest at June 30, 2018 6,611,612 $ 0.54 9.2 $ 1,651,121 For the years ended June 30, 2018, 2017 and 2016, the fair value of option grants was estimated at the grant date using the Black-Scholes model or a multi-factor Monte Carlo simulation. The Company’s weighted average assumptions for the years ended June 30, 2018, 2017 and 2016 were as follows: 2018 2017 2016 Risk-free interest rate 1.8 % 1.7 % 1.4 % Volatility factor 52.6 % 75.0 % 73.5 % Dividend yield 0 % 0 % 0 % Expected option life (years) 6.0 6.2 5.7 Weighted average grant date fair value $ 0.58 $ 0.27 $ 0.35 Expected volatilities are based on the Company’s historical volatility. The expected term of options is based upon the simplified method, which represents the average of the vesting term and the contractual term. The risk-free interest rate is based on U.S. Treasury yields for securities with terms approximating the expected term of the option. For the years ended June 30, 2018, 2017 and 2016 the Company recorded stock-based compensation related to stock options of $1,131,895, $547,953, and $545,641, respectively. As of June 30, 2018, there was $2,706,207 of unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted-average period of 2.9 years. In June 2018, the Company granted 987,000 options to its executive officers, 262,550 options to its employees and 224,000 options to its non-employee directors under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of these options of $659,159, $175,342 and $139,666, respectively, over the vesting period. In December 2017, the Company granted 1,200,000 options to its executive officers and 225,000 options to its non-employee directors under the Company’s 2011 Stock Incentive Plan. The fair value of these options was $691,171 and $126,130, respectively. The Company is amortizing the fair value of these options over a 48-month vesting period for its executive officers and over a 36-month vesting period for its non-employee directors. Also, in December 2017, the Company granted 1,075,000 and 125,000 performance-based options to its executive officers and employees, respectively, which vest during a performance period ending on December 31, 2020, if and upon either i) as to 100% of the target number of shares upon achievement of a closing price for the Company’s common stock equal to or greater than $1.50 per share for 20 consecutive trading days, which is considered a market condition; or ii) as to thirty percent (30%) of the target number of shares, upon the acceptance for filing by the FDA of an NDA for Vyleesi for HSDD in premenopausal women during the performance period, which is considered a performance condition; iii) as to fifty percent (50%) of the target number of shares, upon the approval by the FDA of an NDA for Vyleesi for HSDD in premenopausal women during the performance period, which is also considered a performance condition; iv) as to twenty percent (20%) of the target number of shares, upon entry into a licensing agreement during the performance period for the commercialization of Vyleesi for FSD in selected countries, which is also considered a performance condition. The fair value of these options was $602,760. The Company is amortizing the fair value over the derived service period of 1.1 years or upon the attainment of the performance condition. Pursuant to the FDA acceptance of the NDA filing of Vyleesi, 30% of the target number of options vested in June 2018. In September 2017, the Company granted 54,000 options to a newly appointed non-employee director under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of these options of $18,176 over a 48-month vesting period. During the year ended June 30, 2018, the Company also granted 30,000 options to three new hires under the Company’s 2011 Stock Incentive Plan. The fair value of these options was $14,505. The Company is amortizing the fair value of these options over a 48-month vesting period. In June 2017, the Company granted 1,797,000 options to its executive officers, 780,000 options to its employees and 378,000 options to its non-employee directors under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of these options of $445,533, $194,689 and $89,220, respectively, over the vesting period. In September 2016, the Company granted 828,000 options to its executive officers and 336,000 options to its employees under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of the options vesting over a 48-month period, consisting of 595,000 options granted to its executive officers and all options granted to its employees, of $188,245 and $106,303, respectively, over the vesting period. The remaining 233,000 options granted to its executive officers vested 12 months from the date of grant, and the Company amortized the fair value of these options of $67,160 over this vesting period. In June 2016, the Company granted 262,500 options to its non-employee directors under the Company’s 2011 Stock Incentive Plan. The Company amortized the fair value of these options of $81,435 over the vesting period and they were fully vested as of June 30, 2017. During the year-ended June 30, 2016, the Company granted an aggregate 92,500 options to certain employees under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of these options of $41,470 over the vesting period. Unless otherwise stated, stock options granted to the Company’s executive officers and employees vest over a 48-month period, while stock options granted to its non-employee directors vest over a 12-month period. 2018 2017 2016 Outstanding at beginning of year 5,209,617 2,665,768 1,028,017 Granted 4,914,550 3,192,000 2,302,500 Forfeited (5,250 ) (68,751 ) (2,563 ) Vested (795,041 ) (579,400 ) (662,186 ) Outstanding at end of year 9,323,876 5,209,617 2,665,768 For the years ended June 30, 2018, 2017 and 2016 the Company recorded stock-based compensation related to restricted stock units of $2,386,456, $1,202,421, and $1,297,724, respectively. In June 2018, the Company granted 659,000 restricted stock units to its executive officers, 262,550 restricted stock units to its employees and 224,000 restricted stock units to its non-employee directors under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of these restricted stock units of $659,000, $262,550, and $224,000, respectively, over the vesting period. In December 2017, the Company granted 1,200,000 restricted stock units to its executive officers, 225,000 restricted stock units to its non-employee directors and 545,000 restricted stock units to its employees under the Company’s 2011 Stock Incentive Plan. The fair value of these restricted stock units was $1,020,000, $191,250 and $463,250, respectively. For executive officers and employees, the restricted stock units vest 25% on the first, second, third and fourth anniversary dates from the date of grant. For non-employee directors, the restricted stock units vest 33 1/3% on the first, second and third anniversary dates from the date of grant. Also, in December 2017, the Company granted 1,075,000 performance-based restricted stock units to its executive officers and 670,000 performance-based restricted stock units to other employees which vest during a performance period, ending on December 31, 2020, if and upon either i) as to 100% of the target number of shares upon achievement of a closing price for the Company’s common stock equal to or greater than $1.50 per share for 20 consecutive trading days, which is considered a market condition; or ii) as to thirty percent (30%) of the target number of shares, upon the acceptance for filing by the FDA of an NDA for Vyleesi for HSDD in premenopausal women during the performance period, which is considered a performance condition; iii) as to fifty percent (50%) of the target number of shares, upon the approval by the FDA of an NDA for Vyleesi for HSDD in premenopausal women during the performance period, which is also considered a performance condition; iv) as to twenty percent (20%) of the target number of shares, upon entry into a licensing agreement during the performance period for the commercialization of Vyleesi for FSD in at least two of the following geographic areas (a) four or more countries in Europe, (b) Japan, (c) two or more countries in Central and/or South America, (d) two or more countries in Asia, excluding Japan and China, and (e) Australia, which is also considered a performance condition. The fair value of these awards was $913,750 and $569,500, respectively. The Company is amortizing the fair value over the derived service period of 1.1 years or upon the attainment of the performance condition. Pursuant to the FDA acceptance of the NDA filing for Vyleesi, 30% of the target number of shares vested in June 2018. In September 2017, the Company granted 54,000 restricted stock units to a newly appointed non-employee director under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of these restricted stock units of $27,000 over a 48-month vesting period. In June 2017, the Company granted 1,140,000 restricted stock units to its executive officers, 780,000 restricted stock units to its employees and 378,000 restricted stock units to its non-employee directors under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of these restricted stock units of $421,800, $288,600, and $139,860, respectively, over the vesting period. In September 2016, the Company granted 558,000 restricted stock units to its executive officers, 415,000 of which vest over 24 months and 143,000 of which vested at 12 months, and 336,000 restricted stock units to its employees under the Company’s 2011 Stock Incentive Plan. The Company is amortizing the fair value of the restricted stock units of $284,580, and $171,360, respectively, over the vesting periods. In June 2016, the Company granted 262,500 restricted stock units to its non-employee directors under the Company’s 2011 Stock Incentive Plan. The Company amortized the fair value of these options of $131,250, over the vesting period. In December 2015, the Company granted 625,000 performance-based restricted stock units to its executive officers and 200,000 performance-based restricted stock units to its employees under the Company’s 2011 Stock Incentive Plan, which vested during the performance period, ended December 31, 2017, upon the earlier of: i) achievement of a closing price for the Company’s common stock equal to or greater than $1.20 per share for 20 consecutive trading days, which was considered a market condition, or ii) entering into a collaboration agreement (U.S. or global) of Vyleesi for FSD, which was considered a performance condition. This performance condition was deemed met as of February 2, 2017, the effective date of the License Agreement on Vyleesi with AMAG. Prior to meeting the performance condition, the Company determined that it was not probable of achievement on the date of grant since meeting the condition was outside the control of the Company. The fair value of these awards, as calculated under a multifactor Monte Carlo simulation, was $338,250 and was recognized over the derived service period which was through December 2016. Upon the achievement of the performance condition, which occurred in the three-month period ended March 31, 2017 the grant date fair value was utilized and an incremental $222,075 was recognized as stock-based compensation expense during the three months ended March 31, 2017. Also, in December 2015, the Company granted 625,000 restricted stock units to its executive officers, 340,000 restricted stock units to its non-employee directors and 200,000 restricted stock units to its employees under the Company’s 2011 Stock Incentive Plan. For executive officers and employees, the restricted stock units vest 25% on the date of grant and 25% on the first, second and third anniversary dates from the date of grant. For non-employee directors, the restricted stock units vested 50% on the first and second anniversary dates from the date of grant. The Company is amortizing the fair value of these restricted stock units of $425,000, $231,200 and $136,000, respectively, over the vesting period. Unless otherwise stated, time-based restricted stock units granted to the Company’s executive officers, employees and non-employee directors vest over 24 months, 48 months and 12 months, respectively. In connection with the vesting of restricted share units during the years ended June 30, 2018, 2017 and 2016, the Company withheld 27,465, 75,993 and 123,483 shares with aggregate values of $20,786, $27,088 and $58,401 respectively, in satisfaction of minimum tax withholding obligations.

