Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 01, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | AYTU BIOSCIENCE, INC | |
Entity Central Index Key | 0001385818 | |
Trading Symbol | aytu | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 17,882,893 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 62,032,642 | $ 48,081,715 |
Restricted cash | 251,964 | 251,592 |
Accounts receivable, net | 7,001,068 | 5,175,924 |
Inventory, net | 6,571,254 | 9,999,441 |
Prepaid expenses and other | 6,081,766 | 5,715,089 |
Other current assets | 10,598,771 | 5,742,011 |
Total current assets | 92,537,465 | 74,965,772 |
Fixed assets, net | 89,663 | 258,516 |
Right-of-use asset | 310,479 | 634,093 |
Finite-lived intangible assets, net | 45,699,000 | 48,855,000 |
Deposits | 16,023 | 32,981 |
Goodwill | 28,090,407 | 28,090,407 |
Total long-term assets | 74,204,631 | 77,870,558 |
Total assets | 166,742,096 | 152,836,330 |
Current liabilities | ||
Accounts payable and other | 7,157,208 | 11,824,560 |
Accrued liabilities | 8,877,715 | 7,849,855 |
Accrued compensation | 2,540,353 | 3,117,177 |
Debt | 41,318 | 982,076 |
Contract liability | 475,680 | 339,336 |
Current lease liability | 100,263 | 300,426 |
Current portion of fixed payment arrangements | 1,937,476 | 2,340,166 |
Current portion of CVR liabilities | 977,475 | 839,734 |
Current portion of contingent consideration | 3,705,931 | 713,251 |
Total current liabilities | 25,813,419 | 28,306,581 |
Long-term contingent consideration, net of current portion | 12,573,916 | 12,874,351 |
Long-term lease liability, net of current portion | 211,056 | 725,374 |
Long-term fixed payment arrangements, net of current portion | 9,945,554 | 11,171,491 |
Long-term CVR liabilities, net of current portion | 5,494,112 | 4,731,866 |
Other long-term liabilities | 11,371 | 11,371 |
Total liabilities | 54,049,428 | 57,821,034 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity | ||
Preferred Stock, par value $.0001; 50,000,000 shares authorized; shares issued and outstanding 0 and 0, respectively as of December 31, 2020 and June 30, 2020, respectively. | ||
Common Stock, par value $.0001; 200,000,000 shares authorized; shares issued and outstanding 17,882,893 and 12,583,736, respectively as of December 31, 2020 and June 30, 2020. | 1,788 | 1,259 |
Additional paid-in capital | 246,532,284 | 215,024,216 |
Accumulated deficit | (133,841,404) | (120,010,179) |
Total stockholders' equity | 112,692,668 | 95,015,296 |
Total liabilities and stockholders' equity | 166,742,096 | 152,836,330 |
Licensed Assets [Member] | ||
Current assets | ||
Finite-lived intangible assets, net | 15,449,281 | 16,586,847 |
Patents and Tradenames [Member] | ||
Current assets | ||
Finite-lived intangible assets, net | 10,197,112 | 11,081,048 |
Technology-Based Intangible Assets [Member] | ||
Current assets | ||
Finite-lived intangible assets, net | $ 20,051,666 | $ 21,186,666 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 17,882,893 | 12,583,736 |
Common stock, shares outstanding (in shares) | 17,882,893 | 12,583,736 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | ||||
Product revenue, net | $ 15,147,034 | $ 3,175,236 | $ 28,667,280 | $ 4,615,062 |
Operating expenses | ||||
Cost of sales | 5,998,389 | 606,046 | 9,817,545 | 981,766 |
Research and development | 286,572 | 66,675 | 469,437 | 144,695 |
Selling, general and administrative | 12,852,614 | 6,516,160 | 24,342,983 | 11,662,603 |
Amortization of intangible assets | 1,584,580 | 953,450 | 3,169,161 | 1,528,567 |
Total operating expenses | 20,722,155 | 8,142,331 | 37,799,126 | 14,317,631 |
Loss from operations | (5,575,121) | (4,967,095) | (9,131,846) | (9,702,569) |
Other (expense) income | ||||
Other (expense), net | (378,958) | (446,958) | (1,130,499) | (642,344) |
Loss from change in fair value of contingent consideration | (3,313,656) | (2,411,333) | ||
Gain from derecognition of contingent consideration | 5,199,806 | 5,199,806 | ||
Gain from warrant derivative liability | 1,830 | |||
Loss on debt exchange | (257,559) | (257,559) | ||
Total other (expense) income | (3,950,173) | 4,752,848 | (4,699,378) | 4,559,292 |
Net loss | $ (9,525,294) | $ (214,247) | $ (13,831,224) | $ (5,143,277) |
Weighted average number of common shares outstanding (in shares) | 13,281,904 | 1,753,815 | 12,717,180 | 1,642,599 |
Basic and diluted net loss per common share (in dollars per share) | $ (0.72) | $ (0.12) | $ (1.09) | $ (3.13) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Series F Preferred Stock [Member]Preferred Stock [Member] | Series F Preferred Stock [Member]Common Stock [Member] | Series F Preferred Stock [Member]Additional Paid-in Capital [Member] | Series F Preferred Stock [Member]Retained Earnings [Member] | Series F Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Jun. 30, 2019 | 3,594,981 | 1,753,808 | ||||||||
BALANCE at Jun. 30, 2019 | $ 359 | $ 176 | $ 113,476,783 | $ (106,389,500) | $ 7,087,818 | |||||
Stock-based compensation | 165,171 | 165,171 | ||||||||
Securities converted for common stock (in shares) | (443,833) | 44,384 | ||||||||
Securities converted for common stock | $ (44) | $ 5 | 39 | |||||||
Net loss | (4,929,030) | (4,929,030) | ||||||||
BALANCE (in shares) at Sep. 30, 2019 | 3,151,148 | 1,798,192 | ||||||||
BALANCE at Sep. 30, 2019 | $ 315 | $ 181 | 113,641,993 | (111,318,530) | 2,323,959 | |||||
BALANCE (in shares) at Jun. 30, 2019 | 3,594,981 | 1,753,808 | ||||||||
BALANCE at Jun. 30, 2019 | $ 359 | $ 176 | 113,476,783 | (106,389,500) | 7,087,818 | |||||
Net loss | (5,143,277) | |||||||||
BALANCE (in shares) at Dec. 31, 2019 | 10,215,845 | 2,073,307 | ||||||||
BALANCE at Dec. 31, 2019 | $ 1,022 | $ 209 | 128,621,786 | (111,532,777) | 17,090,240 | |||||
BALANCE (in shares) at Sep. 30, 2019 | 3,151,148 | 1,798,192 | ||||||||
BALANCE at Sep. 30, 2019 | $ 315 | $ 181 | 113,641,993 | (111,318,530) | 2,323,959 | |||||
Stock-based compensation | 162,264 | 162,264 | ||||||||
Securities converted for common stock (in shares) | (2,751,148) | 275,115 | ||||||||
Securities converted for common stock | $ (275) | $ 28 | 247 | |||||||
Net loss | (214,247) | (214,247) | ||||||||
Issuance of stock (in shares) | 10,000 | |||||||||
Issuance of stock | $ 1 | $ 5,249,483 | $ 5,249,484 | |||||||
Warrants issued in connection with the private placement | 4,008,866 | 4,008,866 | ||||||||
Issuance of Series G preferred stock due to acquisition of the Cerecor portfolio of pediatrics therapeutics (in shares) | 9,805,845 | |||||||||
Issuance of Series G preferred stock due to acquisition of the Cerecor portfolio of pediatrics therapeutics | $ 981 | 5,558,933 | 5,559,914 | |||||||
Issuance costs | $ (741,650) | |||||||||
BALANCE (in shares) at Dec. 31, 2019 | 10,215,845 | 2,073,307 | ||||||||
BALANCE at Dec. 31, 2019 | $ 1,022 | $ 209 | 128,621,786 | (111,532,777) | 17,090,240 | |||||
BALANCE (in shares) at Jun. 30, 2020 | 12,583,736 | |||||||||
BALANCE at Jun. 30, 2020 | $ 1,259 | 215,024,216 | (120,010,179) | 95,015,296 | ||||||
Stock-based compensation | 454,918 | 454,918 | ||||||||
Net loss | (4,305,931) | (4,305,931) | ||||||||
Issuance costs | (101,537) | (101,537) | ||||||||
BALANCE (in shares) at Sep. 30, 2020 | 12,583,736 | |||||||||
BALANCE at Sep. 30, 2020 | $ 1,259 | 215,377,597 | (124,316,110) | 91,062,746 | ||||||
BALANCE (in shares) at Jun. 30, 2020 | 12,583,736 | |||||||||
BALANCE at Jun. 30, 2020 | $ 1,259 | 215,024,216 | (120,010,179) | 95,015,296 | ||||||
Net loss | (13,831,224) | |||||||||
BALANCE (in shares) at Dec. 31, 2020 | 17,882,893 | |||||||||
BALANCE at Dec. 31, 2020 | $ 1,788 | 246,532,284 | (133,841,404) | 112,692,668 | ||||||
BALANCE (in shares) at Sep. 30, 2020 | 12,583,736 | |||||||||
BALANCE at Sep. 30, 2020 | $ 1,259 | 215,377,597 | (124,316,110) | 91,062,746 | ||||||
Stock-based compensation | 508,059 | 508,059 | ||||||||
Securities converted for common stock (in shares) | 130,081 | |||||||||
Securities converted for common stock | $ 13 | 1,057,546 | 1,057,559 | |||||||
Net loss | (9,525,294) | (9,525,294) | ||||||||
Issuance of stock (in shares) | 5,169,076 | |||||||||
Issuance of stock | $ 516 | 28,316,928 | 28,317,444 | |||||||
Warrants issued in connection with the private placement | 1,272,154 | 1,272,154 | ||||||||
BALANCE (in shares) at Dec. 31, 2020 | 17,882,893 | |||||||||
BALANCE at Dec. 31, 2020 | $ 1,788 | $ 246,532,284 | $ (133,841,404) | $ 112,692,668 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Series F Preferred Stock [Member] | ||
Issuance costs | $ 741,650 | |
Issuance costs | $ 101,537 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Operating Activities | |||||||
Net loss | $ (9,525,294) | $ (4,305,931) | $ (214,247) | $ (4,929,030) | $ (13,831,224) | $ (5,143,277) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||||||
Depreciation, amortization and accretion | 4,012,909 | 2,157,540 | |||||
Stock-based compensation expense | 962,977 | 327,435 | |||||
Loss from change in fair value of contingent consideration | 3,313,656 | 2,411,333 | |||||
(Gain) from derecognition of contingent consideration | (5,199,806) | (5,199,806) | |||||
Loss on sale of equipment | 112,110 | ||||||
(Gain) on termination of lease | (343,185) | ||||||
Loss on debt exchange | 257,559 | 257,559 | |||||
Changes in allowance for bad debt | 147,627 | ||||||
Loss from change in fair value of CVR | 899,987 | ||||||
Derivative income | (1,830) | ||||||
Changes in operating assets and liabilities: | |||||||
Increase in accounts receivable | (1,965,271) | (3,456,364) | |||||
Increase in inventory | (3,615,662) | (132,199) | |||||
Increase in prepaid expenses and other | (379,337) | (171,430) | |||||
Decrease (increase) in other current assets | 2,295,055 | (136,694) | |||||
(Decrease) increase in accounts payable and other | (3,136,163) | 2,806,973 | |||||
Increase in accrued liabilities | 1,711,466 | 145,467 | |||||
Decrease in accrued compensation | (576,824) | (62,729) | |||||
Decrease in fixed payment arrangements | (216,150) | ||||||
Increase in contract liability | 136,344 | ||||||
Decrease in deferred rent | (3,990) | ||||||
Net cash used in operating activities | (10,900,299) | (9,087,054) | |||||
Investing Activities | |||||||
Deposit | (3,923) | ||||||
Contingent consideration payment | (42,760) | (104,635) | |||||
Note receivable | (1,350,000) | ||||||
Purchase of assets | (4,500,000) | ||||||
Net cash used in investing activities | (46,683) | (5,954,635) | |||||
Financing Activities | |||||||
Issuance of preferred, common stock and warrants | 32,249,652 | 10,000,000 | |||||
Issuance cost related to registered offering | (4,292,781) | (741,650) | |||||
Payments made to borrowings | (272,727) | ||||||
Payments made to fixed payment arrangements | (2,785,863) | ||||||
Net cash provided by financing activities | 24,898,281 | 9,258,350 | |||||
Net change in cash, restricted cash and cash equivalents | 13,951,299 | (5,783,339) | |||||
Cash, restricted cash and cash equivalents at beginning of period | $ 48,333,307 | $ 11,294,227 | 48,333,307 | 11,294,227 | $ 11,294,227 | ||
