Palatin (PTN) 10-K 30 Sep 24 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jun. 30, 2024	Sep. 27, 2024	Dec. 29, 2023
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, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		19,548,167
Entity Public Float			$ 55,737,667
Document Annual Report	true
Document Transition Report	false
Document Fin Stmt Error Correction Flag	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, 2024	Jun. 30, 2023
Cash and cash equivalents	$ 9,527,396	$ 7,989,582
Marketable securities	0	2,992,890
Accounts receivable	0	2,915,760
Inventories	0	526,000
Prepaid expenses and other current assets	242,272	1,897,281
Total current assets	9,769,668	16,321,513
Property and equipment, net	388,361	684,910
Right-of-use assets - operating leases	527,321	876,101
Other assets	56,916	56,916
Total assets	10,742,266	17,939,440
Accounts payable	4,101,929	4,303,527
Accrued expenses	4,185,046	6,511,059
Short-term operating lease liabilities	380,542	354,052
Short-term finance lease liabilities	46,014	106,392
Other current liabilities	944,150	3,856,800
Total current liabilities	9,657,681	15,131,830
Long-term operating lease liabilities	163,782	544,323
Long-term finance lease liabilities	0	46,014
Other long-term liabilities	1,032,300	2,083,200
Warrant liabilities	0	1,850,544
Total liabilities	10,853,763	19,655,911
Commitments and contingencies (Note 14)
Contingently redeemable warrants	0	263,400
Stockholders' deficiency:
Common stock of $0.01 par value - authorized 300,000,000 shares issued and outstanding 17,926,640 shares as of June 30, 2024 and 11,656,714 shares as of June 30, 2023	179,266	116,567
Additional paid-in capital	441,475,747	409,933,959
Accumulated deficit	(441,766,550)	(412,030,437)
Total stockholders' deficiency	(111,497)	(1,979,871)
Total liabilities and stockholders' deficiency	10,742,266	17,939,440
Series A Convertible Preferred Stocks [Member]
Stockholders' deficiency:
Preferred stock of $0.01 par value - authorized 10,000,000 shares: shares issued and outstanding designated as follows: Series A Convertible: authorized 4,030 shares as of June 30, 2024: issued and outstanding 4,030 shares as of June 30, 2024 and June 30, 2023	$ 40	$ 40

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	17,926,640	11,656,714
Common stock, shares outstanding	17,926,640	11,656,714
Series A Convertible Preferred Stocks [Member]
Preferred stock, shares authorized	4,030	4,030
Preferred stock, shares issued	4,030	4,030
Preferred stock, shares outstanding	4,030	4,030

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Product revenue, net	$ 4,490,090	$ 4,850,678
License and Contract	0	3,000
Total revanues	4,490,090	4,853,678
OPERATING EXPENSES
Cost of products sold	97,637	418,470
Research and development	22,400,372	22,630,577
Selling, general and administrative	12,270,046	15,290,836
Gain on sale of Vyleesi	(7,781,844)	0
Gain on purchase commitment	0	(1,027,322)
Total operating expenses	26,986,211	37,312,561
Loss from operations	(22,496,121)	(32,458,883)
OTHER INCOME (EXPENSE)
Investment income	376,843	691,981
Foreign currency gain (loss)	59,753	(429,971)
Interest expense	(17,114)	(20,013)
Offering expenses	(696,912)	(1,115,765)
Change in fair value of warrant liabilities	(6,962,562)	4,620,911
Total other income (expense), net	(7,239,992)	3,747,143
Loss before income taxes	(29,736,113)	(28,711,740)
Income tax benefit	0	4,674,999
NET LOSS	$ (29,736,113)	$ (24,036,741)
Basic and diluted net loss per common share	$ (2.02)	$ (2.21)
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share	14,697,096	10,890,159

Consolidated Statements of Chan

Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders (Deficiency) Equity - USD ($)	Total	Series B Redeemable Convertible Preferred Stock Series B	Series C Redeemable Convertible Preferred Stock	Series A Convertible Preferred Stock	Common Stock	Contigently Rdeemable Warrant	Escrow Proceeds	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Jun. 30, 2022		8,100,000	900,000	4,030	9,270,947
Balance, amount at Jun. 30, 2022	$ 16,267,875	$ 13,500,000	$ 1,500,000	$ 40	$ 92,709	$ 0	$ (15,000,000)	$ 404,168,822	$ (387,993,696)
Stock-based compensation, share					84,062
Stock-based compensation, amount	1,674,337	0	0	0	$ 841	0	0	1,673,496
Withholding taxes related to restricted stock units, shares					(20,468)
Withholding taxes related to restricted stock units, amount	(146,062)	$ 0	$ 0	0	$ (205)	0	0	(145,857)	0
Redemption of convertible series B & series C preferred stock, shares		(8,100,000)	(900,000)
Redemption of convertible series B & series C preferred stock, amount	0	$ (13,500,000)	$ (1,500,000)	0	$ 0	0	15,000,000	0	0
Sale of common stock and warrants, net of costs, share					1,524,034
Sale of common stock and warrants, net of costs, amount	1,199,389	0	0	0	$ 15,240	0	0	1,184,149	0
Conversion of liability classified warrants	3,324,653					0		3,324,653
Warrant exercises, shares					798,182
Warrant exercises, amount	78	0	0	0	$ 7,982	0	0	(7,904)	0
Reverse stock split fractional shares, shares					(43)
Reverse stock split fractional shares, amount	0	0	0	0	$ 0	0	0	0	0
Reclassification of contingently redeemable warrants	(263,400)	0	0	0	0	263,400	0	(263,400)	0
Net loss	(24,036,741)	0	0	0	0		0	0	(24,036,741)
Balance, amount at Jun. 30, 2023	(1,979,871)	0	0	$ 40	$ 116,567	263,400	0	409,933,959	(412,030,437)
Balance, shares at Jun. 30, 2023				4,030	11,656,714
Stock-based compensation, share					98,372
Stock-based compensation, amount	1,872,698	0	0	$ 0	$ 984	0	0	1,871,714	0
Withholding taxes related to restricted stock units, shares					(25,467)
Withholding taxes related to restricted stock units, amount	(56,401)	0	0	0	$ (255)	0	0	(56,146)	0
Conversion of liability classified warrants	11,423,203	0	0	0	$ 0	0	0	11,423,203	0
Warrant exercises, shares					3,233,277
Warrant exercises, amount	6,048,209	0	0	0	$ 32,333	0	0	6,015,876	0
Reclassification of contingently redeemable warrants	263,400	0	0	0	0	(263,400)	0	263,400	0
Net loss	(29,736,113)	0	0	0	$ 0	0	0	0	(29,736,113)
Sale of common stock, net of costs, share					2,048,530
Sale of common stock, net of costs, amount	9,663,475	0	0	0	$ 20,485	0	0	9,642,990	0
Conversion of liability classified warrants upon warrant exercise, shares					2,358,491
Conversion of liability classified warrants upon warrant exercise, amount	2,389,903	0	0	0	$ 23,585	0	0	2,366,318	0
Shares held in abeyance, amount	0	0	0	0	$ (14,433)	0	0	14,433	0
Shares held in abeyance, shares					(1,443,277)
Balance, amount at Jun. 30, 2024	$ (111,497)	$ 0	$ 0	$ 40	$ 179,266	$ 0	$ 0	$ 441,475,747	$ (441,766,550)
Balance, shares at Jun. 30, 2024				4,030	17,926,460

