Palatin (PTN) 10-K 28 Sep 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2021	Sep. 24, 2021	Dec. 31, 2020
Document And Entity Information
Entity Registrant Name	PALATIN TECHNOLOGIES INC
Entity Central Index Key	0000911216
Document Type	10-K
Document Period End Date	Jun. 30, 2021
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	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Public Float			$ 156,423,329
Entity Common Stock, Shares Outstanding		231,258,137
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	DE
Entity File Number	001-15543

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 60,104,919	$ 82,852,270
Accounts receivable	1,580,443	0
Inventories	1,162,000	0
Prepaid expenses and other current assets	3,059,679	738,216
Total current assets	65,907,041	83,590,486
Property and equipment, net	94,817	140,216
Right-of-use assets	1,237,813	1,266,132
Other assets	56,916	56,916
Total assets	67,296,587	85,053,750
Current liabilities:
Accounts payable	640,650	715,672
Accrued expenses	5,797,378	2,899,097
Short-term operating lease liabilities	351,853	312,784
Other current liabilities	3,721,907	0
Total current liabilities	10,511,788	3,927,553
Long-term operating lease liabilities	900,520	953,348
Other long-term liabilities	6,232,907	0
Total liabilities	17,645,215	4,880,901
Commitments and contengencies (Note 15)
Stockholders' Equity
Preferred stock of $0.01 par value, authorized 10,000,000 shares: Series A Convertible: authorized 264,000 shares: issued and outstanding 4,030 shares as of June 30, 2021 and June 30, 2020	40	40
Common stock of $0.01 par value, authorized 300,000,000 shares; issued and outstanding 230,049,691 shares as of June 30, 2021 and 229,258,400 shares as of June 30, 2020	2,300,497	2,292,584
Additional paid-in capital	399,146,232	396,079,127
Accumulated deficit	(351,795,397)	(318,198,902)
Total stockholders' (deficiency) equity	49,651,372	80,172,849
Total liabilities and stockholders' equity	$ 67,296,587	$ 85,053,750

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Jun. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ .01	$ .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	$ .01	$ .01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	230,049,691	229,258,400
Common stock, shares outstanding	230,049,691	229,258,400

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
REVENUES:
Revenues	$ (188,597)	$ 117,989
OPERATING EXPENSES:
Cost of products sold	147,840	0
Research and development	12,926,559	13,959,397
Selling, general and administrative	17,336,913	9,765,372
Loss on license termination agreement	2,784,192	0
Total operating expenses	33,195,504	(23,606,780)
Loss from operations	(33,384,101)	(23,606,780)
OTHER INCOME (EXPENSE):
Investment income	23,572	1,200,898
Foreign currency loss	(212,526)	0
Interest expense	(23,440)	(20,141)
Total other income (expense), net	(212,394)	1,180,757
NET (LOSS) INCOME	$ (33,596,495)	$ (22,426,023)
Basic and diluted net income (loss) per common share	$ (.14)	$ (0.10)
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share	236,650,101	234,684,776
Product Revenue
REVENUES:
Revenues	$ (283,286)	$ 0
License and Contract
REVENUES:
Revenues	$ 94,689	$ 117,989

Consolidated Statements Shareho

Consolidated Statements Shareholders Equity - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Jun. 30, 2019	4,030	226,815,363
Beginning balance at Jun. 30, 2019	$ 40	$ 2,268,154	$ 394,053,929	$ (295,772,879)	$ 100,549,244
Sale of common stock units, net of costs		$ 1,895,934
Sale of common stock units, net of costs, shares		18,959	1,562,539		1,581,498
Warrant exercises		$ 26,861
Warrant exercises, shares		269	(269)		0
Stock-based compensation		$ 614,117
Stock-based compensation, shares		6,141	3,132,323		3,138,464
Withholding taxes related to restricted stock units		$ (93,875)
Withholding taxes related to restricted stock units, shares		(939)	(121,929)		(122,868)
Warrant repurchases			$ (2,547,466)		$ (2,547,466)
Net loss				(22,426,023)	(22,426,023)
Ending balance, shares at Jun. 30, 2020	4,030	229,258,400
Ending balance at Jun. 30, 2020	$ 40	$ 2,292,584	$ 396,079,127	(318,198,902)	$ 80,172,849
Warrant exercises, shares					0
Stock-based compensation		$ 958,090
Stock-based compensation, shares		9,581	3,159,075		3,168,656
Withholding taxes related to restricted stock units		$ (166,799)
Withholding taxes related to restricted stock units, shares		(1,668)	(91,970)		(93,638)
Warrant repurchases					$ 0
Net loss				(33,596,495)	(33,596,495)
Ending balance, shares at Jun. 30, 2021	4,030	230,049,691
Ending balance at Jun. 30, 2021	$ 40	$ 2,300,497	$ 399,146,232	$ (351,795,397)	$ 49,651,372

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (33,596,495)	$ (22,426,023)
Adjustments to reconcile net income(loss) to net cash provided by (used) in operating activities:
Depreciation and amortization	51,121	64,203
Cash received in excess of gain on termination agreement	19,084,192	0
Non-cash interest expense	0	438
Decrease in right-of-use asset	330,839	298,558
Unrealized foreign currency transaction losses	212,526	0
Stock-based compensation	3,168,656	3,138,464
Changes in operating assets and liabilities:
Accounts receivable	(1,580,443)	60,265,970
Prepaid expenses and other assets	(1,938,130)	22,073
Accounts payable	(75,022)	210,885
Accrued expenses	558,281	50,405
Operating lease liability	(316,279)	(298,558)
Other liabilities	(7,560,000)	0
Net cash (used in) provided by operating activities	(22,647,991)	41,326,415
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(5,722)	(62,880)
Net cash provided by (used in) investing activities	(5,722)	(62,880)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of withholding taxes related to restricted stock units	(93,638)	(122,868)
Payment on notes payable obligations	0	(832,851)
Warrant repurchases	0	(2,547,466)
Proceeds from the sale of common stock	0	1,587,498
Net cash provided by financing activities	(93,638)	(1,921,687)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(22,747,351)	39,341,848
CASH AND CASH EQUIVALENTS, beginning of period	82,852,270	43,510,422
CASH AND CASH EQUIVALENTS, end of period	60,104,919	82,852,270
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 23,440	$ 19,222

