Palatin (PTN) 10-K 22 Sep 22 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jun. 30, 2022	Sep. 21, 2022	Dec. 31, 2021
Cover [Abstract]
Entity Registrant Name	PALATIN TECHNOLOGIES, INC.
Entity Central Index Key	0000911216
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--06-30
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		9,290,481
Entity Public Float			$ 115,996,632
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-15543
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	95-4078884
Entity Address Address Line 1	4B Cedar Brook Drive
Entity Address City Or Town	Cranbury
Entity Address State Or Province	NJ
Entity Address Postal Zip Code	08512
City Area Code	609
Icfr Auditor Attestation Flag	false
Auditor Name	KPMG LLP
Auditor Location	Philadelphia, Pennsylvania
Local Phone Number	495‑2200
Security 12b Title	Common Stock, par value $.01 per share
Trading Symbol	PTN
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Auditor Firm Id	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 29,939,154	$ 60,104,919
Accounts receivable	1,780,020	1,580,443
Inventories	944,471	1,162,000
Prepaid expenses and other current assets	1,932,454	3,059,679
Total current assets	34,596,099	65,907,041
Property and equipment, net	539,314	94,817
Right-of-use assets - operating leases	878,465	1,237,813
Other assets	56,916	56,916
Total assets	36,070,794	67,296,587
Current liabilities:
Accounts payable	3,157,617	640,650
Accrued expenses	6,875,216	5,797,378
Short-term operating lease liabilities	371,124	351,853
Short-term finance lease liabilities	100,921	0
Other current liabilities	5,754,986	3,721,907
Total current liabilities	16,259,864	10,511,788
Long-term operating lease liabilities	529,398	900,520
Long-term finance lease liabilities	152,407	0
Other long-term liabilities	2,861,250	6,232,907
Total liabilities	19,802,919	17,645,215
Escrowed proceeds	(15,000,000)	0
Stockholders' equity:
Preferred stock of $0.01 par value - authorized 10,000,000 shares: (including amounts authorized for Series B and Series C Redeemable Preferred stock) shares issued and outstanding designated as follows: Series A Convertible: authorized 4,030 as of June 30, 2022: issued and outstanding 4,030 shares as of June 30, 2022 and June 30, 2021	40	40
Common stock of $0.01 par value - authorized 300,000,000 shares: issued and outstanding 9,270,947 shares as of June 30, 2022 and 9,201,988 shares as of June 30, 2021 (Note 1)	92,709	92,020
Additional paid-in capital	404,168,822	401,354,709
Accumulated deficit	(387,993,696)	(351,795,397)
Total stockholders' equity	16,267,875	49,651,372
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	36,070,794	67,296,587
Series B And Series C Preferred Stock
Stockholders' equity:
Preferred stock of $0.01 par value - authorized 10,000,000 shares: (including amounts authorized for Series B and Series C Redeemable Preferred stock) shares issued and outstanding designated as follows: Series A Convertible: authorized 4,030 as of June 30, 2022: issued and outstanding 4,030 shares as of June 30, 2022 and June 30, 2021	$ 15,000,000	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, Series A, 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	9,270,947	9,201,988
Common stock, shares outstanding	9,270,947	9,201,988
Series B And Series C Preferred Stock
Preferred stock, par value	$ 0.01
Preferred stock, shares authorized	9,000,000
Preferred stock, Series A, shares issued	9,000,000
Preferred stock, Series A Convertible, shares outstanding	9,000,000
Preferred stock, liquidation	15,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
REVENUES
Product revenue, net	$ 1,218,457	$ (283,286)
License and contract	250,000	94,689
Total revenues	1,468,457	(188,597)
OPERATING EXPENSES
Cost of products sold	217,529	147,840
Research and development	21,327,434	12,926,559
Selling, general and administrative	16,511,942	17,336,913
Loss on license termination agreement	0	2,784,192
Total operating expenses	38,056,905	33,195,504
Loss from operations	(36,588,448)	(33,384,101)
OTHER INCOME (EXPENSE)
Investment income	29,963	23,572
Foreign currency gain (loss)	389,868	(212,526)
Interest expense	(29,682)	(23,440)
Total other income (expense), net	390,149	(212,394)
NET LOSS	$ (36,198,299)	$ (33,596,495)
Basic and diluted net loss per common share	(379)	(355)
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share (Note 1)	$ 9,543,762	$ 9,466,004

