Palatin (PTN) 10-Q 14 Nov 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Cover [Abstract]
Entity Registrant Name	PALATIN TECHNOLOGIES, INC.
Entity Central Index Key	0000911216
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		19,548,167
Document Quarterly 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
Local Phone Number	495‑2200
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	PTN
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Cash and cash equivalents	$ 2,384,214	$ 9,527,396
Prepaid expenses and other current assets	228,435	242,272
Total current assets	2,612,649	9,769,668
Property and equipment, net	307,571	388,361
Right-of-use assets - operating leases	438,123	527,321
Other assets	56,916	56,916
Total assets	3,415,259	10,742,266
Accounts payable	3,949,028	4,101,929
Accrued expenses	4,573,292	4,185,046
Short-term operating lease liabilities	319,520	380,542
Short-term finance lease liabilities	18,527	46,014
Other current liabilities	1,001,350	944,150
Total current liabilities	9,861,717	9,657,681
Long-term operating lease liabilities	132,447	163,782
Other long-term liabilities	1,106,700	1,032,300
Total liabilities	11,100,864	10,853,763
Stockholders' deficiency:
Common stock of $0.01 par value - authorized 300,000,000 shares issued and outstanding 19,548,167 shares as of September 30, 2024 and 17,926,640 shares as of June 30, 2024	195,481	179,266
Additional paid-in capital	441,709,073	441,475,747
Accumulated deficit	(449,590,199)	(441,766,550)
Total stockholders' deficiency	(7,685,605)	(111,497)
Total liabilities and stockholders' deficiency	3,415,259	10,742,266
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 follow Series A Convertible: authorized 4,030 shares as of September 30, 2024: issued and outstanding 4,030 shares as of September 30, 2024 and June 30, 2024	$ 40	$ 40

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
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	19,548,167	17,926,640
Common stock, shares outstanding	19,548,167	17,926,640
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 (unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Product revenue, net	$ 0	$ 2,105,977
OPERATING EXPENSES
Research and development	5,743,754	5,014,630
Selling, general and administrative	2,020,931	3,200,244
Total operating expenses	7,764,685	8,214,874
Loss from operations	(7,764,685)	(6,108,897)
OTHER (EXPENSE) INCOME
Investment income	78,576	71,630
Foreign currency transaction (loss) gain	(131,600)	159,750
Interest expense	(5,940)	(10,882)
Change in fair value of warrant liabilities	0	682,400
Total other (expense) income, net	(58,964)	902,898
NET LOSS	$ (7,823,649)	$ (5,205,999)
Basic and diluted net loss per common share	$ (0.39)	$ (0.43)
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share	19,845,106	12,170,699

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Deficiency Equity (unaudited) - USD ($)	Total	Series A Convertible Preferred Stock	Common Stock	Contigently Redeemable Warrants	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Jun. 30, 2023		4,030	11,656,714
Balance, amount at Jun. 30, 2023	$ (1,979,871)	$ 40	$ 116,567	$ 263,400	$ 409,933,959	$ (412,030,437)
Stock-based compensation, shares			98,372
Stock-based compensation, amount	390,336	0	$ 984	0	389,352	0
Withholding taxes related to restricted stock units, shares			(25,467)
Withholding taxes related to restricted stock units, amount	(56,401)	0	$ (255)	0	(56,146)	0
Sale of common stock, net of costs, shares			217,027
Sale of common stock, net of costs, amount	531,369	0	$ 2,170	0	529,199	0
Net loss	(5,205,999)	$ 0	$ 0	0	0	(5,205,999)
Balance, shares at Sep. 30, 2023		4,030	11,946,646
Balance, amount at Sep. 30, 2023	(6,320,566)	$ 40	$ 119,466	263,400	410,796,364	(417,236,436)
Balance, shares at Jun. 30, 2024		4,030	17,926,640
Balance, amount at Jun. 30, 2024	(111,497)	$ 40	$ 179,266	0	441,475,747	(441,766,550)
Stock-based compensation, shares			232,941
Stock-based compensation, amount	349,023	0	$ 2,329	0	346,694	0
Withholding taxes related to restricted stock units, shares			(54,691)
Withholding taxes related to restricted stock units, amount	(99,482)	0	$ (547)	0	(98,935)	0
Net loss	(7,823,649)	0	$ 0	0	0	(7,823,649)
Shares released from abeyance, shares			1,443,277
Shares released from abeyance, amount	0	$ 0	$ 14,433	0	(14,433)	0
Balance, shares at Sep. 30, 2024		4,030	19,548,167
Balance, amount at Sep. 30, 2024	$ (7,685,605)	$ 40	$ 195,481	$ 0	$ 441,709,073	$ (449,590,199)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (7,823,649)	$ (5,205,999)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	80,790	87,357
Decrease in right-of-use asset	89,198	88,563
Unrealized foreign currency transaction loss (gain)	131,600	(159,750)
Stock-based compensation	349,023	390,336
Change in fair value of liability classified warrants	0	(682,400)
Changes in operating assets and liabilities:
Accounts receivable	0	1,567,260
Prepaid expenses and other assets	13,837	563,548
Inventories	0	(1,072,251)
Accounts payable	(152,901)	(2,033,887)
Accrued expenses	388,246	641,212
Operating lease liabilities	(92,357)	(90,382)
Net cash used in operating activities	(7,016,213)	(5,906,393)
CASH FLOWS FROM INVESTING ACTIVITIES:
Maturity of marketable securities	0	2,992,890
Net cash provided by investing activities	0	2,992,890
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of withholding taxes related to restricted stock units	(99,482)	(56,401)
Proceeds from the sale of common stock and warrants, net	0	531,369
Payment of finance lease obligations	(27,487)	(26,074)
Net cash (used in) provided by financing activities	(126,969)	448,894
NET DECREASE IN CASH AND CASH EQUIVALENTS	(7,143,182)	(2,464,609)
CASH AND CASH EQUIVALENTS, beginning of period	9,527,396	7,989,582
CASH AND CASH EQUIVALENTS, end of period	2,384,214	5,524,973
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	$ 5,940	$ 10,882