1. ORGANIZATION

1. ORGANIZATION	12 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
1. ORGANIZATION	Nature of Business Melanocortin Receptor System. The Company’s lead product, Vyleesi®, was approved by the U.S. Food and Drug Administration (“FDA”) in June 2019 and was being marketed in North America by AMAG Pharmaceuticals, Inc. (“AMAG”) for the treatment of hypoactive sexual desire disorder (“HSDD”) in premenopausal women pursuant to a license agreement between them for Vyleesi for North America, which was entered into on January 8, 2017 (the “AMAG License Agreement”). As disclosed in Note 4, the AMAG License Agreement was terminated effective July 24, 2020, and the Company is now marketing Vyleesi in North America. The Company’s new product development activities focus primarily on MC1r agonists, with potential to treat inflammatory and autoimmune diseases such as dry eye disease, which is also known as keratoconjunctivitis sicca, uveitis, diabetic retinopathy, and inflammatory bowel disease. The Company believes that the MC1r agonist peptides in development have broad anti-inflammatory effects and appear to utilize mechanisms engaged by the endogenous melanocortin system in regulation of the immune system and resolution of inflammatory responses. The Company is also developing peptides that are active at more than one melanocortin receptor, and MC4r peptide and small molecule agonists with potential utility in obesity and metabolic-related disorders, including rare disease and orphan indications. Natriuretic Peptide Receptor System Business Risks and Liquidity – As of June 30, 2021, the Company’s cash and cash equivalents were $60,104,919 and current liabilities were $10,511,788. Management intends to utilize existing capital resources for general corporate purposes and working capital, including establishing marketing and distribution capabilities for Vyleesi in the United States and preclinical and clinical development of the Company’s MC1r and MC4r peptide programs and natriuretic peptide program, and development of other portfolio products. Management believes that the Company’s cash and cash equivalents as of June 30, 2021 will be sufficient to fund the Company’s current operating plans through at least September 2022. 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 could 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. In March 2020, the World Health Organization declared COVID-19, a disease caused by a novel strain of coronavirus, a pandemic. The Company has taken steps to ensure the safety and well-being of its employees and clinical trial patients to comply with guidance from federal, state and local authorities, while working to ensure the sustainability of its business operations as this unprecedented situation continues to evolve. In mid-March 2020, the Company transitioned to a company-wide work from home policy. Business-critical activities continue to be subject to heightened precautions to ensure safety of employees. The Company continues to assess its policies, business continuity plans and employee support. The Company continues to evaluate the impact of COVID-19 on the healthcare system and work with contract research organizations supporting its clinical, research, and development programs to mitigate risk to patients and its business and community partners, taking into account regulatory, institutional, and government guidance and policies. The Company receives a royalty on sales of Vyleesi by our licensees. We have licensed third parties to sell Vyleesi in China and Korea. The COVID-19 coronavirus could adversely impact the time required to obtain regulatory approvals to sell Vyleesi in China and Korea, which would delay when the Company receives royalty income from sales in those countries. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business, including manufacturing, distribution, sales and marketing of Vyleesi, and it has the potential to materially adversely affect its business, financial condition and results of operations and cashflows during the fiscal year ending June 30, 2022 (“fiscal 2022”) and beyond. Concentrations –

2. SUMMARY OF SIGNIFICANT ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Principles of Consolidation Use of Estimates Cash and Cash Equivalents Fair Value of Financial Instruments Credit Risk Trade Accounts Receivable Inventories On a quarterly basis, the Company reviews inventory levels to determine whether any obsolete, expired, or excess inventory exists. If any inventory is expected to expire prior to being sold, has a cost basis in excess of its net realizable value, is in excess of expected sales requirements as determined by internal sales forecasts, or fails to meet commercial sale specifications, the inventory is written down through a charge to operating expenses. Inventory consisting of Vyleesi has a shelf-life of three years from the date of manufacture. Property and Equipment Impairment of Long-Lived Assets Leases Revenue Recognition Revenue from Contracts with Customers In accordance with ASC 606, we recognize revenue when our performance obligation is satisfied by transferring control of the product to a customer. Per our contracts with customers, control of the product is transferred upon the conveyance of title, which occurs when the product is sold to and received by a customer. Trade accounts receivable due to us from contracts with our customers are stated separately in the balance sheet, net of various allowances as described in the Trade Accounts Receivable policy above. Product revenues consist of sales of Vyleesi in the United States. The Company sells Vyleesi to specialty pharmacies at the wholesale acquisition cost and payment is currently made within approximately 30 days. In addition to distribution agreements with customers, the Company enters into arrangements with healthcare payers that provide for privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. The Company records product revenues net of allowances for direct and indirect fees, discounts, co-pay assistance programs, estimated chargebacks and rebates. Product sales are also subject to return rights, which have not been significant to date. Gross product sales were offset by product sales allowances for the year ended June 30, 2021 as follows: Gross product sales $4,745,066 Provision for product sales allowances and accruals (5,028,352) Net sales $(283,286) For licenses of intellectual property, the Company assesses at contract inception whether the intellectual property is distinct from other performance obligations identified in the arrangement. If the licensing of intellectual property is determined to be distinct, revenue is recognized for nonrefundable, upfront license fees when the license is transferred to the customer and the customer can use and benefit from the license. If the licensing of intellectual property is determined not to be distinct, then the license is bundled with other promises in the arrangement into one performance obligation. The Company needs to determine if the bundled performance obligation is satisfied over time or at a point in time. If the Company concludes that the nonrefundable, upfront license fees will be recognized over time, the Company will need to assess the appropriate method of measuring proportional performance. Regulatory milestone payments are excluded from the transaction price due to the inability to estimate the probability of reversal. Revenue relating to achievement of these milestones is recognized in the period in which the milestone is achieved. Sales-based royalty and milestone payments resulting from customer contracts solely or predominately for the license of intellectual property will only be recognized upon occurrence of the underlying sale or achievement of the sales milestone in the future and such sales-based royalties and milestone payments will be recognized in the same period earned. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses as the Company is the principal in the research and development activities based upon its control of such activities, which is considered part of its ordinary activities. Development milestone payments are generally due 30 business days after the milestone is achieved. Sales milestone payments are generally due 45 business days after the calendar year in which the sales milestone is achieved. Royalty payments are generally due on a quarterly basis 20 business days after being invoiced. Research and Development Costs Accrued Expenses – Stock-Based Compensation – Income Taxes Net Loss per Common Share - Earnings per Share For the years ended June 30, 2021 and 2020, no additional common shares were added to the computation of diluted EPS because to do so would have been anti-dilutive. The potential number of common shares excluded from diluted EPS during the year ended June 30, 2021 and June 30, 2020 was 41,264,736 and 40,890,091 respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 8,164,080 and 7,127,362 vested restricted stock units that had not been issued as of June 30, 2021 and 2020, respectively, due to a provision in the restricted stock unit agreements to delay delivery. Translation of foreign currencies

3. NEW AND RECENTLY ADOPTED ACC

3. NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jun. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
3. New and recently adopted accounting pronouncements	In May 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-04, Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The FASB is issuing this update to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this guidance may have on its consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt (Topic 470) and Derivatives and Hedging (Topic 815): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. . The guidance is effective for public entities for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The guidance was applicable to the Company beginning July 1, 2020. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments,

4. AGREEMENT WITH AMAG

4. AGREEMENT WITH AMAG	12 Months Ended
	Jun. 30, 2021
Agreement With Amag Abstract
4. AGREEMENT WITH AMAG	On January 8, 2017, the Company entered into the AMAG License Agreement pursuant to which the Company granted 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 the 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 AMAG License Agreement became effective on February 2, 2017. Under the AMAG License Agreement, in addition to certain initial and milestone payments, AMAG reimbursed the Company for certain reasonable, documented, direct out-of-pocket expenses incurred by the Company following February 2, 2017, in connection with development and regulatory activities necessary to file a New Drug Application (“NDA”) for Vyleesi for HSDD in the United States. During year ended June 30, 2020, license and contract revenue included additional billings for AMAG related Vyleesi costs of $117,989. On June 4, 2018, the FDA accepted the Vyleesi NDA for filing and on June 21, 2019, the FDA granted approval of Vyleesi for use in the United States. Effective July 24, 2020, the Company entered into a termination agreement (the “Termination Agreement”) with AMAG terminating the AMAG License Agreement. Under the terms of the Termination Agreement, the Company regained all development and commercialization rights for Vyleesi in the Territory. AMAG made a $12,000,000 payment to the Company at closing of the Termination Agreement and a $4,300,000 payment to the Company on March 31, 2021. The Company initially recorded a liability related to estimated losses on inventory purchase commitments of $18,194,000 as well as accrued expenses for an inventory production run obligation assumed of $2,300,000. The Company assumed all Vyleesi manufacturing agreements, and AMAG transferred information, data, and assets related exclusively to Vyleesi to the Company, including existing inventory and prepaid expenses with an estimated fair value of $5,817,795 as of the date of the Termination Agreement. As a result, the Company initially recorded a net gain for the Termination Agreement of $1,623,795. During the three months ended June 30, 2021, the Company reassessed the estimated net realizable value of the inventory, prepaid expenses and losses on the inventory purchase commitments resulting in recording of a loss on the Termination Agreement of $4,407,987 for the three months ended June 30, 2021 and a total loss on the Termination Agreement for the year ended June 30, 2021 of $2,784,192. Under the Termination Agreement, AMAG provided certain transitional services to the Company for a period to ensure continued patient access to Vyleesi during the transition back to the Company. The Company reimbursed AMAG for the agreed upon costs of the transition services.

