Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001385818 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38247 | |
Entity Registrant Name | AYTU BIOPHARMA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-0883144 | |
Entity Address, Address Line One | 373 Inverness Parkway | |
Entity Address, Address Line Two | Suite 206 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 720 | |
Local Phone Number | 437-6580 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Entity Listing, Par Value Per Share | $ 0.0001 | |
Trading Symbol | AYTU | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 62,429,445 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 23,811 | $ 19,360 |
Accounts receivable, net | 27,924 | 21,712 |
Inventory, net | 12,871 | 10,849 |
Prepaid expenses | 9,024 | 7,375 |
Other current assets | 785 | 633 |
Total current assets | 74,415 | 59,929 |
Property and equipment, net | 2,672 | 3,025 |
Operating lease right-of-use asset | 2,976 | 3,271 |
Intangible assets, net | 69,108 | 70,632 |
Other non-current assets | 829 | 766 |
Total non-current assets | 75,585 | 77,694 |
Total assets | 150,000 | 137,623 |
Current liabilities | ||
Accounts payable and other | 14,667 | 10,987 |
Accrued liabilities | 41,431 | 44,187 |
Short-term line of credit | 8,087 | 3,813 |
Current portion of debt | 925 | 96 |
Other current liabilities | 8,094 | 5,359 |
Total current liabilities | 73,204 | 64,442 |
Debt, net of current portion | 13,560 | 14,279 |
Other non-current liabilities | 9,330 | 12,810 |
Total liabilities | 96,094 | 91,531 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity | ||
Preferred Stock, par value $.0001; 50,000,000 shares authorized; no shares issued or outstanding as of September 30, 2022 and June 30, 2022 | ||
Common Stock, par value $.0001; 200,000,000 shares authorized; shares issued and outstanding 62,429,445 and 38,578,825, respectively, as of September 30, 2022 and June 30, 2022 | 6 | 4 |
Additional paid-in capital | 345,253 | 334,560 |
Accumulated deficit | (291,353) | (288,472) |
Total stockholders' equity | 53,906 | 46,092 |
Total liabilities and stockholders' equity | $ 150,000 | $ 137,623 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 |
Preferred stock | ||
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 | ||
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) | 62,429,445 | 38,578,825 |
Common stock, shares outstanding (in shares) | 62,429,445 | 38,578,825 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidated Statements of Operations | ||
Product revenue, net | $ 27,655 | $ 21,897 |
Revenue from Contract with Customer, Product and Service | Product | Product |
Cost of sales | $ 9,623 | $ 9,441 |
Gross profit | 18,032 | 12,456 |
Operating expenses | ||
Research and development | 1,064 | 1,652 |
Selling and marketing | 10,102 | 9,297 |
General and administrative | 7,322 | 8,216 |
Impairment expense | 19,453 | |
Amortization of intangible assets | 1,197 | 1,537 |
Total operating expenses | 19,685 | 40,155 |
Loss from operations | (1,653) | (27,699) |
Other expense | ||
Other expense, net | (1,100) | (40) |
Loss from contingent consideration | (128) | (219) |
Total other expense | (1,228) | (259) |
Loss before income tax | (2,881) | (27,958) |
Income tax benefit | (107) | |
Net loss | $ (2,881) | $ (27,851) |
Weighted average number of common shares outstanding - basic (in shares) | 50,358,134 | 25,597,319 |
Weighted average number of common shares outstanding - diluted (in shares) | 50,358,134 | 25,597,319 |
Basic net loss per common share (in dollars per share) | $ (0.06) | $ (1.09) |
Diluted net loss per common share (in dollars per share) | $ (0.06) | $ (1.09) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Beginning balance at Jun. 30, 2021 | $ 3 | $ 315,864 | $ (178,299) | $ 137,568 |
Beginning balance (in shares) at Jun. 30, 2021 | 27,490,412 | |||
Increase (Decrease) in Stockholders' Equity | ||||
Stock-based compensation | 1,519 | 1,519 | ||
Stock-based compensation (in shares) | 220,000 | |||
Issuance of common stock, net of issuance costs | 270 | 270 | ||
Issuance of common stock, net of issuance costs (in shares) | 61,500 | |||
Tax withholding for stock-based compensation | (6) | (6) | ||
Net loss | (27,851) | (27,851) | ||
Ending balance at Sep. 30, 2021 | $ 3 | 317,647 | (206,150) | 111,500 |
Ending balance (in shares) at Sep. 30, 2021 | 27,771,912 | |||
Beginning balance at Jun. 30, 2022 | $ 4 | 334,560 | (288,472) | $ 46,092 |
Beginning balance (in shares) at Jun. 30, 2022 | 38,578,825 | 38,578,825 | ||
Increase (Decrease) in Stockholders' Equity | ||||
Stock-based compensation | 1,177 | $ 1,177 | ||
Stock-based compensation (in shares) | (33,332) | |||
Issuance of common stock, net of issuance costs | $ 2 | 9,516 | 9,518 | |
Issuance of common stock, net of issuance costs (in shares) | 23,883,952 | |||
Net loss | (2,881) | (2,881) | ||
Ending balance at Sep. 30, 2022 | $ 6 | $ 345,253 | $ (291,353) | $ 53,906 |
Ending balance (in shares) at Sep. 30, 2022 | 62,429,445 | 62,429,445 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net loss | $ (2,881) | $ (27,851) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation, amortization and accretion | 2,328 | 2,677 |
Impairment expense | 19,453 | |
Stock-based compensation expense | 1,177 | 1,519 |
Loss from contingent consideration | 128 | 219 |
Amortization of senior debt (premium) discount | 145 | (161) |
(Gain) on sale of equipment | (42) | |
Inventory write-down | 82 | 203 |
Other noncash adjustments | (2) | (61) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,212) | 6,525 |
Inventory | (2,104) | (178) |
Prepaid expenses and other current assets | (1,801) | 279 |
Accounts payable and other | 3,587 | (9,888) |
Accrued liabilities | (3,481) | 3,326 |
Other operating assets and liabilities, net | (72) | 147 |
Net cash used in operating activities | (9,148) | (3,791) |
Investing Activities | ||
Contingent consideration payment | (50) | |
Other investing activities | 42 | (36) |
Net cash provided by (used in) investing activities | 42 | (86) |
Financing Activities | ||
Proceeds from issuance of stock | 10,416 | 307 |
Payment of stock issuance costs | (793) | (21) |
Payment made to fixed payment arrangement | (301) | (2,305) |
Proceeds from short-term line of credit | 34,791 | 42,212 |
Payments made on short-term line of credit | (30,517) | (45,626) |
Payments made to borrowings | (26) | (25) |
Other financing activities | (13) | (6) |
Net cash provided by (used in) financing activities | 13,557 | (5,464) |
Net change in cash, cash equivalents, and restricted cash | 4,451 | (9,341) |
Cash, cash equivalents and restricted cash at beginning of period | 19,360 | 49,901 |
Cash, cash equivalents and restricted cash at end of period | 23,811 | 40,560 |
Supplemental cash flow data | ||
Cash paid for interest | 565 | 1,688 |
Non-cash investing and financing activities: | ||
Warrants issued | 3,023 | |
Other noncash investing and financing activities | $ 146 | 16 |
Fixed payment arrangements included in accrued liabilities | $ 525 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | Sep. 30, 2021 USD ($) |
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |
Cash and cash equivalents | $ 40,308 |
Restricted cash | 252 |
Total cash, cash equivalents and restricted cash | $ 40,560 |
Nature of Business, Financial C
Nature of Business, Financial Condition, Basis of Presentation | 3 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Financial Condition, Basis of Presentation | 1. Nature of Business, Financial Condition, Basis of Presentation Aytu BioPharma, Inc. (“Aytu”, the “Company” or “we”), is a pharmaceutical company focused on commercializing novel therapeutics and consumer health products. The Company operates through two business segments (i) the Rx segment, consisting of prescription pharmaceutical products and (ii) the Consumer Health segment, which consists of various consumer healthcare products (the “Consumer Health Portfolio”). The Company was originally incorporated as Rosewind Corporation on August 9, 2002 in the State of Colorado and was re-incorporated as Aytu BioScience, Inc in the state of Delaware on June 8, 2015. Following the acquisition of Neos Therapeutics, Inc. (“Neos”) in March 2021, (the “Neos Acquisition”) the Company changed its name to Aytu BioPharma, Inc. The Rx segment primarily consists of two product portfolios: (i) Adzenys XR-ODT (amphetamine) extended-release orally disintegrating tablets and Cotempla XR-ODT (methylphenidate) extended-release orally disintegrating tablets for the treatment of attention deficit hyperactivity disorder (“ADHD”) together the “ADHD Portfolio”), and the “Pediatric Portfolio” consisting of Poly-Vi-Flor and Tri-Vi-Flor, two complementary prescription fluoride-based supplement product lines containing combinations of fluoride and vitamins in various formulations for infants and children with fluoride deficiency, and Karbinal ER, an extended-release antihistamine suspension containing carbinoxamine indicated to treat numerous allergic conditions. The Consumer Health Portfolio consists of over twenty consumer health products competing in large healthcare categories, including allergy, hair regrowth, diabetes support, digestive health, sexual and urological health and general wellness, commercialized through direct-to-consumer and e-commerce marketing channels. 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. As a result of focusing on building the portfolio of revenue-generating products, the Company has indefinitely suspended active development of its clinical development programs including AR101 (enzastaurin) and Healight. As of September 30, 2022, the Company had approximately $23.8 million of cash and cash equivalents and approximately $27.9 million in accounts receivable. The Company’s operations have historically consumed cash and are expected to continue to consume cash. The Company incurred a net loss of approximately $2.9 million and $27.9 million during the three months ended September 30, 2022 and 2021, respectively. The Company had an accumulated deficit of $291.4 million and $288.5 million as of September 30, 2022 and June 30, 2022, respectively. Cash used in operations was $9.1 million and $3.8 million during the three months ended September 30, 2022 and 2021, respectively. In August 2022, the Company completed an underwritten public offering of (i) 21,505,814 shares of its common stock, and, in lieu of common stock to certain investors that so chose, pre-funded warrants to purchase 1,750,000 shares of its common stock, and (ii) accompanying warrants (the "Common Warrants") to purchase 23,255,814 shares of its common stock (the "Offering") resulting in gross and net proceeds of $10.0 million and $9.1 million, respectively, assuming none of the accompanying Common Warrants issued in the Offering are exercised. The pre-funded warrants were exercised in full in August 2022. The Company intends to use the net proceeds from the Offering for growth of the Company’s commercial business, and for working capital and general corporate purposes. As the Company does not have sufficient cash and cash equivalents as of September 30, 2022 to cover its cash needs for the twelve months following the filing date of this Quarterly Report on Form 10-Q, there exists substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include adjustments that might be necessary if the Company is unable to continue as a going concern. Management plans to mitigate the conditions that raise substantial doubt about its ability to continue as a going concern are primarily focused on increasing revenue, reducing expenses associated with research and development and raising additional capital through public or private equity or debt offerings or monetizing assets in order to meet its obligations. Management believes that the Company has access to capital resources, however, the Company cannot provide any assurance that it will be able to raise additional capital, monetize assets or obtain new financing on commercially acceptable terms. If the Company is unable to secure additional capital, it may be required to curtail its operations or delay the execution of its business plan. Alternatively, any efforts by the Company to reduce its expenses may adversely impact its ability to sustain revenue-generating activities and delay the progress of its developmental product candidates or otherwise operate its business. As a result, there can be no assurance that the Company will be successful in implementing its plans to alleviate this substantial doubt about its ability to continue as a going concern. Basis of Presentation. Prior Period Reclassification. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Use of Estimates Management uses estimates and assumptions relating to reporting amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, revenue recognition, allowance for doubtful accounts, determination of variable consideration for accruals of chargebacks, administrative fees and rebates, government rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, the value of goodwill, income tax provision, deferred taxes and valuation allowance, determination of right-of-use assets and lease liabilities, purchase price allocations, the depreciable lives of long-lived assets and classification of warrants equity versus liability. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness. Income Taxes The Company calculates its quarterly income tax provision based on estimated annual effective tax rates applied to ordinary income (or loss) and other known items computed and recognized when they occur. There have been no changes in tax law affecting the tax provision during the three months ended September 30, 2022. An ownership change (generally a 50% change in equity ownership over a three-year period) could limit the Company’s ability to offset, post-change, U.S. federal taxable income. Section 382 of the Code imposes an annual limitation on the amount of post-ownership change taxable income a corporation may offset with pre-ownership change net operating loss carryforwards and certain recognized built-in losses. The Company believes that previous acquisitions, financing transactions, and equity ownership changes in the past five years may have caused an ownership change results in a limitation of its ability to use the pre-acquisition net operating loss carryovers. The ownership change scenario could result in increased future tax liability. The company is in the process of analyzing the impact of any possible ownership change the result of which may be a change to the Company’s net deferred tax asset or liability position. Impairment of Other Intangibles Assets Acquired in-process research and development (“IPR&D) is an intangible asset classified as an indefinite-lived asset until the completion or abandonment of the associated research and development (“R&D”) effort. In periods after the acquired IPR&D, the Company may (1) continue internal R&D efforts associated with the acquired assets or collaborate with another party in R&D efforts; (2) dispose of the assets through sale; (3) outlicense the assets; (4) decide to temporarily postpone further development; or (5) abandon R&D efforts. IPR&D asset may be subject to different subsequent accounting treatment depending on the course of action chosen by the Company with respect to the asset. If the Company changes strategies related to the IPR&D the asset could potentially be impaired. Recent Adopted Accounting Pronouncements Reference Rate Reform. , Reference Rate Reform (Topic 848): “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” Earnings Per Share. In May 2021, the FASB issued ASU 2021-04, “ Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options ”. The amendments in ASU 2021-04 provide guidance to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2021-04 and related updates did not have a material impact on its condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Debt—Debt with Conversion and Other Options. Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40)— “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” Financial Instruments Credit Losses. ASU 2016-13, “Financial Instruments – Credit Losses” commitments to extend credit. The standard was effective for interim and annual reporting periods beginning after December 15, 2019. However, in October 2019, the FASB approved deferral of the adoption date for smaller reporting companies for fiscal periods beginning after December 15, 2022. The Company will adopt ASU 2016-13 for the fiscal year ended June 30, 2024. The Company is evaluating the impact of adoption of this standard and does not anticipate the application of ASU 2016-13 will have a material impact on the Company’s condensed consolidated financial position and results of operations. For a complete set of the Company’s significant accounting policies, refer to our Annual Report on Form 10-K for the fiscal year ended June 30, 2022. There have been no significant changes to the Company’s significant accounting policies during the three months ended September 30, 2022. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | 3. Revenues from Contracts with Customers Contract Balances Revenues by Product Portfolio. Three Months Ended September 30, 2022 2021 ADHD Portfolio $ 11,585 $ 9,327 Pediatric Portfolio 6,558 3,798 Consumer Health Portfolio 9,003 8,014 Other 509 758 Consolidated revenue $ 27,655 $ 21,897 Other consists of non-core products identified to be discontinued or divested including Cefaclor, Flexichamber, generic Tussionex, Tuzistra XR, and ZolpiMist. (see Note 7 – Goodwill and Other Intangible Assets). Revenues by Geographic location . Three Months Ended September 30, 2022 2021 (In thousands) U.S. $ 27,476 $ 21,106 International 179 791 Total net revenue $ 27,655 $ 21,897 |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories consist of raw materials, work in process and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company periodically reviews the composition of its inventories to identify obsolete, slow-moving or otherwise unsaleable items. In the event that such items are identified and there are no alternate uses for the inventory, the Company will record a charge to reduce the value of the inventory to net realizable value in the period that the impairment is first recognized. The Company incurred charges of $0.1 million and $0.2 million to reduce the carrying value of inventory to net realizable value during the three months ended September 30, 2022 and 2021, respectively. Inventory balances consist of the following: September 30, June 30, 2022 2022 (In thousands) Raw materials $ 2,113 $ 1,814 Work in process 2,374 1,838 Finished goods 8,384 7,197 Inventory, net $ 12,871 $ 10,849 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Properties and equipment are recorded at cost and depreciated on a straight-line basis over the assets estimated economic life. Leasehold improvements are amortized over the shorter of the estimated economic life or remaining lease term. Property and equipment consist of the following: September 30, June 30, 2022 2022 (In thousands) Manufacturing equipment $ 2,449 $ 2,487 Leasehold improvements 999 999 Office equipment, furniture and other 1,128 1,128 Lab equipment 832 832 Property and equipment, gross 5,408 5,446 Less accumulated depreciation and amortization (2,736) (2,421) Property and equipment, net $ 2,672 $ 3,025 Depreciation and amortization expense was $0.3 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively. |
Leases
Leases | 3 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 6. Leases The Company has entered into various operating lease agreements for certain of its offices, manufacturing facilities and equipment, and finance lease agreements for certain equipment. These leases have original lease periods expiring between 2022 and 2027. Most leases include one or more options to renew, and the exercise of a lease renewal option typically occurs at the discretion of both parties. Certain leases also include options to purchase the leased property. The Company’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. The components of lease expenses are as follows: Three Months Ended September 30, 2022 2021 Statement of Operations Classification (In thousands) Lease cost: Operating lease cost $ 222 $ 296 Operating expenses Short-term lease cost 160 39 Operating expenses Finance lease cost: Amortization of leased assets 18 18 Cost of sales Interest on lease liabilities 3 4 Other (expense), net Total net lease cost $ 403 $ 357 Supplemental balance sheet information related to leases is as follows: September 30, June 30, Balance Sheet Classification 2022 2022 (In thousands) Assets: Operating lease assets $ 2,976 $ 3,271 Operating lease right-of-use asset Finance lease assets 238 256 Property and equipment, net Total leased assets $ 3,214 $ 3,527 Liabilities: Current: Operating leases $ 1,252 $ 1,227 Other current liabilities Finance leases 92 96 Current portion of debt Non-current Operating leases 1,768 2,090 Other non-current liabilities Finance leases 62 84 Debt, net of current portion Total lease liabilities $ 3,174 $ 3,497 Remaining lease term and discount rate used are as follows: September 30, June 30, 2022 2022 Weighted-Average Remaining Lease Term (years) Operating lease assets 2.39 2.63 Finance lease assets 1.48 1.73 Weighted-Average Discount Rate Operating lease assets 7.54 % 7.48 % Finance lease assets 6.43 % 6.43 % Supplemental cash flow information related to lease is as follows: Three Months Ended September 30, 2022 2021 (In thousands) Cash flow classification of lease payments: Operating cash flows from operating leases $ 357 $ 282 Operating cash flows from finance leases $ 3 $ 4 Financing cash flows from finance leases $ 27 $ 25 As of September 30, 2022, the maturities of the Company’s future minimum lease payments were as follows: Operating Finance (In thousands) 2023 (remaining 9 months) $ 1,079 $ 75 2024 1,379 87 2025 749 — 2026 90 — 2027 46 — Total lease payments 3,343 162 Less: Imputed interest (323) (8) Lease liabilities $ 3,020 $ 154 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets There were no impairments of intangible assets during the three months ended September 30, 2022. During the three months ended September 30, 2021, the Company’s market capitalization significantly declined. As a result of the decline in market capitalization and qualitative and quantitative analysis the Company recognized an impairment of goodwill of $19.5 million. The following table provides the summary of the Company’s intangible assets as of September 30, 2022 and June 30, 2022, respectively. September 30, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Definite-lived intangibles: Acquired product technology rights 45,400 (8,471) (3,224) 33,705 12.04 Acquired technology right 30,200 (2,722) — 27,478 15.50 Acquired product distribution rights 11,354 (3,857) (2,172) 5,325 7.35 86,954 (15,050) (5,396) 66,508 13.10 Indefinite-lived intangibles: Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived 2,600 — — 2,600 Total $ 89,554 $ (15,050) $ (5,396) $ 69,108 13.10 June 30, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Definite-lived intangibles: Acquired product technology rights $ 45,400 $ (7,667) $ (3,224) $ 34,509 12.33 Acquired technology right 30,200 (2,278) — 27,922 15.75 Acquired product distribution rights 11,354 (3,581) (2,172) 5,601 7.60 Other intangible assets 4,666 (3,004) (1,662) — — 91,620 (16,530) (7,058) 68,032 13.35 Indefinite-lived intangibles: Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived 2,600 — — 2,600 Total $ 94,220 $ (16,530) $ (7,058) $ 70,632 13.35 The following table summarizes the estimated future amortization expense to be recognized over the next five years and periods thereafter: September 30, (In thousands) 2023 (remaining 9 months) $ 4,563 2024 6,074 2025 5,934 2026 5,683 2027 5,652 2028 5,552 Thereafter 33,050 Total future amortization expense $ 66,508 Product Technology Rights The acquired product technology rights are related to the rights to production, supply and distribution agreements of various products pursuant to the acquisitions of the Pediatric Portfolio in November 2019 and the Neos Acquisition in March 2021. Karbinal® ER. Poly-Vi-Flor and Tri-Vi-Flor. ADHD Portfolio. Developed Technology Right TRRP Technology. Product Distribution Rights and Customer List In connection with the Innovus Acquisition, the Company obtained 35 products with a combination of over 300 registered trademarks and/or patent rights and customer lists. As of June 30, 2022, the customer list intangible asset was fully amortized. In-Process R&D IPR&D – NT0502. 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 to 20 years depending on the license, patent or other agreement. Renewals are accounted for when they are reasonably assured. Intangible assets are amortized using the straight-line method over the estimated useful lives. Amortization expense of intangible assets was $1.5 million for the three months ended September 2022 and $2.1 million during the three months ended September 30, 2021, respectively. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | 8. Accrued liabilities Accrued liabilities consist of the following: September 30, June 30, 2022 2022 (In thousands) Accrued savings offers $ 11,801 $ 12,711 Accrued program liabilities 8,080 9,468 Product return reserve 5,826 5,770 Accrued employee compensation 5,679 4,765 Accrued customer and product related fees 6,832 7,817 Other accrued liabilities 3,213 3,656 Total accrued liabilities $ 41,431 $ 44,187 Savings offers represent programs for the Company’s patients covered under commercial payor plans in which the cost of a prescription to such patients is discounted. Customer and product related fees include accrued expenses and deductions for rebates, wholesaler chargebacks and fees, and other product-related fees and deductions. Other accrued liabilities consist of accrued license fees, legal settlements, professional fees, credit card liabilities, taxes payable, and samples expense . |
Other Liabilities
Other Liabilities | 3 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 9. Other Liabilities September 30, June 30, 2022 2022 (In thousands) Fixed payment arrangements $ 12,472 $ 13,051 Contingent value rights 706 578 Contingent consideration 423 396 Operating lease liabilities 3,020 3,317 Other 803 827 Total other liabilities 17,424 18,169 Less: current portion (8,094) (5,359) Total other liabilities, noncurrent $ 9,330 $ 12,810 Fixed Payment Arrangements. Fixed payment arrangements represent obligations to an investor assumed as part of the acquisition of products from Cerecor, Inc. in 2019, including fixed and variable payments. These obligations included fixed monthly payments equal to $0.1 million from November 2019 through January 2021 plus $15.0 million due in January 2021, of which $15.0 million was paid down early in June 2021. Monthly variable payments due to the same investor are equal to 15.0% of net revenue generated from a subset of the Pediatric Portfolio, subject to an aggregate monthly minimum of $0.1 million, except for January 2021, when a one-time payment of $0.2 million was due and paid. The variable payment obligation was to continue until the earlier of (i) aggregate variable payments of approximately $9.3 million have been made or (ii) February 12, 2026. In addition, the Company assumed fixed, product minimums royalties of approximately $2.1 million per annum through February 2023. On June 21, 2021, the Company entered into a Waiver, Release and Consent pursuant to which the Company paid $2.8 million to the investor in early satisfaction of the fixed obligation. The Company agreed to pay the remaining fixed obligation of $3.0 million in six equal quarterly payments of $0.5 million each over six quarters beginning September 30, 2021. The Company accounted the Waiver, Release and Consent as a debt and remeasured the related liabilities using a discounted cash flow model. As of September 30, 2022, the fixed payment arrangement was $1.0 million on our condensed consolidated balance sheet. In addition, the Company acquired a Supply and Distribution Agreement with 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 years. The Company will pay Tris a royalty equal to 23.5% of net sales. The Karbinal Agreement also contains minimum unit sales commitments, which is based on a commercial year that spans from August 1 through July 31, of 70,000 units annually through 2025. The Company is required to pay Tris a royalty make whole payment of $30 for each unit under the 70,000-unit annual minimum sales commitment through 2025. The Karbinal Agreement make-whole payment is capped at $2.1 million each year. The annual