ORGANIZATION

ORGANIZATION	3 Months Ended
	Sep. 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 5, 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 phosphodiesterase type 5 inhibitor (“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 September 30, 2024, the Company’s cash and cash equivalents were $2,384,214 and current liabilities were $9,861,717. 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 September 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 into the first half of calendar year 2025. The Company may receive contingent, sales-based milestone payments of up to $159,000,000 on sales of Vyleesi by Cosette and its licensees. Concentrations –

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Sep. 30, 2024
BASIS OF PRESENTATION
BASIS OF PRESENTATION	(2) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnote disclosures required to be presented for complete financial statements. In the opinion of management, these consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation. The results of operations for the three months ended September 30, 2024, may not necessarily be indicative of the results of operations expected for the full fiscal year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”), which includes consolidated financial statements as of June 30, 2024 and 2023 and for the fiscal years then ended.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(3) 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 $682,400 as a result in the change in fair value of the warrant liabilities for the three months ended September 30, 2023. The Company has assessed the impact of improperly classifying the warrants within equity rather than as a warranty liability that is adjusted through charges or credits to the income statement to reflect changes in the fair value of the warrants, and determined the impact is not material, quantitatively or qualitatively, to any prior period impacted. Accordingly, the Company will adjust prior periods as those financial statements are presented for comparative purposes in future filings. Use of Estimates Cash, Cash Equivalents Fair Value of Financial Instruments Credit Risk 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 12 months or less. The expense associated with short-term leases is included in selling, general and administrative expenses 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 (Prior to the sale of Vyleesi) Revenue from Contracts with Customers In accordance with ASC Topic 606, the Company recognized product revenue when its performance obligation were satisfied by transferring control of the product to a customer. Per the Company’s contracts with customers, control of the product was transferred upon the conveyance of title, which occurred when the product was sold to and received by a customer. Trade accounts receivable due to the Company from contracts with its customers were stated separately in the consolidated balance sheet, net of various allowances. Product revenues consisted of sales of Vyleesi in the United States. The Company sold Vyleesi to specialty pharmacies at the wholesale acquisition cost and payment was made within approximately 30 days. The Company recorded product revenues net of allowances for direct and indirect fees, discounts, co-pay assistance programs, estimated chargebacks and rebates. Product sales were also subject to return rights, which were not significant. Gross product sales offset by product sales allowances for the three months ended September 30, 2023 were as follows: Gross product sales $ 4,587,150 Product sales allowances and accruals (2,481,173 ) Net sales $ 2,105,977 Revenue Recognition — 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 three months ended September 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 three ended September 30, 2024 and 2023 were 11,105,938 and 4,519,682, respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 279,700 vested restricted stock units that had not been issued as of September 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	3 Months Ended
	Sep. 30, 2024
NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS	(4) 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.