5. MANUFACTURING SUPPLY AGREEM

5. MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI	12 Months Ended
	Jun. 30, 2021
Manufacturing Supply Agreements For Vyleesi
5. MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI	Pursuant to the Termination Agreement, the Company assumed Vyleesi manufacturing contracts with Catalent Belgium S.A. (“Catalent”), a subsidiary of Catalent Pharma Solutions, Inc., to manufacture drug product and prefilled syringes and assemble prefilled syringes into an auto-injector device (the “Catalent Agreement”), Ypsomed AG (“Ypsomed”), to manufacture the auto-injector device (the “Ypsomed Agreement”), and Lonza Ltd. (“Lonza”), to manufacture the active pharmaceutical ingredient peptide (the “Lonza Agreement”). On September 29, 2020, the Company and Catalent entered into an agreement to terminate the Catalent Agreement (the “Catalent Termination Agreement”) in consideration for a one-time payment of six million euros (€6,000,000) which was paid in October 2020 and accrued as part of the estimated losses on inventory purchase commitments assumed as part of the Termination Agreement as discussed in Note 4. The Company and Catalent then entered into a new Vyleesi manufacturing agreement (the “New Catalent Agreement”) which includes reduced minimum annual purchase requirements (see Note 15) as compared to the original Catalent Agreement and modification of other financial terms. The New Catalent Agreement provides that Catalent will provide manufacturing and supply services to Palatin related to production of Vyleesi, including that Catalent will supply specified minimums of Palatin’s requirements for Vyleesi during the term of the New Catalent Agreement through August 21, 2025, unless earlier terminated in accordance with the terms of the New Catalent Agreement. The initial term of the New Catalent Agreement will be automatically extended for one 24-month period unless either party notifies the other of its desire to terminate as of the end of the initial term. The New Catalent Agreement also includes customary terms and conditions relating to forecasting and minimum commitments, ordering, delivery, inspection and acceptance, and termination, among other matters. The term of the Lonza Agreement is through December 31, 2022. There are specified minimum purchase requirements under the Lonza Agreement, and under specified circumstances, termination fees may be payable upon termination of the Lonza Agreement by the Company (see Note 15). The initial term of the Ypsomed Agreement is through December 31, 2025, with automatic renewal for successive one-year periods unless either party terminates the Ypsomed Agreement by ten months’ written notice prior to the expiration of the Ypsomed Agreement or any automatic renewal period. There are specified minimum purchase requirements under the Ypsomed Agreement, and under specified circumstances, termination fees may be payable upon termination of the Ypsomed Agreement by the Company (see Note 15).

6. AGREEMENT WITH FOSUN

6. AGREEMENT WITH FOSUN	12 Months Ended
	Jun. 30, 2021
Agreement With Fosun Abstract
6. AGREEMENT WITH FOSUN	On September 6, 2017, the Company entered into a license agreement with Shanghai Fosun Pharmaceutical Industrial Development Co. Ltd. (“Fosun”) for exclusive rights to commercialize Vyleesi in China (the “Fosun License Agreement”). 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. The Company 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. AGREEMENT WITH KWANGDONG

7. AGREEMENT WITH KWANGDONG	12 Months Ended
	Jun. 30, 2021
Agreement With Kwangdong Abstract
7. AGREEMENT WITH KWANGDONG	On November 21, 2017, the Company entered into a license agreement with Kwangdong Pharmaceutical Co., Ltd. (“Kwangdong”) for exclusive rights to commercialize Vyleesi in Korea (the “Kwangdong License Agreement”). Under the terms of the agreement, the Company received $417,500 in December 2017, consisting of an upfront payment of $500,000, less $82,500, which was withheld in accordance with tax withholding requirements in Korea and recorded as an expense during the year ended June 30, 2018. The Company will receive a $3,000,000 milestone payment based on the first commercial sale in Korea. The Company has the potential to receive up to $37,500,000 in additional sales related milestone payments and mid-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 Kwangdong. For the year ended June 30, 2021, the Company recorded $94,689 of license and contract revenue.

8. PREPAID EXPENSES AND OTHER C

8. PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Jun. 30, 2021
Prepaid Expense and Other Assets, Current [Abstract]
8. PREPAID EXPENSES AND OTHER CURRENT ASSETS	Prepaid expenses June 30, June 30, 2021 2020 Clinical / regulatory costs $454,750 $43,625 Insurance premiums 259,468 84,741 Vyleesi contractual advances 1,200,000 - Other 1,145,461 609,850 $3,059,679 $738,216

9. FAIR VALUE MEASUREMENTS

9. FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2021
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’s 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, 2021: Money Market Account $59,730,428 $59,730,428 $- $- June 30, 2020: Money Market Account $82,406,697 $82,406,697 $- $-

10. INVENTORIES

10. INVENTORIES	12 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
10. INVENTORIES	Inventories consist of raw materials and finished goods related to Vyleesi. The following table summarizes the components of inventories as of June 30, 2021: Raw materials $526,000 Finished goods 636,000 $1,162,000

11. LEASES

11. LEASES	12 Months Ended
	Jun. 30, 2021
Leases [Abstract]
11. LEASES	The Company has operating leases for office and laboratory space, which expire on June 30, 2025 and October 31, 2023, respectively. The Company also has operating leases for copier equipment that expire October 15, 2021 and phone equipment that expires on June 30, 2023. The components of lease expense are as follows: Lease cost Year ended June 30, 2021 Year ended June 30, 2020 Operating lease cost $287,440 $209,226 Variable lease cost 108,023 71,297 Short-term lease cost - 18,120 Total lease cost $395,463 $298,643 Supplemental lease term and discount rate information related to leases was as follows: June 30, 2021 June 30, 2020 Weighted-average remaining lease term (years) 3.5 4.6 Weighted-average discount rate 5.50% 5.51% Supplemental cash flow information related to leases was as follows: Year Ended June 30, 2021 Year Ended June 30, 2020 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $394,926 $318,244 Supplemental non-cash information on lease liabilities arisng from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new lease obligation $365,881 $1,339,556 The following table summarizes the maturity of the Company’s operating lease liabilities as of June 30, 2021: Year Ending June 30 2022 $410,007 2023 414,374 2024 398,042 2025 265,037 Less imputed interest (235,087) Total $1,252,373

12. PROPERTY AND EQUIPMENT, NET

12. PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
12. PROPERTY AND EQUIPMENT, NET	Property and equipment, net, consists of the following: June 30, June 30, 2021 2020 Office equipment $1,193,162 $1,193,162 Laboratory equipment 648,673 648,673 Leasehold improvements 756,948 751,226 2,598,783 2,593,061 Less: Accumulated depreciation and amortization (2,503,966) (2,452,845) $94,817 $140,216