payment is due in August of each year. The Karbinal Agreement also has multiple commercial milestone obligations that aggregate up to $3.0 million based on cumulative net sales, the first of which is triggered at $40.0 million of net revenues. On May 12, 2022, the Company entered into an agreement with Tris to terminate the License, Development, Manufacturing and Supply Agreement dated November 2, 2018 (the “License Agreement”). Pursuant to such termination, the Company agreed to pay Tris a total of approximately $6.0 million to $9.0 million, which reduced our total liability for minimum payments by approximately $8.0 million from the original License Agreement. The settlement payment will be paid in three installments from December 2022 through July 2024. As of September 30, 2022, the balance was $6.9 million on the condensed consolidated balance sheet. Contingent Value Rights. Contingent value rights (“CVRs”) represent contingent consideration related to the Company’s 2020 acquisition of Innovus of up to $16.0 million payable upon attainment of future performance milestones. Consideration can be satisfied in up to 470,000 shares of the Company’s common stock, or cash either upon the option of the Company or in the event there are insufficient shares available to satisfy such obligations. As of September 30, 2022, up to $5.0 million of future milestone payments potentially remain. As of September 30, 2022 and June 30, 2022, the CVRs were revalued at $0.7 million and $0.6 million, respectively. During the three months ended September 30, 2022 and 2021, the Company recognized a loss of $0.1 million and a gain of $0.1 million, respectively, in the condensed consolidated statements of operations related to the changes in fair values of CVRs. Contingent Consideration . Contingent consideration represents the fair value of potential future payments in connection with acquisitions that are contingent upon the occurrence of a particular event or events. The Company records an obligation for such contingent payments at fair value on the acquisition date. Subsequent changes in the fair value of contingent consideration obligations are recognized in the condensed consolidated statements of income. As of September 30, 2022, the Company’s contingent consideration liabilities consist primarily of obligations related to the Company’s 2020 acquisition of Innovus. In connection with the acquisition, the Company assumed a license agreement for patents and technology under which Innovus will pay a total milestone payment of $50,000 every other year beginning on July 1, 2021 for a total payment of $0.2 million. The fair value was based on a discounted value of the future contingent payment using a 26% discount rate based on the estimated risk that the milestones would be achieved. In addition, Innovus recognized approximately $0.2 million in product related contingent consideration. The fair value was based on a discounted value of the future contingent payment using a 30% discount rate based on the estimated risk that the milestones are achieved. As of September 30, 2022 and June 30, 2022, the contingent consideration balance was $0.4 million and $0.4 million, respectively. Prior to September 30, 2022, the Company’s contingent consideration liabilities included obligations under licensing arrangements for Tuzistra XR . The royalty and make-whole milestone payments related to licensing agreements with Tris for Tuzistra XR were being accounted for as contingent consideration and revalued at each reporting period. As a result of the discontinuation of commercializing Tuzistra and the settlement agreement with Tris, the Company concluded that the product milestone payments underlying the contingent consideration liability ceased to exist. The Company reversed the remaining contingent consideration liabilities of $8.5 million and recorded a liability of $7.6 million related to the settlement payments payable to Tris for termination of the Tuzistra licensing agreement. The settlement payments are included in fixed payment arrangements at their present value using the Company’s estimated borrowing rate. Prior to March 31, 2022, the royalty payments related to licensing agreements with Magna Pharmaceuticals, Inc. (“Magna”) for ZolpiMist were being accounted for as contingent consideration and revalued at each reporting period. As a result of the discontinuation of commercializing ZolpiMist, the Company concluded that the royalty-based product milestone payments underlying the contingent consideration liability ceased to exist. As of March 31, 2022, the Company reversed the remaining contingent consideration liabilities of $0.6 million and recorded the $50,000 payment due for termination of the Manga licensing agreements in other current liabilities. During the three months ended September 30, 2022 and 2021, the Company recognized a net a loss of $0 million and $0.2 million, respectively, from the changes in fair values of contingent considerations. The total accretion expense related to these contingent considerations was approximately $0.1 million for both the three months ended September 30, 2022 and 2021. Other. Other consist of taxes payable and deferred cost related to our technology transfer. |
Line of Credit
Line of Credit | 3 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Line of Credit | 10. Line of Credit Upon closing of the Neos Acquisition in March 2021, the Company assumed obligations under the secured credit agreement that Neos had entered into with Eclipse Business Capital LLC (f/k/a Encina Business Credit, LLC) (“Eclipse”) as agent for the lenders (the “Eclipse Loan Agreement”). Under the Eclipse Loan Agreement, Eclipse extended up to $25.0 million in secured revolving loans to Neos (the “Revolving Loans”), of which up to $2.5 million was available for short-term swingline loans, against 85% of eligible accounts receivable. The Revolving Loans thereunder accrued at variable interest through maturity at the one-month Secure Overnight Financing Rate (“SOFR”), plus 4.50%. The Eclipse Loan Agreement included an unused line fee of 0.50% of the average unused portion of the maximum revolving facility amount during the immediately preceding month. Interest is payable monthly in arrears. The original maturity date under the Eclipse Loan Agreement was May 11, 2022. In connection with the Avenue Capital Agreement, described in Note 11— Long-term debt below, the Company entered into a Consent, Waiver and Second Amendment to Eclipse Loan Agreement, dated as of January 26, 2022 (together, the “Eclipse Second Amendment”). Pursuant to the Eclipse Second Amendment, Eclipse (i) consented to Aytu and certain of its subsidiaries joining as obligors to the Revolving Loans provided by the Eclipse Loan Agreement, (ii) consented to the Company entering into the Avenue Capital Agreement, (iii) extended the maturity date of the Eclipse Loan Agreement to January 26, 2025, (iv) removed the requirement for the Company to comply with the ongoing fixed charge coverage ratio financial covenant applicable to the borrowers under the Eclipse Loan Agreement, (v) consented to the first priority lien granted by Aytu in favor of the Avenue Capital Agent, (vi) reduced the maximum availability under the Revolving Loans from $25.0 million to $12.5 million minus a $3.5 million availability block, (vii) increased the availability block from $1.0 million to $3.5 million, (viii) consented to the full repayment under the Deerfield Facility, defined below, and (ix) made certain other modifications to conform to the Avenue Capital Agreement and to reflect the consummation of the transactions thereof, in each case subject to the terms and conditions of the Eclipse Second Amendment. In the event that, for any reason, all or any portion of the Eclipse Loan Agreement is terminated prior to the scheduled maturity date, in addition to the payment of all outstanding principal and unpaid accrued interest, the Company is required to pay a fee equal to (i) 2.0% of the Revolving Loans commitment if such event occurs on or before January 26, 2023, (ii) 1.0% of the Revolving Loans commitment if such event occurs after January 26, 2023 but on or before January 26, 2024, and (iii) 0.5% of the Revolving Loans commitment if such event occurs after January 26, 2024 but on or before January 26, 2025. The Company may permanently terminate the Eclipse Loan Agreement at any time with at least five The Eclipse Loan Agreement contains customary affirmative covenants, negative covenants and events of default, as defined in the agreement, including covenants and restrictions that, among other things, require the Company to satisfy certain capital expenditure limitations and other financial covenants, and restrict the Company’s ability to incur liens, incur additional indebtedness, make certain dividends and distributions with respect to equity securities, engage in mergers and acquisitions or make asset sales without the prior written consent of Eclipse. A failure to comply with these covenants could permit Eclipse to declare the Company’s obligations under the Eclipse Loan Agreement, together with accrued interest and fees, to be immediately due and payable, plus any applicable additional amounts relating to a prepayment or termination, as described above. As of September 30, 2022, the Company was in compliance with the covenants under the Eclipse Loan Agreement as amended. The Company’s obligations under the Eclipse Loan Agreement are secured by substantially all of the Company’s assets, with a first priority lien in favor of Eclipse on the ABL Priority Collateral, and a second priority lien in favor of Eclipse on the Term Loan Priority Collateral, as each is defined in the Replacement Term Loan Intercreditor Agreement, as defined in the Eclipse Loan Agreement, as amended by the Eclipse Second Amendment. Total interest expense on the Revolving Loans, including amortization of deferred financing costs, was $0.1 million for both the three months ended September 30, 2022 and 2021. As of September 30, 2022 and June 30, 2022, the outstanding Revolving Loans under the Eclipse Loan Agreement, as amended, were $8.1 million and $3.8 million, respectively. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Sep. 30, 2022 | |
Long-term Debt | |
Long-term Debt | 11. Long-term Debt Avenue Capital Loan: Pursuant to the Avenue Capital Agreement, the Company will make interest only payments for the first 18 months following the Closing Date (“Interest-only Period”). The Interest-only Period could be extended automatically without any action by any party for six months provided, as of the last day of the Interest-only Period then in effect, the Company received, prior to June 15, 2023, a specified amount of net proceeds from the sale and issuance of its equity securities (“Interest-only Milestone 1”). The Interest-only Period could further be extended automatically without any action by any party for an additional twelve months provided, the Company has achieved, prior to December 31, 2023, (i) Interest-only Milestone 1 and (ii) a specified amount of trailing 12 months revenue (“Interest-only Milestone 2”) as of the date of determination. See Note 20 Subsequent Events for further detail on extension of interest only period. In the event the Company prepays the outstanding principal prior to the maturity date, the Company will pay Avenue Capital a fee equal to (i) 3.0% of the loan if such event occurs on or before January 26, 2023, (ii) 2.0% of the loan if such event occurs after January 26, 2023 but on or before January 26, 2024, and (iii) 1.0% of the loan if such event occurs after January 26, 2024 but before January 26, 2025. In addition, upon the payment in full of the obligations, the Company shall pay to Avenue Capital a fee in the amount of $0.6 million (“Final Payment”). The Company’s obligations under Avenue Capital Agreement are secured by substantially all of the Company’s assets, with a first priority lien in favor of the Avenue Capital Agent on the Term Loan Priority Collateral, and a second priority lien in favor of the Avenue Capital Agent on the ABL Priority Collateral, as each is defined in the Intercreditor Agreement, as defined in the Avenue Capital Agreement. The Avenue Capital Agreement contains customary affirmative covenants, negative covenants and events of default, as defined in the agreement, including covenants and restrictions that, among other things, require the Company to satisfy certain capital expenditure limitations and other financial covenants, and restricts the Company’s ability to incur liens, incur additional indebtedness, make certain dividends and distributions with respect to equity securities, engage in mergers and acquisitions or make asset sales without the prior written consent of the Avenue Capital Lenders. A failure to comply with these covenants could permit the Avenue Capital Lenders to declare the Company’s obligations under the agreement, together with accrued interest and fees, to be immediately due and payable, plus any applicable additional amounts relating to a prepayment or termination, as described above. As of September 30, 2022, the Company was in compliance with the covenants under the Avenue Capital Agreement. On January 26, 2022 (“Issuance Date”), as consideration for entering into the Avenue Capital Agreement, the Company issued warrants to the Avenue Capital Lenders to purchase shares of common stock at an exercise price equal to $1.21 per share (the “Avenue Capital Warrants”). The Avenue Capital Warrants provided that in the event the Company were to engage in an equity offering at a price lower than $1.21 prior to June 30, 2022, the exercise price would be adjusted to the effective price of such equity offering and the number of shares of common stock to be issued under the Avenue Capital Warrants would be adjusted as set forth in the agreement. The Avenue Capital Warrants were immediately exercisable and expire on January 31, 2027. At inception and through the reclassification to equity on March 7, 2022, the Company accounted for the Avenue Capital Warrants as a liability as the number of warrants was not fixed at the Issuance Date. On In addition to the debt discounts discussed above, the Company also incurred $0.4 million loan origination, legal and other fees. The debt discount and issuance costs are being amortized over the term of the loan, using the effective interest method resulting in an effective rate of 15.37%. Total interest expense includes debt discount amortization, was $0.6 million and $0 million for the three months ended September 30, 2022 and 2021, respectively. Long-term debt consists of the following: September 30, 2022 (In thousands) Long-term debt, due on January 26, 2025 $ 15,000 Long-term, final payment fee 638 Unamortized discount and issuance costs (1,306) Financing leases, maturing through May 2024 154 Total debt 14,485 Less: current portion (925) Non-current portion of debt $ 13,560 Future principal payments of long-term debt, including financing leases, are as follows: September 30, (In thousands) 2023 $ 92 2024 8,395 2025 7,304 Future principal payments 15,791 Less unamortized discount and issuance costs (1,306) Less current portion (925) Non-current portion of debt $ 13,560 |