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (29,736,113)	$ (24,036,741)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	339,075	288,331
Decrease in right-of-use asset	348,780	371,339
Unrealized foreign currency transaction gain (loss)	(59,753)	429,971
Stock-based compensation	1,872,698	1,674,337
Change in fair value of liability classified warrants	(6,962,562)	4,620,911
Gain on sale of Vyleesi	7,781,844	0
Gain on purchase commitment	0	(1,027,322)
Changes in operating assets and liabilities:
Accounts receivable	(2,915,760)	1,135,740
Prepaid expenses and other assets	1,218,846	35,173
Inventories	1,154,355	(418,471)
Accounts payable	(201,598)	1,109,541
Accrued expenses	(2,367,651)	(364,157)
Operating lease liabilities	(354,051)	(371,122)
Other liabilities	(3,463,797)	(2,042,516)
Net cash used in operating activities	(31,461,441)	(29,271,346)
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturity of marketable securities	2,992,890	0
Purchase of marketable securities		(2,992,890)
Proceeds from sale of Vyleesi	9,500,000	0
Purchases of property and equipment	(42,526)	(433,927)
Net cash provided by (used in) investing activities	12,450,364	(3,426,817)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of withholding taxes related to restricted stock units	(56,401)	(146,062)
Proceeds from the sale of common stock and warrants, net	14,666,042	10,995,497
Payment of finance lease obligations	(106,392)	(100,922)
Proceeds from exercise of warrants	6,045,642	78
Net cash provided by financing activities	20,548,891	10,748,591
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,537,814	(21,949,572)
CASH AND CASH EQUIVALENTS, beginning of period	7,989,582	29,939,154
CASH AND CASH EQUIVALENTS, end of period	9,527,396	7,989,582
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	17,114	20,013
Conversion of liability classified warrants	11,423,203	0
Conversion of liability classified warrants upon warrant exercise	$ 2,389,903	$ 0

ORGANIZATION

ORGANIZATION	12 Months Ended
	Jun. 30, 2024
ORGANIZATION
ORGANIZATION	(1) ORGANIZATION Nature of Business Melanocortin Receptor System. The Company’s prior commercial product, Vyleesi®, was approved by the U.S. Food and Drug Administration (“FDA”) in June 2019 for the treatment of hypoactive sexual desire disorder (“HSDD”) in premenopausal women. As disclosed in Note 4, this product was acquired by Cosette Pharmaceuticals, Inc. (“Cosette”) on December 19, 2023. Our new product development activities focus primarily on use of bremelanotide, or other MC4r agonists, with tirzepatide, a GLP-1 agonist for treatment of obesity, which entered Phase 2 in the second quarter of calendar year 2024, and a co-formulation of bremelanotide with a PDE5i for treatment of erectile dysfunction in patients that do not respond to PDE5i monotherapy. The Company is also developing, dependent on resources for development activities, MC1r agonist products, 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. Business Risks and Liquidity – As of June 30, 2024, the Company’s cash and cash equivalents were $9,527,396 and current liabilities were $9,657,681. Management intends to utilize existing capital resources for general corporate purposes and working capital, including 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 Based on our available cash and cash equivalents as of June 30, 2024, 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 existing cash and cash equivalents as of the date of this filing will be sufficient to fund currently anticipated operating expenses through the second half of calendar year 2024. The Company may receive contingent, sales-based milestone payments of up to $159,000,000 on sales of Vyleesi by Cosette Pharmaceuticals, Inc. (“Cosette”) and its licensees. Concentrations –

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Revision of Previously Issued Financial Statements Contracts in Entity’s Own Equity The Company also recorded a gain of $4,620,911 as a result in the change in fair value of the warrant liabilities for the year ended June 30, 2023. The Company recorded $1,115,765 of offering expenses for the year ended June 30, 2023. As a result of these adjustments, the cash flow from operations decreased by $852,345 and cash flows from financing activities increased by $852,345 for the year ended June 30, 2023. Use of Estimates Cash, Cash Equivalents Marketable Securities 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. Prior to selling the Vyleesi product to Cosette in December 2023, the Company sold 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 years ended June 30, 2024 and 2023 are as follows: Year Ended June 30, 2024 2023 Gross product sales 8,875,153 $ 12,460,140 Product sales allowances and accruals (4,385,063 ) (7,609,462 ) Net sales $ 4,490,090 $ 4,850,678 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, 2024 and 2023, 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, 2024 and June 30, 2023 was 11,127,632 and 4,161,377 respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 508,011 and 356,003 vested restricted stock units that had not been issued as of June 30, 2024 and 2023, 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, 2024
NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	(3) NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This ASU requires that a public entity provide additional segment disclosures on an interim and annual basis. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements, unless impracticable. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,

ASSET PURCHASE AGREEMENT

ASSET PURCHASE AGREEMENT	12 Months Ended
	Jun. 30, 2024
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT	(4) ASSET PURCHASE AGREEMENT On December 19, 2023, the Company entered into an asset purchase agreement (the “Cosette Purchase Agreement”) with Cosette pursuant to which Cosette acquired from the Company worldwide rights to Vyleesi®. Under the terms of the Cosette Purchase Agreement, the Company sold certain assets (the “Purchased Assets”) to Cosette, comprising the exclusive right to market and sell Vyleesi for treatment of hypoactive sexual desire disorder in women, and contracts relating manufacturing and distribution of Vyleesi. The Purchased Assets include applicable intellectual property pertaining to the marketing and sale of Vyleesi, including patents, patent applications, trademarks and copyrights. In addition, Cosette acquired records pertaining to the historical sales and distribution of Vyleesi, as well as quality control and pharmacovigilance records and other records. The Company will receive up to $171,000,000, consisting of an upfront purchase price of $9,500,000, $2,500,000 payable upon the settlement of certain purchase commitments, and sales-based milestone payments of up to $159,000,000 based on annual net sales of from $15,000,000 to $20,000,000. The closing of the transaction took place simultaneously with the signing of the Cosette Purchase Agreement. As a result of the transaction, the Company recorded gain of $7,781,844 on the sale of Vyleesi for the year ended June 30, 2024. The Cosette Purchase Agreement includes customary representations, warranties and covenants, as well as standard mutual indemnities covering losses arising from any material breach of the Cosette Purchase Agreement or inaccuracy of representations and warranties. The parties also entered into a transition service agreement pursuant to which the Company provided certain transition services to Cosette for a period time and the Company was reimbursed for the costs of the transition services. The Company is also eligible to receive regulatory approval milestones associated with the previous licensing of Vyleesi to Fosun for China (see Note 6) and Kwangdong for the Republic of Korea (“Korea”) (see Note 7).

MANUFACTURING SUPPLY AGREEMENTS

MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI	12 Months Ended
	Jun. 30, 2024
MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI
MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI	(5) MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI The Company has transferred to Cosette its right, title and interest in contracts and agreements to manufacture Vyleesi, including 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; 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”).

AGREEMENT WITH FOSUN

AGREEMENT WITH FOSUN	12 Months Ended
	Jun. 30, 2024
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 Fosun License 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 has agreed to assign the Fosun License Agreement to Cosette, provided that the Company retains the right to receive a $7,500,000 milestone payment upon regulatory approval in China.