Consolidated Statements of Chan

Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders Equity - USD ($)	Total	Common Stock	Escrow Proceeds	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Preferred Stock Series B	Preferred Stock Series C	Preferred Stock Series A
Balance, shares at Jun. 30, 2020		9,170,336						4,030
Balance, amount at Jun. 30, 2020	$ 80,172,849	$ 91,704	$ 0	$ 398,280,007	$ (318,198,902)	$ 0	$ 0	$ 40
Stock-based compensation, shares		38,323
Stock-based compensation, amount	3,168,656	$ 383	0	3,168,273	0	0	0	0
Withholding taxes related to restricted stock units, shares		(6,671)
Withholding taxes related to restricted stock units, amount	(93,638)	$ (67)	0	(93,571)	0	0	0	0
Net loss	(33,596,495)	$ 0	0	0	(33,596,495)	0	0	$ 0
Balance, shares at Jun. 30, 2021		9,201,988						4,030
Balance, amount at Jun. 30, 2021	49,651,372	$ 92,020	0	401,354,709	(351,795,397)	0	0	$ 40
Stock-based compensation, shares		69,406
Stock-based compensation, amount	2,505,538	$ 694	0	2,504,844	0	0	0	0
Withholding taxes related to restricted stock units, shares		(16,191)
Withholding taxes related to restricted stock units, amount	(221,311)	$ (162)	0	(221,149)	0	0	0	0
Net loss	(36,198,299)	0	0	0	(36,198,299)	$ 0	$ 0	0
Issuance of Redeemable Convertible Preferred stock and warrants, shares						8,100,000	900,000
Issuance of Redeemable Convertible Preferred stock and warrants, amount	$ 234,443	$ 0	(15,000,000)	234,443	0	$ 13,500,000	$ 1,500,000	0
Warrant exercises, shares	1,744	14,000
Warrant exercises, amount	$ 280,000	$ 140	0	279,860	0	0	0	0
Option exercises, shares		1,744
Option exercises, amount	16,132	$ 17	0	16,115	0	$ 0	$ 0	$ 0
Balance, shares at Jun. 30, 2022		9,270,947				8,100,000	900,000	4,030
Balance, amount at Jun. 30, 2022	$ 16,267,875	$ 92,709	$ (15,000,000)	$ 404,168,822	$ (387,993,696)	$ 13,500,000	$ 1,500,000	$ 40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (36,198,299)	$ (33,596,495)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	126,668	51,121
Cash received in excess of loss on termination agreement	0	19,084,192
Decrease in right-of-use asset	359,348	330,839
Unrealized foreign currency transaction (gain) loss	(389,868)	212,526
Non-cash warrant expense	234,443	0
Stock-based compensation	2,505,538	3,168,656
Changes in operating assets and liabilities:
Accounts receivable	(199,577)	(1,580,443)
Prepaid expenses and other assets	1,127,225	(1,938,130)
Inventories	217,529	(987,237)
Accounts payable	2,572,657	(75,022)
Accrued expenses	1,077,838	558,281
Operating lease liabilities	(351,851)	(316,279)
Other liabilities	(1,004,400)	(7,560,000)
Net cash used in operating activities	(29,922,749)	(22,647,991)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(261,374)	(5,722)
Net cash used in investing activities	(261,374)	(5,722)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of withholding taxes related to restricted stock units	(221,311)	(93,638)
Payment of finance lease obligations	(56,463)	0
Proceeds from exercise of warrants	280,000	0
Proceeds from exercise of stock options	16,132	0
Net cash provided by (used in) financing activities	18,358	(93,638)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(30,165,765)	(22,747,351)
CASH AND CASH EQUIVALENTS, beginning of year	60,104,919	82,852,270
CASH AND CASH EQUIVALENTS, end of year	29,939,154	60,104,919
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 29,682	$ 23,440

ORGANIZATION

ORGANIZATION	12 Months Ended
	Jun. 30, 2022
ORGANIZATION
ORGANIZATION	(1) ORGANIZATION Nature of Business Melanocortin Receptor System. The Company’s commercial product, Vyleesi®, was approved by the U.S. Food and Drug Administration (“FDA”) in June 2019 and was being marketed in the United States 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. Reverse Stock Split Business Risks and Liquidity – As of June 30, 2022, the Company’s cash and cash equivalents were $29,939,154 and current liabilities were $16,259,864. 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 programs, and development of other portfolio products. The Company follows the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements — Going Concern, which requires management to assess the Company's ability to continue as a going concern for one year after the date the consolidated financial statements are issued. While the Company has raised funding in the past, the ability to raise funding in future periods is not considered probable, as defined under the accounting standards. As such, under the requirements of ASC 205-40, management may not consider the potential for future funding in their assessment of the Company's ability to meet its obligations for the next year. Based on the Company’s available cash and cash equivalents, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern for one year from the date these consolidated financial statements are issued. The Company is evaluating strategies to obtain additional funding for future operations which include but are not limited to obtaining equity financing, issuing debt, or reducing planned expenses. A failure to raise additional funding or to effectively implement cost reductions could harm the Company’s business, results of operations, and future prospects. If the Company is not able to secure adequate additional funding in future periods, the Company would be forced to make additional reductions in certain expenditures. This may include liquidating assets and suspending or curtailing planned programs. The Company may also have to delay, reduce the scope of, suspend, or eliminate one or more research and development programs or its commercialization efforts or pursue a strategic transaction. If the Company is unable to raise capital when needed or enter into a strategic transaction, then the Company may be required to cease operations, which could cause its stockholders to lose all or part of their investment. The consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Assuming no additional funding and based on its current operating and development plans, the Company expects that its existing cash and cash equivalents as of the date of this filing will be sufficient to enable the Company to fund its operations into the second half of its fiscal year ending June 30, 2023. 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 will receive a royalty on sales of Vyleesi by its licensees. It has 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, 2023 (“fiscal 2023”) and beyond. Concentrations –

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(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 The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented as an operating expense separately from interest expense on the lease liability. 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 statements 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 Revenue from Contracts with Customers In accordance with ASC Topic 606, the Company recognizes product revenue when its performance obligation is satisfied by transferring control of the product to a customer. Per the Company’s 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 the Company from contracts with its customers are stated separately in the consolidated 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 offset by product sales allowances for the year ended June 30, 2022 and 2021 are as follows: Year Ended June 30, 2022 2021 Gross product sales $ 5,816,530 $ 4,745,066 Provision for product sales allowances and accruals (4,598,073 ) (5,028,352 ) Net sales $ 1,218,457 $ (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 The Company’s Series B and Series C Redeemable Convertible Preferred Stock and warrants issued during the year ended June 30, 2022 met the definition of a participating security given their rights to participate in dividends if declared on common stock, which requires the Company to apply the two-class method to compute both basic and diluted net income or loss per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In addition, as these securities are participating securities, the Company is required to calculate diluted net income or loss per share under the if-converted and treasury stock method in addition to the two-class method and utilize the most dilutive result. In periods where there is a net loss, no allocation of undistributed net loss to the Redeemable Convertible Preferred stockholders or warrant holders is performed as the holders of these securities are not contractually obligated to participate in the Company’s losses. For the years ended June 30, 2022 and 2021, 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, 2022 and June 30, 2021 was 2,851,959 and 1,650,589 respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 363,780 and 326,563 vested restricted stock units that had not been issued as of June 30, 2022 and 2021, respectively, due to a provision in the restricted stock unit agreements to delay delivery. Translation of foreign currencies

New and recently Adopted Accoun

New and recently Adopted Accounting Pronouncements	12 Months Ended
	Jun. 30, 2022
New and recently Adopted Accounting Pronouncements
New and recently adopted accounting pronouncements	(3) New and recently Adopted Accounting Pronouncements In May 2021, the FASB issued Accounting Standards Update (“ASU”) No. 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 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments,

AGREEMENTS WITH AMAG

AGREEMENTS WITH AMAG	12 Months Ended
	Jun. 30, 2022
AGREEMENTS WITH AMAG
AGREEMENTS WITH AMAG	(4) AGREEMENTS 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. 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.