Fair Value Considerations
Fair Value Considerations | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Considerations | 12. Fair Value Considerations We determine the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to fair value as follows: ● Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible to Aytu for identical assets or liabilities; ● Level 2: Inputs that include quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or indirectly; and ● Level 3: Unobservable inputs that are supported by little or no market activity. The Company’s financial instruments include cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities, warrant derivative liability contingent consideration liabilities, and short-term and long-term debt. The carrying amounts of certain short-term 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. Short-term and long-term debt are reported at their amortized costs on our consolidated balance sheets. The remaining financial instruments are reported on our consolidated balance sheets at amounts that approximate current fair values. 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. There were no transfers between Level 1, Level 2 and Level 3 in the periods presented. Recurring Fair Value Measurements The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2022 and June 30, 2022, by level within the fair value hierarchy. Fair Value Measurements at September 30, 2022 Fair Value at September 30, 2022 (Level 1) (Level 2) (Level 3) (In thousands) Assets: Cash and cash equivalents $ 23,811 $ 23,811 $ — $ — Total $ 23,811 $ 23,811 $ — $ — Liabilities: Contingent consideration $ 423 $ — $ — $ 423 CVR liability 706 — — 706 Total $ 1,129 $ — $ — $ 1,129 Fair Value Measurements at June 30, 2022 Fair Value at June 30, 2022 (Level 1) (Level 2) (Level 3) (In thousands) Assets: Cash and cash equivalents $ 19,360 $ 19,360 $ — $ — Total $ 19,360 $ 19,360 $ — $ — Liabilities: Contingent consideration $ 396 $ — $ — $ 396 CVR liability 578 — — 578 Total $ 974 $ — $ — $ 974 Summary of Level 3 Input Changes The following table sets forth a summary of changes to those fair value measures using Level 3 inputs for the three months ended September 30, 2022: CVR Contingent Fixed Payment Liability Consideration Arrangement (In thousands) Balance as of June 30, 2022 $ 578 $ 396 $ 13,051 Included in earnings 128 27 446 Purchases, issues, sales and settlements: Settlements — — (1,025) Balance as of September 30, 2022 $ 706 $ 423 $ 12,472 Significant Assumptions Significant assumptions used in valuing CVRs were as follows: September 30, 2022 Leveraged Beta 0.84 Market risk premium 6.22 % Risk-free interest rate 4.09 % Discount 21.50 % Company specific discount 10.00 % Significant assumptions used in valuing August 9, 2022 Expected volatility 62.71 % Equivalent term (years) 5.00 Risk-free rate 2.97 % Dividend yield 0.00 % The fixed payment arrangements are recognized at their amortized cost basis using market appropriate discount rates and are accreted up to their ultimate face value over time. Significant assumptions used in valuing the Fixed Payment Arrangements were as follows: |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Pediatric Portfolio Fixed Payments and Product Milestone The Company has two fixed, periodic payment obligations to an investor (the “Fixed Obligation”). Under the first fixed obligation, the Company was to pay monthly payment of $0.1 million beginning November 1, 2019 through January 2021, with a balloon payment of $15.0 million that was to be due in January 2021 (“Balloon Payment Obligation”). A second fixed obligation requires the Company pay a minimum of $0.1 monthly through February 2026, except for $0.2 paid in January 2020. On May 29, 2020, the Company entered into an Early Payment Agreement and Escrow Instruction (the “Early Payment Agreement”) pursuant to which the Company agreed to pay $15.0 million to the investor in satisfaction of the Balloon Payment Obligation. The parties to the Early Payment Agreement acknowledged and agreed that the remaining fixed payments other than the Balloon Payment Obligation remained due and payable pursuant to the terms of the Agreement, and that nothing in the Early Payment Agreement alters, amends, or waives any provisions or obligations in the Waiver or the Investor agreement other than as expressly set forth therein. The first fixed obligation was fully paid as of January 2021. On June 21, 2021, the Company entered into a Waiver, Release and Consent pursuant to which the Company paid $2.8 million to the investor in satisfaction of the second fixed obligation. The Company agreed to pay the remaining fixed obligation of $3.0 million in six equal quarterly payments of $0.5 million over the six quarters commencing September 30, 2021. In addition, the Company acquired a Supply and Distribution Agreement with 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 years. The Company will pay Tris a royalty equal to 23.5% of net sales. The Karbinal Agreement also contains minimum unit sales commitments, which is based on a commercial year that spans from August 1 through July 31, of 70,000 units annually through 2025. The Company is required to pay Tris a royalty make whole payment of $30 for each unit under the 70,000-unit annual minimum sales commitment through 2025. The Karbinal Agreement make-whole payment is capped at $2.1 million each year. The annual payment is due in August of each year. The Karbinal Agreement also has multiple commercial milestone obligations that aggregate up to $3.0 million based on cumulative net sales, the first of which is triggered at $40.0 million of net revenues. Product Contingent Liability In February 2015, Innovus acquired Novalere, which included the rights associated with distributing FlutiCare. As part of the acquisition, Innovus is obligated to make five additional payments of $0.5 Pursuant to the UIRD Agreement, Innovus will pay to UIRD a total milestone payment of $50,000 every other year beginning on July 1, 2021 for a total payment of $0.2 million. The discounted value as of September 30, 2022, is approximately $0.1 million. Rumpus Earn Out Payments On April 12, 2021, the Company acquired substantially all of the assets of Rumpus, pursuant to which the Company acquired certain rights and other assets, including key commercial global licenses with Denovo Biopharma LLC (“Denovo”) and Johns Hopkins University (“JHU”), relating to AR101. Upon the achievement of certain regulatory and commercial milestones, up to $67.5 million in earn-out payments, which are payable in cash or shares of common stock, generally at the Company’s option, are payable to Rumpus. Under the license agreement with Denovo, the Company assumed the responsibility for paying annual maintenance fees of $25,000, a license option fee of $0.6 million payable in April 2022, and upon the achievement of certain regulatory and commercial milestones, up to $101.7 million, and escalating royalties based on net product sales ranging in percentage from the low teens to the high teens. Finally, under the license agreement with Johns Hopkins, the Company assumed the responsibility for paying minimum annual royalties escalating from $5,000 to $20,000 beginning in calendar year 2022, royalties of 3.0% of net product sales, and upon the achievement of certain regulatory and commercial milestones, up to $1.6 million. |
Capital Structure
Capital Structure | 3 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Capital Structure | 14. Capital Structure The Company has 200 million shares of common stock authorized with a par value of $0.0001 per share and 50 million shares of preferred stock authorized with a par value of $0.0001 per share. As of September 30, 2022 and June 30, 2022, the Company had 62,429,445 and 38,578,825 common shares outstanding, respectively, and zero preferred shares outstanding, respectively. Included in the common stock outstanding are 1,463,482 shares of unvested restricted stock issued to executives, directors and employees. On June 8, 2020, the Company filed a shelf registration statement on Form S-3, which was declared effective by the SEC on June 17, 2020. This shelf registration statement covered the offering, issuance and sale by the Company of up to an aggregate of $100.0 million of its common stock, preferred stock, debt securities, warrants, rights and units (the “2020 Shelf”). As of September 30, 2022, approximately $43.0 million remains available under the 2020 Shelf. On June 4, 2021, the Company entered into a sales agreement with a sales agent, to provide for the offering, issuance and sale by the Company of up to $30.0 million of its common stock from time to time in “at-the-market” offerings under the 2020 Shelf (the “ATM Sales Agreement”). During the quarter ended September 30, 2022, the Company issued an additional 628,138 shares of common stock under the ATM Sales Agreement, with total net proceeds of approximately $0.4 million. As of September 30, 2022, approximately $11.8 million of the Company’s common stock remained available to be sold pursuant to the ATM Sales Agreement. On September 28, 2021, the Company filed a shelf registration statement on Form S-3, which was declared effective by the SEC on October 7, 2021. This shelf registration statement covered the offering, issuance and sale by the Company of up to an aggregate of $100.0 million of its common stock, preferred stock, debt securities, warrants, rights and units (the “2021 Shelf”). As of September 30, 2022, approximately $82.4 million remained available under the 2021 Shelf. On August 11, 2022, the Company closed on an underwritten public offering (the “August 2022 Offering”), pursuant to which we sold an aggregate of (i) 21,505,814 shares of its common stock, (ii) and, in lieu of common stock to certain investors that so chose, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 1,750,000 shares of its common stock, and (iii) accompanying warrants (the "Common Warrants") to purchase 23,255,814 shares of its common stock. The shares of common stock and the Pre-Funded Warrants were each sold in combination with corresponding Common Warrants, with one Common Warrant to purchase one share of common stock for each share of common stock or each Pre-Funded Warrant sold. The combined public offering price for each share of common stock and accompanying Common Warrant was $0.43, and the combined offering price for each Pre-Funded Warrant and accompanying Common Warrant was $0.429, which equated to the public offering price per share of the common stock and accompanying Common Warrant, less the $0.001 per share exercise price of each Pre-Funded Warrant. The Pre-Funded Warrants were exercised in full in August 2022. The Common Warrants have an exercise price of $0.43 per share of common stock and are exercisable for a period of five years from issuance. The Company raised $10.0 million in gross proceeds through the August 2022 Offering before underwriting fees and other expenses of $0.9 million. The Pre-Funded and Common Warrants have a combined fair value of approximately $3.3 million and are classified as additional paid in capital in stockholders’ equity in the Company’s financial statements. (See Note 16 – Warrants). |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 15. Equity Incentive Plans Aytu 2015 Plan. On June 1, 2015, the Company’s stockholders approved the Aytu BioPharma 2015 Stock Option and Incentive Plan (the “Aytu 2015 Plan”), which, as amended in July 2017, provides for the award of stock options, stock appreciation rights, restricted stock and other equity awards for up to an aggregate of 3.0 million shares of common stock. The shares of common stock underlying any awards that are forfeited, canceled, reacquired by Aytu prior to vesting, satisfied without any issuance of stock, expire or are otherwise terminated (other than by exercise) under the 2015 Plan will be added back to the shares of common stock available for issuance under the Aytu 2015 Plan. On February 13, 2020, the Company’s stockholders approved an increase to 5.0 million total shares of common stock in the Aytu 2015 Plan. Stock options granted under this plan have contractual terms of 10 years from the grant date and a vesting period ranging from 3 to 4 years . The restricted stock awards have a vesting period ranging from 4 to 10 years , whereas the restricted stock units have a vesting period 4 years . As of September 30, 2022, the Company had 2,416,643 shares that are available for grant under the Aytu 2015 Plan. Neos 2015 Plan. Stock Options Stock option activity is as follows: Weighted Average Weighted Remaining Number of Average Contractual Options Exercise Price Life in Years Outstanding June 30, 2022 80,377 $ 16.61 7.77 Forfeited/Cancelled (1,600) 6.34 Expired (541) 7.89 Outstanding at September 30, 2022 78,236 $ 16.88 7.42 Exercisable at September 30, 2022 54,856 $ 20.61 7.38 As of September 30, 2022, there was $0.1 million total unrecognized compensation costs related to non-vested stock options granted under the Company’s equity incentive plans. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.4 years. Restricted Stock Restricted stock activity under the Aytu 2015 Plan is as follows: Weighted Average Grant Number of Date Fair Shares Value Unvested at June 30, 2022 1,607,572 $ 7.47 Granted 6,500 0.67 Vested (210,916) 5.78 Forfeited/Cancelled (39,832) 7.47 Unvested at September 30, 2022 1,363,324 $ 7.70 As of September 30, 2022, there was $8.4 million total unrecognized compensation costs related to non-vested restricted stock granted under the Company’s equity incentive plan. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.6 years. The Company previously issued 158 shares of restricted stock outside the Aytu 2015 Plan, which vest in July 2026. On January 17, 2022, the Company granted 100,000 shares of restricted stock to team outside of the Aytu 2015 Plan. As of September 30, 2022, there was total Restricted Stock Units RSUs activity is as follows: Weighted Average Grant Number of Date Fair Shares Value Unvested at June 30, 2022 170,000 $ 1.29 Granted — — Vested — — Forfeited — — Unvested at September 30, 2022 170,000 $ 1.29 As of September 30, 2022, there was $0.2 million total unrecognized compensation costs related to non-vested RSUs granted under the Company’s equity incentive plans. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.37 years. Stock-based compensation expense related to the fair value of stock options and restricted stock and RSUs was included in the statements of operations as set forth in the below table: Three Months Ended September 30, 2022 2021 (in thousands) Cost of sales $ 5 $ 9 Research and development 9 319 Selling and marketing 3 9 General and Administrative 1,160 1,182 Total stock-based compensation expense $ 1,177 $ 1,519 |