13. ACCRUED EXPENSES

13. ACCRUED EXPENSES	12 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
13. ACCRUED EXPENSES	Accrued expenses June 30, June 30, 2021 2020 Clinical / regulatory costs $778,705 $1,722,729 Other research related expenses 569,370 586,185 Professional services 84,094 217,662 Inventory purchases 2,340,000 - Selling expenses 1,839,724 - Other 185,485 372,521 $5,797,378 $2,899,097

14. NOTES PAYABLE

14. NOTES PAYABLE	12 Months Ended
	Jun. 30, 2021
Notes Payable [Abstract]
14. NOTES PAYABLE	On July 2, 2015, the Company closed on a $10,000,000 venture loan led by Horizon Technology Finance Corporation (“Horizon”). The debt facility was a four-year senior secured term loan that bore interest at a floating coupon rate of one-month LIBOR (floor of 0.50%) plus 8.50% and provided 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 recorded a debt discount of $305,196 equal to the fair value of these warrants at issuance, which were amortized to interest expense over the term of the related debt. This debt discount was offset against the note payable balance and was included in additional paid-in capital on the Company’s balance sheet. In addition, a final incremental payment of $500,000 was due on August 1, 2019. This final incremental payment was accreted to interest expense over the term of the related debt and was included in other current liabilities on the consolidated balance sheet as of June 30, 2019. The Company incurred $146,115 of costs in connection with the loan agreement. These costs were capitalized as deferred financing costs and were offset against the note payable balance. These debt issuance costs were amortized to interest expense over the term of the related debt. During the year ended June 30, 2020, the loan matured, and on July 31, 2019, the Company made the final incremental payment of $500,000.

15. COMMITMENTS AND CONTINGENCI

15. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
15. COMMITMENTS AND CONTINGENCIES	Inventory Purchases Total Current 1 - 3 Years 4 - 5 Years Inventory purchase commitments $10,933,014 $3,721,907 $5,202,307 $2,008,800 As of June 30, 2021, the Company has $3,721,907 and $6,232,907 accrued within other current and long-term liabilities, respectively, in the consolidated balance sheet related to estimated losses for firm commitment contractual obligations under these agreements. Losses on these firm commitment contractual obligations are recognized based upon the terms of the respective agreement and similar factors considered for the write-down of inventory, including expected sales requirements as determined by internal sales forecasts. The commitment contractual obligation amounts above are denominated in Swiss Francs and Euros and have been translated using period end exchange rates. The Company may experience a negative impact on future earnings and equity solely as a result of future foreign currency exchange rate fluctuations. 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.

16. STOCKHOLDERS' EQUITY

16. STOCKHOLDERS' EQUITY	12 Months Ended
	Jun. 30, 2021
Stockholders' Equity
16. STOCKHOLDERS' EQUITY	Series A Convertible Preferred Stock Financing Transactions Proceeds raised under the 2019 Equity Distribution Agreement are as follows: Year Ended June 30, 2020 Cumulative from inception Shares Proceeds Shares Proceeds Gross proceeds 1,895,934 $1,723,195 9,460,509 $12,330,242 Fees - (51,697) - (369,908) Expenses - (90,000) - (90,000) Net proceeds 1,895,934 $1,581,498 9,460,509 $11,870,334 No proceeds were raised under the 2019 Equity Distribution Agreement during the year ended June 30, 2021. Stock Purchase Warrants During the year ended June 30, 2020, the Company entered into several warrant termination agreements to repurchase and cancel the following previously issued Series F, Series H, and Series J warrants for the following aggregate buyback prices: Year Ended June 30, 2020 Warrants Buyback price Series F Warrants 297,352 $62,712 Series H Warrants 1,466,432 577,373 Series J Warrants 4,774,889 1,907,381 6,538,673 $2,547,466 During the year ended June 30, 2020, the Company issued 26,861 shares of common stock upon the cashless exercise provisions of 666,666 Series D warrants at an exercise price of $0.75 per share. As of June 30, 2021, the Company had outstanding warrants exercisable for shares of common stock as follows: Descripton Shares of Common Stock Exercise Price per Share Latest Termination Date Series H warrants * $ 7,974,881 $ 0.70 August 4, 2021** Financial services warrants 25,000 0.70 August 4, 2021** Series J warrants* 4,639,614 0.80 December 6, 2021 12,639,495 * Subject to a limitation on their exercise if the holder and its affiliates would beneficially own 9.99% of the total number of the Company's shares of common stock following such exercise. ** Expired unexercised on August 4, 2021. Stock Plan – The following table summarizes option activity and related information for the years ended June 30, 2021 and 2020: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2019 14,435,650 $ 0.85 7.3 Granted 5,779,850 0.58 Forfeited (235,950 ) 0.86 Exercised — — Expired (77,100 ) 2.72 Outstanding - June 30, 2020 19,902,450 0.76 7.4 Granted 3,546,100 0.56 Forfeited (568,300 ) 0.75 Exercised — — Expired (997,750 ) 0.95 Outstanding - June 30, 2021 21,882,500 $ 0.72 7.2 $ 1,034,273 Exercisable at June 30, 2021 13,229,109 $ 0.75 6.0 $ 733,738 Expected to vest at June 30, 2021 8,653,391 $ 0.68 9.1 $ 300,535 Stock options granted to the Company’s executive officers and employees generally vest over a 48-month period, while stock options granted to its non-employee directors vest over a 12-month period. Included in the options outstanding above are 1,994,500 and 188,084 performance-based options granted in June 2020 to executive officers and employees, respectively. The performance-based options vest on performance criteria relating to advancement of MC1r programs, including initiation of clinical trials and licensing of Vyleesi in additional countries or regions. Also included in the table above are 1,075,000 and 117,500 performance-based options granted in December 2017 to executive officers and employees, respectively, which were eligible to vest during a performance period ended 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 Female Sexual Dysfunction (“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 options was $602,760. The Company amortized 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 and 50% of the target number of options vested in June 2019 upon FDA approval of Vyleesi. During the year ended June 30, 2021, the performance period ended for the remaining performance-based stock options. As a result, 240,000 unearned stock options were forfeited and added back to the 2011 Stock Plan and available for future grant. For the years ended June 30, 2021 and 2020, 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, 2021 and 2020 were as follows: Year Ended June 30, Year Ended June 30, 2021 2020 Risk-free interest rate 1.0% 0.5% Volatility factor 68.3% 67.1% Dividend yield 0% 0% Expected option life (years) 6.1 6.1 Weighted average grant date fair value $0.34 $0.33 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, 2021 and 2020, the Company recorded stock-based compensation related to stock options of $1,863,266 and $1,372,931, respectively. As of June 30, 2021, there was $3,154,522 of unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted-average period of 2.5 years. Restricted Stock Units – For the years ended June 30, 2021 and 2020, the Company recorded stock-based compensation related to restricted stock units of $1,305,390 and $1,765,533, respectively. Included in outstanding restricted stock units in the table above are 8,164,080 vested shares that have not been issued as of June 30, 2021 due to a provision in the restricted stock unit agreements to delay delivery. Year Ended June 30, Year Ended June 30, 2021 2020 Outstanding at beginning of year 12,965,570 10,327,833 Granted 3,244,350 3,397,950 Forfeited (411,068) (123,438) Vested (958,090) (636,775) Outstanding at end of year 14,840,762 12,965,570 Time-based restricted stock units granted to the Company’s executive officers, employees and non-employee directors generally vest over 48 months, 48 months, and 12 months, respectively. In June 2021, the Company granted 414,500 performance-based restricted stock units to its executive officers and 144,080 performance-based restricted stock units to other employees which vest during a performance period ending June 22, 2025. The performance-based restricted stock units vest on performance criteria relating to advancement of MC1r programs, including initiation of clinical trials and licensing of Vyleesi in additional countries or regions. In June 2021, the Company granted 450,000 performance-based restricted stock units to its executive officers which vest if, prior to June 22, 2023, the price per share of the Company’s common stock, as traded on the NYSE American, was at least $2.00 for at least twenty consecutive trading days. In June 2020, the Company granted 1,203,500 performance-based restricted stock units to its executive officers and 113,484 performance-based restricted stock units to other employees which vest during a performance period ending June 24, 2024. The performance-based restricted stock units vest on performance criteria relating to advancement of MC1r programs, including initiation of clinical trials and licensing of Vyleesi in additional countries or regions. In June 2019, the Company granted 438,000 performance-based restricted stock units to its executive officers and 182,725 performance-based restricted stock units to other employees which vest during a performance period ending June 24, 2023. The performance-based restricted stock units vest on performance criteria relating to advancement of MC1r programs, including initiation of clinical trials and licensing of Vyleesi in additional countries or regions. 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 were eligible to vest during a performance period, ended 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 amortized 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. Pursuant to the FDA approval of Vyleesi, 50% of the target number of shares vested in June 2019. During the year ended June 30, 2021, the performance period ended for the remaining performance based restricted stock units. As a result, 319,500 unearned restricted stock units were forfeited and added back to the 2011 Stock Plan and available for future grant. In connection with the vesting of restricted share units during the years ended June 30, 2021 and 2020, the Company withheld 166,799 and 93,875, shares, respectively, with aggregate values of $93,638 and $122,868, respectively, in satisfaction of minimum tax withholding obligations.