MANUFACTURING SUPPLY AGREEMENTS

MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI	12 Months Ended
	Jun. 30, 2022
MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI
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 14) 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 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 14). The term of the Lonza Agreement is through December 31, 2022, and Lonza has advised the Company that they will not renew the Lonza Agreement, but the Company remains in discussions with Lonza on extending contract peptide manufacturing services. The Company is actively evaluating potential new contract manufacturers but establishing a new contractual relationship and establishing and validating manufacturing in a manner that complies with FDA regulations is a time-consuming and costly process. There are specified minimum purchase requirements under the Lonza Agreement (see Note 14).

AGREEMENT WITH FOSUN

AGREEMENT WITH FOSUN	12 Months Ended
	Jun. 30, 2022
AGREEMENT WITH FOSUN
AGREEMENT WITH FOSUN	(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 is entitled to 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. For the year ended June 30, 2022, the Company recorded $250,000 of license and contract revenue related to the Fosun License Agreement.

AGREEMENT WITH KWANGDONG

AGREEMENT WITH KWANGDONG	12 Months Ended
	Jun. 30, 2022
AGREEMENT WITH KWANGDONG
AGREEMENT WITH KWANGDONG	(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 is entitled to 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 related to the Kwangdong License Agreement.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Jun. 30, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	(8) PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses June 30, June 30, 2022 2021 Clinical / regulatory costs $ 310,573 $ 454,750 Insurance premiums 132,413 259,468 Vyleesi contractual advances 815,750 1,200,000 Other 673,718 1,145,461 $ 1,932,454 $ 3,059,679

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(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, 2022: Money market account $ 29,740,565 $ 29,740,565 $ - $ - June 30, 2021: Money market account $ 59,730,428 $ 59,730,428 $ - $ -

INVENTORIES

INVENTORIES	12 Months Ended
	Jun. 30, 2022
INVENTORIES
INVENTORIES	(10) INVENTORIES Inventories consist of raw materials and finished goods related to Vyleesi. The following table summarizes the components of inventories: June 30, June 30, 2022 2021 Raw materials $ 526,000 $ 526,000 Finished goods 418,471 636,000 $ 944,471 $ 1,162,000

LEASES

LEASES	12 Months Ended
	Jun. 30, 2022
LEASES
LEASES	(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 March 31, 2023 and phone equipment that expires on June 30, 2023. The components of operating lease cost are as follows: Operating lease cost Year ended June 30, 2022 Year ended June 30, 2021 Operating lease cost $ 294,293 $ 287,440 Variable lease cost 114,418 108,023 Total operating lease cost $ 408,711 $ 395,463 The components of finance lease cost are as follows: Finance lease cost Year ended June 30, 2022 Year ended June 30, 2021 Right-of-use asset amortization $ 56,463 $ - Interest expense 8,812 - Total finance lease cost $ 65,275 $ - Supplemental lease term and discount rate information related to leases was as follows: June 30, 2022 June 30, 2021 Weighted-average remaining lease term (years) operating leases 2.6 3.5 Weighted-average remaining lease term (years) finance leases 2.4 - Weighted-average discount rate operating leases 5.50 % 5.50 % Weighted-average discount rate finance leases 5.29 % - Supplemental cash flow information related to leases was as follows: Year Ended June 30, 2022 Year Ended June 30, 2021 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 410,007 $ 394,926 Operating cash flows for finance leases 8,812 - Financing cash flows for finance leases 56,463 - $ 475,282 $ 394,926 Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease obligation $ - $ 365,881 Right-of-use assets obtained in exchange for new finance lease obligations $ 309,791 $ - The following table summarizes the maturity of the Company’s lease liabilities as of June 30, 2022: Operating leases: Year Ending June 30 2023 $ 409,438 2024 323,003 2025 265,037 Less imputed interest (96,956 ) Total $ 900,522 Finance leases: Year Ending June 30 2023 $ 111,899 2024 111,899 2025 46,625 Less imputed interest (17,095 ) Total $ 253,328

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Jun. 30, 2022
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	(12) PROPERTY AND EQUIPMENT, NET Property and equipment, net, consists of the following: June 30, June 30, 2022 2021 Office equipment $ 1,229,300 $ 1,193,162 Laboratory equipment 1,038,610 648,673 Leasehold improvements 902,038 756,948 3,169,948 2,598,783 Less: Accumulated depreciation and amortization (2,630,634 ) (2,503,966 ) $ 539,314 $ 94,817 Included in property and equipment, net as of June 30, 2022 is $309,791 in equipment under finance leases and $56,463 related accumulated amortization.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES
ACCRUED EXPENSES	(13) ACCRUED EXPENSES Accrued expenses June 30, June 30, 2022 2021 Clinical / regulatory costs $ 3,944,798 $ 778,705 Other research related expenses 35,172 569,370 Professional services 351,257 84,094 Personnel costs 1,545,896 - Selling expenses 840,703 1,839,724 Inventory purchases - 2,340,000 Other 157,390 185,485 $ 6,875,216 $ 5,797,378

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	(14) COMMITMENTS AND CONTINGENCIES Inventory Purchases Total Current 1 - 3 Years 4 - 5 Years Inventory purchase commitments $ 9,524,486 $ 6,174,986 $ 2,373,000 $ 976,500 As of June 30, 2022, the Company has $5,754,986 and $2,861,250 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. As of June 30, 2021, $3,721,907 and $6,232,907 was accrued within other current and long-term liabilities, respectively. 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.