Cash, restricted cash and cash equivalents at end of period | $ 62,284,606 | $ 5,510,888 | 62,284,606 | 5,510,888 | $ 48,333,307 | ||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||||||
Warrants issued to underwriters | 356,139 | ||||||
Cash paid for interest | 306,752 | 3,390 | |||||
Fair value of right-to-use asset and related lease liability | 43,082 | 412,691 | |||||
Contingent consideration included in accounts payable | 3,430 | ||||||
Debt exchange | 1,057,559 | ||||||
Fixed payment arrangements included in accrued liabilities | 1,050,000 | ||||||
Inventory swap | 7,043,849 | ||||||
Acquisition costs included in accounts payable | 59,014 | ||||||
Conversion of Convertible Preferred Stock into Common Stock [Member] | |||||||
Supplemental disclosures of cash and non-cash investing and financing transactions | |||||||
Exchange of convertible preferred stock into common stock | $ 44 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition, Basis of Presentation | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business. August 9, 2002 June 8, 2015. The Primary Care Portfolio consists of (i) Natesto, the only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or "Low T"), (ii) ZolpiMist, the only FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra XR, the only FDA-approved 12 The Pediatric Care Portfolio, acquired on November 1, 2019, ( two second On February 14, 2020, twenty Innovus's proprietary Beyond Human® On December 10, 2020, not December 31, 2020, 24% 76% $0.95 0.1088 February 5, 2021, 5.4 $44.2 In connection with the execution of the Merger Agreement, the Company and Neos have entered into a Commitment Letter (the “Bridge Commitment Letter”) for the Company to provide financing to Neos under an unsecured convertible note, in an aggregate amount of up to $5,000,000, 6.0% 2.0% 2.0% November 7, 2022. 0.00011 $100,000 In April 2020, 19 The Company recently established a purchasing relationship with a U.S. supplier of Emergency Use Authorization (EUA) authorized antigen tests. Antigen tests rapidly detect the presence of the SARS-CoV- 2 The Company's strategy is to continue building its portfolio of revenue-generating products, leveraging its commercial team's expertise to build leading brands within large therapeutic markets. Financial Condition. December 31, 2020 $62.3 Revenues for the three six December 31, 2020 $15.1 $28.7 $3.2 $4.6 December 31, 2019, 377% 521% six December 31, 2020 $10.9 $9.1 six December 31, 2019 As of the date of this Report, the Company expects costs for its current operations to increase modestly as the Company continues to integrate the acquisition of the Pediatrics Portfolio, Innovus and if approved by the Company's and Neos' shareholders, the Neos Merger, continues to focus on revenue growth through increasing product sales and additional acquisitions. The Company's current assets totaling approximately $92.5 December 31, 2020 may may no $29.6 three December 31, 2020, 0.4 4.8 0.3 December 15, 2020. December 10, 2020, $0.8 0.1 15 Between December 31, 2020 , and the filing date of this quarterly report on Form 10 has not common stock under the Company's at-the-market offering program. As of the date of this report, the Company has adequate capital resources to complete its near-term operating objectives. Since the Company has sufficient cash on-hand as of December 31, 2020 twelve no If the Company is unable to raise adequate capital in the future when it is required, the Company's management can adjust its operating plans to reduce the magnitude of the capital need under its existing operating plan. Some of the adjustments that could be made include delays of and reductions to commercial programs, reductions in headcount, narrowing the scope of the Company's commercial plans, or reductions to its research and development programs. Without sufficient operating capital, the Company could be required to relinquish rights to products or renegotiate to maintain such rights on less favorable terms than it would otherwise choose. This may Basis of Presentation. 10 June 30, 2020 December 31, 2020 not three six December 31, 2020 2019 On December 8, 2020, one 10 Interim Unaudited Condensed Consolidated Financial Statements. December 31, 2020 three six six December 31, 2020 2019 June 30, 2020 not not three six December 31, 2020 not Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent consideration, contingent value rights ("CVRs"), and fixed payment obligations at the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not Significant Accounting Policies The Company's significant accounting policies are discussed in Note 2—Summary no three December 31, 2020 Adoption of New Accounting Pronouncements Fair Value Measurements ( ASU 2018 13 ). August 2018, 2018 13, 820 2018 13 820, December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 July 1, 2020, June 30, 2021. 2018 13 3 3 Recent Accounting Pronouncements Financial Instruments Credit Losses ( ASU 2016 13 ). June 2016, 2016 13, December 15, 2019. October 2019, December 15, 2022. June 30, 2024. December 15, 2018, not 2016 13 no This Quarterly Report on Form 10 not not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. The Pediatric Portfolio On October 10, 2019, November 1, 2019. four $4.5 980 not $2.7 $0.8 $3.5 In addition, the Company assumed Cerecor obligations due to an investor that include fixed and variable payments aggregating to $25.6 $0.1 November 2019 January 2021 $15 January 2021. 15% $0.1 January 2020, one $0.2 $9.5 February 12, 2026. June 2020, $15 January 2021 Further, certain of the products in the Pediatric Portfolio require royalty payments ranging from 12% 15% $1.8 not While no 805. The following table summarized the fair value of assets acquired and liabilities assumed at the date of acquisition. As of November 1, 2019 Consideration Cash and cash equivalents $ 4,500,000 Fair value of Series G Convertible Preferred Stock Total shares issued 9,805,845 Estimated fair value per share of Aytu common stock $ 0.567 Estimated fair value of equity consideration transferred 5,559,914 Total consideration transferred $ 10,059,914 Recognized amounts of identifiable assets acquired and liabilities assumed Inventory $ 459,123 Prepaid assets 1,743,555 Other current assets 2,525,886 Intangible assets - product marketing rights 22,700,000 Accrued liabilities (300,000 ) Accrued product program liabilities (6,683,932 ) Assumed fixed payment obligations $ (29,837,853 ) Total identifiable net assets (9,393,221 ) Goodwill $ 19,453,135 The fair values of intangible assets, including product technology rights were determined using variations of the income approach. Varying discount rates were also applied to the projected net cash flows. The Company believes the assumptions are representative of those a market participant would use in estimating fair value (see Note 9 The fair value of the net identifiable asset acquired was determined to be $22.7 ten Innovus Merger (Consumer Health Portfolio) On February 14, 2020, February 13, 2020. 380 $16 200 100% On March 31, 2020, first 120 $2.0 $24 December 31, 2019. $0.3 In addition, as part of the Merger, the Company assumed approximately $3.1 $0.8 $3.1 $2.2 180 February 14, 2020. Approximately $41 December 31, 2020 The following table summarized the preliminary fair value of assets acquired and liabilities assumed at the date of acquisition. These estimates are preliminary, pending final evaluation of certain assets and liabilities, and therefore, are subject to revisions that may As of February 14, 2020 Consideration Fair Value of Aytu Common Stock Total shares issued at close 3,810,393 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 2,880,581 Fair value of Series H Convertible Preferred Stock Total shares issued 1,997,736 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 1,510,288 Fair value of former Innovus warrants $ 15,315 Fair value of Contingent Value Rights $ 7,049,079 Forgiveness of Note Payable owed to the Company $ 1,350,000 Total consideration transferred $ 12,805,263 As of February 14, 2020 Total consideration transferred $ 12,805,263 Recognized amounts of identified assets acquired and liabilities assumed Cash and cash equivalents $ 390,916 Accounts receivable 278,826 Inventory 1,149,625 Prepaid expenses and other current assets 1,692,133 Other long-term assets 36,781 Right-to-use assets 328,410 Property, plant and equipment 190,393 Trademarks and patents 11,744,000 Accounts payable and accrued other expenses (7,202,309 ) Other current liabilities (629,601 ) Notes payable (3,056,361 ) Lease liability (754,822 ) Total identifiable assets $ 4,167,991 Goodwill $ 8,637,272 The fair values of intangible assets, including product distribution rights were determined using variations of the income approach, specifically the relief-from-royalties method. It also includes customer lists using an income approach utilizing a discounted cash flow model. Varying discount rates were also applied to the projected net cash flows. The CVRs were valued using a Monte-Carlo model. The Company believes the assumptions are representative of those a market participant would use in estimating fair value (see Note 10 The fair value of the net identifiable assets acquired was determined to be $11.7 1.5 10 Unaudited Pro Forma Information The following supplemental unaudited proforma financial information presents the Company's results as if the following acquisitions had occurred on July 1, 2019: ● Acquisition of the Pediatric Portfolio, effective November 1, 2019; ● Merger with Innovus effective February 14, 2020. The unaudited pro forma results have been prepared based on estimates and assumptions, which management believes are reasonable, however, the results are not July 1, 2019, Three Months Ended Six Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Actual Pro forma Actual Pro forma (Unaudited) (Unaudited) (Unaudited) (Unaudited) Total revenues, net $ 15,147,034 $ 8,929,802 $ 28,667,280 $ 20,541,401 Net (loss) (9,525,294 ) (2,450,247 ) (13,831,224 ) (11,255,247 ) Net (loss) per share (aa) $ (0.72 ) $ (1.40 ) $ (1.09 ) $ (6.85 ) (aa) Pro forma net loss per share calculations excluded the impact of the issuance of the (i) Series G Convertible Preferred Stock and the, (ii) Series H Convertible Preferred Stock under the assumption those shares would continue to remain non-participatory during the periods reported above. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenues by Geographic location . Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (unaudited) (unaudited) (unaudited) (unaudited) U.S. $ 13,757,000 $ 3,047,000 $ 25,901,000 $ 4,309,000 International 1,390,000 128,000 2,766,000 306,000 Total net revenue $ 15,147,000 $ 3,175,000 $ 28,667,000 $ 4,615,000 Revenues by Product Portfolio. three six December 31, 2020 December 31, 2019 Three Months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Primary care and devices portfolio $ 4,097,000 $ 1,190,000 $ 7,130,000 $ 2,630,000 Pediatric portfolio 3,115,000 1,985,000 5,834,000 1,985,000 Consumer Health portfolio 7,935,000 - 15,703,000 - Total net revenue $ 15,147,000 $ 3,175,000 $ 28,667,000 $ 4,615,000 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories consist of raw materials and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first first no first $0.1 $0.2 three six December 31, 2020 no three six December 31, 2019 Inventory balances consist of the following: As of As of December 31, June 30, 2020 2020 Raw materials $ 590,000 $ 397,000 Finished goods, net 5,981,000 9,603,000 $ 6,571,000 $ 10,000,000 |