AGREEMENT WITH KWANGDONG

AGREEMENT WITH KWANGDONG	12 Months Ended
	Jun. 30, 2024
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 Kwangdong License 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 has agreed to assign the Kwangdong License Agreement to Cosette, provided that the Company retains the right to receive a $3,000,000 milestone payment based on the first commercial sale in Korea.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Jun. 30, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	(8) PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: June 30, June 30, 2024 2023 Clinical / regulatory costs $ 23,926 $ 141,512 Insurance premiums 71,097 342,645 Vyleesi contractual advances - 816,750 Other 147,249 596,374 $ 242,272 $ 1,897,281

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2024
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, 2024: Cash equivalents - Money market funds $ 9,089,113 $ 9,089,113 $ - $ - June 30, 2023: Cash equivalents - Money market funds $ 2,808,598 $ 2,808,598 - - Cash equivalents - Treasury bill 2,980,620 2,980,620 - - Marketable securities - Treasury bill 2,992,890 2,992,890 - - Total $ 8,782,108 $ 8,782,108 $ - $ -

INVENTORIES

INVENTORIES	12 Months Ended
	Jun. 30, 2024
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, 2024 2023 Raw materials $ - $ 526,000 Finished goods - - $ - $ 526,000

LEASES

LEASES	12 Months Ended
	Jun. 30, 2024
LEASES
LEASES	(11) LEASES The Company has operating leases for office and laboratory space, which expire on June 30, 2025 and October 31, 2026, respectively. The components of operating lease cost are as follows: Operating lease cost Year ended June 30, 2024 Year ended June 30, 2023 Operating lease cost $ 263,859 $ 291,878 Variable lease cost 113,708 114,441 Total operating lease cost $ 377,567 $ 406,319 The components of finance lease cost are as follows: Finance lease cost Year ended June 30, 2024 Year ended June 30, 2023 Right-of-use asset amortization $ 106,390 $ 100,922 Interest expense 5,507 10,975 Total finance lease cost $ 111,897 $ 111,897 Supplemental lease term and discount rate information related to leases was as follows: June 30, 2024 June 30, 2023 Weighted-average remaining lease term (years) operating leases 1.7 2.3 Weighted-average remaining lease term (years) finance leases 0.4 1.4 Weighted-average discount rate operating leases 5.50 % 5.50 % Weighted-average discount rate finance leases 5.29 % 5.29 % Supplemental cash flow information related to leases was as follows: Year ended June 30, 2024 Year ended June 30, 2023 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 387,910 $ 406,319 Operating cash flows for finance leases 5,507 10,975 Financing cash flows for finance leases 106,392 100,922 $ 499,809 $ 518,216 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 $ - $ 368,975 The following table summarizes the maturity of the Company’s lease liabilities as of June 30, 2024: Operating leases: Year Ending June 30 2025 $ 398,196 2026 134,973 2027 33,894 Less imputed interest (22,741 ) Total $ 544,322 Finance leases: Year Ending June 30, 2025 46,585 Less imputed interest (569 ) Total $ 46,016

PROPERTY AND EQUIPMENT NET

PROPERTY AND EQUIPMENT NET	12 Months Ended
	Jun. 30, 2024
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, 2024 2023 Office equipment $ 1,229,300 $ 1,229,300 Laboratory equipment 1,220,395 1,177,868 Leasehold improvements 1,196,706 1,196,706 3,646,401 3,603,874 Less: Accumulated depreciation and amortization (3,258,040 ) (2,918,964 ) $ 388,361 $ 684,910 Included in property and equipment, net as of June 30, 2024 is $309,791 in equipment under finance leases and $263,777 related accumulated amortization.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Jun. 30, 2024
ACCRUED EXPENSES
ACCRUED EXPENSES	(13) ACCRUED EXPENSES Accrued expenses consist of the following: June 30, June 30, 2024 2023 Clinical / regulatory costs $ 1,509,797 $ 2,960,126 Other research related expenses 65,972 121,121 Professional Services 284,215 339,258 Personnel costs 1,771,694 1,563,847 Selling expenses 351,485 1,266,653 Other 201,883 260,054 $ 4,185,046 $ 6,511,059