REDEEMABLE CONVERTIBLE PREFERRE

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY	12 Months Ended
	Jun. 30, 2022
Stockholders' equity:
REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS' EQUITY	(15) REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS’ EQUITY Series B and C Redeemable Convertible Preferred Stock The Series B Preferred Stock and Series C Preferred Stock is convertible, at the option of the holder from the date of the Company's reverse stock split on August 30, 2022 until 30 days following the reverse stock split, into 1,333,333 shares of common stock, computed by dividing the aggregate stated value of the preferred stock of $15,000,000 by the conversion price of $11.25. Alternatively, during the period from the date of stockholder approval of the Company's reverse stock split (see below) until 30 days following the reverse stock split the holders of Series B Preferred Stock and Series C Preferred Stock can elect to redeem for cash in an amount equal to the stated value or convert to notes, having an aggregate principal amount equal to the stated value. The investors will also receive a fee of $750,000, which was paid into the escrow account by the Company. The Series B Preferred Stock and Series C Preferred Stock are presented outside of stockholders' equity at their aggregate redemption value of $15,000,000 since their redemption is outside control of the Company. Given that the fee and other costs are not refundable to the Company as of June 30, 2022, regardless of the election selected by the investors, the fee, the fair value of the warrants ($234,443), and other costs of $150,995 were recorded as expenses within selling, general and administrative expenses during the year ended June 30, 2022. The Company called a meeting of stockholders on June 24, 2022 to seek approval of, among other things, an amendment to its certificate of incorporation authorizing a reverse stock split. Except as otherwise required by law, holders of the Series B Preferred Stock and Series C Preferred Stock were entitled to vote only on the reverse stock split and any adjournment of the meeting relating to the reverse stock split. The Company’s common stock, outstanding Series A Preferred Stock, the Series B Preferred Stock and the Series C Preferred Stock voted as a single class on an as-if converted basis. The holders of Series B Preferred Stock had votes equal to the number of shares of common stock into which the Series B Preferred Stock is convertible. The holders of Series C Preferred Stock were entitled to 20,000 votes per share of common stock into which the Series C Preferred Stock is convertible but could only vote in the same proportion as the shares of common stock, Series A preferred stock, and Series B preferred stock were voted on the reverse stock split or any adjournment of the stockholder meeting relating thereto. The holders of the Series B Preferred Stock agreed to vote in favor of the reverse stock split, which was approved and ultimately became effective on August 30, 2022. Subsequent to the reverse stock split, the Series B Preferred Stock and Series C Preferred Stock is also convertible into common stock at the option of the Company subject to the holders having the ability to resell the Company stock, the stock being traded on a national stock exchange or automated inter-dealer quotation system, and other conditions, as defined in the respective purchase agreement. To the extent any shares of Series B Preferred Stock or Series C Preferred Stock are converted to common shares or converted to debt, the Company will use such net proceeds from this offering for working capital and general corporate purposes. The holders of the Series B Preferred Stock and Series C Preferred Stock are entitled to certain registration rights, rights for approval of increases in authorized shares of the respective series, rights to limitation on the Company’s ability to incur indebtedness, and dividends paid on common stock on an as-if converted basis. In addition, in the event of any liquidation, dissolution, or winding-up of the Company, the holders of the Series B Preferred Stock and Series C Preferred Stock are entitled to receive the preferred stock’s stated value plus any declared but unpaid dividends before any payment is made to holders of common stock or any other class or series of stock ranking junior to the respective Series B Preferred Stock and Series C Preferred Stock. Series A Convertible Preferred Stock Financing Transactions No proceeds were raised under the 2019 Equity Distribution Agreement during the years ended June 30, 2022 and 2021. Proceeds raised under the 2019 Equity Distribution Agreement since its inception are as follows: Cumulative from inception Shares Proceeds Gross proceeds 378,420 $ 12,330,242 Fees - (369,908 ) Expenses - (90,000 ) Net proceeds 378,420 $ 11,870,334 Stock Purchase Warrants As of June 30, 2022, the Company had outstanding warrants for shares of common stock as follows: Shares of Common Exercise Price per Latest Termination Descripton Stock Share Date May 2022 warrants 66,666 $ 12.50 May 11, 2026 Warrants for 33,333 shares of common stock are exercisable immediately and warrants for 33,333 shares of common stock will become exercisable when the holder's of the Series B Preferred Stock and Series C Preferred Stock elect to redeem their shares for cash or convert to notes. The outstanding warrants are entitled to dividends and participation in subsequent equity offerings as if they were exercised for common shares. Stock Plan – The following table summarizes option activity and related information for the years ended June 30, 2022 and 2021: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2020 796,097 $ 19.00 7.4 Granted 141,844 14.00 Forfeited (22,732 ) 18.75 Exercised - - Expired (39,910 ) 23.75 Outstanding - June 30, 2021 875,299 18.00 7.2 Granted 310,494 10.07 Forfeited (11,539 ) 16.67 Exercised (1,744 ) 9.25 Expired (8,548 ) 19.79 Outstanding - June 30, 2022 1,163,962 $ 15.98 7.1 $ - Exercisable at June 30, 2022 693,204 $ 18.50 5.8 $ - Expected to vest at June 30, 2022 470,758 $ 12.29 9.1 $ - 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 outstanding options in the table above are 166,233 and 18,921 unvested performance-based stock options granted to executive officers and other employees, respectively, which were granted in June 2020, 2021 and 2022. Grants in June 2020, 2021, and 2022 were 87,303, 95,167, and 60,566 respectively. The performance-based stock options vest on annual performance criteria through the fiscal years ending June 30, 2026 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 43,000 and 4,700 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, 9,600 unearned stock options were forfeited and added back to