Note 5 - Fixed Assets
Note 5 - Fixed Assets | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Fixed assets are recorded at cost and once placed in service, are depreciated on a straight-line basis over the estimated useful lives. Leasehold improvements are amortized over the shorter of the estimated economic life or related lease term. Fixed assets consist of the following: As of As of Estimated December 31, June 30, Useful Lives in years 2020 2020 Manufacturing equipment 2 5 $ 112,000 $ 112,000 Leasehold improvements 3 111,000 229,000 Office equipment, furniture and other 2 5 281,000 312,000 Lab equipment 3 5 90,000 90,000 Less accumulated depreciation and amortization (504,000 ) (484,000 ) Fixed assets, net $ 90,000 $ 259,000 During the six December 31, 2020 $0.1 Depreciation and amortization expense totaled $18,000 $16,000 three December 31, 2020 2019, $51,000 $32,000 six December 31, 2020 2019 |
Note 6 - Leases, Right-to-use A
Note 6 - Leases, Right-to-use Assets and Related Liabilities | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 6. The Company previously adopted the FASB issued ASU 2016 02, 842 July 1, 2019. 2016 02, July 1, 2019; 842; not As of December 31, 2020 Operating Finance 2021 (remaining 6 months) $ 37,000 $ 61,000 2022 18,000 124,000 2023 - 127,000 2024 - 35,000 2025 - 3,000 Total lease payments 55,000 350,000 Less: Imputed interest (39,000 ) Lease liabilities $ 311,000 Cash paid for amounts included in the measurement of finance lease liabilities for the six December 31, 2020 2019 $147,000 $63,000, As of December 31, 2020 2.28 8.0%. three December 31, 2020 2019 $90,000 $30,000. six December 31, 2020 2019 $160,000 $63,000, On August 28, 2020, September 30, 2020. April 30, 2023. two $44,306 $125,000 $20,881. $0.7 June 30, 2020 $343,000 six December 31, 2020 On October 1, 2020, one six ninety not |
Note 7 - Intangible Assets - Am
Note 7 - Intangible Assets - Amortizable | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. Amortizable The Company currently holds the following intangible asset portfolios as of December 31, 2020 July 1, 2020; ( November 1, 2019 February 14, 2020, If acquired in an asset acquisition, the Company capitalized the acquisition cost of each licensed patent or tradename, which can include a combination of both upfront consideration, as well as the estimated future contingent consideration estimated at the acquisition date. If acquired in a business combination, the Company capitalizes the estimated fair value of the intangible asset or assets acquired, based primarily on a discounted cash flow model approach or relief-from-royalties model. The following table provides the summary of the Company's intangible assets as of December 31, 2020 June 30, 2020 December 31, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (8,200,000 ) $ - $ 15,449,000 11.72 Acquired product technology right 22,700,000 (2,648,000 ) - 20,052,000 8.84 Acquired product distribution rights 11,354,000 (1,319,000 ) - 10,035,000 7.27 Acquired customer lists 390,000 (227,000 ) - 163,000 0.62 $ 58,093,000 $ (12,394,000 ) $ - $ 45,699,000 9.44 June 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (7,062,000 ) $ - $ 16,587,000 11.88 MiOXSYS Patent 380,000 (185,000 ) (195,000 ) - - Acquired product technology right 22,700,000 (1,513,000 ) - 21,187,000 9.34 Acquired product distribution rights 11,354,000 (565,000 ) - 10,789,000 7.78 Acquired customer lists 390,000 (98,000 ) - 292,000 1.12 $ 58,473,000 $ (9,423,000 ) $ (195,000 ) $ 48,855,000 9.11 The following table summarizes the estimated future amortization expense to be recognized over the next five Amortization 2021 $ 3,157,000 2022 6,085,000 2023 6,045,000 2024 6,033,000 2025 4,480,000 Thereafter 19,899,000 $ 45,699,000 Certain of the Company's amortizable intangible assets include renewal options, extending the expected life of the asset. The renewal periods range between approximately 1 20 $1.6 $0.9 three December 31, 2020 2019 $3.2 $1.5 six December 31, 2020 2019 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued liabilities consist of the following: As of As of December 31, June 30, 2020 2020 Accrued settlement expense $ 150,000 $ 315,000 Accrued program liabilities 1,386,000 959,000 Accrued product-related fees 2,332,000 2,471,000 Credit card liabilities 712,000 510,000 Medicaid liabilities 2,094,000 1,842,000 Return reserve 1,656,000 1,329,000 Sales taxes payable 175,000 175,000 Other accrued liabilities* 373,000 249,000 Total accrued liabilities $ 8,878,000 $ 7,850,000 * Other accrued liabilities consist of franchise tax, accounting fee, interest payable, merchant services charges, none five |
Note 9 - Fair Value Considerati
Note 9 - Fair Value Considerations | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. The Company's asset and liability classified financial instruments include cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, warrant derivative liability, and contingent consideration. The carrying amounts of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximate their fair value due to their short maturities. The fair value of acquisition-related contingent consideration is based on Monte-Carlo models. The valuation policies are determined by management, and the Company's Board of Directors is informed of any policy change. Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three Level 1: Level 2: Level 3: no The Company's assets and liabilities which are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The Company's policy is to recognize transfers in and/or out of fair value hierarchy as of the date in which the event or change in circumstances caused the transfer. Aytu has consistently applied the valuation techniques discussed below in all periods presented. Recurring Fair Value Measurements The following table presents the Company's financial liabilities that were accounted for at fair value on a recurring basis as of December 31, 2020 June 30, 2020 Fair Value Measurements at December 31, 2020 Fair Value at December 31, 2020 Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Contingent consideration 16,280,000 – – 16,280,000 CVR liability 6,472,000 – – 6,472,000 $ 22,752,000 – – $ 22,752,000 Fair Value Measurements at June 30, 2020 Fair Value at June 30, 2020 Quoted Priced in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring: Contingent consideration 13,588,000 – – 13,588,000 CVR liability $ 5,572,000 – – $ 5,572,000 $ 19,160,000 – – $ 19,160,000 Contingent Consideration. 3 not As of November 2, 2018, $8.8 December 31,2020, $15.8 December 31, 2020 none no $3.0 November 2021, The contingent consideration related to the ZolpiMist royalty payments was valued at $2.6 June 11, 2018. December 31, 2020, $0.3 December 31, 2020 none no The Company recognized approximately $0.2 February 14, 2020 30% three six December 31, 2020 2019 $15,000 $28,000 no December 31, 2020 Contingent value rights. $16 470 March 31, 2020, 120 first $2 $24 2019 three six December 31, 2020 2019 $0.1 $0.8 not December 31, 2019. Summary of Level 3 The following table sets forth a summary of changes to those fair value measures using Level 3 three December 31, 2020 CVR Liability Contingent Consideration Balance as of June 30, 2020 $ 5,572,000 $ 13,588,000 Transfers into Level 3 – – Transfer out of Level 3 – – Total gains, losses, amortization or accretion in period – – Included in earnings $ 900,000 $ 2,735,000 Included in other comprehensive income – – Purchases, issues, sales and settlements – – Purchases – – Issues – – Sales – – Settlements – $ (43,000 ) Balance as of December 31, 2020 $ 6,472,000 $ 16,280,000 Significant Assumptions Contingent consideration. December 31, 2020, As of December 31, 2020 Contingent Consideration Credit risk assumption 19.10% Sales volatility 45.00% Credit spread 4.00% Time steps per year 1 Number of iterations 500 Contingent value rights. December 31, 2020 As of December 31, 2020 Contingent Value Rights Credit risk assumption 9.6% Time steps per year 30.00 Number of iterations 10,000 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and contingencies are described below and summarized by the following as of December 31, 2020 Total 2021 2022 2023 2024 2025 Thereafter Prescription database $ 1,278,000 $ 545,000 $ 733,000 - - - - Pediatric portfolio fixed payments and product minimums 15,825,000 1,650,000 3,300,000 3,300,000 3,300,000 3,300,000 975,000 Inventory purchase commitment 1,717,000 981,000 736,000 - - - - CVR liability 14,000,000 2,000,000 2,000,000 5,000,000 5,000,000 - - Product contingent liability 2,500,000 - - - - - 2,500,000 Product milestone payments 3,000,000 - 3,000,000 - - - - $ 38,320,000 $ 5,176,000 $ 9,769,000 $ 8,300,000 $ 8,300,000 $ 3,300,000 $ 3,475,000 Prescription Database In May 2016, $1.6 three January 2020, $0.6 Pediatric Portfolio Fixed Payments and Product Milestone The Company assumed two November 1, 2019 January 2021, $86,840, $15,000,000 January 2021. second $100,000 February 2026, $210,767 January 2020. On May 29, 2020, $15.0 In addition, the Company acquired a Supply and Distribution Agreement with Tris Pharma, Inc. ("TRIS"), (the “Karbinal Agreement”), under which the Company is granted the exclusive right to distribute and sell the product in the United States. The initial term of the Karbinal Agreement was 20 23.5% third 23.5% 8.5%, 15% 2018 2019 The Karbinal Agreement make-whole $2,100,000 August 1 July 31, 70,000 2025. $30 70,000 2025. August $3.0 first $40.0 Inventory Purchase Commitment On May 1, 2020, 50 No. 207957 three 2022 $1.0 CVR Liability On February 14, 2020, February 13, 2020. first one On March 31, 2020, first 120 $2.0 $24.0 December 31, 2019. $0.3 June 30, 2020 No December 31, 2020 Product Contingent Liability In February 2015, 5 $0.5 December 31, 2020, $0.2 Product Milestone Payments In connection with the Company's intangible assets, Aytu has certain milestone payments, totaling $3.0 not 9 |
Note 11 - Capital Structure