17. INCOME TAXES

17. INCOME TAXES	12 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
17. INCOME TAXES	For fiscal 2021 and 2020, the Company recorded no income tax expense as a result of the generation of operating losses that were subject to a full valuation allowance. 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 of June 30, 2021, the Company had state net operating loss carryforwards of approximately $128,200,000, which will expire, if not utilized, between 2034 and 2041, federal net operating loss carryforwards of approximately $109,800,000 and federal research and development credits of approximately $6,500,000, which expire, if not utilized, between 2035 and 2041, and foreign tax credits of $582,500, which expire, if not utilized, in 2028. 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. Based on a history of losses incurred, the Company has recognized a full valuation allowance against its net deferred tax assets during the years ended June 30, 2021 and 2020. The Company’s valuation allowance increased by $9,513,000 and $5,837,000 for the years ended June 30, 2021 and 2020, respectively. A sustained period of profitability in the Company’s operations is required before it would change its judgment regarding the need for a full valuation allowance against its net deferred tax assets. Until such time, the use of net operating loss carryforwards and tax credits to offset profits, if any, will reduce the overall level of deferred tax assets subject to valuation allowance. The Tax Reform Act of 1986 (the “Act”) provides for limitation on the use of the Company’s 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. If the Company undergoes a future ownership change or as it completes its Section 382 limitation assessments, 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 and research and development credits. 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, 2021 June 30, 2020 Net operating loss carryforwards $ 32,169,000 $ 24,321,000 Research and development and AMT tax credits 6,461,000 6,443,000 Foreign tax credits 583,000 583,000 Basis differences in fixed assets and other 2,723,000 1,076,000 41,936,000 32,423,000 Valuation allowance (41,936,000 ) (32,423,000 ) Net deferred tax assets $ — $ — 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 2021 or 2020. As of June 30, 2021 and 2020, the Company had no liabilities for uncertain income tax matters.

1. ORGANIZATION (Policies)

1. ORGANIZATION (Policies)	12 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Palatin Technologies, Inc. (“Palatin” or the “Company”) is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. The Company’s product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with significant unmet medical need and commercial potential.
Melanocortin Receptor System	The melanocortin receptor (“MCr”) system has effects on food intake, metabolism, sexual function, inflammation, and immune system responses. There are five melanocortin receptors, MC1r through MC5r. Modulation of these receptors, through use of receptor-specific agonists, which activate receptor function, or receptor-specific antagonists, which block receptor function, can have significant pharmacological effects. The Company’s lead product, Vyleesi®, was approved by the U.S. Food and Drug Administration (“FDA”) in June 2019 and was being marketed in North America by AMAG Pharmaceuticals, Inc. (“AMAG”) for the treatment of hypoactive sexual desire disorder (“HSDD”) in premenopausal women pursuant to a license agreement between them for Vyleesi for North America, which was entered into on January 8, 2017 (the “AMAG License Agreement”). As disclosed in Note 4, the AMAG License Agreement was terminated effective July 24, 2020, and the Company is now marketing Vyleesi in North America. The Company’s new product development activities focus primarily on MC1r agonists, with potential to treat inflammatory and autoimmune diseases such as dry eye disease, which is also known as keratoconjunctivitis sicca, uveitis, diabetic retinopathy, and inflammatory bowel disease. The Company believes that the MC1r agonist peptides in development have broad anti-inflammatory effects and appear to utilize mechanisms engaged by the endogenous melanocortin system in regulation of the immune system and resolution of inflammatory responses. The Company is also developing peptides that are active at more than one melanocortin receptor, and MC4r peptide and small molecule agonists with potential utility in obesity and metabolic-related disorders, including rare disease and orphan indications.
Natriuretic Peptide Receptor System	The natriuretic peptide receptor (“NPR”) system regulates cardiovascular functions and tissue homeostasis, and therapeutic agents modulating this system have potential to treat cardiovascular and fibrotic diseases. The Company has designed and is developing potential NPR candidate drugs selective for one or more different natriuretic peptide receptors, including natriuretic peptide receptor-A (“NPR-A”), natriuretic peptide receptor B (“NPR-B”), and natriuretic peptide receptor C (“NPR-C”).
Business Risk and Liquidity	Since inception, the Company has generally incurred negative cash flows from operations, and has expended, and expects to continue to expend, substantial funds to develop the capability to market and distribute Vyleesi in the United States and complete its planned product development efforts. As shown in the accompanying consolidated financial statements, the Company had an accumulated deficit as of June 30, 2021 of $351,795,397 and a net loss for the year ended June 30, 2021 of $33,596,495, and the Company anticipates incurring significant expenses in the future as a result of spending on developing marketing and distribution capabilities for Vyleesi in the United States and 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, 2021, the Company’s cash and cash equivalents were $60,104,919 and current liabilities were $10,511,788. Management intends to utilize existing capital resources for general corporate purposes and working capital, including establishing marketing and distribution capabilities for Vyleesi in the United States and preclinical and clinical development of the Company’s MC1r and MC4r peptide programs and natriuretic peptide program, and development of other portfolio products. Management believes that the Company’s cash and cash equivalents as of June 30, 2021 will be sufficient to fund the Company’s current operating plans through at least September 2022. 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 could 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. In March 2020, the World Health Organization declared COVID-19, a disease caused by a novel strain of coronavirus, a pandemic. The Company has taken steps to ensure the safety and well-being of its employees and clinical trial patients to comply with guidance from federal, state and local authorities, while working to ensure the sustainability of its business operations as this unprecedented situation continues to evolve. In mid-March 2020, the Company transitioned to a company-wide work from home policy. Business-critical activities continue to be subject to heightened precautions to ensure safety of employees. The Company continues to assess its policies, business continuity plans and employee support. The Company continues to evaluate the impact of COVID-19 on the healthcare system and work with contract research organizations supporting its clinical, research, and development programs to mitigate risk to patients and its business and community partners, taking into account regulatory, institutional, and government guidance and policies. The Company receives a royalty on sales of Vyleesi by our licensees. We have licensed third parties to sell Vyleesi in China and Korea. The COVID-19 coronavirus could adversely impact the time required to obtain regulatory approvals to sell Vyleesi in China and Korea, which would delay when the Company receives royalty income from sales in those countries. The Company cannot be certain what the overall impact of the COVID-19 pandemic will be on its business, including manufacturing, distribution, sales and marketing of Vyleesi, and it has the potential to materially adversely affect its business, financial condition and results of operations and cashflows during the fiscal year ending June 30, 2022 (“fiscal 2022”) and beyond.
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, cash equivalents, and accounts receivable. The Company’s cash and cash equivalents are primarily invested in one money market account sponsored by a large financial institution.