ASSET PURCHASE AGREEMENT

ASSET PURCHASE AGREEMENT	3 Months Ended
	Sep. 30, 2024
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT	(5) ASSET PURCHASE AGREEMENT On December 19, 2023, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Cosette pursuant to which Cosette acquired from the Company worldwide rights to Vyleesi®. Under the terms of the 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 to 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, which was received November 1, 2024, and sales-based milestone payments of up to $159,000,000. As of September 30, 2024, none of the sales-based milestones have been achieved. The closing of the transaction took place simultaneously with the signing of the Purchase Agreement. The Purchase Agreement includes customary representations, warranties and covenants, as well as standard mutual indemnities covering losses arising from any material breach of the Purchase Agreement or inaccuracy of representations and warranties. The parties have also entered into a transition service agreement pursuant to which the Company provided certain transition services to Cosette through May 31, 2024, and the Company was reimbursed for the costs of the transition services. The Company is also eligible to receive regulatory approval milestones associated with previous licensing of Vyleesi to Kwangdong for the Republic of Korea (“Korea”) (see Note 8).

MANUFACTURING SUPPLY AGREEMENTS

MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI	3 Months Ended
	Sep. 30, 2024
MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI
MANUFACTURING SUPPLY AGREEMENTS FOR VYLEESI	(6) 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	3 Months Ended
	Sep. 30, 2024
AGREEMENT WITH FOSUN
AGREEMENT WITH FOSUN	(7) 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. In July 2024, Fosun, Cosette and Palatin entered into a termination agreement, effective as of May 20, 2024, terminating the Fosun License Agreement and ancillary agreements.

AGREEMENT WITH KWANGDONG

AGREEMENT WITH KWANGDONG	3 Months Ended
	Sep. 30, 2024
AGREEMENT WITH KWANGDONG
AGREEMENT WITH KWANGDONG	(8) 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 assigned 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	3 Months Ended
	Sep. 30, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	(9) PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses September 30, June 30, 2024 2024 Clinical / regulatory costs $ 39,823 $ 23,926 Insurance premiums 43,956 71,097 Other 144,656 147,248 $ 228,435 $ 242,271

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(10) 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 Other quoted/observable inputs (Level 2) Significant unobservable inputs September 30, 2024: Cash equivalents - Money market funds $ 1,974,575 $ 1,974,575 $ - $ - June 30, 2024: Cash equivalents - Money market funds $ 9,089,113 $ 9,089,113 $ - $ -

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Sep. 30, 2024
ACCRUED EXPENSES
ACCRUED EXPENSES	(11) ACCRUED EXPENSES Accrued expenses September 30, June 30, 2024 2024 Clinical / regulatory costs $ 3,761,718 $ 1,509,797 Other research related expenses 159,965 65,972 Professional Services 187,238 284,215 Personnel costs - 1,771,694 Selling expenses 324,640 351,485 Other 139,731 201,883 $ 4,573,292 $ 4,185,046

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2024
Commitments and contingencies (Note 14)
COMMITMENTS AND CONTINGENCIES	(12) COMMITMENTS AND CONTINGENCIES Inventory Purchases The following table summarizes the contractual obligations under the Catalent Agreement and Ypsomed Agreement as of September 30, 2024: Total Current 1 - 3 Years Inventory purchase commitments $ 2,661,400 $ 1,554,700 $ 1,106,700 As of September 30, 2024, the Company has $1,001,350 and $1,106,700 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, 2024, $944,150 and $1,032,300 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. 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.