Note 11 - Capital Structure | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. The Company has 200 $0.0001 50 $0.0001 December 31, 2020 June 30, 2020 17,882,893 12,583,736 zero Included in the common stock outstanding are 365,869 In June 2020, 430,230 $6.8 $0.2 December 31, 2020 not three September 30, 2020. three December 31, 2020, 352,912 $3.6 $0.1 In July 2020, $1.5 March 10, 12, 19 “March 92,302 92,302 $15.99 March 2020 one $356,000 On December 10, 2020, $0.8 130,081 15 On December 10, 2020, 4,166,667 $0.0001 $6.00 30 625,000 4,791,667 311,458 311,458 $7.50 125% five |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. Share-based Compensation Plans On June 1, 2015, 2015 “2015 July 2017, 3.0 2015 2015 February 13, 2020, 5.0 2015 December 31, 2020 4,560,864 2015 Stock Options Employee Stock Options: The fair value of the options is calculated using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. Aytu estimates the expected term based on the average of the vesting term and the contractual term of the options. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. There were no three six December 31, 2020 2019 Stock option activity is as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding June 30, 2020 76,614 $ 19.39 9.67 $ - Granted - - Exercised - - Forfeited/Cancelled (3,187 ) - Expired (2 ) - Outstanding December 31, 2020 73,425 19.71 9.08 - Exercisable at December 31, 2020 9,095 $ 67.62 7.81 $ - As of December 31, 2020 $494,000 2.68 Restricted Stock Restricted stock activity is as follows: Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2020 418,454 $ 14.69 6.4 Granted Vested (52,743 ) Forfeited Unvested at December 31, 2020 365,711 $ 15.66 6.3 Under the 2015 $4.3 December 31, 2020 6.3 158 2015 July 2026. $1.1 December 31, 2020 5.5 Stock-based compensation expense related to the fair value of stock options and restricted stock was included in the statements of operations as selling, general and administrative expenses as set forth in the table below: Three Months Ended December 31, Six Months Ended December 31, Selling, general and administrative: 2020 2019 2020 2019 Stock options $ 94,000 $ 2,000 $ 166,000 $ 7,000 Restricted stock 414,000 160,000 797,000 320,000 Total stock-based compensation expense $ 508,000 $ 162,000 $ 963,000 $ 327,000 |
Note 13 - Warrants
Note 13 - Warrants | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Warrants or Rights Disclosure [Text Block] | 13. In July 2020, 92,302 $15.99 March one $356,000 On December 15, 2020, 311,458 $7.50 December 15, 2020 $1.3 Significant assumptions in valuing the warrants issued during the quarter are as follows: Warrants Issued Three Months Ended December 31, 2020 Expected volatility 100 % Equivalent term (years) 5.0 Risk-free rate 37 % Dividend yield 0.00 % A summary of equity-based warrants is as follows: Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2020 2,288,528 $ 30.26 2.00 Warrants issued 403,760 Warrants expired (842 ) Warrants exercised - Outstanding December 31, 2020 2,691,446 $ 26.94 1.65 |
Note 14 - Net Loss Per Common S
Note 14 - Net Loss Per Common Share | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. Basic income (loss) per common share is calculated by dividing the net income (loss) available to the common shareholders by the weighted average number of common shares outstanding during that period. Diluted net loss per share reflects the potential of securities that could share in the net loss of the Company. For each three 2020 2019, not The following table sets-forth securities that could be potentially dilutive, but as of the three six December 31, 2020 2019 Three Months Ended December 31, 2020 2019 Warrants to purchase common stock - liability classified 24,105 24,105 Warrant to purchase common stock - equity classified (Note 13) 2,691,446 1,621,891 Employee stock options (Note 12) 73,425 156 Employee unvested restricted stock (Note 12) 365,869 234,261 Convertible preferred stock (Note 11) - 315,115 3,154,845 2,195,528 |
Note 15 - Notes Payable
Note 15 - Notes Payable | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 15. The Aytu BioScience Note. February 27, 2020, $0.8 $0.6 eight November 1, 2020, $0.2 fourth 2020. three six December 31, 2020 2019 $15,000 $70,000, no 2019. December 10, 2020, 130,081 $0.3 $0.8 December 31, 2020. The Innovus Notes. January 9, 2020, $0.4 $0.5 twelve $45,000. December 31, 2020 , the net balance of the note was $41,000. |
Note 16 - Segment Reporting
Note 16 - Segment Reporting | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. The Company's chief operating decision maker (the “CODM”), who is the Company's Chief Executive Officer, allocates resources and assesses performance based on financial information of the Company. The CODM reviews financial information presented for each reportable segment for purposes of making operating decisions and assessing financial performance. The Company manages and aggregates its operational and financial information in accordance with two Three months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Consolidated revenue: Aytu BioScience $ 7,212,000 $ 3,175,000 $ 13,000,000 $ 4,615,000 Aytu Consumer Health 7,935,000 - 16,000,000 - Consolidated revenue 15,147,000 3,175,000 29,000,000 4,615,000 Consolidated net loss: Aytu BioScience (8,267,000 ) (214,000 ) (11,218,000 ) (5,143,000 ) Aytu Consumer Health (1,258,000 ) - (2,613,000 ) - Consolidated net loss (9,525,000 ) (214,000 ) (13,831,000 ) (5,143,000 ) As of As of December 31, June 30, 2020 2020 Total assets: Aytu BioScience $ 140,647,000 $ 126,267,000 Aytu Consumer Health 26,095,000 26,569,000 Total assets $ 166,742,000 $ 152,836,000 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. Tris Pharma, Inc. On November 2, 2018, November 1, 2019, 2 10 $1.9 $0.2 three December 31, 2020 2019 $24.1 $24.8 December 31, 2020 2019 n October 2020, $1.6 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 6 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Except for below, see Footnote 1 December 31, 2020 10 MiOXSYS ® On January 20, 2021, ® Under the MiOXSYS Agreement, Avrio Genetics will purchase existing inventory, commercialize, and market the Product under a royalty on Product net sales with a minimum annual payment fee structure for a term of ten 10 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Financial Condition [Policy Text Block] | Financial Condition. December 31, 2020 $62.3 Revenues for the three six December 31, 2020 $15.1 $28.7 $3.2 $4.6 December 31, 2019, 377% 521% six December 31, 2020 $10.9 $9.1 six December 31, 2019 As of the date of this Report, the Company expects costs for its current operations to increase modestly as the Company continues to integrate the acquisition of the Pediatrics Portfolio, Innovus and if approved by the Company's and Neos' shareholders, the Neos Merger, continues to focus on revenue growth through increasing product sales and additional acquisitions. The Company's current assets totaling approximately $92.5 December 31, 2020 may may no $29.6 three December 31, 2020, 0.4 4.8 0.3 December 15, 2020. December 10, 2020, $0.8 0.1 15 Between December 31, 2020 , and the filing date of this quarterly report on Form 10 has not common stock under the Company's at-the-market offering program. As of the date of this report, the Company has adequate capital resources to complete its near-term operating objectives. Since the Company has sufficient cash on-hand as of December 31, 2020 twelve no If the Company is unable to raise adequate capital in the future when it is required, the Company's management can adjust its operating plans to reduce the magnitude of the capital need under its existing operating plan. Some of the adjustments that could be made include delays of and reductions to commercial programs, reductions in headcount, narrowing the scope of the Company's commercial plans, or reductions to its research and development programs. Without sufficient operating capital, the Company could be required to relinquish rights to products or renegotiate to maintain such rights on less favorable terms than it would otherwise choose. This may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 June 30, 2020 December 31, 2020 not three six December 31, 2020 2019 On December 8, 2020, one 10 |
Consolidation, Policy [Policy Text Block] | Interim Unaudited Condensed Consolidated Financial Statements. December 31, 2020 three six six December 31, 2020 2019 June 30, 2020 not not three six December 31, 2020 not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent consideration, contingent value rights ("CVRs"), and fixed payment obligations at the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. On an ongoing basis, the Company evaluates its estimates, including, but not |
New Accounting Pronouncements, Policy [Policy Text Block] | Significant Accounting Policies The Company's significant accounting policies are discussed in Note 2—Summary no three December 31, 2020 Adoption of New Accounting Pronouncements Fair Value Measurements ( ASU 2018 13 ). August 2018, 2018 13, 820 2018 13 820, December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 July 1, 2020, June 30, 2021. 2018 13 3 3 Recent Accounting Pronouncements Financial Instruments Credit Losses ( ASU 2016 13 ). June 2016, 2016 13, December 15, 2019. October 2019, December 15, 2022. June 30, 2024. December 15, 2018, not 2016 13 no This Quarterly Report on Form 10 not not |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of November 1, 2019 Consideration Cash and cash equivalents $ 4,500,000 Fair value of Series G Convertible Preferred Stock Total shares issued 9,805,845 Estimated fair value per share of Aytu common stock $ 0.567 Estimated fair value of equity consideration transferred 5,559,914 Total consideration transferred $ 10,059,914 Recognized amounts of identifiable assets acquired and liabilities assumed Inventory $ 459,123 Prepaid assets 1,743,555 Other current assets 2,525,886 Intangible assets - product marketing rights 22,700,000 Accrued liabilities (300,000 ) Accrued product program liabilities (6,683,932 ) Assumed fixed payment obligations $ (29,837,853 ) Total identifiable net assets (9,393,221 ) Goodwill $ 19,453,135 As of February 14, 2020 Consideration Fair Value of Aytu Common Stock Total shares issued at close 3,810,393 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 2,880,581 Fair value of Series H Convertible Preferred Stock Total shares issued 1,997,736 Estimated fair value per share of Aytu common stock $ 0.756 Estimated fair value of equity consideration transferred $ 1,510,288 Fair value of former Innovus warrants $ 15,315 Fair value of Contingent Value Rights $ 7,049,079 Forgiveness of Note Payable owed to the Company $ 1,350,000 Total consideration transferred $ 12,805,263 As of February 14, 2020 Total consideration transferred $ 12,805,263 Recognized amounts of identified assets acquired and liabilities assumed Cash and cash equivalents $ 390,916 Accounts receivable 278,826 Inventory 1,149,625 Prepaid expenses and other current assets 1,692,133 Other long-term assets 36,781 Right-to-use assets 328,410 Property, plant and equipment 190,393 Trademarks and patents 11,744,000 Accounts payable and accrued other expenses (7,202,309 ) Other current liabilities (629,601 ) Notes payable (3,056,361 ) Lease liability (754,822 ) Total identifiable assets $ 4,167,991 Goodwill $ 8,637,272 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended Six Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Actual Pro forma Actual Pro forma (Unaudited) (Unaudited) (Unaudited) (Unaudited) Total revenues, net $ 15,147,034 $ 8,929,802 $ 28,667,280 $ 20,541,401 Net (loss) (9,525,294 ) (2,450,247 ) (13,831,224 ) (11,255,247 ) Net (loss) per share (aa) $ (0.72 ) $ (1.40 ) $ (1.09 ) $ (6.85 ) |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 (unaudited) (unaudited) (unaudited) (unaudited) U.S. $ 13,757,000 $ 3,047,000 $ 25,901,000 $ 4,309,000 International 1,390,000 128,000 2,766,000 306,000 Total net revenue $ 15,147,000 $ 3,175,000 $ 28,667,000 $ 4,615,000 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Primary care and devices portfolio $ 4,097,000 $ 1,190,000 $ 7,130,000 $ 2,630,000 Pediatric portfolio 3,115,000 1,985,000 5,834,000 1,985,000 Consumer Health portfolio 7,935,000 - 15,703,000 - Total net revenue $ 15,147,000 $ 3,175,000 $ 28,667,000 $ 4,615,000 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of As of December 31, June 30, 2020 2020 Raw materials $ 590,000 $ 397,000 Finished goods, net 5,981,000 9,603,000 $ 6,571,000 $ 10,000,000 |