2. SUMMARY OF SIGNIFICANT ACC_2

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of the Company 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 $59,730,428 and $82,406,697 in a money market account at June 30, 2021 and 2020, respectively.
Fair Value of Financial Instruments	The Company’s financial instruments consist primarily of cash equivalents, accounts receivable and accounts payable. Management believes that the carrying values of cash equivalents, accounts receivable and accounts payable are representative of their respective fair values based on the short-term nature of these instruments.
Credit Risk	Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and accounts receivable. Total cash and cash equivalent balances have exceeded balances insured by the Federal Depository Insurance Company. Currently accounts receivable are due exclusively from AMAG.
Trade Account Receivables	Trade accounts receivable are amounts owed to the Company by its customers for product that has been delivered. The trade accounts receivable is recorded at the invoice amount, less prompt pay and other discounts, chargebacks, and an allowance for credit losses, if any. Credit losses have not been significant to date. On a quarterly basis, the Company reviews inventory levels to determine whether any obsolete, expired, or excess inventory exists. If any inventory is expected to expire prior to being sold, has a cost basis in excess of its net realizable value, is in excess of expected sales requirements as determined by internal sales forecasts, or fails to meet commercial sale specifications, the inventory is written down through a charge to operating expenses. Inventory consisting of Vyleesi has a shelf-life of three years from the date of manufacture.
Inventories	Inventory is stated at the lower of cost or net realizable value, with cost being determined on a first-in, first-out basis.
Property and Equipment	Property and equipment consists of office and laboratory equipment, office furniture and leasehold improvements and includes assets acquired under finance 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 finance 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.
Leases	At lease inception, the Company determines whether an arrangement is or contains a lease. Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and noncurrent operating lease liabilities in the consolidated financial statements. ROU assets represent the Company’s right to use leased assets over the term of the lease. Lease liabilities represent the Company’s contractual obligation to make lease payments over the lease term. For operating leases, ROU assets and lease liabilities are recognized at the commencement date. The lease liability is measured as the present value of the lease payments over the lease term. The Company uses the rate implicit in the lease if it is determinable. When the rate implicit in the lease is not determinable, the Company uses an estimate based on a hypothetical rate provided by a third party as the Company currently does not have issued debt. Operating ROU assets are calculated as the present value of the remaining lease payments plus unamortized initial direct costs plus any prepayments less any unamortized lease incentives received. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised. The assessment of whether renewal or extension options are reasonably certain to be exercised is made at lease commencement. Factors considered in determining whether an option is reasonably certain of exercise include, but are not limited to, the value of any leasehold improvements, the value of renewal rates compared to market rates, and the presence of factors that would cause incremental costs to the Company if the option were not exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company has elected not to recognize an ROU asset and obligation for leases with an initial term of twelve months or less. The expense associated with short term leases is included in selling, general and administrative expense in the statement of operations. To the extent a lease arrangement includes both lease and non-lease components, the Company has elected to account for the components as a single lease component.
Revenue Recognition	We recognize product revenues in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers In accordance with ASC 606, we recognize revenue when our performance obligation is satisfied by transferring control of the product to a customer. Per our contracts with customers, control of the product is transferred upon the conveyance of title, which occurs when the product is sold to and received by a customer. Trade accounts receivable due to us from contracts with our customers are stated separately in the balance sheet, net of various allowances as described in the Trade Accounts Receivable policy above. Product revenues consist of sales of Vyleesi in the United States. The Company sells Vyleesi to specialty pharmacies at the wholesale acquisition cost and payment is currently made within approximately 30 days. In addition to distribution agreements with customers, the Company enters into arrangements with healthcare payers that provide for privately negotiated rebates, chargebacks, and discounts with respect to the purchase of the Company’s products. The Company records product revenues net of allowances for direct and indirect fees, discounts, co-pay assistance programs, estimated chargebacks and rebates. Product sales are also subject to return rights, which have not been significant to date. Gross product sales were offset by product sales allowances for the year ended June 30, 2021 as follows: Gross product sales $4,745,066 Provision for product sales allowances and accruals (5,028,352) Net sales $(283,286) For licenses of intellectual property, the Company assesses at contract inception whether the intellectual property is distinct from other performance obligations identified in the arrangement. If the licensing of intellectual property is determined to be distinct, revenue is recognized for nonrefundable, upfront license fees when the license is transferred to the customer and the customer can use and benefit from the license. If the licensing of intellectual property is determined not to be distinct, then the license is bundled with other promises in the arrangement into one performance obligation. The Company needs to determine if the bundled performance obligation is satisfied over time or at a point in time. If the Company concludes that the nonrefundable, upfront license fees will be recognized over time, the Company will need to assess the appropriate method of measuring proportional performance. Regulatory milestone payments are excluded from the transaction price due to the inability to estimate the probability of reversal. Revenue relating to achievement of these milestones is recognized in the period in which the milestone is achieved. Sales-based royalty and milestone payments resulting from customer contracts solely or predominately for the license of intellectual property will only be recognized upon occurrence of the underlying sale or achievement of the sales milestone in the future and such sales-based royalties and milestone payments will be recognized in the same period earned. The Company recognizes revenue for reimbursements of research and development costs under collaboration agreements as the services are performed. The Company records these reimbursements as revenue and not as a reduction of research and development expenses as the Company is the principal in the research and development activities based upon its control of such activities, which is considered part of its ordinary activities. Development milestone payments are generally due 30 business days after the milestone is achieved. Sales milestone payments are generally due 45 business days after the calendar year in which the sales milestone is achieved. Royalty payments are generally due on a quarterly basis 20 business days after being invoiced.
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 the Company’s development activities. The Company reviews the activities performed under all contracts each quarter and accrues expenses and the amount of any reimbursement to be received from its collaborators based upon the estimated amount of work completed considering milestones achieved. Estimating the value or stage of completion of certain services requires judgment based on available information. If the Company does not identify services performed for it but not billed by the service-provider, or if it underestimates or overestimates 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. Compensation costs for stock-based awards with time-based vesting are determined using the quoted market price of the Company’s common stock on the date of grant or for stock options, the value determined utilizing the Black-Scholes option pricing model, and are recognized on a straight-line basis, while awards containing a market condition are valued using multifactor Monte Carlo simulations and are recognized over the derived service period. 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 or for stock options, the value determined utilizing the Black Scholes option pricing model and are recognized based on the probability of achievement of the performance condition over the service period. Forfeitures are recognized as they occur.
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 and continues to maintain a full valuation allowance against its deferred tax assets based on the history of losses incurred and lack of experience projecting future product revenue and sales-based royalty and milestone payments.
Net Income (Loss) per Common Share	Basic and diluted loss per common share (“EPS”) are calculated in accordance with the provisions of Financial Accounting Standards Board (“FASB”) ASC Topic 260, Earnings per Share For the years ended June 30, 2021 and 2020, no additional common shares were added to the computation of diluted EPS because to do so would have been anti-dilutive. The potential number of common shares excluded from diluted EPS during the year ended June 30, 2021 and June 30, 2020 was 41,264,736 and 40,890,091 respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 8,164,080 and 7,127,362 vested restricted stock units that had not been issued as of June 30, 2021 and 2020, respectively, due to a provision in the restricted stock unit agreements to delay delivery.
Translation of Foreign Currency	Transactions denominated in currencies other than the Company’s functional currency (US Dollar) are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains and losses, which are reflected in the consolidated statements of operations as unrealized (based on the applicable period-end exchange rate) or realized upon settlement of the transactions.