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2024
Commitments and contingencies (Note 14)
COMMITMENTS AND CONTINGENCIES	(14) COMMITMENTS AND CONTINGENCIES Inventory Purchases The following table summarizes the contractual obligations under the Catalent Agreement, Ypsomed Agreement, and Lonza Agreement as of June 30, 2024: Total Current 1 - 3 Years 4 - 5 Years Inventory purchase commitments $ 2,492,600 $ 1,460,300 $ 1,032,300 $ - As of June 30, 2024, the Company has $944,150 and $1,032,300 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, 2023, $3,856,800 and $2,083,200 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, 2024
REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND 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 Given that the fee and other costs were not refundable to the Company as of June 30, 2022, regardless of the election selected by the investors, the $750,000 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. Series A Convertible Preferred Stock Financing Transactions – The January 2024 Private Warrants are exercisable on the six-month anniversary of the issuance date for a period of four years from the issuance date, at an exercise price equal to $5.46 per January 2024 Private Warrant Share. The January 2024 Private Warrants are exercisable for cash, or, solely during any period when a registration statement for the issuance or resale of the January 2024 Private Warrant Shares issuable upon exercise of the January 2024 Private Warrants to or by the holder of such January 2024 Private Warrants is not in effect, on a cashless basis. The Company paid the placement agent a cash fee equal to 7.0% of the aggregate gross proceeds of the January 2024 Offering and for certain expenses and legal fees in connection with the January 2024 Offering. In addition, the Company also issued to the placement agent or its designees warrants (the “January 2024 Placement Agent Warrants”) to purchase up to 91,575 shares of the Company’s common stock (the “January 2024 Placement Agent Warrant Shares”) as part of the compensation payable to the placement agent. The January 2024 Placement Agent Warrants have substantially the same terms as the January 2024 Private Warrants, except that the January 2024 Placement Agent Warrants have an exercise price of $6.825 per share. On March 14, 2024, the Company filed a registration statement on Form S-1 to register the January 2024 Private Warrants and the January 2024 Placement Agent Warrants, which registration statement was declared effective on March 28, 2024 and a prospectus was filed on the same date. The gross proceeds from the January 2024 Offering totaled $10,000,006, with net proceeds from the January 2024 Offering, after deducting the placement agent fees and offering expenses, amounting to $9,224,056. The Company intends to use the net proceeds received from the January 2024 Offering for general working capital purposes. On October 20, 2023, the Company entered into a securities purchase agreement (the “October 2023 Purchase Agreement”) with a certain institutional investor, to sell in a registered direct offering (the “October 2023 RD Offering”), an aggregate of (i) 1,325,000 shares of common stock (the “October 2023 Shares”), of the Company and (ii) pre-funded warrants (the “October 2023 Pre-Funded Warrants”) to purchase up to 1,033,491 shares of the Company’s common stock (the “October 2023 Pre-Funded Warrant Shares”). Pursuant to the October 2023 Purchase Agreement the Company also issued unregistered warrants (the “October 2023 Private Warrants”) to purchase up to 2,358,491 shares of the Company’s common stock (the “October 2023 Private Warrant Shares”) in a concurrent private placement (the “October 2023 Private Offering” and together with the October 2023 RD Offering, the “October 2023 Offering”). The October 2023 Shares and accompanying October 2023 Private Warrants were offered at a combined offering price of $2.12. The October 2023 Pre-Funded Warrants and accompanying October 2023 Private Warrants were offered at a combined offering price of $2.1199. The October 2023 Offering closed on October 24, 2023. The October 2023 Private Warrants are exercisable on the six-month anniversary of issuance for a period of five and one-half years from the issuance date, at an exercise price equal to $2.12 per October 2023 Private Warrant Share. The October 2023 Private Warrants will be exercisable for cash, or, solely during any period when a registration statement for the issuance or resale of the October 2023 Private Warrant Shares issuable upon exercise of the October 2023 Private Warrants to or by the holder of such October 2023 Private Warrants is not in effect, on a cashless basis. The October 2023 Pre-Funded Warrants had an exercise price of $0.0001 per October 2023 Pre-Funded Warrant Share and were exercisable upon issuance. During the three months ended December 31, 2023, the institutional investor exercised the outstanding October 2023 Pre-Funded Warrants to purchase 1,033,491 shares of the Company’s common stock. The net proceeds from the October 2023 Offering, after deducting the placement agent fees and offering expenses, were $4,573,948. On October 31, 2022, the Company entered into a securities purchase agreement with a certain institutional investor to sell, in a registered direct offering (the “October 2022 RD Offering”), an aggregate of (i) 1,020,000 shares of the Company’s common stock, (ii) prefunded warrants (the “October 2022 Pre-Funded Warrants”) to purchase up to 798,182 shares of the Company’s common stock, and (iii) common stock warrants (the “October 2022 Common Warrants”) to purchase up to 1,818,182 shares of the Company’s common stock. Each share of common stock was offered with one accompanying October 2022 Common Warrant with a combined offering price of $5.50. Each October 2022 Pre-Funded Warrant was offered with one accompanying October 2022 Common Warrant with a combined offering price of $5.4999. The October 2022 RD Offering was completed on November 2, 2022. The October 2022 Common Warrants have an exercise price of $5.83 per share, are exercisable beginning six months after the date of issuance and will expire five and one-half years from the date of issuance. The October 2022 Pre-Funded Warrants had an exercise price of $0.0001 per share and were exercisable upon issuance. During the year ended June 30, 2023, the institutional investor exercised the outstanding October 2022 Pre-Funded Warrants to purchase 798,182 shares of the Company’s common stock. The October 2022 Common Warrants will be exercisable for cash, or, solely during any period when a registration statement for the issuance or resale of the shares of common stock issuable upon exercise of the October 2022 Common Warrants to or by the holder of such October 2022 Common Warrants is not in effect, on a cashless basis. The proceeds from the October RD 2022 Offering, after deducting the placement agent fees and expenses and other estimated offering expenses, were $9,109,117. The private warrants and common warrants related to the October 2022 and October 2023 financings met the definition of a derivative instrument under ASC Subtopic 815-40 and were reported as liabilities as of June 30, 2023 since the warrants did not meet the criteria for equity classification. The Company recorded the warrants at fair value on its balance sheet with changes in the fair value of the warrants recorded as a non-cash charge or gain in the consolidated statements of operations. The January 2024 Placement Agent Warrants were issued to non-employees in exchange for services related to the offering are accounting for in accordance ASC 718 which requires the fair value of the warrants to be recognized as an offering expense. The placement agent warrants contain certain contingent cash settlement features that are not probable of occurring and not within the control of Company, therefore the placement agent warrants are classified out of permanent equity. On January 24, 2024, the Company and warrant holders amended the terms of warrants related to the October 2022 and October 2023 financings. As a result, all liability classified warrants were reclassified to additional paid-in capital. On April 12, 2023, the Company entered into a new equity distribution agreement (the “2023 Equity Distribution Agreement”) with Canaccord Genuity LLC (“Canaccord”), pursuant to which the Company may, from time to time, sell shares of the Company’s common stock at market prices by methods deemed to be an “at-the-market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The 2023 Equity Distribution Agreement and related prospectus is limited to sales of up to an aggregate maximum $50.0 million of shares of the Company’s common stock. The Company pays Canaccord 3.0% of the gross proceeds as a commission. Proceeds raised under the 2023 Equity Distribution Agreement are as follows: Year Ended June 30, 2024 Year Ended June 30, 2023 Shares Proceeds Shares Proceeds Gross proceeds 217,027 $ 547,803 504,034 $ 1,196,739 Fees - (16,434 ) - (35,902 ) Expenses - - - (126,800 ) Net proceeds 217,027 $ 531,369 504,034 $ 1,034,037 Stock Warrants As of June 30, 2024, the Company had outstanding warrants for shares of common stock as follows: Shares of Common Exercise Price per Latest Expiration Description Stock Share Date May 2022 Warrants 66,666 $ 12.50 May 11, 2026 October 2022 Placement Agent Warrants 90,909 $ 6.88 October 31, 2027 October 2023 Private Warrants 943,396 $ 2.12 April 24, 2029 October 2023 Placement Agent Warrants 117,925 $ 2.65 October 20, 2028 January 2024 Private Warrants 1,831,503 $ 5.46 February 1, 2028 January 2024 Placement Agent Warrants 91,575 $ 6.83 February 1, 2028 June 2024 Series A Warrants 2,727,273 $ 1.88 June 24, 2029 June 2024 Series B Warrants 2,122,642 $ 1.88 June24, 2029 * * 1,624,201 shares expire on the five year anniversary following stockholder approval Stock Plan – The following table summarizes option activity and related information for the years ended June 30, 2024 and 2023: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2022 1,163,962 $ 15.98 7.1 Granted 712,310 2.30 Forfeited (274,440 ) 12.00 Exercised - - Expired (51,232 ) 17.45 Outstanding - June 30, 2023 1,550,600 $ 8.27 8.4 Granted 742,800 1.83 Forfeited (18,988 ) 3.79 Exercised - - Expired (10,972 ) 20.98 Outstanding - June 30, 2024 2,263,440 $ 6.11 8.2 $ - Exercisable at June 30, 2024 940,161 $ 10.81 6.6 $ 89,136 Expected to vest at June 30, 2024 1,323,279 $ 2.84 9.4 $ 89,136 On December 16, 2022, Carl Spana, President and CEO of the Company, and Stephen T. Wills, CFO, COO and Executive Vice President of the Company, voluntarily contributed stock options previously issued to them to purchase 143,360 and 124,220 shares, respectively, of the Company’s common stock to the 2011 Stock Incentive Plan. The stock options were forfeited and cancelled without payment of any consideration by the Company. 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 418,945 and 88,911 unvested performance-based stock options granted to executive officers and other employees, respectively, which were granted in June 2020, 2021, 2022 and 2023. Grants in June 2021, 2022, 2023 and 2024 were 95,167, 60,566, 238,838 and 264,945, respectively. The performance-based stock options vest on annual performance criteria through the fiscal years ending June 30, 2028 relating to advancement of MC1r programs, including initiation of clinical trials and licensing of Vyleesi in additional countries or regions. For the years ended June 30, 2024 and 2023, 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, 2024 and 2023 were as follows: Year Ended June 30, Year Ended June 30, 2024 2023 Risk-free interest rate 4.3 % 3.9 % Volatility factor 75.8 % 65.6 % Dividend yield 0 % 0 % Expected option life (years) 6.1 6.1 Weighted average grant date fair value $ 0.82 $ 0.99 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, 2024 and 2023, the Company recorded stock-based compensation related to stock options of $873,633 and $794,735, respectively. As of June 30, 2024, there was $1,409,506 of unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted-average period of 2.7 years. Restricted Stock Units – Year Ended June 30, Year Ended June 30, 2024 2023 Outstanding at beginning of year 987,521 649,149 Granted 517,800 425,750 Forfeited (11,667 ) (3,312 ) Vested (98,372 ) (84,062 ) Expirations (20,302 ) - Fractional shares - (4 ) Outstanding at end of year 1,374,980 987,521 For the years ended June 30, 2024 and 2023, the Company recorded stock-based compensation related to restricted stock units of $839,335 and $616,182, respectively. Included in outstanding restricted stock units in the table above are 508,011 vested shares that have not been issued as of June 30, 2024 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 274,549 and 59,842 unvested performance-based restricted stock units granted to executive officers and other employees, respectively, which were granted in June 2021, 2022, 2023, and 2024. Grants in June 2021, 2022, 2023 and 2024 were 22,343, 40,707, 152,432 and 184,443 restricted stock units, 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 connection with the vesting of restricted share units during the years ended June 30, 2024 and 2023, the Company withheld 25,467 and 20,468, shares, respectively, with aggregate values of $56,401 and $146,062, respectively, in satisfaction of minimum tax withholding obligations.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2024
INCOME TAXES
INCOME TAXES	(16) INCOME TAXES The Company has participated in the State of New Jersey’s Technology Business Tax Certificate Transfer Program (the “Program”) sponsored by The New Jersey Economic Development Authority. The Program enables approved biotechnology companies with unused Net Operating Losses (“NOLs”) and unused research and development credits (“R&D credits”) to sell these tax benefits for at least 80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the State of New Jersey. The Company received final approval in December 2022 for the sale of NOLs and R&D credits that resulted in the receipt of $4,674,999 in January 2023. As a result, the Company recorded an income tax benefit for the year ended June 30, 2023. For fiscal 2024 and 2023, 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, NOL carryforwards and R&D credit carryforwards, given the provisions of existing tax laws. As of June 30, 2024, the Company had state NOL carryforwards of approximately $181,000,000, which will expire, if not utilized, between 2036 and 2043, federal NOL carryforwards of approximately $130,000,000 and federal R&D and Alternative Minimum Tax (“AMT”) credits of approximately $9,500,000, which expire, if not utilized, between 2035 and 2043, 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 deferred tax assets during the years ended June 30, 2024 and 2023. The Company’s valuation allowance increased by $11,193,000 and $5,653,000 for the years ended June 30, 2024 and 2023, 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 NOL 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 “Tax Reform Act”) provides for limitation on the use of the Company’s NOL and R&D tax credit carryforwards following certain ownership changes (as defined by the Tax Reform 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 Tax Reform 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 NOL carryforwards and R&D 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, 2024 2023 Net operating loss carryforwards $ 40,051,000 $ 40,073,000 Research and development and AMT tax credits 9,464,000 8,094,000 Foreign tax credits 583,000 583,000 Basis differences in fixed assets and other 12,611,000 2,766,000 62,709,000 51,516,000 Valuation allowance (62,709,000 ) (51,516,000 ) 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 2024 or 2023. As of June 30, 2024 and 2023, 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, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation
Revision of Previously Issued Financial Statements	Revision of Previously Issued Financial Statements Contracts in Entity’s Own Equity The Company also recorded a gain of $4,620,911 as a result in the change in fair value of the warrant liabilities for the year ended June 30, 2023. The Company recorded $1,115,765 of offering expenses for the year ended June 30, 2023. As a result of these adjustments, the cash flow from operations decreased by $852,345 and cash flows from financing activities increased by $852,345 for the year ended June 30, 2023.
Use of Estimates	Use of Estimates
Cash, Cash Equivalents	Cash, Cash Equivalents
Marketable Securities	Marketable Securities
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Credit Risk	Credit Risk
Trade Accounts 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. Prior to selling the Vyleesi product to Cosette in December 2023, the Company sold 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 years ended June 30, 2024 and 2023 are as follows: Year Ended June 30, 2024 2023 Gross product sales 8,875,153 $ 12,460,140 Product sales allowances and accruals (4,385,063 ) (7,609,462 ) Net sales $ 4,490,090 $ 4,850,678 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 Loss per Common Share	Net Loss per Common Share Earnings per Share For the years ended June 30, 2024 and 2023, 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, 2024 and June 30, 2023 was 11,127,632 and 4,161,377 respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 508,011 and 356,003 vested restricted stock units that had not been issued as of June 30, 2024 and 2023, respectively, due to a provision in the restricted stock unit agreements to delay delivery.
Translation of foreign currencies	Translation of foreign currencies