Warrants
Warrants | 3 Months Ended |
Sep. 30, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | 16. Warrants Equity Classified Warrants On August 11, 2022, the Company closed on the August 2022 Offering, pursuant to which, the Company issued Pre-Funded Warrants to purchase 1,750,000 shares of its common stock and Common Warrants to purchase 23,255,814 shares of its common stock. The shares of common stock and the Pre-Funded Warrants were each sold in combination with corresponding Common Warrants, which one Common Warrant to purchase one share of common stock for each share of common stock or each Pre-Funded Warrant sold. The Pre-Funded Warrants have an exercise price of $0.001 per share of common stock and were exercised in full in August 2022. The Common Warrants have an exercise price of $0.43 per share of common stock and are exercisable for a period of five years from issuance. The Common Warrants provide that if there occurs any a stock split, stock dividend stock recapitalization, or similar event (a “Stock Combination Event”), then the warrant exercise price will be adjusted to the greater of the quotient determined by dividing (x) the sum of the VWAP of the Common Stock for each of the five lowest trading days during the 20 consecutive trading day period ending immediately preceding the 16th trading day after such Stock Combination Event, divided by (y) five; or $0.116 and the number of shares of common stock to be issued would be adjusted proportionately as set forth in the agreement limited to a maximum of 46,511,628 shares. The Common Warrants also provide that in the event the Company were to engage in an equity offering at a common stock price lower than the warrant exercise price prior to the second anniversary of a Stock Combination Event, the exercise price would be adjusted to the greater of the effective price of such equity offering or $0.116. (see Note 12 – Fair Value Considerations and Note 14 – Capital Structure). On January 26, 2022, as consideration for entering into the Avenue Capital Agreement, the Company issued Avenue Capital Warrants to the Avenue Capital Lenders to purchase 867,769 shares of common stock at an exercise price of $1.21 per share, subject to adjustment. The Avenue Capital Warrants were immediately exercisable and expire on January 31, 2027. A summary of equity-based warrants is as follows: Weighted Average Weighted Remaining Number of Average Contractual Warrants Exercise Price Life in Years Outstanding June 30, 2022 8,664,471 $ 4.63 4.73 Warrants issued 25,005,814 0.43 5.00 Warrants exercised (1,750,000) 0.43 5.00 Warrants expired — — — Outstanding September 30, 2022 31,920,285 $ 1.55 4.76 |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Sep. 30, 2022 | |
Net Loss Per Common Share | |
Net Loss Per Common Share | 17. Net Loss per Common Share 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. The following table sets-forth securities that are considered anti-dilutive, and therefore excluded from the calculation of diluted earnings per share. September 30, 2022 2021 Warrants to purchase common stock - liability classified (Note 16) — 24,105 Warrant to purchase common stock - equity classified (Note 16) 31,920,285 1,160,445 Employee stock options (Note 15) 78,236 95,866 Employee unvested restricted stock (Note 15) 1,363,324 2,105,678 Employee unvested restricted stock units (Note 15) 170,000 77,162 Total 33,531,845 3,463,256 |
License Agreements
License Agreements | 3 Months Ended |
Sep. 30, 2022 | |
License Agreement [Abstract] | |
Licensing Agreements | 18. License Agreements Healight In April 2020, the Company entered into a licensing agreement with Cedars-Sinai Medical Center to secure worldwide rights to various potential esophageal and nasopharyngeal uses of Healight, an investigational medical device platform technology. The agreement with Cedars-Sinai grants the Company a license to all patent and development related technology rights for the intra-corporeal therapeutic use of ultraviolet light in the field of endotracheal and nasopharyngeal applications. The term of the agreement is on a country-by-country basis and will expire on the latest of the date upon which the last to expire valid claim shall expire, ten years after the first bona fide commercial sale of such licensed product in a country, or the expiration of any market exclusivity period granted by a regulatory agency. Pursuant to the terms of the agreement, the Company paid an initial $0.3 million license fee and approximately $0.1 million in earlier patent prosecution fees. NeuRx In October 2018, Neos entered into an Exclusive License Agreement (“NeuRx License”) with NeuRx Pharmaceuticals LLC (“NeuRx”), pursuant to which NeuRx granted Neos an exclusive, worldwide, royalty-bearing license to research, develop, manufacture, and commercialize certain pharmaceutical products containing NeuRx’s proprietary compound designated as NRX-101, referred to as NT0502. NT0502 is a new chemical entity that is being developed for the treatment of sialorrhea, which is excessive salivation or drooling. The Company may be required to make certain development and milestone payments and royalties based on annual net sales, as defined in the NeuRx License. Royalties are to be paid on a country-by-country and licensed product-by-licensed product basis, during the period of time beginning on the first commercial sale of such licensed product in such country and continuing until the later of: (i) the expiration of the last-to-expire valid claim in any licensed patent in such country that covers such licensed product in such country; and/or (ii) expiration of regulatory exclusivity of such licensed product in such country. Teva On December 21, 2018, Neos and Teva Pharmaceuticals USA, Inc. (“Teva”) entered into an agreement granting Teva a non-exclusive license to certain patents owned by Neos by which Teva has the right to manufacture and market its generic version of Cotempla XR-ODT under an Abbreviated New Drug Application (“ANDA”) filed by Teva beginning on July 1, 2026, or earlier under certain circumstances. Actavis On October 17, 2017, Neos entered into an agreement granting Actavis a non-exclusive license to certain patents owned by Neos by which Actavis has the right to manufacture and market its generic version of Adzenys XR-ODT under its ANDA beginning on September 1, 2025, or earlier under certain circumstances. Shire In July 2014, Neos entered into a Settlement Agreement and an associated License Agreement (the “2014 License Agreement”) with Shire LLC (“Shire”) for a non-exclusive license to certain patents for certain activities with respect to Neos’ New Drug Application (the “NDA”) No. 204326 for an extended-release orally disintegrating amphetamine polistirex tablet. In accordance with the terms of the 2014 License Agreement, following the receipt of the approval from the FDA for Adzenys XR-ODT, Neos paid an up-front, non-refundable license fee of an amount less than $1.0 million in February 2016. Neos is paying a single digit royalty on net sales of Adzenys XR-ODT during the life of the patents. In March 2017, Neos entered into a License Agreement (the “2017 License Agreement”) with Shire, pursuant to which Shire granted Neos a non-exclusive license to certain patents owned by Shire for certain activities with respect to Neos’ NDA No. 204325 for an extended-release amphetamine oral suspension. In accordance with the terms of the 2017 License Agreement, following the receipt of the approval from the FDA for Adzenys ER, Neos paid an up-front, non-refundable license fee of an amount less than $1.0 million in October 2017. Neos was paying a single digit royalty on net sales of Adzenys ER during the life of the patents. Adzenys ER was discontinued as of September 30, 2021. The royalties are recorded as cost of goods sold in the same period as the net sales upon which they are calculated. Additionally, each of the 2014 and 2017 License Agreements contains a covenant from Shire not to file a patent infringement suit against Neos alleging that Adzenys XR-ODT or Adzenys ER, respectively, infringes the Shire patents. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 19. Segment Reporting The Company’s chief operating decision maker (“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 reportable segments: Rx and Consumer Health. The Rx segment consists of the Company’s prescription products. The Consumer Health segment contains the Company’s consumer healthcare products. Select financial information for these segments is as follows: Three Months Ended September 30, 2022 2021 (In thousands) Consolidated revenue: Rx Segment $ 18,652 $ 13,883 Consumer Health Segment 9,003 8,014 Consolidated revenue $ 27,655 $ 21,897 Consolidated net loss: Rx Segment $ (2,054) $ (26,457) Consumer Health Segment (827) (1,394) Consolidated net loss $ (2,881) $ (27,851) September 30, June 30, 2022 2022 (In thousands) Total assets: Rx Segment $ 134,067 $ 121,377 Consumer Health Segment 15,933 16,246 Consolidated assets $ 150,000 $ 137,623 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. Subsequent Events On October 25, 2022, the Company entered into an agreement with Avenue Venture Opportunities Fund, L.P (“Avenue”) to extend the interest-only period of its existing senior secure loan facility held with Avenue. The amendment to the original loan agreement, which was executed in January 2022, extends the interest-only period to January of 2024. In exchange for this extension of the interest-only period, the Company and Avenue agreed to reset the exercise price of the warrants issued in conjunction with the original loan agreement to |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. |
Prior Period Reclassification | Prior Period Reclassification. |
Use of Estimates | Use of Estimates Management uses estimates and assumptions relating to reporting amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, revenue recognition, allowance for doubtful accounts, determination of variable consideration for accruals of chargebacks, administrative fees and rebates, government rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, the value of goodwill, income tax provision, deferred taxes and valuation allowance, determination of right-of-use assets and lease liabilities, purchase price allocations, the depreciable lives of long-lived assets and classification of warrants equity versus liability. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness. |
Income Taxes | Income Taxes The Company calculates its quarterly income tax provision based on estimated annual effective tax rates applied to ordinary income (or loss) and other known items computed and recognized when they occur. There have been no changes in tax law affecting the tax provision during the three months ended September 30, 2022. An ownership change (generally a 50% change in equity ownership over a three-year period) could limit the Company’s ability to offset, post-change, U.S. federal taxable income. Section 382 of the Code imposes an annual limitation on the amount of post-ownership change taxable income a corporation may offset with pre-ownership change net operating loss carryforwards and certain recognized built-in losses. The Company believes that previous acquisitions, financing transactions, and equity ownership changes in the past five years may have caused an ownership change results in a limitation of its ability to use the pre-acquisition net operating loss carryovers. The ownership change scenario could result in increased future tax liability. The company is in the process of analyzing the impact of any possible ownership change the result of which may be a change to the Company’s net deferred tax asset or liability position. |
Impairment of Other Intangibles Assets | Impairment of Other Intangibles Assets Acquired in-process research and development (“IPR&D) is an intangible asset classified as an indefinite-lived asset until the completion or abandonment of the associated research and development (“R&D”) effort. In periods after the acquired IPR&D, the Company may (1) continue internal R&D efforts associated with the acquired assets or collaborate with another party in R&D efforts; (2) dispose of the assets through sale; (3) outlicense the assets; (4) decide to temporarily postpone further development; or (5) abandon R&D efforts. IPR&D asset may be subject to different subsequent accounting treatment depending on the course of action chosen by the Company with respect to the asset. If the Company changes strategies related to the IPR&D the asset could potentially be impaired. |