STOCKHOLDERS DEFICIENCY

STOCKHOLDERS DEFICIENCY	3 Months Ended
	Sep. 30, 2024
STOCKHOLDERS DEFICIENCY
STOCKHOLDERS DEFICIENCY	(13) STOCKHOLDERS’ DEFICIENCY 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 “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, were exercisable upon issuance, and 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. The 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 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: Three Months Ended September 30, 2023 Cumulative from inception Shares Proceeds Shares Proceeds Gross proceeds 217,027 $ 547,803 721,061 $ 1,744,542 Fees - (16,434 ) - (52,336 ) Expenses - - - (126,800 ) Net proceeds 217,027 $ 531,369 721,061 $ 1,565,406 No proceeds were raised under the 2023 Equity Distribution Agreement during the three months ended September 30, 2024. Stock Warrants As of September 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 June 24, 2029 * * 1,624,201 shares expire on the five year anniversary following stockholder approval of the warrant issuance Stock Options – A summary of stock option activity is as follows: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2024 2,263,440 $ 6.11 8.2 Granted - - Forfeited - - Exercised - - Expired (14,338 ) 7.92 Outstanding - September 30, 2024 2,249,102 $ 6.12 8.0 $ - Exercisable at September 30, 2024 927,524 $ 10.81 6.4 $ - Expected to vest at September 30, 2024 1,321,578 $ 2.83 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 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. Restricted Stock Units – A summary of restricted stock unit activity is as follows: Outstanding at June 30, 2024 1,374,980 Granted - Forfeited - Vested (232,941 ) Expirations (2,726 ) Outstanding at September 30, 2024 1,139,313 Included in outstanding restricted stock units in the table above are 279,700 vested shares that have not been issued as of September 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 three months ended September 30, 2024, the Company withheld 54,691 shares, with an aggregate value of $99,482, in satisfaction of minimum tax withholding obligations.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 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 $682,400 as a result in the change in fair value of the warrant liabilities for the three months ended September 30, 2023. The Company has assessed the impact of improperly classifying the warrants within equity rather than as a warranty liability that is adjusted through charges or credits to the income statement to reflect changes in the fair value of the warrants, and determined the impact is not material, quantitatively or qualitatively, to any prior period impacted. Accordingly, the Company will adjust prior periods as those financial statements are presented for comparative purposes in future filings.
Use of Estimates	Use of Estimates
Cash, Cash Equivalents	Cash, Cash Equivalents
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Credit Risk	Credit Risk
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 12 months or less. The expense associated with short-term leases is included in selling, general and administrative expenses 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 (Prior to the sale of Vyleesi) Revenue from Contracts with Customers In accordance with ASC Topic 606, the Company recognized product revenue when its performance obligation were satisfied by transferring control of the product to a customer. Per the Company’s contracts with customers, control of the product was transferred upon the conveyance of title, which occurred when the product was sold to and received by a customer. Trade accounts receivable due to the Company from contracts with its customers were stated separately in the consolidated balance sheet, net of various allowances. Product revenues consisted of sales of Vyleesi in the United States. The Company sold Vyleesi to specialty pharmacies at the wholesale acquisition cost and payment was made within approximately 30 days. The Company recorded product revenues net of allowances for direct and indirect fees, discounts, co-pay assistance programs, estimated chargebacks and rebates. Product sales were also subject to return rights, which were not significant. Gross product sales offset by product sales allowances for the three months ended September 30, 2023 were as follows: Gross product sales $ 4,587,150 Product sales allowances and accruals (2,481,173 ) Net sales $ 2,105,977 Revenue Recognition — 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 three months ended September 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 three ended September 30, 2024 and 2023 were 11,105,938 and 4,519,682, respectively. Included in the weighted average common shares used in computing basic and diluted net loss per common share are 279,700 vested restricted stock units that had not been issued as of September 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)	3 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of sales	Gross product sales $ 4,587,150 Product sales allowances and accruals (2,481,173 ) Net sales $ 2,105,977

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Sep. 30, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	September 30, June 30, 2024 2024 Clinical / regulatory costs $ 39,823 $ 23,926 Insurance premiums 43,956 71,097 Other 144,656 147,248 $ 228,435 $ 242,271

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
Schedule of fair value asset measurement	Carrying Value Quoted prices in Other quoted/observable inputs (Level 2) Significant unobservable inputs September 30, 2024: Cash equivalents - Money market funds $ 1,974,575 $ 1,974,575 $ - $ - June 30, 2024: Cash equivalents - Money market funds $ 9,089,113 $ 9,089,113 $ - $ -

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Sep. 30, 2024
ACCRUED EXPENSES
Schdule of Accrued Expenses	September 30, June 30, 2024 2024 Clinical / regulatory costs $ 3,761,718 $ 1,509,797 Other research related expenses 159,965 65,972 Professional Services 187,238 284,215 Personnel costs - 1,771,694 Selling expenses 324,640 351,485 Other 139,731 201,883 $ 4,573,292 $ 4,185,046

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Sep. 30, 2024
Commitments and contingencies (Note 14)
Schedule of inventory purchase commitments	Total Current 1 - 3 Years Inventory purchase commitments $ 2,661,400 $ 1,554,700 $ 1,106,700