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of sales	Year Ended June 30, 2024 2023 Gross product sales 8,875,153 $ 12,460,140 Product sales allowances and accruals (4,385,063 ) (7,609,462 ) Net sales $ 4,490,090 $ 4,850,678

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Jun. 30, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	June 30, June 30, 2024 2023 Clinical / regulatory costs $ 23,926 $ 141,512 Insurance premiums 71,097 342,645 Vyleesi contractual advances - 816,750 Other 147,249 596,374 $ 242,272 $ 1,897,281

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2024
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, 2024: Cash equivalents - Money market funds $ 9,089,113 $ 9,089,113 $ - $ - June 30, 2023: Cash equivalents - Money market funds $ 2,808,598 $ 2,808,598 - - Cash equivalents - Treasury bill 2,980,620 2,980,620 - - Marketable securities - Treasury bill 2,992,890 2,992,890 - - Total $ 8,782,108 $ 8,782,108 $ - $ -

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Jun. 30, 2024
INVENTORIES
Schedule of inventory	June 30, June 30, 2024 2023 Raw materials $ - $ 526,000 Finished goods - - $ - $ 526,000

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Jun. 30, 2024
LEASES
Schedule of components of operating lease	Operating lease cost Year ended June 30, 2024 Year ended June 30, 2023 Operating lease cost $ 263,859 $ 291,878 Variable lease cost 113,708 114,441 Total operating lease cost $ 377,567 $ 406,319
Schedule of components of financing lease	Finance lease cost Year ended June 30, 2024 Year ended June 30, 2023 Right-of-use asset amortization $ 106,390 $ 100,922 Interest expense 5,507 10,975 Total finance lease cost $ 111,897 $ 111,897
Lease term and discount rate information	June 30, 2024 June 30, 2023 Weighted-average remaining lease term (years) operating leases 1.7 2.3 Weighted-average remaining lease term (years) finance leases 0.4 1.4 Weighted-average discount rate operating leases 5.50 % 5.50 % Weighted-average discount rate finance leases 5.29 % 5.29 %
Schedule of cash flow information	Year ended June 30, 2024 Year ended June 30, 2023 Cash paid for the amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 387,910 $ 406,319 Operating cash flows for finance leases 5,507 10,975 Financing cash flows for finance leases 106,392 100,922 $ 499,809 $ 518,216 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 $ - $ 368,975
Schedule of maturity of lease liabilities	Operating leases: Year Ending June 30 2025 $ 398,196 2026 134,973 2027 33,894 Less imputed interest (22,741 ) Total $ 544,322 Finance leases: Year Ending June 30, 2025 46,585 Less imputed interest (569 ) Total $ 46,016

PROPERTY AND EQUIPMENT NET (Tab

PROPERTY AND EQUIPMENT NET (Tables)	12 Months Ended
	Jun. 30, 2024
PROPERTY AND EQUIPMENT NET
Schedule of property and equipment net	June 30, June 30, 2024 2023 Office equipment $ 1,229,300 $ 1,229,300 Laboratory equipment 1,220,395 1,177,868 Leasehold improvements 1,196,706 1,196,706 3,646,401 3,603,874 Less: Accumulated depreciation and amortization (3,258,040 ) (2,918,964 ) $ 388,361 $ 684,910