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted | Recent Adopted Accounting Pronouncements Reference Rate Reform. , Reference Rate Reform (Topic 848): “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” Earnings Per Share. In May 2021, the FASB issued ASU 2021-04, “ Earnings Per Share (Topic 260), Debt – Modifications and Extinguishments (Subtopic 470-50), Compensation – Stock Compensation (Topic 718), and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options ”. The amendments in ASU 2021-04 provide guidance to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2021-04 and related updates did not have a material impact on its condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Debt—Debt with Conversion and Other Options. Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40)— “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” Financial Instruments Credit Losses. ASU 2016-13, “Financial Instruments – Credit Losses” commitments to extend credit. The standard was effective for interim and annual reporting periods beginning after December 15, 2019. However, in October 2019, the FASB approved deferral of the adoption date for smaller reporting companies for fiscal periods beginning after December 15, 2022. The Company will adopt ASU 2016-13 for the fiscal year ended June 30, 2024. The Company is evaluating the impact of adoption of this standard and does not anticipate the application of ASU 2016-13 will have a material impact on the Company’s condensed consolidated financial position and results of operations. For a complete set of the Company’s significant accounting policies, refer to our Annual Report on Form 10-K for the fiscal year ended June 30, 2022. There have been no significant changes to the Company’s significant accounting policies during the three months ended September 30, 2022. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | Three Months Ended September 30, 2022 2021 ADHD Portfolio $ 11,585 $ 9,327 Pediatric Portfolio 6,558 3,798 Consumer Health Portfolio 9,003 8,014 Other 509 758 Consolidated revenue $ 27,655 $ 21,897 |
Schedule of product revenues by geographic location | Three Months Ended September 30, 2022 2021 (In thousands) U.S. $ 27,476 $ 21,106 International 179 791 Total net revenue $ 27,655 $ 21,897 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory balances | September 30, June 30, 2022 2022 (In thousands) Raw materials $ 2,113 $ 1,814 Work in process 2,374 1,838 Finished goods 8,384 7,197 Inventory, net $ 12,871 $ 10,849 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | September 30, June 30, 2022 2022 (In thousands) Manufacturing equipment $ 2,449 $ 2,487 Leasehold improvements 999 999 Office equipment, furniture and other 1,128 1,128 Lab equipment 832 832 Property and equipment, gross 5,408 5,446 Less accumulated depreciation and amortization (2,736) (2,421) Property and equipment, net $ 2,672 $ 3,025 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of components of lease expenses | Three Months Ended September 30, 2022 2021 Statement of Operations Classification (In thousands) Lease cost: Operating lease cost $ 222 $ 296 Operating expenses Short-term lease cost 160 39 Operating expenses Finance lease cost: Amortization of leased assets 18 18 Cost of sales Interest on lease liabilities 3 4 Other (expense), net Total net lease cost $ 403 $ 357 |
Schedule of balance sheet information related to leases | September 30, June 30, Balance Sheet Classification 2022 2022 (In thousands) Assets: Operating lease assets $ 2,976 $ 3,271 Operating lease right-of-use asset Finance lease assets 238 256 Property and equipment, net Total leased assets $ 3,214 $ 3,527 Liabilities: Current: Operating leases $ 1,252 $ 1,227 Other current liabilities Finance leases 92 96 Current portion of debt Non-current Operating leases 1,768 2,090 Other non-current liabilities Finance leases 62 84 Debt, net of current portion Total lease liabilities $ 3,174 $ 3,497 |
Schedule of remaining lease term and discount rate | September 30, June 30, 2022 2022 Weighted-Average Remaining Lease Term (years) Operating lease assets 2.39 2.63 Finance lease assets 1.48 1.73 Weighted-Average Discount Rate Operating lease assets 7.54 % 7.48 % Finance lease assets 6.43 % 6.43 % |
Schedule of supplemental cash flow information related to leases | Three Months Ended September 30, 2022 2021 (In thousands) Cash flow classification of lease payments: Operating cash flows from operating leases $ 357 $ 282 Operating cash flows from finance leases $ 3 $ 4 Financing cash flows from finance leases $ 27 $ 25 |
Schedule of maturities of future minimum lease payments, operating leases | Operating Finance (In thousands) 2023 (remaining 9 months) $ 1,079 $ 75 2024 1,379 87 2025 749 — 2026 90 — 2027 46 — Total lease payments 3,343 162 Less: Imputed interest (323) (8) Lease liabilities $ 3,020 $ 154 |
Schedule of maturities of future minimum lease payments, finance leases | Operating Finance (In thousands) 2023 (remaining 9 months) $ 1,079 $ 75 2024 1,379 87 2025 749 — 2026 90 — 2027 46 — Total lease payments 3,343 162 Less: Imputed interest (323) (8) Lease liabilities $ 3,020 $ 154 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of finite lived intangible assets | September 30, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Definite-lived intangibles: Acquired product technology rights 45,400 (8,471) (3,224) 33,705 12.04 Acquired technology right 30,200 (2,722) — 27,478 15.50 Acquired product distribution rights 11,354 (3,857) (2,172) 5,325 7.35 86,954 (15,050) (5,396) 66,508 13.10 Indefinite-lived intangibles: Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived 2,600 — — 2,600 Total $ 89,554 $ (15,050) $ (5,396) $ 69,108 13.10 June 30, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Definite-lived intangibles: Acquired product technology rights $ 45,400 $ (7,667) $ (3,224) $ 34,509 12.33 Acquired technology right 30,200 (2,278) — 27,922 15.75 Acquired product distribution rights 11,354 (3,581) (2,172) 5,601 7.60 Other intangible assets 4,666 (3,004) (1,662) — — 91,620 (16,530) (7,058) 68,032 13.35 Indefinite-lived intangibles: Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived 2,600 — — 2,600 Total $ 94,220 $ (16,530) $ (7,058) $ 70,632 13.35 |
Schedule of Indefinite lived intangible assets | September 30, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Definite-lived intangibles: Acquired product technology rights 45,400 (8,471) (3,224) 33,705 12.04 Acquired technology right 30,200 (2,722) — 27,478 15.50 Acquired product distribution rights 11,354 (3,857) (2,172) 5,325 7.35 86,954 (15,050) (5,396) 66,508 13.10 Indefinite-lived intangibles: Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived 2,600 — — 2,600 Total $ 89,554 $ (15,050) $ (5,396) $ 69,108 13.10 June 30, 2022 Weighted- Gross Net Average Carrying Accumulated Carrying Remaining Amount Amortization Impairment Amount Life (in years) (In thousands) Definite-lived intangibles: Acquired product technology rights $ 45,400 $ (7,667) $ (3,224) $ 34,509 12.33 Acquired technology right 30,200 (2,278) — 27,922 15.75 Acquired product distribution rights 11,354 (3,581) (2,172) 5,601 7.60 Other intangible assets 4,666 (3,004) (1,662) — — 91,620 (16,530) (7,058) 68,032 13.35 Indefinite-lived intangibles: Acquired in-process R&D 2,600 — — 2,600 Indefinite-lived 2,600 — — 2,600 Total $ 94,220 $ (16,530) $ (7,058) $ 70,632 13.35 |
Schedule of future amortization expense | September 30, (In thousands) 2023 (remaining 9 months) $ 4,563 2024 6,074 2025 5,934 2026 5,683 2027 5,652 2028 5,552 Thereafter 33,050 Total future amortization expense $ 66,508 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued liabilities | September 30, June 30, 2022 2022 (In thousands) Accrued savings offers $ 11,801 $ 12,711 Accrued program liabilities 8,080 9,468 Product return reserve 5,826 5,770 Accrued employee compensation 5,679 4,765 Accrued customer and product related fees 6,832 7,817 Other accrued liabilities 3,213 3,656 Total accrued liabilities $ 41,431 $ 44,187 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other liabilities | September 30, June 30, 2022 2022 (In thousands) Fixed payment arrangements $ 12,472 $ 13,051 Contingent value rights 706 578 Contingent consideration 423 396 Operating lease liabilities 3,020 3,317 Other 803 827 Total other liabilities 17,424 18,169 Less: current portion (8,094) (5,359) Total other liabilities, noncurrent $ 9,330 $ 12,810 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Long-term Debt | |
Schedule of long term debt | September 30, 2022 (In thousands) Long-term debt, due on January 26, 2025 $ 15,000 Long-term, final payment fee 638 Unamortized discount and issuance costs (1,306) Financing leases, maturing through May 2024 154 Total debt 14,485 Less: current portion (925) Non-current portion of debt $ 13,560 |
Schedule of future principal payments of long term debt | September 30, (In thousands) 2023 $ 92 2024 8,395 2025 7,304 Future principal payments 15,791 Less unamortized discount and issuance costs (1,306) Less current portion (925) Non-current portion of debt $ 13,560 |
Fair Value Considerations (Tabl
Fair Value Considerations (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of fair value on a recurring basis | Fair Value Measurements at September 30, 2022 Fair Value at September 30, 2022 (Level 1) (Level 2) (Level 3) (In thousands) Assets: Cash and cash equivalents $ 23,811 $ 23,811 $ — $ — Total $ 23,811 $ 23,811 $ — $ — Liabilities: Contingent consideration $ 423 $ — $ — $ 423 CVR liability 706 — — 706 Total $ 1,129 $ — $ — $ 1,129 Fair Value Measurements at June 30, 2022 Fair Value at June 30, 2022 (Level 1) (Level 2) (Level 3) (In thousands) Assets: Cash and cash equivalents $ 19,360 $ 19,360 $ — $ — Total $ 19,360 $ 19,360 $ — $ — Liabilities: Contingent consideration $ 396 $ — $ — $ 396 CVR liability 578 — — 578 Total $ 974 $ — $ — $ 974 |
Schedule of changes in Level 3 inputs | CVR Contingent Fixed Payment Liability Consideration Arrangement (In thousands) Balance as of June 30, 2022 $ 578 $ 396 $ 13,051 Included in earnings 128 27 446 Purchases, issues, sales and settlements: Settlements — — (1,025) Balance as of September 30, 2022 $ 706 $ 423 $ 12,472 |
Contingent Value Rights | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of significant assumptions used in valuation | September 30, 2022 Leveraged Beta 0.84 Market risk premium 6.22 % Risk-free interest rate 4.09 % Discount 21.50 % Company specific discount 10.00 % |
Derivative Financial Instruments, Liabilities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of significant assumptions used in valuation | August 9, 2022 Expected volatility 62.71 % Equivalent term (years) 5.00 Risk-free rate 2.97 % Dividend yield 0.00 % |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock option activity | Weighted Average Weighted Remaining Number of Average Contractual Options Exercise Price Life in Years Outstanding June 30, 2022 80,377 $ 16.61 7.77 Forfeited/Cancelled (1,600) 6.34 Expired (541) 7.89 Outstanding at September 30, 2022 78,236 $ 16.88 7.42 Exercisable at September 30, 2022 54,856 $ 20.61 7.38 |
Restricted stock activity | Weighted Average Grant Number of Date Fair Shares Value Unvested at June 30, 2022 1,607,572 $ 7.47 Granted 6,500 0.67 Vested (210,916) 5.78 Forfeited/Cancelled (39,832) 7.47 Unvested at September 30, 2022 1,363,324 $ 7.70 |
Restricted stock units activity | Weighted Average Grant Number of Date Fair Shares Value Unvested at June 30, 2022 170,000 $ 1.29 Granted — — Vested — — Forfeited — — Unvested at September 30, 2022 170,000 $ 1.29 |
Stock-based compensation expense | Three Months Ended September 30, 2022 2021 (in thousands) Cost of sales $ 5 $ 9 Research and development 9 319 Selling and marketing 3 9 General and Administrative 1,160 1,182 Total stock-based compensation expense $ 1,177 $ 1,519 |
Warrants (Tables)
Warrants (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of equity-based warrants | Weighted Average Weighted Remaining Number of Average Contractual Warrants Exercise Price Life in Years Outstanding June 30, 2022 8,664,471 $ 4.63 4.73 Warrants issued 25,005,814 0.43 5.00 Warrants exercised (1,750,000) 0.43 5.00 Warrants expired — — — Outstanding September 30, 2022 31,920,285 $ 1.55 4.76 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Net Loss Per Common Share | |
Antidilutive securities excluded from the computation of earnings per share | September 30, 2022 2021 Warrants to purchase common stock - liability classified (Note 16) — 24,105 Warrant to purchase common stock - equity classified (Note 16) 31,920,285 1,160,445 Employee stock options (Note 15) 78,236 95,866 Employee unvested restricted stock (Note 15) 1,363,324 2,105,678 Employee unvested restricted stock units (Note 15) 170,000 77,162 Total 33,531,845 3,463,256 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment financial information, consolidated revenue | Three Months Ended September 30, 2022 2021 (In thousands) Consolidated revenue: Rx Segment $ 18,652 $ 13,883 Consumer Health Segment 9,003 8,014 Consolidated revenue $ 27,655 $ 21,897 Consolidated net loss: Rx Segment $ (2,054) $ (26,457) Consumer Health Segment (827) (1,394) Consolidated net loss $ (2,881) $ (27,851) |
Schedule of segment financial information, consolidated net loss | Three Months Ended September 30, 2022 2021 (In thousands) Consolidated revenue: Rx Segment $ 18,652 $ 13,883 Consumer Health Segment 9,003 8,014 Consolidated revenue $ 27,655 $ 21,897 Consolidated net loss: Rx Segment $ (2,054) $ (26,457) Consumer Health Segment (827) (1,394) Consolidated net loss $ (2,881) $ (27,851) |
Schedule of segment financial information, total assets | September 30, June 30, 2022 2022 (In thousands) Total assets: Rx Segment $ 134,067 $ 121,377 Consumer Health Segment 15,933 16,246 Consolidated assets $ 150,000 $ 137,623 |
Nature of Business, Financial_2
Nature of Business, Financial Condition, Basis of Presentation - Segments (Details) - segment | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Number of reportable segments | 2 | 2 |
Nature of Business, Financial_3
Nature of Business, Financial Condition, Basis of Presentation - Product Information (Details) | 3 Months Ended | |
Sep. 30, 2022 item product | Sep. 30, 2021 item | |
Consumer Health Portfolio | Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Number of products | product | 20 | |
Rx | ||
Disaggregation of Revenue [Line Items] | ||
Number of product portfolios | item | 2 | 2 |
Nature of Business, Financial_4
Nature of Business, Financial Condition, Basis of Presentation - General Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash, cash equivalents and restricted cash | $ 23,811 | $ 40,560 | $ 19,360 | $ 49,901 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||||
Accounts receivable, net | 27,924 | 21,712 | ||
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net loss | (2,881) | (27,851) | ||