Note 5 - Fixed Assets (Tables)
Note 5 - Fixed Assets (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of As of Estimated December 31, June 30, Useful Lives in years 2020 2020 Manufacturing equipment 2 5 $ 112,000 $ 112,000 Leasehold improvements 3 111,000 229,000 Office equipment, furniture and other 2 5 281,000 312,000 Lab equipment 3 5 90,000 90,000 Less accumulated depreciation and amortization (504,000 ) (484,000 ) Fixed assets, net $ 90,000 $ 259,000 |
Note 6 - Leases, Right-to-use_2
Note 6 - Leases, Right-to-use Assets and Related Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Finance 2021 (remaining 6 months) $ 37,000 $ 61,000 2022 18,000 124,000 2023 - 127,000 2024 - 35,000 2025 - 3,000 Total lease payments 55,000 350,000 Less: Imputed interest (39,000 ) Lease liabilities $ 311,000 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Amortizable (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (8,200,000 ) $ - $ 15,449,000 11.72 Acquired product technology right 22,700,000 (2,648,000 ) - 20,052,000 8.84 Acquired product distribution rights 11,354,000 (1,319,000 ) - 10,035,000 7.27 Acquired customer lists 390,000 (227,000 ) - 163,000 0.62 $ 58,093,000 $ (12,394,000 ) $ - $ 45,699,000 9.44 June 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Remaining Life (in years) Licensed assets $ 23,649,000 $ (7,062,000 ) $ - $ 16,587,000 11.88 MiOXSYS Patent 380,000 (185,000 ) (195,000 ) - - Acquired product technology right 22,700,000 (1,513,000 ) - 21,187,000 9.34 Acquired product distribution rights 11,354,000 (565,000 ) - 10,789,000 7.78 Acquired customer lists 390,000 (98,000 ) - 292,000 1.12 $ 58,473,000 $ (9,423,000 ) $ (195,000 ) $ 48,855,000 9.11 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization 2021 $ 3,157,000 2022 6,085,000 2023 6,045,000 2024 6,033,000 2025 4,480,000 Thereafter 19,899,000 $ 45,699,000 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of As of December 31, June 30, 2020 2020 Accrued settlement expense $ 150,000 $ 315,000 Accrued program liabilities 1,386,000 959,000 Accrued product-related fees 2,332,000 2,471,000 Credit card liabilities 712,000 510,000 Medicaid liabilities 2,094,000 1,842,000 Return reserve 1,656,000 1,329,000 Sales taxes payable 175,000 175,000 Other accrued liabilities* 373,000 249,000 Total accrued liabilities $ 8,878,000 $ 7,850,000 |
Note 9 - Fair Value Considera_2
Note 9 - Fair Value Considerations (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2020 Fair Value at December 31, 2020 Quoted Priced in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Contingent consideration 16,280,000 – – 16,280,000 CVR liability 6,472,000 – – 6,472,000 $ 22,752,000 – – $ 22,752,000 Fair Value Measurements at June 30, 2020 Fair Value at June 30, 2020 Quoted Priced in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Recurring: Contingent consideration 13,588,000 – – 13,588,000 CVR liability $ 5,572,000 – – $ 5,572,000 $ 19,160,000 – – $ 19,160,000 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | CVR Liability Contingent Consideration Balance as of June 30, 2020 $ 5,572,000 $ 13,588,000 Transfers into Level 3 – – Transfer out of Level 3 – – Total gains, losses, amortization or accretion in period – – Included in earnings $ 900,000 $ 2,735,000 Included in other comprehensive income – – Purchases, issues, sales and settlements – – Purchases – – Issues – – Sales – – Settlements – $ (43,000 ) Balance as of December 31, 2020 $ 6,472,000 $ 16,280,000 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | As of December 31, 2020 Contingent Consideration Credit risk assumption 19.10% Sales volatility 45.00% Credit spread 4.00% Time steps per year 1 Number of iterations 500 As of December 31, 2020 Contingent Value Rights Credit risk assumption 9.6% Time steps per year 30.00 Number of iterations 10,000 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Total 2021 2022 2023 2024 2025 Thereafter Prescription database $ 1,278,000 $ 545,000 $ 733,000 - - - - Pediatric portfolio fixed payments and product minimums 15,825,000 1,650,000 3,300,000 3,300,000 3,300,000 3,300,000 975,000 Inventory purchase commitment 1,717,000 981,000 736,000 - - - - CVR liability 14,000,000 2,000,000 2,000,000 5,000,000 5,000,000 - - Product contingent liability 2,500,000 - - - - - 2,500,000 Product milestone payments 3,000,000 - 3,000,000 - - - - $ 38,320,000 $ 5,176,000 $ 9,769,000 $ 8,300,000 $ 8,300,000 $ 3,300,000 $ 3,475,000 |
Note 12 - Equity Incentive Pl_2
Note 12 - Equity Incentive Plan (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding June 30, 2020 76,614 $ 19.39 9.67 $ - Granted - - Exercised - - Forfeited/Cancelled (3,187 ) - Expired (2 ) - Outstanding December 31, 2020 73,425 19.71 9.08 - Exercisable at December 31, 2020 9,095 $ 67.62 7.81 $ - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life in Years Unvested at June 30, 2020 418,454 $ 14.69 6.4 Granted Vested (52,743 ) Forfeited Unvested at December 31, 2020 365,711 $ 15.66 6.3 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, Selling, general and administrative: 2020 2019 2020 2019 Stock options $ 94,000 $ 2,000 $ 166,000 $ 7,000 Restricted stock 414,000 160,000 797,000 320,000 Total stock-based compensation expense $ 508,000 $ 162,000 $ 963,000 $ 327,000 |
Note 13 - Warrants (Tables)
Note 13 - Warrants (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Warrant and Rights Assumptions [Table Text Block] | Warrants Issued Three Months Ended December 31, 2020 Expected volatility 100 % Equivalent term (years) 5.0 Risk-free rate 37 % Dividend yield 0.00 % |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Outstanding June 30, 2020 2,288,528 $ 30.26 2.00 Warrants issued 403,760 Warrants expired (842 ) Warrants exercised - Outstanding December 31, 2020 2,691,446 $ 26.94 1.65 |
Note 14 - Net Loss Per Common_2
Note 14 - Net Loss Per Common Share (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended December 31, 2020 2019 Warrants to purchase common stock - liability classified 24,105 24,105 Warrant to purchase common stock - equity classified (Note 13) 2,691,446 1,621,891 Employee stock options (Note 12) 73,425 156 Employee unvested restricted stock (Note 12) 365,869 234,261 Convertible preferred stock (Note 11) - 315,115 3,154,845 2,195,528 |
Note 16 - Segment Reporting (Ta
Note 16 - Segment Reporting (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months Ended December 31, Six Months Ended December 31, 2020 2019 2020 2019 Consolidated revenue: Aytu BioScience $ 7,212,000 $ 3,175,000 $ 13,000,000 $ 4,615,000 Aytu Consumer Health 7,935,000 - 16,000,000 - Consolidated revenue 15,147,000 3,175,000 29,000,000 4,615,000 Consolidated net loss: Aytu BioScience (8,267,000 ) (214,000 ) (11,218,000 ) (5,143,000 ) Aytu Consumer Health (1,258,000 ) - (2,613,000 ) - Consolidated net loss (9,525,000 ) (214,000 ) (13,831,000 ) (5,143,000 ) As of As of December 31, June 30, 2020 2020 Total assets: Aytu BioScience $ 140,647,000 $ 126,267,000 Aytu Consumer Health 26,095,000 26,569,000 Total assets $ 166,742,000 $ 152,836,000 |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition, Basis of Presentation (Details Textual) | Dec. 15, 2020shares | Dec. 10, 2020USD ($)$ / shares | Dec. 08, 2020 | Feb. 11, 2021shares | Jun. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | Sep. 30, 2020shares | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Feb. 05, 2021USD ($)shares |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 62,300,000 | $ 62,300,000 | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | 15,147,034 | $ 3,175,236 | $ 28,667,280 | $ 4,615,062 | |||||||
Increase (Decrease) in Revenues, Percentage | 377.00% | 521.00% | |||||||||
Net Cash Provided by (Used in) Operating Activities, Total | $ (10,900,299) | $ (9,087,054) | |||||||||
Assets, Current, Total | $ 74,965,772 | 92,537,465 | $ 92,537,465 | ||||||||
Proceeds from Issuance of Common Stock | $ 29,600,000 | ||||||||||
Class of Warrant or Right, Issued During Period (in shares) | shares | 403,760 | ||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,057,559 | ||||||||||
Reverse Stock Split [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | ||||||||||
Conversion of Debt to Common Stock [Member] | |||||||||||
Debt Conversion, Original Debt, Amount | $ 800,000 | ||||||||||
Debt Conversion, Converted Instrument, Amount | 100,000 | ||||||||||
Placement Agent Warrants [Member] | |||||||||||
Class of Warrant or Right, Issued During Period (in shares) | shares | 300,000 | ||||||||||
At-the-market Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 430,230 | 352,912 | 0 | ||||||||
December 15, 2020 Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 4,800,000 | ||||||||||
Bridge Commitment Letter [Member] | |||||||||||
Debt Instrument, Face Amount | $ 5,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||
Debt Instrument, Increase in Stated Rate Upon Default, Percentage | 2.00% | ||||||||||
Subsequent Event [Member] | At-the-market Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | ||||||||||
Neos Therapeutics, Inc. [Member] | |||||||||||
Merger Agreement, Exercise Price of Stock Options (in dollars per share) | $ / shares | $ 0.95 | ||||||||||
Merger Agreement, Exchange Ratio | 0.1088 | ||||||||||
Merger Agreement, Reduction in Exchange Ratio Per $100,000 of Financing Funded | 0.00011 | ||||||||||
Neos Therapeutics, Inc. [Member] | Subsequent Event [Member] | |||||||||||
Merger Agreement, Shares to be Issued, Shares (in shares) | shares | 5,400,000 | ||||||||||
Merger Agreement, Shares to be Issued, Value | $ 44,200,000 | ||||||||||
Neo Stockholders [Member] | |||||||||||
Common Stock Ownership, Percent | 24.00% | ||||||||||
Existing Company Stockholders [Member] | |||||||||||
Common Stock Ownership, Percent | 76.00% |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) | Mar. 31, 2020 | Feb. 14, 2020 | Feb. 13, 2020 | Nov. 01, 2019 | Jun. 30, 2020 | Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 |
Gain (Loss) from Change in Fair Value of CVR | $ (899,987) | ||||||||||
Innovus Pharmaceuticals [Member] | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||||||
The Pediatric Portfolio [Member] | |||||||||||
Payments to Acquire Businesses, Gross | $ 4,500,000 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 9,805,845 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Minimum Annual Royalties | $ 1,800,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 22,700,000 | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||