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Jun. 30, 2024
ACCRUED EXPENSES
Schdule of Accrued Expenses	June 30, June 30, 2024 2023 Clinical / regulatory costs $ 1,509,797 $ 2,960,126 Other research related expenses 65,972 121,121 Professional Services 284,215 339,258 Personnel costs 1,771,694 1,563,847 Selling expenses 351,485 1,266,653 Other 201,883 260,054 $ 4,185,046 $ 6,511,059

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jun. 30, 2024
Commitments and contingencies (Note 14)
Schedule of inventory purchase commitments	Total Current 1 - 3 Years 4 - 5 Years Inventory purchase commitments $ 2,492,600 $ 1,460,300 $ 1,032,300 $ -

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED STOCK, ESCROWED PROCEEDS, AND STOCKHOLDERS EQUITY (Tables)	12 Months Ended
	Jun. 30, 2024
REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY
Equity Distribution Agreement	Year Ended June 30, 2024 Year Ended June 30, 2023 Shares Proceeds Shares Proceeds Gross proceeds 217,027 $ 547,803 504,034 $ 1,196,739 Fees - (16,434 ) - (35,902 ) Expenses - - - (126,800 ) Net proceeds 217,027 $ 531,369 504,034 $ 1,034,037
Outstanding Stock Purchase Warrants	Shares of Common Exercise Price per Latest Expiration Description Stock Share Date May 2022 Warrants 66,666 $ 12.50 May 11, 2026 October 2022 Placement Agent Warrants 90,909 $ 6.88 October 31, 2027 October 2023 Private Warrants 943,396 $ 2.12 April 24, 2029 October 2023 Placement Agent Warrants 117,925 $ 2.65 October 20, 2028 January 2024 Private Warrants 1,831,503 $ 5.46 February 1, 2028 January 2024 Placement Agent Warrants 91,575 $ 6.83 February 1, 2028 June 2024 Series A Warrants 2,727,273 $ 1.88 June 24, 2029 June 2024 Series B Warrants 2,122,642 $ 1.88 June24, 2029 * * 1,624,201 shares expire on the five year anniversary following stockholder approval
Option activity	Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2022 1,163,962 $ 15.98 7.1 Granted 712,310 2.30 Forfeited (274,440 ) 12.00 Exercised - - Expired (51,232 ) 17.45 Outstanding - June 30, 2023 1,550,600 $ 8.27 8.4 Granted 742,800 1.83 Forfeited (18,988 ) 3.79 Exercised - - Expired (10,972 ) 20.98 Outstanding - June 30, 2024 2,263,440 $ 6.11 8.2 $ - Exercisable at June 30, 2024 940,161 $ 10.81 6.6 $ 89,136 Expected to vest at June 30, 2024 1,323,279 $ 2.84 9.4 $ 89,136
Weighted average assumption	Year Ended June 30, Year Ended June 30, 2024 2023 Risk-free interest rate 4.3 % 3.9 % Volatility factor 75.8 % 65.6 % Dividend yield 0 % 0 % Expected option life (years) 6.1 6.1 Weighted average grant date fair value $ 0.82 $ 0.99
Restricted Stock Units	Year Ended June 30, Year Ended June 30, 2024 2023 Outstanding at beginning of year 987,521 649,149 Granted 517,800 425,750 Forfeited (11,667 ) (3,312 ) Vested (98,372 ) (84,062 ) Expirations (20,302 ) - Fractional shares - (4 ) Outstanding at end of year 1,374,980 987,521

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2024
INCOME TAXES
Schedule of deferred tax assets	June 30, June 30, 2024 2023 Net operating loss carryforwards $ 40,051,000 $ 40,073,000 Research and development and AMT tax credits 9,464,000 8,094,000 Foreign tax credits 583,000 583,000 Basis differences in fixed assets and other 12,611,000 2,766,000 62,709,000 51,516,000 Valuation allowance (62,709,000 ) (51,516,000 ) Net deferred tax assets $ - $ -

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
ORGANIZATION
Accumulated deficit	$ (441,766,550)
Net loss	$ (29,736,113)	$ (24,036,741)
Description of sales-based payments	The Company may receive contingent, sales-based milestone payments of up to $159,000,000 on sales of Vyleesi by Cosette Pharmaceuticals, Inc. (“Cosette”) and its licensees
Cash and cash equivalents	$ 9,527,396
Total current liabilities	$ 9,657,681	$ 15,131,830

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net loss	$ (29,736,113)	$ (24,036,741)
Product Revenue [Member]
Gross product sales	8,875,153	12,460,140
Product sales allowances and accruals	(4,385,063)	(7,609,462)
Net loss	$ 4,490,090	$ 4,850,678

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Potential number of common shares excluded from diluted EPS	11,127,632	4,161,377
Liability for the warrants amount		$ 1,850,544
Contingently redeemable warrants amount		263,400
Additional paid-in capital		5,619,090
Increased accumulated deficit		3,505,146
Change in fair value of the warrant liabilities	$ 4,620,911
Offering expenses		1,115,765
Cash flows from financing activities		852,345
Cash flow from operations decreased		$ 852,345
Weighted average vested restricted stock units	508,011	356,003
Money market account and treasury bills	$ 9,089,113	$ 5,789,218

ASSET PURCHASE AGREEMENT (Detai

ASSET PURCHASE AGREEMENT (Details Narrative)	12 Months Ended
	Jun. 30, 2024 USD ($)
Payable the settlement of certain purchase commitments	$ 2,500,000
Acounts receiveble	171,000,000
Sales-based milestone payments	159,000,000
Upfront purchase price amount	9,500,000
Gain of the sale	7,781,844
Minimum [Member]
Annual net sales	15,000,000
Maximum [Member]
Annual net sales	$ 20,000,000

AGREEMENT WITH FOSUN (Details N

AGREEMENT WITH FOSUN (Details Narrative) - USD ($)		1 Months Ended
	Sep. 06, 2017	Nov. 21, 2017
AGREEMENT WITH FOSUN
Company License Agreement Recievables	$ 4,500,000
Upfront Payments	5,000,000	$ 500,000
Milestone payment receivable	7,500,000	$ 3,000,000
Upfront payment of less	$ 500,000

AGREEMENT WITH KWANGDONG (Detai

AGREEMENT WITH KWANGDONG (Details Narrative) - USD ($)		1 Months Ended
	Sep. 06, 2017	Nov. 21, 2017
AGREEMENT WITH KWANGDONG
Recievable under company agreement		$ 417,500
Upfront payments	$ 5,000,000	500,000
Tax Expense		82,500
Milestone payment receivable	$ 7,500,000	$ 3,000,000

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Clinical / regulatory costs	$ 23,926	$ 141,512
Insurance premiums	71,097	342,645
Vyleesi contractual advances	0	816,750
Other	147,249	596,374
Total prepaid expenses and other current assets	$ 242,272	$ 1,897,281