15. INCOME TAXES

15. INCOME TAXES	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
15. INCOME TAXES	For fiscal 2018, the Company recorded income tax expense of $82,500, which consisted of $500,000 that was withheld in accordance with tax withholding requirements in China related to our Fosun License Agreement (Note 5) and $82,500, which was withheld in accordance with tax withholding requirements in Korea related to our Kwangdong License Agreement (Note 6). The total income tax expense of $582,500 was offset by an income tax benefit of $500,000, which resulted from the 2017 Tax Act, under which AMT credits became refundable, and therefore a $500,000 benefit related to the release of a valuation allowance against an AMT credit was recorded during the quarter ended December 2017. The Company’s June 30, 2017 tax return was filed during the quarter ended March 31, 2018 and the Company did not incur an AMT liability. As a result, as of June 30, 2018, the Company has a current income tax receivable of $218,000 and a long-term income tax receivable of $282,000 from estimated fiscal 2018 AMT that can be refunded in the future. For fiscal 2017, the Company incurred $500,000 of estimated federal AMT expense based on estimated federal alternative minimum taxable income attributable to the $60,000,000 initial payment from AMAG. For fiscal 2016 the Company had no income tax expense because of operating losses or a tax benefit from the sale of New Jersey state net operating loss carryforwards on account that it reached the state limits on the sale of New Jersey state net operating loss carryforwards and tax credits. Deferred tax assets and liabilities are determined based on the estimated future tax effect of differences between the financial statement and tax reporting basis of assets and liabilities, as well as for, net operating loss carryforwards and research and development credit carryforwards, given the provisions of existing tax laws. As a result of the enactment of the new corporate income tax rate, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse, but continues to maintain a full valuation allowance against its deferred tax assets. As of June 30, 2018, the Company had state net operating loss carryforwards of approximately $118,309,000, which will expire, if not utilized, between 2030 and 2037, federal net operating loss carryforwards of approximately $100,439,000, federal research and development credits of approximately $5,649,000, which expire, if not utilized, between 2020 and 2038, and foreign tax credits of $582,500, which expire, if not utilized, in 2028. The Tax Reform Act of 1986 (the “Act”) provides for limitation on the use of these net operating loss and research and development tax credit carryforwards following certain ownership changes (as defined by the Act) that could limit the Company’s ability to utilize these carryforwards. Since its inception, the Company has completed several financings and sales of common stock which has resulted in multiple ownership changes defined by Section 382 of the Act. Accordingly, the Company’s ability to utilize the aforementioned carryforwards are subject to limitation under Section 382. The Company does have adequate levels of available net operating loss carryforwards that are not subject to limitation under Section 382 to offset taxable income during the tax year ended June 30, 2018. If the Company undergoes a future ownership change or as it completes its Section 382 limitation assessment, any unutilized carryforwards that were not previously subject to a Section 382 limitation may become subject to limitation which may result in a significant limitation and loss of net operating loss carryforwards. Additionally, U.S. tax laws limit the time during which these carryforwards may be applied against future taxes; therefore, the Company may not be able to take full advantage of these carryforwards for federal income tax purposes. Accordingly, a portion of the carryforwards may expire unutilized. The Company’s net deferred tax assets are as follows: June 30, June 30, 2018 2017 Net operating loss carryforwards $ 29,504,000 $ 103,845,000 Research and development and AMT tax credits 5,649,000 12,360,000 Basis difference in deferred revenue 583,000 - Basis differences in fixed assets and other 1,734,000 1,510,000 Basis difference in foreign tax credits - 14,318,000 37,470,000 132,033,000 Valuation allowance (37,470,000 ) (132,033,000 ) Net deferred tax assets $ - $ - In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the application of loss limitation provisions related to ownership changes. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. The Company also considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period from July 1, 2015 through June 30, 2018. On the basis of these considerations, the Company continued to recognize a full valuation allowance against its net deferred tax assets as of June 30, 2018 and 2017. The Company recognizes interest expense and penalties on uncertain income tax positions as a component of interest expense. No interest expense or penalties were recorded for uncertain income tax matters in fiscal 2018, 2017 or 2016. As of June 30, 2018 and 2017, the Company had no liabilities for uncertain income tax matters.