the 2011 Stock Plan and available for future grant. For the years ended June 30, 2022 and 2021, the fair value of option grants was estimated at the grant date using the Black-Scholes model. The Company’s weighted average assumptions for the years ended June 30, 2022 and 2021 were as follows: Year Ended June 30, Year Ended June 30, 2022 2021 Risk-free interest rate 3.2 % 1.0 % Volatility factor 69.1 % 68.3 % Dividend yield 0 % 0 % Expected option life (years) 6.0 6.1 Weighted average grant date fair value $ 2.68 $ 8.50 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, 2022 and 2021, the Company recorded stock-based compensation related to stock options of $1,563,686 and $1,863,266, respectively. As of June 30, 2021, there was $2,070,413 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 – Year Ended June 30, Year Ended June 30, 2022 2021 Outstanding at beginning of year 593,629 518,620 Granted 131,352 129,774 Forfeited (6,426 ) (16,442 ) Vested (69,406 ) (38,323 ) Outstanding at end of year 649,149 593,629 For the years ended June 30, 2022 and 2021, the Company recorded stock-based compensation related to restricted stock units of $941,852 and $1,305,390, respectively. Included in outstanding restricted stock units in the table above are 363,780 vested shares that have not been issued as of June 30, 2022 due to a provision in the restricted stock unit agreements to delay delivery. 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. Included in the outstanding restricted stock units in the table above are 61,556 and 13,751 unvested performance-based restricted stock units granted to executive officers and other employees, respectively, which were granted in June 2019, 2020, 2021, and 2022. Grants in June 2019, 2020, 2021 and 2022 were 24,829, 52,679, 22,343, and 40,707 respectively. The performance-based restricted stock units vest on annual performance criteria through the fiscal years ending June 30, 2026 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 18,000 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 $50.00 for at least twenty consecutive trading days. In December 2017, the Company granted 43,000 performance-based restricted stock units to its executive officers and 26,800 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 $37.50 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, 12,780 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, 2022 and 2021, the Company withheld 16,191 and 6,671, shares, respectively, with aggregate values of $221,311 and $93,638, respectively, in satisfaction of minimum tax withholding obligations.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	(16) INCOME TAXES For fiscal 2022 and 2021, 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, 2022, the Company had state net operating loss carryforwards of approximately $164,000,000, which will expire, if not utilized, between 2034 and 2042, federal net operating loss carryforwards of approximately $112,800,000 and federal research and development and Alternative Minimum Tax (“AMT”) credits of approximately $7,200,000, which expire, if not utilized, between 2035 and 2042, 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, 2022 and 2021. The Company’s valuation allowance increased by $3,927,000 and $9,513,000 for the years ended June 30, 2022 and 2021, 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, June 30, 2022 2021 Net operating loss carryforwards $ 35,331,000 $ 32,169,000 Research and development and AMT tax credits 7,171,000 6,461,000 Foreign tax credits 583,000 583,000 Basis differences in fixed assets and other 2,778,000 2,723,000 45,863,000 41,936,000 Valuation allowance (45,863,000 ) (41,936,000 ) 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 2022 or 2021. As of June 30, 2022 and 2021, the Company had no liabilities for uncertain income tax matters.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Credit Risk	Credit Risk
Trade Account Receivables	Trade Accounts Receivable
Inventories	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	Property and Equipment
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Leases	Leases The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented as an operating expense separately from interest expense on the lease liability. 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 statements 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	Revenue Recognition Revenue from Contracts with Customers In accordance with ASC Topic 606, the Company recognizes product revenue when its performance obligation is satisfied by transferring control of the product to a customer. Per the Company’s 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 the Company from contracts with its customers are stated separately in the consolidated 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 offset by product sales allowances for the year ended June 30, 2022 and 2021 are as follows: Year Ended June 30, 2022 2021 Gross product sales $ 5,816,530 $ 4,745,066 Provision for product sales allowances and accruals (4,598,073 ) (5,028,352 ) Net sales $ 1,218,457 $ (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	Research and Development Costs
Accrued Expenses	Accrued Expenses –
Stock-Based Compensation	Stock-Based Compensation –
Income Taxes	Income Taxes
Net Income (Loss) per Common Share	Net Loss per Common Share Earnings per Share The Company’s Series B and Series C Redeemable Convertible Preferred Stock and warrants issued during the year ended June 30, 2022 met the definition of a participating security given their rights to participate in dividends if declared on common stock, which requires the Company to apply the two-class method to compute both basic and diluted net income or loss per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. In addition, as these securities are participating securities, the Company is required to calculate diluted net income or loss per share under the if-converted and treasury stock method in addition to the two-class method and utilize the most dilutive result. In periods where there is a net loss, no allocation of undistributed net loss to the Redeemable Convertible Preferred stockholders or warrant holders is performed as the holders of these securities are not contractually obligated to participate in the Company’s losses. For the years ended June 30, 2022 and 2021, 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, 2022 and June 30, 2021 was 2,851,959 and 1,650,589 respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 363,780 and 326,563 vested restricted stock units that had not been issued as of June 30, 2022 and 2021, respectively, due to a provision in the restricted stock unit agreements to delay delivery.
Translation of Foreign Currency	Translation of foreign currencies