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Cash Equivalents - Money market funds	$ 9,089,113	$ 2,808,598
Cash Equivalents - Treasury bill		2,980,620
Marketable securities - Treasury bill		2,992,890
Total		8,782,108
Level 1 [Member]
Cash Equivalents - Money market funds	9,089,113	2,808,598
Cash Equivalents - Treasury bill		2,980,620
Marketable securities - Treasury bill		2,992,890
Total		8,782,108
Level 2 [Member]
Cash Equivalents - Money market funds	0	0
Cash Equivalents - Treasury bill		0
Marketable securities - Treasury bill		0
Total		0
Level 3 [Member]
Cash Equivalents - Money market funds	$ 0	0
Cash Equivalents - Treasury bill		0
Marketable securities - Treasury bill		0
Total		$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
INVENTORIES
Raw materials	$ 0	$ 526,000
Finished goods	0	0
Inventories	$ 0	$ 526,000

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
LEASES
Operating lease cost	$ 263,859	$ 291,878
Variable lease cost	113,708	114,441
Total operating lease cost	$ 377,567	$ 406,319

LEASES (Details 1)

LEASES (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
LEASES
Right of use asset amortization Finance lease cost	$ 106,390	$ 100,922
Interest expense	5,507	10,975
Total finance cost	$ 111,897	$ 111,897

LEASES (Details 2)

LEASES (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
LEASES
Weighted -average remaining lease term (years)	1.7	2.3
Weighted -average remaining lease term (years) finance lease	0.4	1.4
Weighted -average discount rate	5.50%	5.50%
Weighted -average discount rate finance lease	5.29%	5.29%
Operating cash flows for operating leases	$ 387,910	$ 406,319
Operating cash flows for Finance lease	5,507	10,975
Financing cash flows for Finance lease	106,392	100,922
Total measurement of lease liabilities	499,809	518,216
Right-of-use assets obtained in exchange for new operating lease obligation	$ 0	$ 368,975

LEASES (Details 3)

LEASES (Details 3)	Jun. 30, 2024 USD ($)
Operating Lease [Member]
Year Ending June 30, 2025	$ 398,196
Year Ending June 30, 2026	134,973
Year Ending June 30, 2027	33,894
Less imputed interest	(22,741)
Total	544,322
Finance Lease [Member]
Less imputed interest	(569)
Total	46,016
Year Ending June 30, 2025	$ 46,585

LEASES (Details Narrative)

LEASES (Details Narrative)	12 Months Ended
	Jun. 30, 2024
LEASES
Description of office space	The Company has operating leases for office and laboratory space, which expire on June 30, 2025 and October 31, 2026, respectively

PROPERTY AND EQUIPMENT NET (Det

PROPERTY AND EQUIPMENT NET (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
PROPERTY AND EQUIPMENT NET
Office equipment	$ 1,229,300	$ 1,229,300
Laboratory equipment	1,220,395	1,177,868
Leasehold improvements	1,196,706	1,196,706
Gross	3,646,401	3,603,874
Less: Accumulated depreciation and amortization	(3,258,040)	(2,918,964)
Net	$ 388,361	$ 684,910

PROPERTY AND EQUIPMENT NET (D_2

PROPERTY AND EQUIPMENT NET (Details Narrative)	Jun. 30, 2024 USD ($)
PROPERTY AND EQUIPMENT NET
Equipment under finance leases	$ 309,791
Accumulated amortization	$ 263,777

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
ACCRUED EXPENSES
Clinical / regulatory costs	$ 1,509,797	$ 2,960,126
Other research related expenses	65,972	121,121
Professional services	284,215	339,258
Personal cost	1,771,694	1,563,847
Selling expenses	351,485	1,266,653
Other	201,883	260,054
Total	$ 4,185,046	$ 6,511,059

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2024 USD ($)
Inventory purchase commitments	$ 2,492,600
Current [Member]
Inventory purchase commitments	1,460,300
1 - 3 Years [Member]
Inventory purchase commitments	1,032,300
4 - 5 Years [Member]
Inventory purchase commitments	$ 0

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Commitments and contingencies (Note 14)
Other Liabilities Current	$ 944,150	$ 1,032,300
Accrued Other long-term Liabilities	$ 3,856,800	$ 2,083,200

REDEEMABLE CONVERTIBLE PREFER_3

REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS (DEFICIENCY) EQUITY (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY
Equity Gross proceeds, Shares	217,027	504,034
Equity Gross proceeds, Proceeds	$ 547,803	$ 1,196,739
Equity Fees, Shares	0	0
Equity Fees, Proceeds	$ (16,434)	$ (35,902)
Equity Expenses, Shares	0	0
Equity Expenses, Proceeds	$ 0	$ (126,800)
Equity Net proceeds, Shares	217,027	504,034
Equity Net proceeds, Proceeds	$ 531,369	$ 1,034,037

REDEEMABLE CONVERTIBLE PREFER_4

REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY (Details 1)	12 Months Ended
	Jun. 30, 2024 $ / shares shares
May 2022 Warrants [Member]
Shares of Common Stock | shares	66,666
Exercise Price per Share | $ / shares	$ 12.50
Latest Termination Date	May 11, 2026
June 2024 Seris A Warrants [Member]
Shares of Common Stock | shares	2,727,273
Exercise Price per Share | $ / shares	$ 1.88
Latest Termination Date	June 24, 2029
October 2022 Placement Agent Warrants [Member]
Shares of Common Stock | shares	90,909
Exercise Price per Share | $ / shares	$ 6.88
Latest Termination Date	October 31, 2027
October 2023 Private Warrants [Member]
Shares of Common Stock | shares	943,396
Exercise Price per Share | $ / shares	$ 2.12
Latest Termination Date	April 24, 2029
October 2023 Placement Agent Warrants [Member]
Shares of Common Stock | shares	117,925
Exercise Price per Share | $ / shares	$ 2.65
Latest Termination Date	October 20, 2028
January 2024 Private Warrants [Member]
Shares of Common Stock | shares	1,831,503
Exercise Price per Share | $ / shares	$ 5.46
Latest Termination Date	February 1, 2028
January 2024 Placement Agent Warrants [Member]
Shares of Common Stock | shares	91,575
Exercise Price per Share | $ / shares	$ 6.83
Latest Termination Date	February 1, 2028
June 2024 Seris B Warrants [Member]
Shares of Common Stock | shares	2,122,642
Exercise Price per Share | $ / shares	$ 1.88
Latest Termination Date	June24, 2029

REDEEMABLE CONVERTIBLE PREFER_5

REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY
Number of Options Outstanding, Beginning	1,550,600	1,163,962
Number of Options Granted	742,800	712,310
Number of Options Forfeited	18,988	274,440
Number of Options Exercied	0
Number of Options Expired	(10,972)	(51,232)
Number of Options Outstanding, Ending	2,263,440	1,550,600
Number of Options Exercisable	940,161
Number of Options Expected to vest	1,323,279
Weighted Average Exercise Price Outstanding, Beginning	$ 8.27	$ 15.98
Weighted Average Exercise Price Granted	1.83	2.30
Weighted Average Exercise Price Forfeited	3.79	12
Weighted Average Exercise Price Exercised		0
Weighted Average Exercise Price Expired	20.98	17.45
Weighted Average Exercise Price Outstanding, Ending	6.11	$ 8.27
Weighted Average Exercise Price Exercisable	10.81
Weighted Average Exercise Price Options Expected to vest	$ 2.84
Weighted Average Remaining Term in Years Options outstanding at beginning of year	8 years 4 months 24 days	7 years 1 month 6 days
Weighted Average Remaining Term in Years Options outstanding at end of year	8 years 2 months 12 days	8 years 4 months 24 days
Weighted Average Remaining Term in Years Options exercisable at end of year	6 years 7 months 6 days
Weighted Average Remaining Term in Years Options Expected to vest	9 years 4 months 24 days
Aggregate Intrinsic Value Options Expected to vest	$ 89,136
Aggregate Intrinsic Value Options Expected to outstanding	0
Aggregate Intrinsic Value Options Exercisable	$ 89,136