16. CONSOLIDATED QUARTERLY FINA

16. CONSOLIDATED QUARTERLY FINANCIAL DATA - UNAUDITED	12 Months Ended
	Jun. 30, 2018
Quarterly Financial Information Disclosure [Abstract]
16. CONSOLIDATED QUARTERLY FINANCIAL DATA - UNAUDITED	The following tables provide quarterly data for the years ended June 30, 2018 and 2017. Three Months Ended June 30, March 31, December 31, September 30, 2018 2018 2017 2017 (amounts in thousands, except per share data) Revenues $ 20,618 $ 8,963 $ 10,612 $ 26,942 Operating expenses 8,349 9,480 7,671 15,708 Other expense, net (185 ) (241 ) (310 ) (405 ) Income (loss) before income taxes 12,083 (758 ) 2,631 10,829 Income taxes (276 ) 19 399 (225 ) Net income (loss) $ 11,807 $ (739 ) $ 3,030 $ 10,604 Basic net income (loss) per common share $ 0.06 $ - $ 0.02 $ 0.05 Diluted net income (loss) per common share $ 0.06 $ - $ 0.01 $ 0.05 Weighted average number of common shares outstanding used in computing basic net income (loss) per common share 200,581,435 197,485,758 197,238,056 197,112,400 Weighted average number of common shares outstanding used in computing diluted net income (loss) per common share 211,047,927 197,485,758 202,711,616 201,360,736 Three Months Ended June 30, March 31, December 31, September 30, 2017 2017 2016 2016 (amounts in thousands, except per share data) Revenues $ 33,900 $ 10,824 $ - $ - Operating expenses 19,581 13,836 9,441 12,435 Other expense, net (504 ) (552 ) (588 ) (618 ) Income (loss) before income taxes 13,815 (3,564 ) (10,029 ) (13,053 ) Income taxes (500 ) - - - Net income (loss) $ 13,315 $ (3,564 ) $ (10,029 ) $ (13,053 ) Basic net income (loss) per common share $ 0.07 $ (0.02 ) $ (0.06 ) $ (0.08 ) Diluted net income (loss) per common share $ 0.07 $ (0.02 ) $ (0.06 ) $ (0.08 ) Weighted average number of common shares outstanding used in computing basic net income (loss) per common share 196,874,145 196,580,519 177,798,511 165,848,269 Weighted average number of common shares outstanding used in computing diluted net income (loss) per common share 197,948,721 196,580,519 177,798,511 165,848,269

17. SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
17. SUBSEQUENT EVENTS	Between July 1, 2018 and September 11, 2018, a total of 1,305,949 shares of the Company’s common stock were sold through Canaccord under the Equity Distribution Agreement for net proceeds of $1,299,263 after payment of commission fees of $40,183.