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Gross product sales	Year Ended June 30, 2022 2021 Gross product sales $ 5,816,530 $ 4,745,066 Provision for product sales allowances and accruals (4,598,073 ) (5,028,352 ) Net sales $ 1,218,457 $ (283,286 )

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Jun. 30, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	June 30, June 30, 2022 2021 Clinical / regulatory costs $ 310,573 $ 454,750 Insurance premiums 132,413 259,468 Vyleesi contractual advances 815,750 1,200,000 Other 673,718 1,145,461 $ 1,932,454 $ 3,059,679

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2022
FAIR VALUE MEASUREMENTS
Schedule of fair value asset measurement	Carrying Value Quoted prices in active markets (Level 1) Other quoted/observable inputs (Level 2) Significant unobservable inputs (Level 3) June 30, 2022: Money market account $ 29,740,565 $ 29,740,565 $ - $ - June 30, 2021: Money market account $ 59,730,428 $ 59,730,428 $ - $ -

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Jun. 30, 2022
INVENTORIES
Schedule of Inventories	June 30, June 30, 2022 2021 Raw materials $ 526,000 $ 526,000 Finished goods 418,471 636,000 $ 944,471 $ 1,162,000

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Jun. 30, 2022
LEASES
Schedule of operating lease cost	Operating lease cost Year ended June 30, 2022 Year ended June 30, 2021 Operating lease cost $ 294,293 $ 287,440 Variable lease cost 114,418 108,023 Total operating lease cost $ 408,711 $ 395,463
Schedule of finance lease cost	Finance lease cost Year ended June 30, 2022 Year ended June 30, 2021 Right-of-use asset amortization $ 56,463 $ - Interest expense 8,812 - Total finance lease cost $ 65,275 $ -
Supplemental lease term and discount rate information	June 30, 2022 June 30, 2021 Weighted-average remaining lease term (years) operating leases 2.6 3.5 Weighted-average remaining lease term (years) finance leases 2.4 - Weighted-average discount rate operating leases 5.50 % 5.50 % Weighted-average discount rate finance leases 5.29 % -
Supplemental cash flow information	Year Ended June 30, 2022 Year Ended June 30, 2021 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 410,007 $ 394,926 Operating cash flows for finance leases 8,812 - Financing cash flows for finance leases 56,463 - $ 475,282 $ 394,926 Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease obligation $ - $ 365,881 Right-of-use assets obtained in exchange for new finance lease obligations $ 309,791 $ -
Summary of operating lease liability maturity	Operating leases: Year Ending June 30 2023 $ 409,438 2024 323,003 2025 265,037 Less imputed interest (96,956 ) Total $ 900,522 Finance leases: Year Ending June 30 2023 $ 111,899 2024 111,899 2025 46,625 Less imputed interest (17,095 ) Total $ 253,328

PROPERTY AND EQUIPMENT NET (Tab

PROPERTY AND EQUIPMENT NET (Tables)	12 Months Ended
	Jun. 30, 2022
PROPERTY AND EQUIPMENT, NET
Schdule of Property and equipment	June 30, June 30, 2022 2021 Office equipment $ 1,229,300 $ 1,193,162 Laboratory equipment 1,038,610 648,673 Leasehold improvements 902,038 756,948 3,169,948 2,598,783 Less: Accumulated depreciation and amortization (2,630,634 ) (2,503,966 ) $ 539,314 $ 94,817

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES
Schdule of Accrued Expenses	June 30, June 30, 2022 2021 Clinical / regulatory costs $ 3,944,798 $ 778,705 Other research related expenses 35,172 569,370 Professional services 351,257 84,094 Personnel costs 1,545,896 - Selling expenses 840,703 1,839,724 Inventory purchases - 2,340,000 Other 157,390 185,485 $ 6,875,216 $ 5,797,378

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES
Schedule of inventory purchase commitments	Total Current 1 - 3 Years 4 - 5 Years Inventory purchase commitments $ 9,524,486 $ 6,174,986 $ 2,373,000 $ 976,500

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Table)	12 Months Ended
	Jun. 30, 2022
Stockholders' equity:
Schedule of proceeds raised under equity distribution	Cumulative from inception Shares Proceeds Gross proceeds 378,420 $ 12,330,242 Fees - (369,908 ) Expenses - (90,000 ) Net proceeds 378,420 $ 11,870,334
Outstanding Stock Purchase Warrants	Shares of Common Exercise Price per Latest Termination Descripton Stock Share Date May 2022 warrants 66,666 $ 12.50 May 11, 2026
Option activity	Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2020 796,097 $ 19.00 7.4 Granted 141,844 14.00 Forfeited (22,732 ) 18.75 Exercised - - Expired (39,910 ) 23.75 Outstanding - June 30, 2021 875,299 18.00 7.2 Granted 310,494 10.07 Forfeited (11,539 ) 16.67 Exercised (1,744 ) 9.25 Expired (8,548 ) 19.79 Outstanding - June 30, 2022 1,163,962 $ 15.98 7.1 $ - Exercisable at June 30, 2022 693,204 $ 18.50 5.8 $ - Expected to vest at June 30, 2022 470,758 $ 12.29 9.1 $ -
Weighted average assumptions	Year Ended June 30, Year Ended June 30, 2022 2021 Risk-free interest rate 3.2 % 1.0 % Volatility factor 69.1 % 68.3 % Dividend yield 0 % 0 % Expected option life (years) 6.0 6.1 Weighted average grant date fair value $ 2.68 $ 8.50
Restricted Stock Units	Year Ended June 30, Year Ended June 30, 2022 2021 Outstanding at beginning of year 593,629 518,620 Granted 131,352 129,774 Forfeited (6,426 ) (16,442 ) Vested (69,406 ) (38,323 ) Outstanding at end of year 649,149 593,629

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2022
INCOME TAXES
Schdule of Deferred tax assets	June 30, June 30, 2022 2021 Net operating loss carryforwards $ 35,331,000 $ 32,169,000 Research and development and AMT tax credits 7,171,000 6,461,000 Foreign tax credits 583,000 583,000 Basis differences in fixed assets and other 2,778,000 2,723,000 45,863,000 41,936,000 Valuation allowance (45,863,000 ) (41,936,000 ) Net deferred tax assets $ - $ -

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
ORGANIZATION (Details Narrative)
Accumulated deficit	$ 387,993,696	$ 351,795,397
Net loss	(36,198,299)	(33,596,495)
Cash and cash equivalents	29,939,154	60,104,919	$ 82,852,270
Total current liabilities	$ 16,259,864	$ 10,511,788

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Product Revenue - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Gross product sales	$ 5,816,530	$ 4,745,066
Provision for product sales allowances and accruals	4,598,073	5,028,352
Net sales	$ 1,218,457	$ (283,286)

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 29,740,565	$ 59,730,428
Potential number of common shares excluded from diluted EPS	2,851,959	1,650,589
Weighted average vested restricted stock units	363,780	326,563