The Pediatric Portfolio [Member] | Minimum [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Royalty Payments, Percentage of Revenues | 12.00% | ||||||||||
The Pediatric Portfolio [Member] | Maximum [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Royalty Payments, Percentage of Revenues | 15.00% | ||||||||||
The Pediatric Portfolio [Member] | Cerecor, Inc. [Member] | |||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred, Medicaid Rebates | $ 2,700,000 | ||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred, Product Returns | 800,000 | ||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 3,500,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Fixed and Variable Payments to Investor | 25,600,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Fixed Monthly Payments to Investor | 100,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Fixed Monthly Payments to Investor | $ 15,000,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Monthly Variable Payments to Investor, Percentage of Revenues | 15.00% | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Monthly Minimum Variable Payments to Investor | $ 100,000 | ||||||||||
Payments for Variable Monthly Obligation to Investor | $ 200,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Variable Payments to Investor | $ 9,500,000 | ||||||||||
Payments for Fixed Obligations to Investor | $ 15,000,000 | ||||||||||
The Pediatric Portfolio [Member] | Series G Preferred Stock [Member] | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 980,000 | ||||||||||
Innovus Pharmaceuticals [Member] | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 3,810,393 | 380,000 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 11,744,000 | $ 11,700,000 | |||||||||
Business Combination, Consideration Transferred, Contingent Value Rights | 7,049,079 | 16,000,000 | |||||||||
Stock Issued During Period, Shares, Contingent Value Rights (in shares) | 120,000 | ||||||||||
Stock Issued During Period, Value, Contingent Value Rights | $ 2,000,000 | ||||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | 24,000,000 | ||||||||||
Gain (Loss) from Change in Fair Value of CVR | $ 300,000 | $ (100,000) | $ (100,000) | (800,000) | $ (800,000) | $ 300,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,100,000 | ||||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | $ 754,822 | 800,000 | |||||||||
Innovus Pharmaceuticals [Member] | Notes Payable, Other Payables [Member] | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 41,000 | $ 41,000 | |||||||||
Innovus Pharmaceuticals [Member] | Conversion of Notes Payable into Common Stock [Member] | |||||||||||
Debt Conversion, Original Debt, Amount | $ 2,200,000 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 180,000 | ||||||||||
Innovus Pharmaceuticals [Member] | Minimum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year 182 days | ||||||||||
Innovus Pharmaceuticals [Member] | Maximum [Member] | |||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||||||
Innovus Pharmaceuticals [Member] | Series H Preferred Stock [Member] | |||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 1,997,736 | ||||||||||
Stock Issued During Period, Shares, Exercise of Warrants (in shares) | 200,000 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Feb. 14, 2020 | Feb. 13, 2020 | Nov. 01, 2019 | Dec. 31, 2020 | Jun. 30, 2020 |
Goodwill | $ 28,090,407 | $ 28,090,407 | |||
Innovus Pharmaceuticals [Member] | |||||
Total shares issued (in shares) | 3,810,393 | 380,000 | |||
Estimated fair value per share of Aytu common stock (in dollars per share) | $ 0.756 | ||||
Estimated fair value of equity consideration transferred | $ 2,880,581 | ||||
Total consideration transferred | 12,805,263 | ||||
Inventory | 1,149,625 | ||||
Prepaid assets | 1,692,133 | ||||
Intangible assets - product marketing rights | 11,744,000 | $ 11,700,000 | |||
Accrued liabilities | 7,202,309 | ||||
Total identifiable net assets | 4,167,991 | ||||
Goodwill | 8,637,272 | ||||
Fair value of former Innovus warrants | 15,315 | ||||
Fair value of Contingent Value Rights | 7,049,079 | 16,000,000 | |||
Forgiveness of Note Payable owed to the Company | 1,350,000 | ||||
Total consideration transferred | 12,805,263 | ||||
Cash and cash equivalents | 390,916 | ||||
Accounts receivable | 278,826 | ||||
Other long-term assets | 36,781 | ||||
Right-to-use assets | 328,410 | ||||
Property, plant and equipment | 190,393 | ||||
Other current liabilities | 629,601 | ||||
Notes payable | 3,056,361 | ||||
Lease liability | $ 754,822 | $ 800,000 | |||
Innovus Pharmaceuticals [Member] | Series H Preferred Stock [Member] | |||||
Total shares issued (in shares) | 1,997,736 | ||||
Estimated fair value per share of Aytu common stock (in dollars per share) | $ 0.756 | ||||
Estimated fair value of equity consideration transferred | $ 1,510,288 | ||||
The Pediatric Portfolio [Member] | |||||
Cash and cash equivalents | $ 4,500,000 | ||||
Total shares issued (in shares) | 9,805,845 | ||||
Estimated fair value per share of Aytu common stock (in dollars per share) | $ 0.567 | ||||
Estimated fair value of equity consideration transferred | $ 5,559,914 | ||||
Total consideration transferred | 10,059,914 | ||||
Inventory | 459,123 | ||||
Prepaid assets | 1,743,555 | ||||
Other current assets | 2,525,886 | ||||
Intangible assets - product marketing rights | 22,700,000 | ||||
Accrued liabilities | 300,000 | ||||
Accrued product program liabilities | 6,683,932 | ||||
Assumed fixed payment obligations | 29,837,853 | ||||
Total identifiable net assets | 9,393,221 | ||||
Goodwill | 19,453,135 | ||||
Total consideration transferred | $ 10,059,914 |
Note 2 - Acquisitions - Unaudit
Note 2 - Acquisitions - Unaudited Pro Forma Results (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Total revenues, net | $ 15,147,034 | $ 28,667,280 | |||
Total revenues, net | $ 8,929,802 | $ 20,541,401 | |||
Net (loss) | $ (9,525,294) | $ (13,831,224) | |||
Net (loss) | $ (2,450,247) | $ (11,255,247) | |||
Net (loss) per share (aa) (in dollars per share) | [1] | $ (0.72) | $ (1.40) | $ (1.09) | $ (6.85) |
[1] | Pro forma net loss per share calculations excluded the impact of the issuance of the (i) Series G Convertible Preferred Stock and the, (ii) Series H Convertible Preferred Stock under the assumption those shares would continue to remain non-participatory during the periods reported above. |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Revenues by Geographic Location (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total net revenue | $ 15,147,034 | $ 3,175,236 | $ 28,667,280 | $ 4,615,062 |
UNITED STATES | ||||
Total net revenue | 13,757,000 | 3,047,000 | 25,901,000 | 4,309,000 |
Non-US [Member] | ||||
Total net revenue | $ 1,390,000 | $ 128,000 | $ 2,766,000 | $ 306,000 |
Note 3 - Revenue Recognition _2
Note 3 - Revenue Recognition - Revenues by Product Portfolio (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total net revenue | $ 15,147,034 | $ 3,175,236 | $ 28,667,280 | $ 4,615,062 |
Primary Care and Devices [Member] | ||||
Total net revenue | 4,097,000 | 1,190,000 | 7,130,000 | 2,630,000 |
Pediatric [Member] | ||||
Total net revenue | 3,115,000 | 1,985,000 | 5,834,000 | 1,985,000 |
Consumer Health [Member] | ||||
Total net revenue | $ 7,935,000 | $ 15,703,000 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Write-down | $ 100 | $ 0 | $ 200 | $ 0 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventory Balances (Details) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Raw materials | $ 590,000 | $ 397,000 |
Finished goods, net | 5,981,000 | 9,603,000 |
Inventory, Net, Total | $ 6,571,254 | $ 9,999,441 |
Note 5 - Fixed Assets (Details
Note 5 - Fixed Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (112,110) | |||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 18,000 | $ 16,000 | $ 51,000 | $ 32,000 |
Note 5 - Fixed Assets - Fixed A
Note 5 - Fixed Assets - Fixed Assets (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | |
Less accumulated depreciation and amortization | $ (504,000) | $ (484,000) |
Fixed assets, net | 89,663 | 258,516 |
Manufacturing Equipment [Member] | ||
Fixed assets, gross | $ 112,000 | 112,000 |
Manufacturing Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Manufacturing Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 5 years | |
Leasehold Improvements [Member] | ||
Estimated useful life (Year) | 3 years | |
Fixed assets, gross | $ 111,000 | 229,000 |
Office Equipment, Furniture and Other [Member] | ||
Fixed assets, gross | $ 281,000 | 312,000 |
Office Equipment, Furniture and Other [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Office Equipment, Furniture and Other [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 5 years | |
Lab Equipment [Member] | ||
Fixed assets, gross | $ 90,000 | $ 90,000 |
Lab Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Lab Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 5 years |
Note 6 - Leases, Right-to-use_3
Note 6 - Leases, Right-to-use Assets and Related Liabilities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 01, 2020 | Aug. 28, 2020 | Jun. 30, 2020 | |
Operating Lease, Payments | $ 147,000 | $ 63,000 | |||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 102 days | 2 years 102 days | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 8.00% | 8.00% | |||||
Operating Lease, Expense | $ 90,000 | $ 30,000 | $ 160,000 | 63,000 | |||
Gain (Loss) on Termination of Lease | 343,185 | ||||||
Lease for Warehouse Space in Carlsbad, CA [Member] | |||||||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||||||
Innovus Pharmaceuticals [Member] | |||||||
Lessee, Operating Lease, Termination Agreement, Two Months Rent | $ 44,306 | ||||||
Lessee, Operating Lease, Termination Agreement, Additional Fee | 125,000 | ||||||
Security Deposit | $ 20,881 | ||||||
Operating Lease, Liability, Total | $ 700,000 | ||||||
Gain (Loss) on Termination of Lease | $ 343,000 |
Note 6 - Leases, Right-to-use_4
Note 6 - Leases, Right-to-use Assets and Related Liabilities - Maturities of Lease Liabilities (Details) | Dec. 31, 2020USD ($) |
2021 (remaining 6 months), operating | $ 37,000 |
2021 (remaining 6 months), finance | 61,000 |
2022, operating | 18,000 |
2022, finance | 124,000 |
2023, operating | |
2023, finance | 127,000 |
2024, operating | |
2024, finance | 35,000 |
2025, operating | |
2025, finance | 3,000 |
Total lease payments, operating | 55,000 |
Total lease payments, finance | 350,000 |
Less: Imputed interest, finance | (39,000) |
Lease liabilities, finance | $ 311,000 |
Note 7 - Intangible Assets - _3
Note 7 - Intangible Assets - Amortizable (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 1,584,580 | $ 953,450 | $ 3,169,161 | $ 1,528,567 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Period before Next Renewal or Extension (Year) | 1 year | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Period before Next Renewal or Extension (Year) | 20 years |
Note 7 - Intangible Assets - _4