1. ORGANIZATION (Policies)

1. ORGANIZATION (Policies)	12 Months Ended
	Jun. 30, 2018
Organization Policies
Nature of Business	Palatin Technologies, Inc. (“Palatin” or the “Company”) is a specialized biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Our product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Our most advanced product candidate is Vyleesi™, the trade name for bremelanotide, a peptide melanocortin receptor 4 (MC4r) agonist, for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder (“HSDD”), which is a type of female sexual dysfunction (“FSD”), defined as low desire with associated distress or interpersonal difficulty. A New Drug Application (“NDA”) has been submitted to the U.S. Food and Drug Administration (“FDA”) by our exclusive North American licensee, AMAG Pharmaceuticals, Inc. (“AMAG”) and accepted for filing by the FDA, with an FDA decision on approval expected in the first quarter of calendar 2019. Vyleesi. Our Phase 3 studies for HSDD in premenopausal women, called the RECONNECT studies, consisted of two double-blind placebo-controlled, randomized parallel group studies comparing the as desired use of 1.75 mg of Vyleesi versus placebo, in each case, delivered via a subcutaneous auto-injector. Each trial consisted of more than 600 patients randomized in a 1:1 ratio to either the treatment arm or placebo with a 24-week evaluation period. In both clinical trials, Vyleesi met the pre-specified co-primary efficacy endpoints of improvement in desire and decrease in distress associated with low sexual desire as measured using validated patient-reported outcome instruments. After completing the studies, patients had the option to continue in an open-label safety extension study for an additional 52 weeks. Nearly 80% of patients who completed the randomized portion of the study elected to remain in the open-label portion of the study. In the Phase 3 clinical trials, the most frequent adverse events were nausea, flushing, and headache, which were generally mild-to-moderate in intensity and were transient. We retain worldwide rights for Vyleesi for HSDD and all other indications outside North America, Korea and China. We are actively seeking potential partners for marketing and commercialization rights for Vyleesi for HSDD outside the licensed territories. However, we may not be able to enter into suitable agreements with potential partners on acceptable terms, if at all. Melanocortin Receptor Systems. ● PL-8177, a selective MC1r agonist peptide, is our lead clinical development candidate for inflammatory bowel diseases, with potential applicability for a number of other diseases. We filed an Investigational New Drug (“IND”) application on PL-8177 in late 2017 and have completed subcutaneous dosing of human subjects in a Phase 1 single and multiple ascending dose clinical safety study, with data expected in the fourth quarter of calendar year 2018. We anticipate starting a clinical study with oral dosing of PL-8177 in human subjects in the second half of calendar year 2018, with data expected in the first half of calendar 2019. ● PL-8331, a dual MC1r and MC5r peptide agonist, is a preclinical development candidate for treating ocular inflammation. We have initiated IND preclinical enabling activities with PL-8331, and if results are favorable, anticipate filing an IND and initiating clinical trials for treatment of dry eye disease in the second half of calendar year 2019. ● We have initiated preclinical programs with MC4r peptides and orally-active small molecules for treatment of rare genetic metabolic and obesity disorders, and if results are favorable, anticipate selecting a lead clinical development candidate and completing IND enabling activities in calendar year 2019. Natriuretic Peptide Receptor Systems. ● PL-3994 is an NPR-A agonist we developed which has completed Phase 1 clinical safety studies. It has potential utility in treatment of a number of cardiovascular diseases, including genetic and orphan diseases resulting from a deficiency of endogenous active NPR-A. We have ongoing academic collaborations with several institutions with PL-3994. ● PL-5028, a dual NPR-A and NPR-C agonist we developed, is in preclinical development for cardiovascular diseases, including reducing cardiac hypertrophy and fibrosis. We have ongoing academic collaborations with several institutions with PL-5028, and seek to enter into a development partnership by the end of calendar year 2019.
Business Risk and Liquidity	Since inception, the Company has incurred negative cash flows from operations, and has expended, and expects to continue to expend, substantial funds to complete its planned product development efforts. As shown in the accompanying consolidated financial statements, the Company had an accumulated deficit as of June 30, 2018 of $332,045,906 while the Company earned net income for fiscal 2018 of $24,702,714. The Company anticipates incurring significant expenses in the future as a result of spending on its development programs and will require substantial additional financing or revenues to continue to fund its planned developmental activities. To achieve sustained profitability, if ever, the Company, alone or with others, must successfully develop and commercialize its technologies and proposed products, conduct successful preclinical studies and clinical trials, obtain required regulatory approvals and successfully manufacture and market such technologies and proposed products. The time required to reach sustained profitability is highly uncertain, and the Company may never be able to achieve profitability on a sustained basis, if at all. As of June 30, 2018, the Company’s cash and cash equivalents, were $38,000,171 and current liabilities were $10,762,965. We intend to utilize existing capital resources for general corporate purposes and working capital, including, preclinical and clinical development of our MC1r and MC4r peptide programs and natriuretic peptide program, and development of other portfolio products. Management believes that the Company’s existing capital resources, together with proceeds received from sales of common stock in the Company’s “at-the-market” program (if any), will be adequate to fund the Company’s planned operations through at least September 30, 2019. The Company will need additional funding to complete required clinical trials for its other product candidates and, assuming those clinical trials are successful, as to which there can be no assurance, to complete submission of required applications to the FDA. If the Company is unable to obtain approval or otherwise advance in the FDA approval process, the Company’s ability to sustain its operations would be materially adversely affected. The Company may seek the additional capital necessary to fund its operations through public or private equity offerings, collaboration agreements, debt financings or licensing arrangements. Additional capital that is required by the Company may not be available on reasonable terms, or at all.
Concentrations	Concentrations in the Company’s assets and operations subject it to certain related risks. Financial instruments that subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents, accounts receivable and investments. The Company’s cash and cash equivalents are primarily invested in one money market account sponsored by a large financial institution. For year ended June 30, 2018, the Company reported $62,134,758 in license and contract revenue related to a license agreement with AMAG for Vyleesi for North America (“License Agreement with AMAG”) (Note 4). In addition, for the year ended June 30, 2018, the Company reported $5,000,000 in license revenue related to a license agreement with Fosun for Vyleesi for China and certain other Asian territories (“License Agreement with Fosun”) (Note 5). For the year ended June 30, 2017, the Company reported $44,723,827 in contract revenue related to the License Agreement with AMAG.