STOCKHOLDERS DEFICIENCY (Tables

STOCKHOLDERS DEFICIENCY (Tables)	3 Months Ended
	Sep. 30, 2024
STOCKHOLDERS DEFICIENCY
Equity Distribution Agreement	Three Months Ended September 30, 2023 Cumulative from inception Shares Proceeds Shares Proceeds Gross proceeds 217,027 $ 547,803 721,061 $ 1,744,542 Fees - (16,434 ) - (52,336 ) Expenses - - - (126,800 ) Net proceeds 217,027 $ 531,369 721,061 $ 1,565,406
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 June 24, 2029 *
Option activity	Number of Shares Weighted Average Exercise Price Weighted Average Remaining Term in Years Aggregate Intrinsic Value Outstanding - June 30, 2024 2,263,440 $ 6.11 8.2 Granted - - Forfeited - - Exercised - - Expired (14,338 ) 7.92 Outstanding - September 30, 2024 2,249,102 $ 6.12 8.0 $ - Exercisable at September 30, 2024 927,524 $ 10.81 6.4 $ - Expected to vest at September 30, 2024 1,321,578 $ 2.83 9.1 $ -
Restricted Stock Units	Outstanding at June 30, 2024 1,374,980 Granted - Forfeited - Vested (232,941 ) Expirations (2,726 ) Outstanding at September 30, 2024 1,139,313

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
ORGANIZATION
Accumulated deficit	$ 449,590,199
Net loss	(7,823,649)	$ (5,205,999)
Sales-based milestone payments	159,000,000
Cash and cash equivalents	2,384,214
Total current liabilities	$ 9,861,717		$ 9,657,681

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Product Revenue [Member]	3 Months Ended
	Sep. 30, 2024 USD ($)
Gross product sales	$ 4,587,150
Product sales allowances and accruals	(2,481,173)
Net sales	$ 2,105,977

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Potential number of common shares excluded from diluted EPS	11,105,938	4,519,682
Liability for the warrants amount		$ 1,168,144
Contingently redeemable warrants amount		263,400
Additional paid-in capital		5,619,090
Increased accumulated deficit		$ 4,187,546
Weighted average vested restricted stock units	279,700	279,700
Money market account and treasury bills	$ 1,974,575		$ 9,089,113

ASSET PURCHASE AGREEMENT (Detai

ASSET PURCHASE AGREEMENT (Details Narrative)	3 Months Ended
	Sep. 30, 2024 USD ($)
ASSET PURCHASE AGREEMENT
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

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
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		$ 3,000,000

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Clinical / regulatory costs	$ 39,823	$ 23,926
Insurance premiums	43,956	71,097
Other	144,656	147,248
Total prepaid expenses and other current assets	$ 228,435	$ 242,271

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Carrying Value	$ 1,974,575	$ 9,089,113
Level 1 [Member]
Carrying Value	1,974,575	9,089,113
Level 2 [Member]
Carrying Value	0	0
Level 3 [Member]
Carrying Value	$ 0	$ 0

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
ACCRUED EXPENSES
Clinical / regulatory costs	$ 3,761,718	$ 1,509,797
Other research related expenses	159,965	65,972
Professional services	187,238	284,215
Personal cost	0	1,771,694
Selling expenses	324,640	351,485
Other	139,731	201,883
Total	$ 4,573,292	$ 4,185,046

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2024 USD ($)
Inventory purchase commitments	$ 2,661,400
Current [Member]
Inventory purchase commitments	1,554,700
1 - 3 Years [Member]
Inventory purchase commitments	$ 1,106,700

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Commitments and contingencies (Note 14)
Other Liabilities Current	$ 1,001,350	$ 944,150
Accrued Other long-term Liabilities	$ 1,106,700	$ 1,032,300

STOCKHOLDERS DEFICIENCY (Detail

STOCKHOLDERS DEFICIENCY (Details)	3 Months Ended
	Sep. 30, 2024 USD ($) shares
Equity Gross proceeds, Shares | shares	217,027
Equity Gross proceeds, Proceeds	$ 547,803
Equity Fees, Proceeds	(16,434)
Equity Expenses, Proceeds	$ 0
Equity Net proceeds, Shares | shares	217,027
Equity Net proceeds, Proceeds	$ 531,369
Cumulative From Inception
Equity Gross proceeds, Shares | shares	721,061
Equity Gross proceeds, Proceeds	$ 1,744,542
Equity Fees, Proceeds	(52,336)
Equity Expenses, Proceeds	$ 126,800
Equity Net proceeds, Shares | shares	721,061
Equity Net proceeds, Proceeds	$ 1,565,406