REDEEMABLE CONVERTIBLE PREFER_6

REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY (Details 3) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY
Risk-free interest rate	4.30%	3.90%
Volatility factor	75.80%	65.60%
Dividend yield	0%	0%
Expected option life (years)	6 years 1 month 6 days	6 years 1 month 6 days
Weighted average grant date fair value	$ 0.82	$ 0.99

REDEEMABLE CONVERTIBLE PREFER_7

REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY (Details 4) - shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY
Outstanding at beginning of year	987,521	649,149
Granted	517,800	425,750
Forfeited	(11,667)	(3,312)
Vested	(98,372)	(84,062)
Expired	20,302
Fractional shares		(4)
Outstanding at ending of year	1,374,980	987,521

REDEEMABLE CONVERTIBLE PREFER_8

REDEEMABLE CONVERTIBLE PREFERRED STOCK ESCROWED PROCEEDS AND STOCKHOLDERS EQUITY (Details Narrative) - USD ($)		1 Months Ended					3 Months Ended	6 Months Ended	12 Months Ended
	May 11, 2022	Jun. 20, 2024	Feb. 29, 2024	Oct. 20, 2023	Dec. 16, 2022	Oct. 31, 2022	Dec. 31, 2022	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jan. 31, 2024	Jun. 30, 2021
Stock based compensation, options							$ 121,584	$ 382,541	$ 873,633	$ 794,735
Unrecognized compensation cost									$ 1,409,506
Weighted-average period									2 months 21 days
Number of common stock share						798,182			1,033,491	1,033,491
Exercise price per share				$ 2.12		$ 5.83						$ 5.46
Fees and expenses				$ 4,573,948		$ 9,109,117			$ 9,224,056
Gross proceeds									$ 10,000,006,000,000
Voting of shares description									The holders of Series C Preferred Stock were entitled to 20,000 votes per share
Exercise price				$ 0.0001		$ 0.0001			$ 6.82
Description of commission									The Company pays Canaccord 3.0% of the gross proceeds as a commission
Unvested performance-based restricted stock									$ 264,945	$ 238,838	$ 60,566		$ 95,167
Unvested performance-based stock options granted to executive officers and other employees									418,945
Unvested performance-based stock options granted									88,911
Stock based compensation, restricted stock units									$ 839,335	616,182
Outstanding vested restricted stock unit									508,011
Description of securities purchase agreement			the Company issued to the investors in the January 2024 RD Offering unregistered warrants (the “January 2024 Private Warrants”) to purchase up to 1,831,503 shares of the Company’s common stock (the “January 2024 Private Warrant Shares”) in a concurrent private placement (the “January 2024 Private Offering” and together with the January 2024 RD Offering, the “January 2024 Offering”). The shares of common stock and accompanying January 2024 Private Warrants were offered at a combined offering price of $5.46			(i) 1,020,000 shares of the Company’s common stock, (ii) prefunded warrants (the “October 2022 Pre-Funded Warrants”) to purchase up to 798,182 shares of the Company’s common stock, and (iii) common stock warrants (the “October 2022 Common Warrants”) to purchase up to 1,818,182 shares of the Company’s common stock. Each share of common stock was offered with one accompanying October 2022 Common Warrant with a combined offering price of $5.50. Each October 2022 Pre-Funded Warrant was offered with one accompanying October 2022 Common Warrant with a combined offering price of $5.4999
Total gross proceeds									$ 15,000,000
Account to release									171,000,000
Distributable value of dividend									100
Selling, general and administrative expenses									12,270,046	15,290,836
Gross proceeds from exercise of Existing Warrants									$ 6,045,642	$ 78
Stock Warrants [Member]
Warrants to purchase		3,233,277
Stock Warrant Description		Company’s agreement to (i) lower the exercise price to $1.88 per share for the 3,233,277 Existing Warrants being exercised pursuant to the Inducement Letter and (ii) issue to the Exercising Holder an aggregate of 4,849,915 warrants to purchase shares of common stock, comprised of Series A common stock purchase warrants to purchase 2,727,273 shares of common stock (the “Series A Warrants”) and Series B common stock purchase warrants to purchase 2,122,642 (of which 1,624,201 shares of common stock are subject to stockholder approval) shares of common stock
Gross proceeds from exercise of Existing Warrants		$ 6,078,561
Executive Officers [Member]
Unvested performance-based stock options granted to executive officers and other employees									274,549
Unvested performance-based stock options granted									59,842
Unvested performance-based restricted stock units granted									184,443	152,432	40,707		22,343
Convertible Series A Preferred Stocks [Member]
Convertible preferred stock were outstanding									4,030
Aggregate value									$ 403,000
Conversion price									$ 75.45
Convertible shares									$ 1.33
Distributable value of dividend									$ 100
Distributable value of dividend additional									100
Series B Convertible Preferred Stock [Member]
Fee									750,000
Selling, general and administrative expenses											$ 150,995
Fair value of the warrants											$ (234,443)
Securities Purchase Agreement Plan [Member] | Series B and C Redeemable Convertible Preferred Stock [Member]
Exercise price	$ 12.50
Account to release									15,750,000
Fee									750,000
Warrants to purchase up	66,666
Total gross proceeds from the offering									$ 15,000,000
Expiry of share issuance	48 months
Securities Purchase Agreement [Member] | Series B Redeemable Convertible Preferred Stock [Member]
Shares sold	8,100,000
Securities Purchase Agreement [Member] | Series C Redeemable Convertible Preferred Stock [Member]
Shares sold	900,000
Share purchase price	$ 1.67
2011 Stock Incentive Plan [Member] | President and CEO [Member]
Voluntarily contributed stock options number of share					143,360
2011 Stock Incentive Plan [Member] | CFO and COO [Member]
Voluntarily contributed stock options number of share					124,220
2011 Stock Incentive Plan [Member] | Non-employee Directors And Consultants [Member]
Voluntarily contributed stock options number of share									4,300,000
Shares available for grant									206,474
2023 Equity Distribution Agreement [Member]
Description of equity distribution agreement									The 2023 Equity Distribution Agreement and related prospectus is limited to sales of up to an aggregate maximum $50.0 million of shares of the Company’s common stock
Vesting of restricted share units									25,467	20,468
Vesting of restricted share units value aggregate									$ 56,401	$ 146,062

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
INCOME TAXES
Net operating loss carryforwards	$ 40,051,000	$ 40,073,000
Research and development and AMT tax credits	9,464,000	8,094,000
Foreign tax credits	583,000	583,000
Basis differences in fixed assets and other	12,611,000	2,766,000
Gross	62,709,000	51,516,000
Valuation allowance	(62,709,000)	(51,516,000)
Net deferred tax assets	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income tax benefit	$ 0	$ 4,674,999
Sale value of the tax benefits to unaffiliated	80%
Allowance increased	$ 11,193,000	$ 5,653,000
Federal research and development credits	181,000,000
Federal R&D and Alternative Minimum Tax credits	9,500,000
Foreign [Member]
Net operating loss carryforwards	582,500
Federal [Member]
Net operating loss carryforwards	$ 130,000,000