2. SUMMARY OF SIGNIFICANT ACC26

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies Policies
Principles of Consolidation	The consolidated financial statements include the accounts of Palatin and its wholly-owned inactive subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and cash equivalents include cash on hand, cash in banks and all highly liquid investments with a purchased maturity of less than three months. Cash equivalents consist of $37,808,099 and $40,019,336 in a money market account at June 30, 2018 and 2017, respectively.
Investments	The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such determinations at each balance sheet date. Debt securities are classified as held-to-maturity when the Company has the intent and ability to hold the securities to maturity. Debt securities for which the Company does not have the intent or ability to hold to maturity are classified as available-for-sale. Held-to-maturity securities are recorded as either short-term or long-term on the balance sheet, based on the contractual maturity date and are stated at amortized cost. Marketable securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses recognized in earnings. Debt and marketable equity securities not classified as held-to-maturity or as trading are classified as available-for-sale and are carried at fair market value, with the unrealized gains and losses, net of tax, included in the determination of other comprehensive income (loss). The fair value of substantially all securities is determined by quoted market prices. The estimated fair value of securities for which there are no quoted market prices is based on similar types of securities that are traded in the market.
Fair Value of Financial Instruments	The Company’s financial instruments consist primarily of cash equivalents, accounts receivable, accounts payable and notes payable. Management believes that the carrying values of cash equivalents, available-for-sale investments, accounts receivable and accounts payable are representative of their respective fair values based on the short-term nature of these instruments. Management believes that the carrying amount of its notes payable approximates fair value based on terms of the notes.
Credit Risk	Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. Total cash and cash equivalent balances have exceeded insured balances by the Federal Depository Insurance Company (“FDIC”).
Property and Equipment	Property and equipment consists of office and laboratory equipment, office furniture and leasehold improvements and includes assets acquired under capital leases. Property and equipment are recorded at cost. Depreciation is recognized using the straight-line method over the estimated useful lives of the related assets, generally five years for laboratory and computer equipment, seven years for office furniture and equipment and the lesser of the term of the lease or the useful life for leasehold improvements. Amortization of assets acquired under capital leases is included in depreciation expense. Maintenance and repairs are expensed as incurred while expenditures that extend the useful life of an asset are capitalized.
Impairment of Long-Lived Assets	The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows from the asset are less than its carrying amount. If impairment is indicated, the long-lived asset would be written down to fair value. Fair value is determined by an evaluation of available price information at which assets could be bought or sold, including quoted market prices, if available, or the present value of the estimated future cash flows based on reasonable and supportable assumptions.
Revenue Recognition	The Company has generated revenue solely through license and collaboration agreements. The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605-25, Revenue Recognition for Arrangements with Multiple Elements ● the delivered item has value to the customer on a stand-alone basis; and ● if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in control of the vendor. Under FASB ASC Topic 605-25, if both of the criteria above are not met, then separate accounting for the individual deliverables is not appropriate. The Company has determined that it is appropriate to recognize such revenue using the input-based proportional method during the period of Palatin’s development obligations as defined in the license agreement with AMAG (the “AMAG License Agreement”). Refer to Note 4 for additional information. Under its license agreement with Fosun (the “Fosun License Agreement”) (Note 5), the Company received consideration in the form of an upfront license fee payment and determined that it was appropriate to recognize such consideration as revenue in the first quarter of fiscal 2018, which was the quarter in which the license was granted, since the license has stand-alone value and the upfront payment received by the Company is non-refundable. Under its license agreement with Kwangdong (the “Kwangdong License Agreement”) (Note 6), the Company received consideration in the form of an upfront license fee payment and has currently determined that it is appropriate to record such consideration as non-current deferred revenue because the upfront payment received by the Company is subject to certain refund provisions. Revenue resulting from the achievement of development milestones is recorded in accordance with the accounting guidance for the milestone method of revenue recognition. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the Company’s consolidated balance sheet. Amounts expected to be recognized as revenue in the next 12 months following the balance sheet date are classified as current liabilities.
Research and Development Costs	The costs of research and development activities are charged to expense as incurred, including the cost of equipment for which there is no alternative future use.
Accrued Expenses	Third parties perform a significant portion of our development activities. We review the activities performed under all contracts each quarter and accrue expenses and the amount of any reimbursement to be received from our collaborators based upon the estimated amount of work completed. Estimating the value or stage of completion of certain services requires judgment based on available information. If we do not identify services performed for us but not billed by the service-provider, or if we underestimate or overestimate the value of services performed as of a given date, reported expenses will be understated or overstated.
Stock-Based Compensation	The Company charges to expense the fair value of stock options and other equity awards granted. The Company determines the value of stock options utilizing the Black-Scholes option pricing model. Compensation costs for share-based awards with pro-rata vesting are determined using the quoted market price of the Company’s common stock on the date of grant and allocated to periods on a straight-line basis, while awards containing a market condition are valued using multifactor Monte Carlo simulations. Compensation costs for awards containing a performance condition are determined using the quoted price of the Company’s common stock on the date of grant and allocated to the periods based on the probability of achievement of the performance condition over the service period.
Income Taxes	The Company and its subsidiary file consolidated federal and separate-company state income tax returns. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences or operating loss and tax credit carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. The Company has recorded a valuation allowance against its deferred tax assets based on the history of losses incurred. Pursuant to the Fosun License Agreement (Note 5) and Kwangdong License Agreement (Note 6), $500,000 and $82,500, respectively, was withheld in accordance with tax withholding requirements in China and Korea, respectively, and was recorded as an expense during the year ended June 30, 2018. Any potential credit to be received by the Company on its United States tax returns is currently offset by the Company’s valuation allowance. On December 22, 2017, the U.S. government enacted wide-ranging tax legislation, the Tax Cuts and Jobs Act (the “2017 Tax Act”). The 2017 Tax Act significantly revises U.S. tax law by, among other provisions, (a) lowering the applicable U.S. federal statutory corporate income tax rate from 35% to 21%, (b) eliminating or reducing certain income tax deductions, such as deductions for interest expense, executive compensation expenses and certain employee expenses, and (c) repealing the federal alternative minimum tax (“AMT”) and providing for the refund of existing AMT credits. As a result of the 2017 Tax Act, during the quarter ended December 31, 2017, the Company recorded a tax benefit of $500,000 related to the release of a valuation allowance against an AMT credit (Note 15). In addition, as a result of the enactment of the new corporate income tax rate, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse but continues to maintain a full valuation allowance against its net deferred tax assets. Other provisions enacted include a new provision designed to tax low-taxed income of foreign subsidiaries (i.e., “GILTI”) and a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”) from controlled foreign corporations (“CFC”). The Company does not have any foreign subsidiaries, and thus these provisions do not apply.
Net Income (Loss) per Common Share	Basic and diluted earnings per common share (“EPS”) are calculated in accordance with the provisions of FASB ASC Topic 260, Earnings per Share The following table is a reconciliation of net income (loss) and the shares used in calculating basic and diluted net income (loss) per common share for the three years ended June 30, 2018, 2017 and 2016: Year Ended June 30, 2018 2017 2016 Net income (loss) $ 24,702,714 $ (13,331,533 ) $ (51,712,936 ) Denominator: Weighted average common shares outstanding - Basic 198,101,060 184,087,719 156,553,534 Effect of dilutive shares: Common stock equivalents arising from stock options, warrants and conversion of preferred stock 6,752,604 - - Restriced stock units 2,153,894 - - Weighted average common shares outstanding - Diluted 207,007,558 184,087,719 156,553,534 Net income (loss) per common share: Basic $ 0.12 $ (0.07 ) $ (0.33 ) Diluted $ 0.12 $ (0.07 ) $ (0.33 ) As of June 30, 2018, 2017 and 2016 common shares issuable upon conversion of Series A Convertible Preferred Stock, the exercise of outstanding options and warrants, excluding outstanding warrants exercisable for nominal consideration, and the vesting of restricted stock units amounted in an aggregate of 5,197,592, 40,597,194 and 32,167,737 shares, respectively, being excluded from the weighted average number of common shares outstanding used in computing diluted net income (loss) per common share because they were anti-dilutive during the period or the minimum performance requirements or market conditions had not been met.