AGREEMENTS WITH AMAG (Details N

AGREEMENTS WITH AMAG (Details Narrative) - USD ($)	3 Months Ended			12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2022	Mar. 31, 2021	Jul. 24, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Contract Termination Agreement Payments					$ 4,300,000	$ 12,000,000
Estimated loss on Invenntory purcahse	$ 1,623,795			$ 18,194,000
Accrued Expenses on Inventory Purchase				$ 2,300,000
Gain on license termination agreement			$ 1,623,795
Loss on the Termination Agreement		$ 4,407,987
Total Loss on Agreement		$ 2,784,192
Inventory and prepaid expenses estimated fair value						$ 5,817,795

AGREEMENT WITH FOSUN (Details N

AGREEMENT WITH FOSUN (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
	Sep. 06, 2017	Nov. 21, 2017	Jun. 30, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Company License Agreement Recievables	$ 4,500,000
Upfront Payments	5,000,000	$ 500,000
Tax Expense	500,000	82,500
Milestone payment receivable	7,500,000	3,000,000
Additional Sales Recievable	$ 92,500,000	$ 37,500,000
License and contract revenue			$ 250,000

AGREEMENT WITH KWANGDONG (Detai

AGREEMENT WITH KWANGDONG (Details Narrative) - USD ($)		1 Months Ended
	Sep. 06, 2017	Nov. 21, 2017
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Recievable under company agreement		$ 417,500
Upfront payments	$ 5,000,000	500,000
Tax Expense	500,000	82,500
Additional Sales Recievable	92,500,000	37,500,000
Milestone payment receivable	$ 7,500,000	3,000,000
License Agreement		$ 94,689

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Clinical / regulatory costs	$ 310,573	$ 454,750
Insurance premiums	132,413	259,468
Vyleesi contractual advances	815,750	1,200,000
Other	673,718	1,145,461
Total prepaid expenses and other current assets	$ 1,932,454	$ 3,059,679

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Money Market Account	$ 29,740,565	$ 59,730,428
Level 2
Money Market Account	0	0
Level 3
Money Market Account	0	0
Level 1
Money Market Account	$ 29,740,565	$ 59,730,428

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
INVENTORIES
Raw materials	$ 526,000	$ 526,000
Finished goods	418,471	636,000
Inventories	$ 944,471	$ 1,162,000

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
LEASES
Operating lease cost	$ 294,293	$ 287,440
Variable lease cost	114,418	108,023
Total lease cost	$ 408,711	$ 395,463

LEASES (Details 1)

LEASES (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
LEASES
Right of use asset amortization Finance lease cost	$ 56,463	$ 0
Interest expense	8,812	0
Total finance cost	$ 65,275	$ 0

LEASES (Details 2)

LEASES (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
LEASES
Weighted -average remaining lease term (years)	2.6	3.5
Weighted -average remaining lease term (years) finance lease	2.4
Weighted -average discount rate	5.50%	5.50%
Weighted -average discount rate finance lease	5.29%	0%
Operating cash flows for operating leases	$ 410,007	$ 394,926
Operating cash flows for Finance lease	8,812	0
Financing cash flows for Finance lease	56,463	0
Right-of-use assets obtained in exchange for new lease obligation	0	365,881
Total measurement of lease liabilities	475,282	394,926
Right-of-use assets obtained in exchange for new finance lease obligation	$ 309,791	$ 0

LEASES (Details 3)

LEASES (Details 3)	Jun. 30, 2022 USD ($)
Year ending June 30, 2023	$ 111,899
Year ending June 30, 2024	111,899
Year ending June 30, 2025	46,625
Less imputed interest	(17,095)
Total	253,328
Operating Lease [Member]
Year ending June 30, 2023	409,438
Year ending June 30, 2024	323,003
Year ending June 30, 2025	265,037
Less imputed interest	(96,956)
Total	$ 900,522

LEASES (Details Narrative)

LEASES (Details Narrative)	12 Months Ended
	Jun. 30, 2022
LEASES
Description of office space	The Company has operating leases for office and laboratory space, which expire on June 30, 2025 and October 31, 2023

PROPERTY AND EQUIPMENT NET (Det

PROPERTY AND EQUIPMENT NET (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
PROPERTY AND EQUIPMENT, NET
Office equipment	$ 1,229,300	$ 1,193,162
Laboratory equipment	1,038,610	648,673
Leasehold improvements	902,038	756,948
Gross	3,169,948	2,598,783
Less: Accumulated depreciation and amortization	(2,630,634)	(2,503,966)
Net	$ 539,314	$ 94,817

PROPERTY AND EQUIPMENT NET (D_2

PROPERTY AND EQUIPMENT NET (Details Narrative)	Jun. 30, 2022 USD ($)
PROPERTY AND EQUIPMENT, NET
Equipment under finance leases	$ 309,791
accumulated amortization	$ 56,463

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
ACCRUED EXPENSES
Clinical / regulatory costs	$ 3,944,798	$ 778,705
Other research related expenses	35,172	569,370
Professional services	351,257	84,094
Inventory purchases	0	2,340,000
Selling expenses	840,703	1,839,724
Other	157,390	185,485
Personal cost	1,545,896	0
Total	$ 6,875,216	$ 5,797,378

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2022 USD ($)
Inventory purchase commitments	$ 9,524,486
Current
Inventory purchase commitments	6,174,986
1 - 3 Years
Inventory purchase commitments	2,373,000
4 - 5 Years
Inventory purchase commitments	$ 976,500

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
Other Liabilities Current	$ 5,754,986	$ 3,721,907
Accrued Other long-term Liabilities	2,861,250	6,232,907
Company contributions	$ 220,864	$ 168,210

REDEEMABLE CONVERTIBLE PREFER_3

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Details) - 2019 Equity Distribution Agreement - Cumulative from inception	12 Months Ended
	Jun. 30, 2022 USD ($) shares
Gross proceeds, shares | shares	378,420
Gross proceeds	$ 12,330,242
Fees	369,908
Expenses	$ (90,000)
Net proceeds, shares | shares	378,420
Net proceeds	$ 11,870,334