Retained Earnings (Accumulated Deficit) [Abstract] | ||||
Accumulated deficit | (291,353) | $ (288,472) | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Cash used in operations | $ (9,148) | $ (3,791) |
Nature of Business, Financial_5
Nature of Business, Financial Condition, Basis of Presentation - Underwritten Public Offering - Common Stock (Details) - Shelf Registration Statement, 2021 Shelf, Underwritten Public Offering, August 2022 $ in Millions | Aug. 11, 2022 USD ($) shares |
Subsidiary, Sale of Stock [Line Items] | |
Issuance of common stock (in shares) | shares | 21,505,814 |
Proceeds from issuance of common stock and warrants | $ 10 |
Proceeds from issuance of common stock and warrants, net of issuance costs | $ 9.1 |
Nature of Business, Financial_6
Nature of Business, Financial Condition, Basis of Presentation - Underwritten Public Offering - Warrants (Details) | Aug. 11, 2022 shares |
Warrants to Purchase Common Stock, Equity Classified, Pre-funded Warrants, August 2022 | |
Class of Warrant or Right [Line Items] | |
Class of warrant or right, number of securities called by warrants or right (in shares) | 1,750,000 |
Warrants to Purchase Common Stock, Equity Classified, Common Warrants, August 2022 | |
Class of Warrant or Right [Line Items] | |
Class of warrant or right, number of securities called by warrants or right (in shares) | 23,255,814 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | Sep. 30, 2022 |
Accounting Standards Update 2020-04 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jul. 01, 2022 |
Accounting Standards Update 2021-04 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | true |
Accounting Standards Update 2020-06 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Accounting Standards Update 2016-13 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in Accounting Principle, Accounting Standards Update, Adopted | false |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Jun. 30, 2022 |
Contract with Customer, Liability [Abstract] | ||
Contract with customer, liability, current | $ 0.1 | $ 0.4 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Revenues by Product Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 27,655 | $ 21,897 |
Attention Deficit Hyperactivity Disorder Portfolio | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 11,585 | 9,327 |
Pediatric Portfolio | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 6,558 | 3,798 |
Consumer Health Portfolio | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 9,003 | 8,014 |
Other Product Portfolio | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 509 | $ 758 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Revenues by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 27,655 | $ 21,897 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 27,476 | 21,106 |
Non-US | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 179 | $ 791 |
Inventories - General Informati
Inventories - General Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Production Related Impairments or Charges [Abstract] | ||
Inventory write-down and impairment | $ 0.1 | $ 0.2 |
Inventories - Tabular Disclosur
Inventories - Tabular Disclosure (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Inventory, Net [Abstract] | ||
Raw materials | $ 2,113 | $ 1,814 |
Work in process | 2,374 | 1,838 |
Finished goods | 8,384 | 7,197 |
Inventory, net | $ 12,871 | $ 10,849 |
Property and Equipment - Tabula
Property and Equipment - Tabular Disclosure (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization [Abstract] | ||
Property and equipment, gross | $ 5,408 | $ 5,446 |
Less accumulated depreciation and amortization | (2,736) | (2,421) |
Property and equipment, net | 2,672 | 3,025 |
Manufacturing Equipment | ||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization [Abstract] | ||
Property and equipment, gross | 2,449 | 2,487 |
Leasehold Improvements | ||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization [Abstract] | ||
Property and equipment, gross | 999 | 999 |
Office Equipment, Furniture and Other | ||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization [Abstract] | ||
Property and equipment, gross | 1,128 | 1,128 |
Lab Equipment | ||
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization [Abstract] | ||
Property and equipment, gross | $ 832 | $ 832 |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Depreciation, Depletion and Amortization [Abstract] | ||
Depreciation expense | $ 0.3 | $ 0.4 |
Leases - Net Lease Cost (Detail
Leases - Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 222 | $ 296 |
Short-term lease cost | 160 | 39 |
Amortization of leased assets | 18 | 18 |
Interest on lease liabilities | 3 | 4 |
Total net lease cost | $ 403 | $ 357 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease assets | $ 2,976 | $ 3,271 |
Finance lease assets | $ 238 | $ 256 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position | Property and equipment, net | Property and equipment, net |
Total leased assets | $ 3,214 | $ 3,527 |
Current portion of operating lease liabilities | 1,252 | 1,227 |
Finance leases, current | $ 92 | $ 96 |
Finance Lease, Liability, Current, Statement of Financial Position | Current portion of debt | Current portion of debt |
Operating lease liabilities, net of current portion | $ 1,768 | $ 2,090 |
Finance leases, long-term | $ 62 | $ 84 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position | Debt, net of current portion | Debt, net of current portion |
Total lease liabilities | $ 3,174 | $ 3,497 |
Leases - Remaining Lease Term a
Leases - Remaining Lease Term and Weighted-average Discount Rate (Details) | Sep. 30, 2022 | Jun. 30, 2022 |
Lessee Disclosure [Abstract] | ||
Operating lease assets, weighted-average remaining lease term | 2 years 4 months 20 days | 2 years 7 months 17 days |
Finance lease assets, weighted-average remaining lease term | 1 year 5 months 23 days | 1 year 8 months 23 days |
Operating lease assets, weighted-average discount rate | 7.54% | 7.48% |
Finance lease assets, weighted-average discount rate | 6.43% | 6.43% |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash flows from operating leases | $ 357 | $ 282 |
Cash Flow, Investing Activities, Lessee [Abstract] | ||
Operating cash flows from finance leases | 3 | 4 |
Cash Flow, Financing Activities, Lessee [Abstract] | ||
Financing cash flows from finance leases | $ 27 | $ 25 |
Leases - Operating Leases - Fut
Leases - Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2023 (remaining 9 months) | $ 1,079 |
2024 | 1,379 |
2025 | 749 |
2026 | 90 |
2027 | 46 |
Total lease payments | $ 3,343 |
Leases - Operating Leases - Gro
Leases - Operating Leases - Gross Difference (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Total lease payments | $ 3,343 | |
Less: Imputed interest | (323) | |
Lease liabilities | $ 3,020 | $ 3,317 |
Leases - Finance Leases - Futur
Leases - Finance Leases - Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2023 (remaining 9 months) | $ 75 |
2024 | 87 |
Total lease payments | $ 162 |
Leases - Finance Leases - Gross
Leases - Finance Leases - Gross Difference (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | |
Total lease payments | $ 162 |
Less: Imputed interest | (8) |
Lease liabilities | $ 154 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Intangible Assets Impairment (Excluding Goodwill) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Asset Impairment Charges [Abstract] | |
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 0 |
Impairment of intangible assets, finite-lived | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill Impairment (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2021 USD ($) | |
Asset Impairment Charges [Abstract] | |
Goodwill impairment | $ 19.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | $ 86,954 | $ 91,620 | |
Accumulated amortization | (15,050) | (16,530) | |
Impairment | (5,396) | $ (7,058) | |
Finite-lived intangible assets, net | 66,508 | 68,032 | |
Product Technology Right | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | 45,400 | 45,400 | |
Accumulated amortization | (8,471) | (7,667) | |
Impairment | (3,224) | (3,224) | |
Finite-lived intangible assets, net | 33,705 | 34,509 | |
Developed Technology Rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | 30,200 | 30,200 | |
Accumulated amortization | (2,722) | (2,278) | |
Finite-lived intangible assets, net | 27,478 | 27,922 | |
Product Distribution Rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | 11,354 | 11,354 | |
Accumulated amortization | (3,857) | (3,581) | |
Impairment | (2,172) | (2,172) | |
Finite-lived intangible assets, net | $ 5,325 | 5,601 | |
Other Intangible Assets | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | 4,666 | ||
Accumulated amortization | $ (3,004) | ||
Impairment | $ (1,662) |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Weighted-average Remaining Life (Details) - Weighted Average | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, remaining amortization period | 13 years 1 month 6 days | 13 years 4 months 6 days |
Product Technology Right | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, remaining amortization period | 12 years 14 days | 12 years 3 months 29 days |
Developed Technology Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, remaining amortization period | 15 years 6 months | 15 years 9 months |
Product Distribution Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, remaining amortization period | 7 years 4 months 6 days | 7 years 7 months 6 days |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-lived intangible assets, gross carrying amount | $ 86,954 | $ 91,620 | |
Indefinite-lived intangible assets | 2,600 | 2,600 | |
Intangible assets, gross carrying amount | 89,554 | 94,220 | |
Accumulated amortization | (15,050) | (16,530) | |
Impairment | (5,396) | $ (7,058) | |
Intangible assets, net carrying amount | $ 69,108 | $ 70,632 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 (remaining 9 months) | $ 4,563 | |
2024 | 6,074 | |
2025 | 5,934 | |
2026 | 5,683 | |
2027 | 5,652 | |
2028 | 5,552 | |
Thereafter | 33,050 | |
Finite-lived intangible assets, net | $ 66,508 | $ 68,032 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets - Supply and Distribution Agreement (Details) | 3 Months Ended |
Sep. 30, 2022 | |
Supply and Distribution Agreement, Tris Pharma, Inc | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Supply and distribution agreement, term | 20 years |
Goodwill and Other Intangibl_10
Goodwill and Other Intangible Assets - Estimated Useful Life (Details) | 3 Months Ended |
Sep. 30, 2022 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life, renewable period | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life, renewable period | 20 years |
Product Technology Right | Attention Deficit Hyperactivity Disorder Portfolio | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 17 years |
Goodwill and Other Intangibl_11
Goodwill and Other Intangible Assets - Product Distribution Rights and Customer List (Details) - Innovus Pharmaceuticals, Inc | 1 Months Ended |
Feb. 29, 2020 item product | |
Business Acquisition [Line Items] | |
Number of products acquired | product | 35 |
Number of registered trademarks and or patent rights and customer lists acquired | item | 300 |
Goodwill and Other Intangibl_12
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization [Abstract] | ||
Amortization expense | $ 1.5 | $ 2.1 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Accrued savings offers | $ 11,801 | $ 12,711 |
Accrued program liabilities | 8,080 | 9,468 |
Product return reserve | 5,826 | 5,770 |
Accrued employee compensation | 5,679 | 4,765 |
Accrued customer and product related fees | 6,832 | 7,817 |
Other accrued liabilities | 3,213 | 3,656 |
Total accrued liabilities | $ 41,431 | $ 44,187 |
Other Liabilities - Components
Other Liabilities - Components (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Other Liabilities, Unclassified [Abstract] | ||
Fixed payment arrangements | $ 12,472 | $ 13,051 |
Contingent value rights | 706 | 578 |
Contingent consideration | 423 | 396 |
Operating lease liabilities | 3,020 | 3,317 |
Other | 803 | 827 |
Total other liabilities | $ 17,424 | $ 18,169 |
Other Liabilities - Classificat
Other Liabilities - Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Other Liabilities [Abstract] | ||
Total other liabilities | $ 17,424 | $ 18,169 |
Less: current portion | (8,094) | (5,359) |
Total other liabilities, noncurrent | $ 9,330 | $ 12,810 |
Other Liabilities - Fixed Payme
Other Liabilities - Fixed Payment Arrangements (Details) $ in Thousands | 1 Months Ended | ||||||||
May 12, 2022 USD ($) payment | Jun. 21, 2021 USD ($) | May 29, 2020 USD ($) | Jan. 31, 2021 USD ($) | Jan. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) payment | Nov. 01, 2019 USD ($) agreement | |
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements | $ 12,472 | $ 13,051 | |||||||
Fixed Payment Arrangements, Investor Assumed, Product Acquisition from Cerecor, Inc | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements, periodic payment obligations, number | agreement | 2 | ||||||||
Fixed Payment Arrangements, Investor Assumed, Product Acquisition from Cerecor, Inc, Periodic Payment Obligation, Fixed Payments | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements, monthly payment amount | $ 100 | ||||||||
Fixed payment arrangements, balloon payment amount | $ 15,000 | ||||||||
Fixed payment arrangements, balloon payment amount, paid | $ 15,000 | ||||||||
Fixed payment arrangements | 1,000 | $ 3,000 | |||||||
Fixed payment arrangements, quarterly payment amount, payments, number | payment | 6 | ||||||||
Fixed payment arrangements, quarterly payment amount | $ 500 | ||||||||
Fixed Payment Arrangements, Investor Assumed, Product Acquisition from Cerecor, Inc, Periodic Payment Obligation, Variable Payments | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements, monthly variable payment amount, percentage of net revenue (as a percent) | 15% | ||||||||
Fixed payment arrangements, monthly variable payment amount, minimum | $ 100 | ||||||||
Fixed payment arrangements, monthly variable payment amount, one-time payment, paid | $ 200 | $ 200 | |||||||
Fixed payment arrangements, monthly variable payment amount, aggregate payments to satisfy obligation if paid before 12 February 2026 | 9,300 | ||||||||