2. SUMMARY OF SIGNIFICANT ACC27

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2018
Summary Of Significant Accounting Policies
Schedule of earnings per share	Year Ended June 30, 2018 2017 2016 Net income (loss) $ 24,420,714 $ (13,331,533 ) $ (51,712,936 ) Denominator: Weighted average common shares outstanding - Basic 198,101,060 184,087,719 156,553,534 Effect of dilutive shares: Common stock equivalents arising from stock options, warrants and conversion of preferred stock 6,752,604 - - Restriced stock units 2,153,894 - - Weighted average common shares outstanding - Diluted 207,007,558 184,087,719 156,553,534 Net income (loss) per common share: Basic $ 0.12 $ (0.07 ) $ (0.33 ) Diluted $ 0.12 $ (0.07 ) $ (0.33 )

7. PREPAID EXPENSES AND OTHER28

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Jun. 30, 2018
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of prepaid expenses and other current assets	June 30, June 30, 2018 2017 Clinical study costs $ 145,994 $ 657,069 Insurance premiums 42,605 182,966 Other 325,089 171,186 $ 513,688 $ 1,011,221

8. INVESTMENTS (Tables)

8. INVESTMENTS (Tables)	12 Months Ended
	Jun. 30, 2018
Investments [Abstract]
Carrying value of available-for-sale investments	June 30, June 30, 2018 2017 Cost $ - $ 1,387,022 Matured investments - (1,124,999 ) Amortization of premium - (11,596 ) Gross unrealized loss - (590 ) Fair value $ - $ 249,837

9. FAIR VALUE MEASUREMENTS (Tab

9. FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of assets at fair value	Carrying Value Quoted prices in active markets (Level 1) Other quoted/observable inputs (Level 2) Significant unobservable inputs (Level 3) June 30, 2018: Money Market Account $ 37,808,099 $ 37,808,099 $ - $ - June 30, 2017: Money Market Account $ 40,019,336 $ 40,019,336 $ - $ -

10. PROPERTY AND EQUIPMENT, N31

10. PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property and equipment	June 30, June 30, 2018 2017 Office equipment $ 1,193,162 $ 1,180,210 Laboratory equipment 558,205 548,706 Leasehold improvements 751,226 751,226 2,502,593 2,480,142 Less: Accumulated depreciation and amortization (2,338,558 ) (2,281,989 ) $ 164,035 $ 198,153

11. ACCRUED EXPENSES (Tables)

11. ACCRUED EXPENSES (Tables)	12 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Accrued Expenses	June 30, June 30, 2018 2017 Clinical study costs $ 983,410 $ 9,138,827 Other research related expenses 590,236 217,307 Professional services 297,731 434,768 Other 231,644 730,196 $ 2,103,021 $ 10,521,098

12. NOTES PAYABLE (Tables)

12. NOTES PAYABLE (Tables)	12 Months Ended
	Jun. 30, 2018
Notes Payable [Abstract]
Schedule of notes payable	June 30, June 30, 2018 2017 Notes payable under venture loan $ 6,333,334 $ 14,333,334 Unamortized related debt discount (33,535 ) (143,524 ) Unamortized debt issuance costs (18,138 ) (83,215 ) Notes payable 6,281,661 14,106,595 Less: current portion 5,948,763 7,824,935 Long-term portion $ 332,898 $ 6,281,660
Schedule of future principal payments	Year Ending June 30, 2019 $ 6,000,000 2020 333,334 6,333,334 Less: Unamortized debt discount and issuance costs (51,673 ) Net $ 6,281,661

14. STOCKHOLDERS' DEFICIENCY (T

14. STOCKHOLDERS' DEFICIENCY (Tables)	12 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Outstanding Stock Purchase Warrants	Shares of Common Exercise Price per Latest Termination Stock Share Date 666,666 0.75 December 23, 2019 2,191,781 0.91 July 2, 2020 549,450 0.91 July 2, 2020 10,274,646 0.70 August 4, 2021 25,000 0.70 August 4, 2021 9,696,503 0.80 December 6, 2021 23,404,046
Option activity	Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - July 1, 2015 5,130,230 1.46 7.3 Granted 355,000 0.54 Forfeited (170,550 ) 0.80 Expired (52,940 ) 22.53 Outstanding - June 30, 2016 5,261,740 1.21 6.2 Granted 4,119,000 0.46 Forfeited (410,388 ) 1.12 Expired (43,220 ) 22.59 Outstanding - June 30, 2017 8,927,132 0.76 7.5 Granted 4,182,550 0.90 Forfeited (39,500 ) 1.70 Exercised (208,900 ) 0.77 Expired (85,820 ) 6.95 Outstanding - June 30, 2018 12,775,462 $ 0.76 7.7 $ 3,115,515 Exercisable at June 30, 2018 6,163,850 $ 0.79 6.0 $ 1,460,394 Expected to vest at June 30, 2018 6,611,612 $ 0.54 9.2 $ 1,651,121
Weighted average assumptions	2018 2017 2016 Risk-free interest rate 1.8 % 1.7 % 1.4 % Volatility factor 52.6 % 75.0 % 73.5 % Dividend yield 0 % 0 % 0 % Expected option life (years) 6.0 6.2 5.7 Weighted average grant date fair value $ 0.58 $ 0.27 $ 0.35
Restricted Stock Units	2018 2017 2016 Outstanding at beginning of year 5,209,617 2,665,768 1,028,017 Granted 4,914,550 3,192,000 2,302,500 Forfeited (5,250 ) (68,751 ) (2,563 ) Vested (795,041 ) (579,400 ) (662,186 ) Outstanding at end of year 9,323,876 5,209,617 2,665,768

15. INCOME TAXES (Tables)

15. INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Deferred tax assets	June 30, June 30, 2018 2017 Net operating loss carryforwards $ 29,504,000 $ 103,845,000 Research and development and AMT tax credits 5,649,000 12,360,000 Basis difference in deferred revenue 583,000 - Basis differences in fixed assets and other 1,734,000 1,510,000 Basis difference in foreign tax credits - 14,318,000 37,470,000 132,033,000 Valuation allowance (37,470,000 ) (132,033,000 ) Net deferred tax assets $ - $ -