Note 7 - Intangible Assets - Amortizable - Summary of Intangible Assets (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Intangible assets, gross carrying amount | $ 58,093,000 | $ 58,473,000 |
Intangible assets, accumulated amortization | (12,394,000) | (9,423,000) |
Intangible assets, net carrying amount | $ 45,699,000 | $ 48,855,000 |
Intangible assets, weighted-average remaining life (Year) | 9 years 160 days | 9 years 40 days |
MiOXSYS Patent | $ (195,000) | |
Licensed Assets [Member] | ||
Intangible assets, gross carrying amount | $ 23,649,000 | 23,649,000 |
Intangible assets, accumulated amortization | (8,200,000) | (7,062,000) |
Intangible assets, net carrying amount | $ 15,449,281 | $ 16,586,847 |
Intangible assets, weighted-average remaining life (Year) | 11 years 262 days | 11 years 321 days |
Technology-Based Intangible Assets [Member] | ||
Intangible assets, gross carrying amount | $ 22,700,000 | $ 22,700,000 |
Intangible assets, accumulated amortization | (2,648,000) | (1,513,000) |
Intangible assets, net carrying amount | $ 20,051,666 | $ 21,186,666 |
Intangible assets, weighted-average remaining life (Year) | 8 years 306 days | 9 years 124 days |
MiOXSYS Patent [Member] | ||
Intangible assets, gross carrying amount | $ 380,000 | |
Intangible assets, accumulated amortization | (185,000) | |
Intangible assets, net carrying amount | ||
Intangible assets, weighted-average remaining life (Year) | ||
MiOXSYS Patent | $ (195,000) | |
Distribution Rights [Member] | ||
Intangible assets, gross carrying amount | $ 11,354,000 | 11,354,000 |
Intangible assets, accumulated amortization | (1,319,000) | (565,000) |
Intangible assets, net carrying amount | $ 10,035,000 | $ 10,789,000 |
Intangible assets, weighted-average remaining life (Year) | 7 years 98 days | 7 years 284 days |
Customer Lists [Member] | ||
Intangible assets, gross carrying amount | $ 390,000 | $ 390,000 |
Intangible assets, accumulated amortization | (227,000) | (98,000) |
Intangible assets, net carrying amount | $ 163,000 | $ 292,000 |
Intangible assets, weighted-average remaining life (Year) | 226 days | 1 year 43 days |
Note 7 - Intangible Assets - _5
Note 7 - Intangible Assets - Amortizable - Estimated Future Amortization Expense (Details) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
2021 | $ 3,157,000 | |
2022 | 6,085,000 | |
2023 | 6,045,000 | |
2024 | 6,033,000 | |
2025 | 4,480,000 | |
Thereafter | 19,899,000 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 45,699,000 | $ 48,855,000 |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 30, 2020 | Jun. 30, 2020 | |
Accrued settlement expense | $ 150,000 | $ 315,000 | ||
Accrued program liabilities | 1,386,000 | 959,000 | ||
Accrued product-related fees | 2,332,000 | 2,471,000 | ||
Credit card liabilities | 712,000 | 510,000 | ||
Medicaid liabilities | 2,094,000 | 1,842,000 | ||
Return reserve | 1,656,000 | 1,329,000 | ||
Sales taxes payable | 175,000 | 175,000 | ||
Other accrued liabilities* | [1] | 373,000 | 249,000 | |
Total accrued liabilities | $ 8,877,715 | $ 8,878,000 | $ 7,849,855 | |
[1] | Other accrued liabilities consist of franchise tax, accounting fee, interest payable, merchant services charges, none of which individually represent greater than five percent of total current liabilities. |
Note 9 - Fair Value Considera_3
Note 9 - Fair Value Considerations (Details Textual) shares in Thousands | Mar. 31, 2020USD ($)shares | Feb. 14, 2020USD ($)shares | Nov. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Nov. 02, 2018USD ($) | Jun. 11, 2018USD ($) |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 3,313,656 | $ 2,411,333 | ||||||||
Gain (Loss) from Change in Fair Value of CVR | (899,987) | |||||||||
Tuzistra XR [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Total | 15,800,000 | 15,800,000 | $ 8,800,000 | |||||||
Tuzistra XR [Member] | Forecast [Member] | ||||||||||
Payment for Contingent Consideration Liability, Operating Activities | $ 3,000,000 | |||||||||
ZolpiMist [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Total | 300,000 | 300,000 | $ 2,600,000 | |||||||
Innovus Pharmaceuticals [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 200,000 | |||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 15,000 | 15,000 | 28,000 | 28,000 | ||||||
Business Combination, Contingent Value Rights, Maximum Range of Outcomes | $ 16,000,000 | |||||||||
Business Combination, Maximum Shares to be Issued to Settle CVR (in shares) | shares | 470 | |||||||||
Stock Issued During Period, Shares, Contingent Value Rights (in shares) | shares | 120 | |||||||||
Stock Issued During Period, Value, Contingent Value Rights | $ 2,000,000 | |||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | 24,000,000 | |||||||||
Gain (Loss) from Change in Fair Value of CVR | $ 300,000 | $ (100,000) | $ (100,000) | $ (800,000) | $ (800,000) | $ 300,000 | ||||
Innovus Pharmaceuticals [Member] | Measurement Input, Discount Rate [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.3 |
Note 9 - Fair Value Considera_4
Note 9 - Fair Value Considerations - Financial Liabilities Accounted for at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Contingent consideration | $ 16,280,000 | $ 13,588,000 |
CVR liability | 6,472,000 | 5,572,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 22,752,000 | 19,160,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Contingent consideration | 13,588,000 | |
CVR liability | 5,572,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 19,160,000 | |
Fair Value, Inputs, Level 2 [Member] | ||
Contingent consideration | ||
CVR liability | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration | 16,280,000 | |
CVR liability | 6,472,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 22,752,000 |
Note 9 - Fair Value Considera_5
Note 9 - Fair Value Considerations - Summary of Level 3 Input Changes (Details) | 6 Months Ended |
Dec. 31, 2020USD ($) | |
CVR Liability [Member] | |
Balance | $ 5,572,000 |
Transfers into Level 3 | |
Transfer out of Level 3 | |
Included in earnings | 900,000 |
Included in other comprehensive income | |
Purchases | |
Issues | |
Sales | |
Settlements | |
Balance | 6,472,000 |
Contingent Consideration [Member] | |
Balance | 13,588,000 |
Transfers into Level 3 | |
Transfer out of Level 3 | |
Included in earnings | 2,735,000 |
Included in other comprehensive income | |
Purchases | |
Issues | |
Sales | |
Settlements | (43,000) |
Balance | $ 16,280,000 |
Note 9 - Fair Value Considera_6
Note 9 - Fair Value Considerations - Significant Assumptions (Details) | Dec. 31, 2020 |
Credit Risk Assumption [Member] | |
Contingent consideration, measurement input | 0.191 |
Contingent value rights, measurement input | 0.096 |
Time Steps Per Year [Member] | |
Contingent consideration, measurement input | 1 |
Contingent value rights, measurement input | 30 |
Sales Volatility [Member] | |
Contingent consideration, measurement input | 0.45 |
Number of Iterations [Member] | |
Contingent consideration, measurement input | 500 |
Contingent value rights, measurement input | 10,000 |
Credit Spread [Member] | |
Contingent consideration, measurement input | 0.04 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) shares in Thousands | May 29, 2020USD ($) | Mar. 31, 2020USD ($)shares | Nov. 01, 2019USD ($) | Jan. 31, 2020USD ($) | May 31, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019 | Jun. 30, 2018 | May 01, 2020USD ($) | Feb. 14, 2020USD ($) | Feb. 28, 2015USD ($) |
Gain (Loss) from Change in Fair Value of CVR | $ (899,987) | ||||||||||||||
Contractual Obligation, Total | $ 38,320,000 | 38,320,000 | |||||||||||||
Tris Pharma, Inc. [Member] | Karbinal Agreement [Member] | |||||||||||||||
Supply and Distribution Commitment, Period (Year) | 20 years | ||||||||||||||
Supply and Distribution Commitment, Total Royalty, Percentage of Net Sales | 23.50% | ||||||||||||||
Supply and Distribution Commitment, Third Party, Royalty, Percentage of Net Sales | 8.50% | ||||||||||||||
Supply and Distribution Commitment, Royalty, Percentage of Net Sales | 15.00% | 15.00% | |||||||||||||
Supply and Distribution Agreement, Maximum Yearly Make-whole Payment | $ 2,100,000 | ||||||||||||||
Supply and Distribution Agreement, Minimum Sales Per Year | 70,000 | ||||||||||||||
Supply and Distribution Agreement, Make-whole Payment Per Unit for Sales Under Minimum | $ 30 | ||||||||||||||
Supply and Distribution Agreement, Maximum Milestone Obligations | 3,000,000 | ||||||||||||||
Supply and Distribution Agreement, First Milestone, Minimum Net Revenues | 40,000,000 | ||||||||||||||
Innovus Pharmaceuticals [Member] | |||||||||||||||
Stock Issued During Period, Shares, Contingent Value Rights (in shares) | shares | 120 | ||||||||||||||
Stock Issued During Period, Value, Contingent Value Rights | $ 2,000,000 | ||||||||||||||
Business Combination, Contingent Value Rights, First Revenue Milestone | 24,000,000 | ||||||||||||||
Gain (Loss) from Change in Fair Value of CVR | $ 300,000 | (100,000) | $ (100,000) | (800,000) | $ (800,000) | $ 300,000 | |||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 200,000 | ||||||||||||||
Novalere [Member] | Innovus Pharmaceuticals [Member] | |||||||||||||||
Business Acquisition, Contingent Consideration, Number of Payments | 5 | ||||||||||||||
Business Acquisition, Contingent Consideration, Payment Upon Each Sales Milestone | $ 500,000 | ||||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 200,000 | 200,000 | |||||||||||||
Prescription Database [Member] | |||||||||||||||
Unrecorded Unconditional Purchase Obligation, Total | $ 1,600,000 | ||||||||||||||
Unrecorded Unconditional Purchase Obligation, Term (Year) | 3 years | ||||||||||||||
Contractual Obligation, Total | 1,278,000 | 1,278,000 | |||||||||||||
Prescription Database [Member] | The Pediatric Portfolio [Member] | |||||||||||||||
Unrecorded Unconditional Purchase Obligation, Total | $ 600,000 | ||||||||||||||
First Pediatric Portfolio Fixed Obligation [Member] | |||||||||||||||
Contractual Obligation, Monthly Payment | 86,840 | ||||||||||||||
Contractual Obligation, Balloon Payment | 15,000,000 | ||||||||||||||
Repayments of Fixed Obligation | $ 15,000,000 | ||||||||||||||
Second Pediatric Portfolio Fixed Obligation [Member] | |||||||||||||||
Contractual Obligation, Monthly Payment | $ 100,000 | ||||||||||||||
Payments for Fixed Obligations to Investor | $ 210,767 | ||||||||||||||
Inventories [Member] | |||||||||||||||
Contractual Obligation, Total | 1,717,000 | 1,717,000 | |||||||||||||
Inventories [Member] | Hikma Pharmaceuticals USA, Inc. [Member] | |||||||||||||||
Unrecorded Unconditional Purchase Obligation, Total | $ 1,000,000 | ||||||||||||||
Product Milestone Payments [Member] | |||||||||||||||
Contractual Obligation, Total | $ 3,000,000 | $ 3,000,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Summary of Commitments and Contingencies (Details) | Dec. 31, 2020USD ($) |
Total | $ 38,320,000 |
2021 | 5,176,000 |
2022 | 9,769,000 |
2023 | 8,300,000 |
2024 | 8,300,000 |
2025 | 3,300,000 |
Thereafter | 3,475,000 |
Prescription Database [Member] | |
Total | 1,278,000 |
2021 | 545,000 |
2022 | 733,000 |
2023 | |
2024 | |
2025 | |
Thereafter | |
Pediatric Portfolio Fixed Payments and Product Minimums [Member] | |