2. SUMMARY OF SIGNIFICANT ACC_3

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Gross product sales	Gross product sales $4,745,066 Provision for product sales allowances and accruals (5,028,352) Net sales $(283,286)

8. PREPAID EXPENSES AND OTHER_2

8. PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Jun. 30, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of prepaid expenses and other current assets	June 30, June 30, 2021 2020 Clinical / regulatory costs $454,750 $43,625 Insurance premiums 259,468 84,741 Vyleesi contractual advances 1,200,000 - Other 1,145,461 609,850 $3,059,679 $738,216

9. FAIR VALUE MEASUREMENTS (Tab

9. FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2021
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, 2021: Money Market Account $59,730,428 $59,730,428 $- $- June 30, 2020: Money Market Account $82,406,697 $82,406,697 $- $-

10. INVENTORIES (Tables)

10. INVENTORIES (Tables)	12 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Raw materials $526,000 Finished goods 636,000 $1,162,000

11. LEASES (Tables)

11. LEASES (Tables)	12 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of lease cost	Lease cost Year ended June 30, 2021 Year ended June 30, 2020 Operating lease cost $287,440 $209,226 Variable lease cost 108,023 71,297 Short-term lease cost - 18,120 Total lease cost $395,463 $298,643
Supplemental information related to leases	Supplemental lease term and discount rate information related to leases was as follows: June 30, 2021 June 30, 2020 Weighted-average remaining lease term (years) 3.5 4.6 Weighted-average discount rate 5.50% 5.51% Supplemental cash flow information related to leases was as follows: Year Ended June 30, 2021 Year Ended June 30, 2020 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $394,926 $318,244 Supplemental non-cash information on lease liabilities arisng from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new lease obligation $365,881 $1,339,556
Summary of operating lease liability maturity	Year Ending June 30 2022 $410,007 2023 414,374 2024 398,042 2025 265,037 Less imputed interest (235,087) Total $1,252,373

12. PROPERTY AND EQUIPMENT, N_2

12. PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Property and equipment	June 30, June 30, 2021 2020 Office equipment $1,193,162 $1,193,162 Laboratory equipment 648,673 648,673 Leasehold improvements 756,948 751,226 2,598,783 2,593,061 Less: Accumulated depreciation and amortization (2,503,966) (2,452,845) $94,817 $140,216

13. ACCRUED EXPENSES (Tables)

13. ACCRUED EXPENSES (Tables)	12 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses	June 30, June 30, 2021 2020 Clinical / regulatory costs $778,705 $1,722,729 Other research related expenses 569,370 586,185 Professional services 84,094 217,662 Inventory purchases 2,340,000 - Selling expenses 1,839,724 - Other 185,485 372,521 $5,797,378 $2,899,097

15. COMMITMENTS AND CONTINGEN_2

15. COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of inventory purchase commitments	Total Current 1 - 3 Years 4 - 5 Years Inventory purchase commitments $10,933,014 $3,721,907 $5,202,307 $2,008,800

16. STOCKHOLDERS' EQUITY (Table

16. STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Jun. 30, 2021
Stockholders' Equity
Schedule of proceeds raised under equity distribution	Year Ended June 30, 2020 Cumulative from inception Shares Proceeds Shares Proceeds Gross proceeds 1,895,934 $1,723,195 9,460,509 $12,330,242 Fees - (51,697) - (369,908) Expenses - (90,000) - (90,000) Net proceeds 1,895,934 $1,581,498 9,460,509 $11,870,334
Schedule of warrant buybacks	Year Ended June 30, 2020 Warrants Buyback price Series F Warrants 297,352 $62,712 Series H Warrants 1,466,432 577,373 Series J Warrants 4,774,889 1,907,381 6,538,673 $2,547,466
Outstanding Stock Purchase Warrants	Descripton Shares of Common Stock Exercise Price per Share Latest Termination Date Series H warrants * $ 7,974,881 $ 0.70 August 4, 2021** Financial services warrants 25,000 0.70 August 4, 2021** Series J warrants* 4,639,614 0.80 December 6, 2021 12,639,495 * Subject to a limitation on their exercise if the holder and its affiliates would beneficially own 9.99% of the total number of the Company's shares of common stock following such exercise. ** Expired unexercised on August 4, 2021.
Option activity	Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2019 14,435,650 $ 0.85 7.3 Granted 5,779,850 0.58 Forfeited (235,950 ) 0.86 Exercised — — Expired (77,100 ) 2.72 Outstanding - June 30, 2020 19,902,450 0.76 7.4 Granted 3,546,100 0.56 Forfeited (568,300 ) 0.75 Exercised — — Expired (997,750 ) 0.95 Outstanding - June 30, 2021 21,882,500 $ 0.72 7.2 $ 1,034,273 Exercisable at June 30, 2021 13,229,109 $ 0.75 6.0 $ 733,738 Expected to vest at June 30, 2021 8,653,391 $ 0.68 9.1 $ 300,535
Weighted average assumptions	Year Ended June 30, Year Ended June 30, 2021 2020 Risk-free interest rate 1.0% 0.5% Volatility factor 68.3% 67.1% Dividend yield 0% 0% Expected option life (years) 6.1 6.1 Weighted average grant date fair value $0.34 $0.33
Restricted Stock Units	Year Ended June 30, Year Ended June 30, 2021 2020 Outstanding at beginning of year 12,965,570 10,327,833 Granted 3,244,350 3,397,950 Forfeited (411,068) (123,438) Vested (958,090) (636,775) Outstanding at end of year 14,840,762 12,965,570

17. INCOME TAXES (Tables)

17. INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets	June 30, 2021 June 30, 2020 Net operating loss carryforwards $ 32,169,000 $ 24,321,000 Research and development and AMT tax credits 6,461,000 6,443,000 Foreign tax credits 583,000 583,000 Basis differences in fixed assets and other 2,723,000 1,076,000 41,936,000 32,423,000 Valuation allowance (41,936,000 ) (32,423,000 ) Net deferred tax assets $ — $ —

2. SUMMARY OF SIGNIFICANT ACC_4

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Product Revenue	12 Months Ended
	Jun. 30, 2021USD ($)
Gross product sales	$ 4,745,066
Provision for product sales allowances and accruals	(5,028,352)
Net sales	$ (283,286)

2. SUMMARY OF SIGNIFICANT ACC_5

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Cash equivalents	$ 59,730,428	$ 82,406,697
Potential number of common shares excluded from diluted EPS	41,264,736	40,890,091

8. PREPAID EXPENSES AND OTHER_3

8. PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Clinical / regulatory costs	$ 454,750	$ 43,625
Insurance premiums	259,468	84,741
Vyleesi contractual advances	1,200,000	0
Other	1,145,461	609,850
Total prepaid expenses and other current assets	$ 3,059,679	$ 738,216

9. FAIR VALUE MEASUREMENTS (Det

9. FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Money Market Account	$ 59,730,428	$ 82,406,697
Level 1
Money Market Account	59,730,428	82,406,697
Level 2
Money Market Account	0	0
Level 3
Money Market Account	$ 0	$ 0