16. CONSOLIDATED QUARTERLY FI36

16. CONSOLIDATED QUARTERLY FINANCIAL DATA UNAUDITED (Tables)	12 Months Ended
	Jun. 30, 2018
Consolidated Quarterly Financial Data Unaudited
QUARTERLY FINANCIAL DATA	Three Months Ended June 30, March 31, December 31, September 30, 2018 2018 2017 2017 (amounts in thousands, except per share data) Revenues $ 20,618 $ 8,963 $ 10,612 $ 26,942 Operating expenses 8,349 9,480 7,671 15,708 Other expense, net (185 ) (241 ) (310 ) (405 ) Income (loss) before income taxes 12,083 (758 ) 2,631 10,829 Income taxes (276 ) 19 399 (225 ) Net income (loss) $ 11,807 $ (739 ) $ 3,030 $ 10,604 Basic net income (loss) per common share $ 0.06 $ - $ 0.02 $ 0.05 Diluted net income (loss) per common share $ 0.06 $ - $ 0.01 $ 0.05 Weighted average number of common shares outstanding used in computing basic net income (loss) per common share 200,581,435 197,485,758 197,238,056 197,112,400 Weighted average number of common shares outstanding used in computing diluted net income (loss) per common share 211,047,927 197,485,758 202,711,616 201,360,736 Three Months Ended June 30, March 31, December 31, September 30, 2017 2017 2016 2016 (amounts in thousands, except per share data) Revenues $ 33,900 $ 10,824 $ - $ - Operating expenses 19,581 13,836 9,441 12,435 Other expense, net (504 ) (552 ) (588 ) (618 ) Income (loss) before income taxes 13,815 (3,564 ) (10,029 ) (13,053 ) Income taxes (500 ) - - - Net income (loss) $ 13,315 $ (3,564 ) $ (10,029 ) $ (13,053 ) Basic net income (loss) per common share $ 0.07 $ (0.02 ) $ (0.06 ) $ (0.08 ) Diluted net income (loss) per common share $ 0.07 $ (0.02 ) $ (0.06 ) $ (0.08 ) Weighted average number of common shares outstanding used in computing basic net income (loss) per common share 196,874,145 196,580,519 177,798,511 165,848,269 Weighted average number of common shares outstanding used in computing diluted net income (loss) per common share 197,948,721 196,580,519 177,798,511 165,848,269

2. SUMMARY OF SIGNIFICANT ACC37

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Summary Of Significant Accounting Policies Details Abstract
Net income (loss)	$ 11,807	$ (739)	$ 3,030	$ 10,604	$ 13,315	$ (3,564)	$ (10,029)	$ (13,053)	$ 24,702,714	$ (13,331,533)	$ (51,712,936)
Denominator:
Weighted average common shares outstanding - Basic	200,581,435	197,485,758	197,238,056	197,112,400	196,874,145	196,580,519	177,798,511	165,848,269	198,101,060	184,087,719	156,553,534
Effect of dilutive shares:
Common stock equivalents arising from stock options, warrants and conversion of preferred stock									6,752,604	0	0
Restriced stock units									2,153,894	0	0
Weighted average common shares outstanding - Diluted	211,047,927	197,485,758	202,711,616	201,360,736	197,948,721	196,580,519	177,798,511	165,848,269	207,007,558	184,087,719	156,553,534
Net income (loss) per common share:
Basic	$ 0.06	$ 0	$ 0.02	$ 0.05	$ 0.07	$ (0.02)	$ (0.06)	$ (0.08)	$ 0.12	$ (0.07)	$ (0.33)
Diluted	$ 0.06	$ 0	$ 0.01	$ 0.05	$ 0.07	$ (0.02)	$ (0.06)	$ (0.08)	$ 0.12	$ (0.07)	$ (0.33)

7. PREPAID EXPENSES AND OTHER38

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Prepaid Expenses And Other Current Assets
Clinical study costs	$ 145,994	$ 657,069
Insurance premiums	42,605	182,966
Other	325,089	171,186
Total prepaid expenses and other current assets	$ 513,688	$ 1,011,221

8. INVESTMENTS (Details)

8. INVESTMENTS (Details) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Investments [Abstract]
Cost	$ 0	$ 0	$ 1,387,022
Matured investments		(1,124,999)
Amortization of premium		(11,596)
Gross unrealized loss		(590)
Fair value	$ 0	$ 249,837

9. FAIR VALUE MEASUREMENTS (Det

9. FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Money Market Account	$ 37,808,099	$ 40,019,336
Level 1
Money Market Account	37,808,099	40,019,336
Level 2
Money Market Account	0	0
Level 3
Money Market Account	$ 0	$ 0

10. PROPERTY AND EQUIPMENT, N41

10. PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Office equipment	$ 1,193,162	$ 1,180,210
Laboratory equipment	558,205	548,706
Leasehold improvements	751,226	751,226
Gross	2,502,593	2,480,142
Less: Accumulated depreciation and amortization	(2,338,558)	(2,281,989)
Net	$ 164,035	$ 198,153

10. PROPERTY AND EQUIPMENT, N42

10. PROPERTY AND EQUIPMENT, NET (Details Narrative)	Jun. 30, 2017USD ($)
Property, Plant and Equipment [Abstract]
Aggregate cost of assets acquired under capital leases	$ 146,115
Accumulated amortization associated with assets acquired under capital leases	$ 106,115

11. ACCRUED EXPENSES (Details)

11. ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Accrued Expenses Tables Abstract
Clinical study costs	$ 983,410	$ 9,138,827
Other research related expenses	590,236	217,307
Professional services	297,731	434,768
Other	231,644	730,196
Accrued expenses	$ 2,103,021	$ 10,521,098

12. NOTES PAYABLE (Details)

12. NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Notes Payable [Abstract]
Notes payable under venture loan	$ 6,333,334	$ 14,333,334
Unamortized related debt discount	(51,673)	(143,524)
Unamortized debt issuance costs	(18,138)	(83,215)
Notes payable	332,898	6,281,660
Less: current portion	5,948,763	7,824,935
Long-term portion	$ 332,898	$ 6,281,660

12. NOTES PAYABLE (Details 1)

12. NOTES PAYABLE (Details 1) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Notes Payable [Abstract]
2,019	$ 6,000,000
2,020	333,334
Total	6,333,334	$ 14,333,334
Less: Unamortized debt discount and issuance costs	(51,673)	(143,524)
Net	$ 332,898	$ 6,281,660

13. COMMITMENTS AND CONTINGEN46

13. COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,019	$ 260,960
2,020	227,136
Total	$ 488,096

13. COMMITMENTS AND CONTINGEN47

13. COMMITMENTS AND CONTINGENCIES (Details 1)	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 0
Amount representing interest	0
Net	$ 0

14. STOCKHOLDERS_ EQUITY (DEF48

14. STOCKHOLDERS’ EQUITY (DEFICIENCY) (Details)	12 Months Ended
	Jun. 30, 2018$ / sharesshares
Shares of Common Stock	23,404,046
Range 1
Shares of Common Stock	666,666
Exercise Price per Share | $ / shares	$ 0.75
Latest Termination Date	December 23, 2019
Range 2
Shares of Common Stock	2,191,781
Exercise Price per Share | $ / shares	$ 0.91
Latest Termination Date	July 2, 2020
Range 3
Shares of Common Stock	549,450
Exercise Price per Share | $ / shares	$ 0.91
Latest Termination Date	July 2, 2020
Range 4
Shares of Common Stock	10,274,646
Exercise Price per Share | $ / shares	$ 0.70
Latest Termination Date	August 4, 2021
Range 5
Shares of Common Stock	25,000
Exercise Price per Share | $ / shares	$ 0.70
Latest Termination Date	August 4, 2021
Range 6
Shares of Common Stock	9,696,503
Exercise Price per Share | $ / shares	$ 0.80
Latest Termination Date	December 6, 2021