Total | 15,825,000 |
2021 | 1,650,000 |
2022 | 3,300,000 |
2023 | 3,300,000 |
2024 | 3,300,000 |
2025 | 3,300,000 |
Thereafter | 975,000 |
Inventories [Member] | |
Total | 1,717,000 |
2021 | 981,000 |
2022 | 736,000 |
2023 | |
2024 | |
2025 | |
Thereafter | |
CVR Liability [Member] | |
Total | 14,000,000 |
2021 | 2,000,000 |
2022 | 2,000,000 |
2023 | 5,000,000 |
2024 | 5,000,000 |
2025 | |
Thereafter | |
Product Contingent Liability [Member] | |
Total | 2,500,000 |
2021 | |
2022 | |
2023 | |
2024 | |
2025 | |
Thereafter | 2,500,000 |
Product Milestone Payments [Member] | |
Total | 3,000,000 |
2021 | |
2022 | 3,000,000 |
2023 | |
2024 | |
2025 | |
Thereafter |
Note 11 - Capital Structure (De
Note 11 - Capital Structure (Details Textual) - USD ($) | Dec. 10, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 12,583,736 | 17,882,893 | 17,882,893 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | ||||
Stock Issued During Period, Value, New Issues | $ 28,317,444 | ||||||
Payments of Stock Issuance Costs | $ 4,292,781 | $ 741,650 | |||||
Class of Warrant or Right, Issued During Period (in shares) | 403,760 | ||||||
Wainwright [Member] | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,791,667 | ||||||
Underwriting Agreement, Commitment Offering, Shares (in shares) | 4,166,667 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 6 | ||||||
Underwriting Agreement, Overallotment Option, Shares (in shares) | 625,000 | ||||||
Conversion of Debt to Common Stock [Member] | |||||||
Debt Conversion, Original Debt, Amount | $ 800,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 130,081 | ||||||
Warrants Issued in Connection with March Offerings [Member] | |||||||
Class of Warrant or Right, Issued During Period (in shares) | 92,302 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 92,302 | ||||||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 15.99 | ||||||
Warrants and Rights Outstanding, Term (Year) | 1 year | ||||||
Warrants and Rights Outstanding | $ 356,000 | ||||||
Warrants Issued in Connection With Wainwright Offering [Member] | |||||||
Class of Warrant or Right, Issued During Period (in shares) | 311,458 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 311,458 | ||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.50 | ||||||
At-the-market Offering [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 430,230 | 352,912 | 0 | ||||
Stock Issued During Period, Value, New Issues | $ 6,800,000 | $ 3,600,000 | |||||
Payments of Stock Issuance Costs | $ 200,000 | $ 100,000 | |||||
The March Offerings [Member] | |||||||
Payments of Stock Issuance Costs | $ 1,500,000 | ||||||
Restricted Stock [Member] | |||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 365,869 | 365,869 |
Note 12 - Equity Incentive Pl_3
Note 12 - Equity Incentive Plan (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 13, 2020 | Jul. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | 0 | ||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 494,000 | $ 494,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 248 days | |||||
The 2015 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | 3,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4,560,864 | 4,560,864 | ||||
The 2015 Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 6 years 109 days | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 4,300,000 | $ 4,300,000 | ||||
Non-plan [Member] | Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 5 years 182 days | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,100,000 | $ 1,100,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 158 | 158 |
Note 12 - Equity Incentive Pl_4
Note 12 - Equity Incentive Plan - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Outstanding, number of options (in shares) | 76,614 | ||||
Outstanding, weighted average exercise price (in dollars per share) | $ 19.39 | ||||
Outstanding, weighted average remaining contractual life (Year) | 9 years 29 days | 9 years 244 days | |||
Granted, number of options (in shares) | 0 | 0 | 0 | 0 | |
Granted, weighted average exercise price (in dollars per share) | |||||
Exercised, number of options (in shares) | |||||
Exercised, weighted average exercise price (in dollars per share) | |||||
Forfeited/Cancelled, number of options (in shares) | (3,187) | ||||
Forfeited/Cancelled, weighted average exercise price (in dollars per share) | |||||
Expired, number of options (in shares) | (2) | ||||
Expired, weighted average exercise price (in dollars per share) | |||||
Outstanding, number of options (in shares) | 73,425 | 73,425 | 76,614 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 19.71 | $ 19.71 | $ 19.39 | ||
Outstanding, aggregate intrinsic value | |||||
Exercisable at December 31, 2020 (in shares) | 9,095 | 9,095 | |||
Exercisable at December 31, 2020 (in dollars per share) | $ 67.62 | $ 67.62 | |||
Exercisable at December 31, 2020 (Year) | 7 years 295 days | ||||
Exercisable at December 31, 2020 |
Note 12 - Equity Incentive Pl_5
Note 12 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Unvested at June 30, 2020 (in shares) | 418,454 | |
Unvested at June 30, 2020 (in dollars per share) | $ 14.69 | |
Unvested at June 30, 2020 (Year) | 6 years 109 days | 6 years 146 days |
Vested, number of shares (in shares) | (52,743) | |
Unvested at December 31, 2020 (in shares) | 365,711 | 418,454 |
Unvested at December 31, 2020 (in dollars per share) | $ 15.66 | $ 14.69 |
Note 12 - Equity Incentive Pl_6
Note 12 - Equity Incentive Plan - Stock-based Compensation Expense (Details) - Selling, General and Administrative Expenses [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total stock-based compensation expense | $ 508,000 | $ 162,000 | $ 963,000 | $ 327,000 |
Share-based Payment Arrangement, Option [Member] | ||||
Total stock-based compensation expense | 94,000 | 2,000 | 166,000 | 7,000 |
Restricted Stock [Member] | ||||
Total stock-based compensation expense | $ 414,000 | $ 160,000 | $ 797,000 | $ 320,000 |
Note 13 - Warrants (Details Tex
Note 13 - Warrants (Details Textual) - USD ($) | Dec. 15, 2020 | Jul. 31, 2020 | Dec. 31, 2020 |
Class of Warrant or Right, Issued During Period (in shares) | 403,760 | ||
Warrants Issued in Connection with March Offerings [Member] | |||
Class of Warrant or Right, Issued During Period (in shares) | 92,302 | ||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 15.99 | ||
Warrants and Rights Outstanding, Term (Year) | 1 year | ||
Warrants and Rights Outstanding | $ 356,000 | ||
December 15, 2020 Offering [Member] | |||
Class of Warrant or Right, Issued During Period (in shares) | 311,458 | ||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 7.50 | ||
Warrants and Rights Outstanding | $ 1,300,000 |
Note 13 - Warrants - Significan
Note 13 - Warrants - Significant Assumptions in Valuing Warrants Issued (Details) | Dec. 31, 2020 |
Measurement Input, Option Volatility [Member] | |
Warrants, assumptions | 1 |
Measurement Input, Expected Term [Member] | |
Warrants, assumptions | 5 |
Measurement Input, Risk Free Interest Rate [Member] | |
Warrants, assumptions | 0.37 |
Measurement Input, Expected Dividend Rate [Member] | |
Warrants, assumptions | 0 |
Note 13 - Warrants - Summary of
Note 13 - Warrants - Summary of Equity-based Warrants (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Outstanding, number of warrants (in shares) | 2,288,528 | |
Outstanding, weighted average remaining contractual life (Year) | 1 year 237 days | 2 years |
Warrants issued, number of warrants (in shares) | 403,760 | |
Warrants expired, number of warrants (in shares) | (842) | |
Warrants exercised, number of warrants (in shares) | ||
Outstanding, number of warrants (in shares) | 2,691,446 | 2,288,528 |
Weighted Average [Member] | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 30.26 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 26.94 | $ 30.26 |
Note 14 - Net Loss Per Common_3
Note 14 - Net Loss Per Common Share - Antidilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive securities (in shares) | 3,154,845 | 2,195,528 |
Liability Warrants [Member] | ||
Antidilutive securities (in shares) | 24,105 | 24,105 |
Equity-based Warrants [Member] | ||
Antidilutive securities (in shares) | 2,691,446 | 1,621,891 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 73,425 | 156 |
Restricted Stock [Member] | ||
Antidilutive securities (in shares) | 365,869 | 234,261 |
Convertible Preferred Stock [Member] | ||
Antidilutive securities (in shares) | 315,115 |
Note 15 - Notes Payable (Detail
Note 15 - Notes Payable (Details Textual) - USD ($) | Dec. 10, 2020 | Nov. 01, 2020 | Jan. 09, 2020 | Feb. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Gain (Loss) on Exchange of Debt | $ (257,559) | $ (257,559) | ||||||
Conversion of Debt to Common Stock [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 130,081 | |||||||
Gain (Loss) on Exchange of Debt | $ 300,000 | |||||||
Debt Conversion, Original Debt, Amount | $ 800,000 | |||||||
Notes Payable, Other Payables [Member] | ||||||||
Debt Instrument, Face Amount | $ 800,000 | |||||||
Proceeds from Notes Payable, Total | $ 600,000 | |||||||
Debt Instrument, Term (Month) | 240 days | |||||||
Debt Instrument, Unamortized Discount (Premium), Net, Total | $ 200,000 | |||||||
Amortization of Debt Discount (Premium) | 15,000 | $ 0 | 70,000 | $ 0 | ||||
Notes Payable, Other Payables [Member] | Innovus Pharmaceuticals [Member] | ||||||||
Debt Instrument, Face Amount | $ 500,000 | |||||||
Proceeds from Notes Payable, Total | $ 400,000 | |||||||
Debt Instrument, Term (Month) | 1 year | |||||||
Debt Instrument, Periodic Payment, Total | $ 45,000 | |||||||
Notes Payable, Total | $ 41,000 | $ 41,000 |
Note 16 - Segment Reporting (De
Note 16 - Segment Reporting (Details Textual) | 6 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 2 |
Note 16 - Segment Reporting - S
Note 16 - Segment Reporting - Select Financial Information for Segments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Consolidated revenue | $ 15,147,000 | $ 3,175,000 | $ 29,000,000 | $ 4,615,000 | |||
Consolidated net loss | (9,525,294) | $ (4,305,931) | (214,247) | $ (4,929,030) | (13,831,224) | (5,143,277) | |
Total assets | 166,742,096 | 166,742,096 | $ 152,836,330 | ||||
Aytu Bioscience [Member] | |||||||
Consolidated revenue | 7,212,000 | 3,175,000 | 13,000,000 | 4,615,000 | |||
Consolidated net loss | (8,267,000) | (214,000) | (11,218,000) | (5,143,000) | |||
Total assets | 140,647,000 | 140,647,000 | 126,267,000 | ||||
Aytu Consumer Health [Member] | |||||||
Consolidated revenue | 7,935,000 | 16,000,000 | |||||
Consolidated net loss | (1,258,000) | (2,613,000) | |||||
Total assets | $ 26,095,000 | $ 26,095,000 | $ 26,569,000 |
Note 17 - Related Party Trans_2
Note 17 - Related Party Transactions (Details Textual) - Tris Pharma, Inc. [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tris License Agreement [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 1.9 | $ 0.2 | |
Due to Related Parties, Total | $ 24.1 | $ 24.8 | |
Karbinal Fixed Payment Obligation [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 1.6 |