10. INVENTORIES (Details)

10. INVENTORIES (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 526,000
Finished goods	636,000
Inventories	$ 1,162,000	$ 0

11. LEASES (Details)

11. LEASES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 287,440	$ 209,226
Variable lease cost	108,023	71,297
Short-term lease cost	0	18,120
Total lease cost	$ 395,463	$ 298,643

11. LEASES (Details 1)

11. LEASES (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease ROU asset and liability	$ 1,237,813	$ 1,266,132
Short-term operating lease liabilities	351,853	312,784
Long-term operating lease liabilities	900,520	$ 953,348
Operating lease liabilities	$ 1,252,373
Weighted -average remaining lease term (years)	3 years 6 months	4 years 7 months 6 days
Weighted -average discount rate	5.50%	5.51%
Operating cash flows for operating leases	$ 394,926	$ 318,244
Right-of-use assets obtained in exchange for new lease obligation	$ 365,881	$ 1,339,556

11. LEASES (Details 2)

11. LEASES (Details 2)	Jun. 30, 2021USD ($)
Leases [Abstract]
Year ending June 30, 2022	$ 410,007
Year ending June 30, 2023	414,374
Year ending June 30, 2024	398,042
Year ending June 30, 2025	265,037
Less imputed interest	(235,087)
Total	$ 1,252,373

12. PROPERTY AND EQUIPMENT, N_3

12. PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Office equipment	$ 1,193,162	$ 1,193,162
Laboratory equipment	648,673	648,673
Leasehold improvements	756,948	751,226
Gross	2,598,783	2,593,061
Less: Accumulated depreciation and amortization	(2,503,966)	(2,452,845)
Net	$ 94,817	$ 140,216

13. ACCRUED EXPENSES (Details)

13. ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Payables and Accruals [Abstract]
Clinical / regulatory costs	$ 778,705	$ 1,722,729
Other research related expenses	569,370	586,185
Professional services	84,094	217,662
Inventory purchases	2,340,000	0
Selling expenses	1,839,724	0
Other	185,485	372,521
Accrued expenses	$ 5,797,378	$ 2,899,097

15. COMMITMENTS AND CONTINGEN_3

15. COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2021USD ($)
Inventory purchase commitments	$ 10,933,014
Current
Inventory purchase commitments	3,721,907
1 - 3 Years
Inventory purchase commitments	5,202,307
4 - 5 Years
Inventory purchase commitments	$ 2,008,800

16. STOCKHOLDERS' EQUITY (Detai

16. STOCKHOLDERS' EQUITY (Details) - 2019 Equity Distribution Agreement - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Gross proceeds, shares		1,895,934
Gross proceeds		$ 1,723,195
Fees		(51,697)
Expenses		$ (90,000)
Net proceeds, shares		1,895,934
Net proceeds		$ 1,581,498
Cumulative from inception
Gross proceeds, shares	9,460,509
Gross proceeds	$ 12,330,242
Fees	(369,908)
Expenses	$ (90,000)
Net proceeds, shares	9,460,509
Net proceeds	$ 11,870,334

16. STOCKHOLDERS' EQUITY (Det_2

16. STOCKHOLDERS' EQUITY (Details 1)	12 Months Ended
	Jun. 30, 2021USD ($)shares
Warrants | shares	6,538,673
Buyback price | $	$ 2,547,466
Series F Warrants
Warrants | shares	297,352
Buyback price | $	$ 62,712
Series H Warrants
Warrants | shares	1,466,432
Buyback price | $	$ 577,373
Series J Warrants
Warrants | shares	4,774,889
Buyback price | $	$ 1,907,466

16. STOCKHOLDERS' EQUITY (Det_3

16. STOCKHOLDERS' EQUITY (Details 2)	12 Months Ended
	Jun. 30, 2021$ / sharesshares
Shares of Common Stock	12,639,495
Series H Warrants
Shares of Common Stock	7,974,881
Exercise Price per Share | $ / shares	$ .70
Latest Termination Date	August 4, 2021
Financial services warrants
Shares of Common Stock	25,000
Exercise Price per Share | $ / shares	$ .70
Latest Termination Date	August 4, 2021
Series J Warrants
Shares of Common Stock	4,639,614
Exercise Price per Share | $ / shares	$ .80
Latest Termination Date	December 6, 2021

16. STOCKHOLDERS' EQUITY (Det_4

16. STOCKHOLDERS' EQUITY (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stockholders' Equity
Number of Options Outstanding, Beginning	19,902,450	14,435,650
Number of Options Granted	3,546,100	5,779,850
Number of Options Forfeited	(568,300)	(235,950)
Number of Options Exercised	0	0
Number of Options Expired	(997,750)	(77,100)
Number of Options Outstanding, Ending	21,882,500	19,902,450
Number of Options Exercisable	13,229,109
Number of Options Expected to vest	8,653,391
Weighted Average Exercise Price Outstanding, Beginning	$ .76	$ .85
Weighted Average Exercise Price Granted	.56	.58
Weighted Average Exercise Price Forfeited	.75	.86
Weighted Average Exercise Price Exercised	.00	.00
Weighted Average Exercise Price Expired	.95	2.72
Weighted Average Exercise Price Outstanding, Ending	.72	$ .76
Weighted Average Exercise Price Exercisable	.75
Weighted Average Exercise Price Options Expected to vest	$ .68
Weighted Average Remaining Term in Years Options outstanding at beginning of year	7 years 4 months 24 days	7 years 3 months 18 days
Weighted Average Remaining Term in Years Options outstanding at end of year	7 years 2 months 12 days	7 years 4 months 24 days
Weighted Average Remaining Term in Years Options exercisable at end of year	6 years
Weighted Average Remaining Term in Years Options Expected to vest	9 years 1 month 6 days
Aggregate Intrinsic Value Options outstanding	$ 1,034,273
Aggregate Intrinsic Value Options exercisable	733,738
Aggregate Intrinsic Value Options Expected to vest	$ 300,535

16. STOCKHOLDERS' EQUITY (Det_5

16. STOCKHOLDERS' EQUITY (Details 4) - $ / shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stockholders' Equity
Risk-free interest rate	1.00%	0.50%
Volatility factor	68.30%	67.10%
Dividend yield	0.00%	0.00%
Expected option life (years)	6 years 1 month 6 days	6 years 1 month 6 days
Weighted average grant date fair value	$ .34	$ .33

16. STOCKHOLDERS' EQUITY (Det_6

16. STOCKHOLDERS' EQUITY (Details 5) - shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stockholders' Equity
Outstanding at beginning of year	12,965,570	10,327,833
Granted	3,244,350	3,397,950
Forfeited	(411,068)	(123,438)
Vested	(958,090)	(636,775)
Outstanding at end of year	14,840,762	12,965,570

17. INCOME TAXES (Details)

17. INCOME TAXES (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 32,169,000	$ 24,321,000
Research and development and AMT tax credits	6,461,000	6,443,000
Foreign tax credits	583,000	583,000
Basis differences in fixed assets and other	2,723,000	1,076,000
Gross	41,936,000	32,423,000
Valuation allowance	(41,936,000)	(32,423,000)
Net deferred tax assets	$ 0	$ 0

17. INCOME TAXES (Details Narra

17. INCOME TAXES (Details Narrative) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Federal research and development credits	$ 6,461,000	$ 6,443,000
Federal
Net operating loss carryforwards	109,800,000
Federal research and development credits	6,500,000
Foreign
Net operating loss carryforwards	$ 582,500