STOCKHOLDERS DEFICIENCY (Deta_2

STOCKHOLDERS DEFICIENCY (Details 1)	3 Months Ended
	Sep. 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	June 24, 2029

STOCKHOLDERS DEFICIENCY (Deta_3

STOCKHOLDERS DEFICIENCY (Details 2)	3 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
STOCKHOLDERS DEFICIENCY
Number of Options Outstanding, Beginning | shares	2,263,440
Number of Options Expired | shares	(14,338)
Number of Options Outstanding, Ending | shares	2,249,102
Number of Options Exercisable | shares	927,524
Number of Options Expected to vest | shares	1,321,578
Weighted Average Exercise Price Outstanding, Beginning	$ 6.11
Weighted Average Exercise Price Granted	0
Weighted Average Exercise Price Forfeited	0
Weighted Average Exercise Price Exercised	0
Weighted Average Exercise Price Expired	7.92
Weighted Average Exercise Price Outstanding, Ending	6.12
Weighted Average Exercise Price Exercisable	10.81
Weighted Average Exercise Price Options Expected to vest	$ 2.83
Weighted Average Remaining Term in Years Options outstanding at beginning of year	8 years 2 months 12 days
Weighted Average Remaining Term in Years Options outstanding at end of year	8 years
Weighted Average Remaining Term in Years Options exercisable at end of year	6 years 4 months 24 days
Weighted Average Remaining Term in Years Options Expected to vest	9 years 1 month 6 days
Aggregate Intrinsic Value Options Expected to vest | $	$ 0
Aggregate Intrinsic Value Options Expected to outstanding | $	0
Aggregate Intrinsic Value Options Exercisable | $	$ 0

STOCKHOLDERS DEFICIENCY (Deta_4

STOCKHOLDERS DEFICIENCY (Details 3) - shares	3 Months Ended	12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
STOCKHOLDERS DEFICIENCY
Outstanding at beginning of year	1,374,980
Granted		264,945	238,838	60,566	95,167
Vested	(232,941)
Expirations	(2,726)
Outstanding at ending of year	1,139,313	1,374,980

STOCKHOLDERS DEFICIENCY (Deta_5

STOCKHOLDERS DEFICIENCY (Details Narrative) - USD ($)		1 Months Ended				3 Months Ended		12 Months Ended
	Apr. 12, 2023	Jun. 20, 2024	Feb. 29, 2024	Oct. 31, 2023	Oct. 20, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jan. 31, 2024
Stock-based compensation to stock options						$ 177,734	$ 205,317
Unvested performance-based stock options granted						418,945	88,911
Number of shares outstanding granted								264,945	238,838	60,566	95,167
Stock-based compensation related to restricted stock units						$ 171,289	$ 185,019
Number of outstanding shares of restricted stock units						279,700
Unvested performance-based stock options granted estricted stock units						274,549	59,842
Restricted stock units number of shares outstanding granted								184,443	152,432	40,707	22,343
Withholding taxes related to restricted stock units, shares						54,691
Fees and expenses				$ 9,109,117	$ 4,573,948	$ 9,224,056
Gross proceeds						10,000,006
Exercise price per share					$ 2.12							$ 5.46
Exercise price					$ 0.0001
Description of securities purchase 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. The Company pays Canaccord 3.0% of the gross proceeds as a commission		an aggregate of 1,831,503 shares of common stock of the Company. Pursuant to the January 2024 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 “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		) 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
Distributable value of dividend						$ 100
Stock Warrants [Member]
Exercise price		$ 1.88
Purchase of warrant of common stock series A		4,849,915
Description of existing holder purchase of warrants		(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 “June 2024 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 (the “June 2024 Series B Warrants” and together with the June 2024 Series A Warrants, the “June 2024 Inducement Warrants”). The Company received aggregate gross proceeds of $6,078,561 from the exercise of the Existing Warrants by the Exercising Holder (the “Warrant Inducement”)
Exercising holder released shares						1,443,277
Warrants to purchase		3,233,277
Gross proceeds from exercise of Existing Warrants		$ 6,078,561
2024 Placement Agent Warrants
Shares of Common Stock						91,575
Exercise price						$ 6.825
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
2023 Equity Distribution Agreement [Member]
Purchase of warrant shares						$ 1,033,491