REDEEMABLE CONVERTIBLE PREFER_4

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Details 1)	12 Months Ended
	Jun. 30, 2022 $ / shares shares
Shares of Common Stock	33,333
May 2022 Warrants
Shares of Common Stock	66,666
Exercise Price per Share | $ / shares	$ 12.50
Latest Termination Date	May 11, 2026

REDEEMABLE CONVERTIBLE PREFER_5

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stockholders' equity:
Number of Options Outstanding, Beginning	875,299	796,097
Number of Options Granted	310,494	141,844
Number of Options Forfeited	(11,539)	(22,732)
Number of Options Exercised	1,744
Number of Options Expired	(8,548)	(39,910)
Number of Options Outstanding, Ending	1,163,962	875,299
Number of Options Exercisable	693,204
Number of Options Expected to vest	470,758
Weighted Average Exercise Price Outstanding, Beginning	$ 18	$ 19
Weighted Average Exercise Price Granted	10.07	14
Weighted Average Exercise Price Forfeited	16.67	18.75
Weighted Average Exercise Price Exercised	9.25	0
Weighted Average Exercise Price Expired	19.79	23.75
Weighted Average Exercise Price Outstanding, Ending	15.98	$ 18
Weighted Average Exercise Price Exercisable	18.50
Weighted Average Exercise Price Options Expected to vest	$ 12.29
Weighted Average Remaining Term in Years Options outstanding at beginning of year	7 years 2 months 12 days	7 years 4 months 24 days
Weighted Average Remaining Term in Years Options outstanding at end of year	7 years 1 month 6 days	5 years 9 months 18 days
Weighted Average Remaining Term in Years Options exercisable at end of year	5 years 9 months 18 days
Weighted Average Remaining Term in Years Options Expected to vest	9 years 1 month 6 days
Aggregate Intrinsic Value Options outstanding		$ 0
Aggregate Intrinsic Value Options exercisable		0
Aggregate Intrinsic Value Options Expected to vest		$ 0

REDEEMABLE CONVERTIBLE PREFER_6

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Details 3) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stockholders' equity:
Risk-free interest rate	3.20%	1%
Volatility factor	69.10%	68.30%
Dividend yield	0%	0%
Expected option life (years)	6 years	6 years 1 month 6 days
Weighted average grant date fair value	$ 2.68	$ 8.50

REDEEMABLE CONVERTIBLE PREFER_7

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Details 4) - shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stockholders' equity:
Outstanding at beginning of year	593,629	518,620
Granted	131,352	129,774
Forfeited	(6,426)	(16,442)
Vested	69,406	38,323
Outstanding at ending of year	649,149	593,629

REDEEMABLE CONVERTIBLE PREFER_8

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Details Narrative) - USD ($)		1 Months Ended			12 Months Ended
	May 11, 2022	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2017	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Stock based compensation, options					$ 1,563,686	$ 1,863,266
Voting of shares description					The holders of Series C Preferred Stock were entitled to 20,000 votes per share
Fair value of awards		569,500			913,750	569,500
Exercise price		$ 50			$ 20	$ 50
Decription of commission					The Company pays Canaccord 3.0% of the gross proceeds as a commission
Aggregate shares					40,000,000
Vesting of restricted share					16,191	6,671
Aggregate value					$ 221,311	$ 93,638
Unvested performance-based restricted stock		$ 95,167			$ 60,566	95,167	$ 87,303
Unvested performance-based stock options granted to executive officers and other employees					166,233
Unvested performance-based stock options granted					18,921
Unrecognized compensation cost		$ 2,070,413				2,070,413
Stock based compensation, restricted stock units					$ 941,852	1,305,390
Performance-based restricted stock		18,000	4,700	43,000
Fair value of options					$ 602,760
Options vested percentage					50%
Vested shares not issued					$ 363,780
Shares of Common Stock					33,333
Convertible Preferred Stock					33,333
Shares of Common Stock,value					$ 2,505,538	$ 3,168,656
Convertible Preferred Stock were outstanding		4,030			4,030	4,030
Executive Officers
Unvested performance-based restricted stock units granted		22,343			40,707	22,343	52,679	24,829
Outstanding restricted stock units					$ 61,556
Other Employees
Unvested performance-based restricted stock units granted					13,751
Series A Convertible Preferred Stock
Aggregate value					$ 403,000
Convertible Preferred Stock were outstanding					4,030
Conversion Price		$ 152.50				$ 152.50
Convertible shares		$ 0.66				$ 0.66
Distributable value of dividend					$ 100
Series B Convertible Preferred Stock
Selling, general and administrative expenses					150,995
Fair value of the warrants					$ (234,443)
Series J warrants
Shares of Common Stock					14,000
Shares of Common Stock,value					$ 280,000
Exercise provisions					14,000
Exercise Price per Share					$ 20
Proceeds from issue of shares					$ 280,000
Common stock share, issued					14,000
2011 Stock Incentive Plan
Incentive for nonqualified stock option grants, restricted stock unit awards and other stock-based awards to employees, non-employee directors and consultants					2,300,000
Shares available for grant					211,821
Securities Purchase Agreement [Member] | Series B and C Redeemable Convertible Preferred Stock [Member]
Exercise price	$ 12.50
Convertible Preferred Stock	900,000
Warrants to purchase up	66,666
Total gross proceeds from the offering					$ 15,000,000
Shares sold	8,100,000
Expiry of share issuance	48 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
INCOME TAXES
Net operating loss carryforwards	$ 35,331,000	$ 32,169,000
Research and development and AMT tax credits	7,171,000	6,461,000
Foreign tax credits	583,000	583,000
Basis differences in fixed assets and other	2,778,000	2,723,000
Gross	45,863,000	41,936,000
Valuation allowance	(45,863,000)	(41,936,000)
Net deferred tax assets	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2022
Allowance increased	$ 9,513,000	$ 3,927,000
Federal research and development credits		164,000,000
Federal
Federal research and development credits		7,200,000
Net operating loss carryforwards		112,800,000
Foreign
Net operating loss carryforwards		$ 582,500