14. STOCKHOLDERS' EQUITY (DEFIC

14. STOCKHOLDERS' EQUITY (DEFICIENCY) (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Stockholders Equity Deficiency
Number of Options Outstanding, Beginning	8,927,132	5,261,740	5,130,230
Number of Options Granted	4,182,550	4,119,000	355,000
Number of Options Forfeited	(39,500)	(410,388)	(170,550)
Number of Options Exercised	(208,900)
Number of Options Expired	(85,820)	(43,220)	(52,940)
Number of Options Outstanding, Ending	12,775,462	8,927,132	5,261,740
Number of Options Exercisable	6,163,850	4,297,394	3,769,402
Number of Options Expected to vest	6,611,612	3,446,101	1,209,630
Weighted Average Exercise Price Outstanding, Beginning	$ 0.76	$ 1.21	$ 1.46
Weighted Average Exercise Price Granted	0.90	0.46	0.54
Weighted Average Exercise Price Forfeited	1.70	1.12	0.80
Weighted Average Exercise Price Exercised	0.77
Weighted Average Exercise Price Expired	6.95	22.59	22.53
Weighted Average Exercise Price Outstanding, Ending	0.76	0.76	1.21
Weighted Average Exercise Price Exercisable	0.79	1.02	1.35
Weighted Average Exercise Price Options Expected to vest	$ 0.54	$ 0.54	$ 0.83
Weighted Average Remaining Term in Years Options outstanding at beginning of year	7 years 6 months	6 years 2 months 12 days	7 years 3 months 18 days
Weighted Average Remaining Term in Years Options outstanding at end of year	7 years 8 months 12 days	7 years 6 months	6 years 2 months 12 days
Weighted Average Remaining Term in Years Options exercisable at end of year	6 years	5 years 3 months 18 days	5 years 4 months 24 days
Weighted Average Remaining Term in Years Options Expected to vest	9 years 2 months 12 days	6 months 14 days	8 years 6 months
Aggregate Intrinsic Value Options outstanding	$ 3,115,515
Aggregate Intrinsic Value Options exercisable	1,460,394
Aggregate Intrinsic Value Options Expected to vest	$ 1,651,121

13. STOCKHOLDERS' EQUITY (DEFIC

13. STOCKHOLDERS' EQUITY (DEFICIENCY) (Details 2) - $ / shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Stockholders Equity Details 2Abstract
Risk-free interest rate	1.80%	1.70%	1.40%
Volatility factor	52.60%	75.00%	73.50%
Dividend yield	0.00%	0.00%	0.00%
Expected option life (years)	6 years	6 years 2 months 12 days	5 years 8 months 12 days
Weighted average grant date fair value	$ 0.58	$ 0.27	$ 0.35

14. STOCKHOLDERS' EQUITY (DEF51

14. STOCKHOLDERS' EQUITY (DEFICIENCY) (Details 3) - shares	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Stockholders Equity Details 3Abstract
Outstanding at beginning of year	5,209,617	2,665,768	1,028,017
Granted	4,914,550	3,192,000	2,302,500
Forfeited	5,250	(68,751)	(2,563)
Vested	(795,041)	(579,400)	(662,186)
Outstanding at end of year	9,323,876	5,209,617	2,665,768

15. INCOME TAXES (Details)

15. INCOME TAXES (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 29,504,000	$ 103,845,000
Research and development tax credits	5,649,000	12,360,000
Foreign tax credits	583,000	0
Basis differences in fixed assets and other	1,734,000	1,510,000
Basis differences in deferred revenue	0	14,318,000
Gross	37,470,000	132,033,000
Valuation allowance	(37,470,000)	(132,033,000)
Net deferred tax assets	$ 0	$ 0

15. INCOME TAXES (Details Narra

15. INCOME TAXES (Details Narrative) - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Federal research and development credits	$ 5,649,000	$ 12,360,000

16. CONSOLIDATED QUARTERLY FI54

16. CONSOLIDATED QUARTERLY FINANCIAL DATA UNAUDITED (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Consolidated Quarterly Financial Data Unaudited Details Abstract
Revenues	$ 20,618	$ 8,963	$ 10,612	$ 26,942	$ 33,900	$ 10,824	$ 0	$ 0	$ 67,134,758	$ 44,723,827	$ 0
Operating expenses	8,349	9,480	7,671	15,708	19,581	13,836	9,441	12,435	41,208,193	55,293,321	49,250,135
Other expense, net	(185)	(241)	(310)	(405)	(504)	(552)	(588)	(618)	(1,141,351)	(2,262,039)	(2,462,801)
Income (loss) before income taxes	12,083	(758)	2,631	10,829	13,815	(3,564)	(10,029)	(13,053)	24,785,214	(12,831,533)	(51,712,936)
Income taxes	(276)	(19)	(399)	(225)	(500)	0	0	0	(82,500)	(500,000)	0
Net income (loss)	$ 11,807	$ (739)	$ 3,030	$ 10,604	$ 13,315	$ (3,564)	$ (10,029)	$ (13,053)	$ 24,702,714	$ (13,331,533)	$ (51,712,936)
"Basic net income (loss) per common share"	$ 0.06	$ 0	$ 0.02	$ 0.05	$ 0.07	$ (0.02)	$ (0.06)	$ (0.08)	$ 0.12	$ (0.07)	$ (0.33)
"Diluted net income (loss) per common share"	$ 0.06	$ 0	$ 0.01	$ 0.05	$ 0.07	$ (0.02)	$ (0.06)	$ (0.08)	$ 0.12	$ (0.07)	$ (0.33)
Weighted average number of common shares outstanding used in computing basic net loss per common share	200,581,435	197,485,758	197,238,056	197,112,400	196,874,145	196,580,519	177,798,511	165,848,269	198,101,060	184,087,719	156,553,534
Weighted average number of common shares outstanding used in computing diluted net loss per common share	211,047,927	197,485,758	202,711,616	201,360,736	197,948,721	196,580,519	177,798,511	165,848,269	207,007,558	184,087,719	156,553,534