Fixed payment arrangements, fixed, product minimum royalties per annum | $ 2,100 | ||||||||
Fixed payment arrangements, payment amount, paid | $ 2,800 | ||||||||
Fixed Payment Arrangements, Termination of Original License Agreement, Tris Pharma, Inc | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements | $ 6,900 | ||||||||
Fixed payment arrangements, liability, reduction | $ 8,000 | ||||||||
Fixed payment arrangements, installment payments, number | payment | 3 | ||||||||
Fixed Payment Arrangements, Termination of Original License Agreement, Tris Pharma, Inc | Minimum | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements | $ 6,000 | ||||||||
Fixed Payment Arrangements, Termination of Original License Agreement, Tris Pharma, Inc | Maximum | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements | 9,000 | ||||||||
Fixed Payment Arrangements, TRIS Pharma, Inc, Royalty and Make Whole Payments | |||||||||
Other Commitments [Line Items] | |||||||||
Issues, fixed payment arrangements | $ 7,600 |
Other Liabilities - Supply and
Other Liabilities - Supply and Distribution Agreement (Details) - Supply and Distribution Agreement, Tris Pharma, Inc | 3 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 item | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Supply and distribution agreement, term | 20 years | |||
Supply and distribution agreement, royalty, percentage of net sales (as a percent) | 23.50% | |||
Supply and distribution agreement, minimum unit sales commitments, annual unit sales, units | 70,000 | 70,000 | ||
Supply and distribution agreement, minimum unit sales commitments, royalty make whole payment under annual minimum sales commitment, per unit | $ 30 | |||
Supply and distribution agreement, minimum unit sales commitments, royalty make whole payment under annual minimum sales commitment, maximum annual amount | 2,100,000 | |||
Supply and distribution agreement, commercial milestone obligations, cumulative net sales, maximum obligation | 3,000,000 | |||
Supply and distribution agreement, commercial milestone obligations, net revenue trigger amount | $ 40,000,000 | $ 40,000,000 |
Other Liabilities - Contingent
Other Liabilities - Contingent Value Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Feb. 29, 2020 | |
Other Liabilities Disclosure [Abstract] | ||||
Contingent value rights, business combination, contingent consideration, milestone payable, amount, maximum | $ 5,000 | $ 16,000 | ||
Contingent value rights, business combination, contingent consideration, milestone payable, shares, maximum (in shares) | 470,000 | |||
Contingent value rights | 706 | $ 578 | ||
Contingent value rights, gain (loss) for change in fair value during period | $ (100) | $ 100 |
Other Liabilities - Contingen_2
Other Liabilities - Contingent Consideration - Business Combination (Details) - Innovus Pharmaceuticals, Inc - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Feb. 29, 2020 |
Business Acquisition [Line Items] | |||
Business combination, contingent consideration, license agreement, milestone payable, amount, every other year | $ 50 | ||
Business combination, contingent consideration, license agreement, milestone payable, amount | $ 200 | ||
Business combination, contingent consideration, license agreement, milestone payable, discount rate (as a percent) | 26% | ||
Business combination, contingent consideration, product related, milestone payable, amount | $ 200 | ||
Business combination, contingent consideration, product related, milestone payable, discount rate (as a percent) | 30% | ||
Contingent consideration | $ 400 | $ 400 |
Other Liabilities - Contingen_3
Other Liabilities - Contingent Consideration - Other than Business Combination (Details) - USD ($) $ in Thousands | May 12, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | Jun. 30, 2022 |
Other Commitments [Line Items] | ||||
Other current liabilities | $ 8,094 | $ 5,359 | ||
Licensing Agreements, TRIS Pharma, Inc, Royalty and Make Whole Payments | ||||
Other Commitments [Line Items] | ||||
Contingent consideration other than from business combination, liability, reversed in period | $ 8,500 | |||
Licensing Agreements, Magna Pharmaceuticals, Inc, ZolpiMist, Royalty Payments [Member] | ||||
Other Commitments [Line Items] | ||||
Contingent consideration other than from business combination, liability, reversed in period | $ 600 | |||
Other current liabilities | $ 50 |
Other Liabilities - Contingen_4
Other Liabilities - Contingent Consideration - Total (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | ||
Business combination, contingent consideration, and contingent consideration other than from business combination, gain (loss) for change in fair value during period | $ 0 | $ (0.2) |
Business combination, contingent consideration, and contingent consideration other than from business combination, accretion expense | $ 0.1 | $ 0.1 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Jan. 26, 2022 | Jan. 25, 2022 | |
Debt Instrument [Line Items] | ||||||
Period of notice required before prepaying the debt instrument | 5 days | |||||
Interest expense | $ 0.6 | $ 0 | ||||
Aggregate borrowing capacity | $ 3.5 | $ 1 | ||||
Amortization of deferred financing costs | $ 0.1 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 12.5 | $ 25 | ||||
Event Occurs on or before January 26, 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage | 2% | |||||
Event Occurs After January 26, 2023 But On or Before January 26, 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage | 1% | |||||
Event Occurs After January 26, 2024 But on or Before January 26, 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage | 0.50% | |||||
Neos Therapeutics, Inc [Member] | Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 25 | |||||
Maximum borrowing capacity portion available for short-term swingline loans | $ 2.5 | |||||
Percentage of eligible accounts receivable against which short-term swingline loans may be made | 85% | |||||
Unused capacity commitment fee percentage | 0.50% | |||||
Outstanding amount | $ 8.1 | $ 3.8 | ||||
Neos Therapeutics, Inc [Member] | Loan Agreement | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 4.50% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 26, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Payment Term | 18 months | ||
Debt Instrument, Interest Payment Extension Term | 6 months | ||
Interest Only Period Further Extension Term | 12 months | ||
Debt Instrument, Term of Trailing Months Revenue | 12 months | ||
Debt Instrument Prepayment Fee Percentage | 3% | ||
Long-term, final payment fee | $ 600 | $ 638 | |
Loan Processing Fee | $ 400 | ||
Debt Instrument, Interest Rate, Effective Percentage | 15.37% | ||
Interest expense | $ 600 | $ 0 | |
Event Occurs After January 26, 2023 But On or Before January 26, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Prepayment Fee Percentage | 2% | ||
Event Occurs After January 26, 2024 But on or Before January 26, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Prepayment Fee Percentage | 1% | ||
Avenue Capital Loan, Term Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, minimum variable rate before basis spread (as a percent) | 3.25% | ||
Debt instrument, basis spread on variable rate (as a percent) | 7.40% | ||
Face amount | $ 15,000 |
Long-term Debt - Warrants (Deta
Long-term Debt - Warrants (Details) - $ / shares | Mar. 07, 2022 | Jan. 26, 2022 |
Class of Warrant or Right [Line Items] | ||
Share price (in dollars per share) | $ 1.25 | |
Warrants to Purchase Common Stock, Equity Classified, Avenue Capital Warrants, January 2022 | ||
Class of Warrant or Right [Line Items] | ||
Class of warrant or right, date from which warrants or rights exercisable | Mar. 07, 2022 | |
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 1.21 | |
Class of warrant or right, number of securities called by warrants or right (in shares) | 867,769 | |
Warrants to Purchase Common Stock, Liability Classified, Avenue Capital Warrants, January 2022 | ||
Class of Warrant or Right [Line Items] | ||
Class of warrant or right, date from which warrants or rights exercisable | Jan. 26, 2022 | |
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 1.21 |
Long-term Debt - Composition (D
Long-term Debt - Composition (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Jan. 26, 2022 |
Debt Disclosure [Abstract] | |||
Long-term debt, due on January 26, 2025 | $ 15,000 | ||
Long-term, final payment fee | 638 | $ 600 | |
Unamortized discount | (1,306) | ||
Financing leases, maturing through May 2024 | 154 | ||
Total debt | 14,485 | ||
Less current portion | (925) | $ (96) | |
Non-current portion of debt | $ 13,560 | $ 14,279 |
Long-term Debt - Future Princip
Long-term Debt - Future Principal Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Debt Disclosure [Abstract] | ||
2023 | $ 92 | |
2024 | 8,395 | |
2025 | 7,304 | |
Future principal payments | 15,791 | |
Less unamortized discount and issuance costs | (1,306) | |
Less current portion | (925) | $ (96) |
Non-current portion of debt | $ 13,560 | $ 14,279 |
Fair Value Considerations - Rec
Fair Value Considerations - Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Contingent consideration | $ 423 | $ 396 |
CVR liability | 706 | 578 |
Fair Value, Recurring | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 23,811 | 19,360 |
Total | 23,811 | 19,360 |
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Contingent consideration | 423 | 396 |
CVR liability | 706 | 578 |
Total | 1,129 | 974 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 23,811 | 19,360 |
Total | 23,811 | 19,360 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Contingent consideration | 423 | 396 |
CVR liability | 706 | 578 |
Total | $ 1,129 | $ 974 |
Fair Value Considerations - Uno
Fair Value Considerations - Unobservable Inputs Reconciliation, Recurring Basis, Liabilities (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Contingent Value Rights | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 578 |
Included in earnings | $ 128 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income | Loss from contingent consideration |
Ending balance | $ 706 |
Contingent Consideration | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | 396 |
Included in earnings | $ 27 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income | Loss from contingent consideration |
Ending balance | $ 423 |
Fair Value Considerations - U_2
Fair Value Considerations - Unobservable Inputs Reconciliation, Non-recurring Basis, Liabilities (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |
Beginning balance, fixed payment arrangements | $ 13,051 |
Included in earnings, fixed payment arrangements | 446 |
Settlements, fixed payment arrangements | (1,025) |
Ending balance, fixed payment arrangements | $ 12,472 |
Fair Value Considerations - Val
Fair Value Considerations - Valuation Assumptions (Details) | Sep. 30, 2022 | Aug. 09, 2022 | Aug. 09, 2021 Y |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative Liability, Valuation Technique | us-gaap:ValuationTechniqueOptionPricingModelMember | ||
Measurement Input, Leveraged Beta | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent value rights, measurement input | 0.84 | ||
Measurement Input, Market Risk Premium | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent value rights, measurement input | 0.0622 | ||
Measurement Input, Price Volatility | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative liability, measurement input | 0.6271 | ||
Measurement Input, Expected Term | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative liability, measurement input | 5 | ||
Measurement Input, Risk Free Interest Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent value rights, measurement input | 0.0409 | ||
Derivative liability, measurement input | 0.0297 | ||
Measurement Input, Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent value rights, measurement input | 0.2150 | ||
Measurement Input, Discount for Lack of Marketability | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Contingent value rights, measurement input | 0.1000 | ||
Measurement Input, Expected Dividend Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Derivative liability, measurement input | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Fixed Payment Arrangements (Details) $ in Thousands | 1 Months Ended | ||||||||
May 12, 2022 USD ($) | Jun. 21, 2021 USD ($) | May 29, 2020 USD ($) | Jan. 31, 2021 USD ($) | Jan. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) payment | Nov. 01, 2019 USD ($) agreement | |
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements | $ 12,472 | $ 13,051 | |||||||
Fixed Payment Arrangements, Investor Assumed, Product Acquisition from Cerecor, Inc | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements, periodic payment obligations, number | agreement | 2 | ||||||||
Fixed Payment Arrangements, Investor Assumed, Product Acquisition from Cerecor, Inc, Periodic Payment Obligation, Fixed Payments | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements, monthly payment amount | $ 100 | ||||||||
Fixed payment arrangements, balloon payment amount | 15,000 | ||||||||
Fixed payment arrangements, balloon payment amount, paid | $ 15,000 | ||||||||
Fixed payment arrangements | 1,000 | $ 3,000 | |||||||
Fixed payment arrangements, quarterly payment amount, payments, number | payment | 6 | ||||||||
Fixed payment arrangements, quarterly payment amount | $ 500 | ||||||||
Fixed Payment Arrangements, Investor Assumed, Product Acquisition from Cerecor, Inc, Periodic Payment Obligation, Variable Payments | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements, monthly variable payment amount, minimum | $ 100 | ||||||||
Fixed payment arrangements, monthly variable payment amount, one-time payment, paid | $ 200 | $ 200 | |||||||
Fixed payment arrangements, payment amount, paid | $ 2,800 | ||||||||
Fixed Payment Arrangements, Termination of Original License Agreement, Tris Pharma, Inc | |||||||||
Other Commitments [Line Items] | |||||||||
Fixed payment arrangements | $ 6,900 | ||||||||
Fixed Payment Arrangements, TRIS Pharma, Inc, Royalty and Make Whole Payments | |||||||||
Other Commitments [Line Items] | |||||||||
Issues, fixed payment arrangements | $ 7,600 |
Commitments and Contingencies_2
Commitments and Contingencies - Supply and Distribution Agreement (Details) - Supply and Distribution Agreement, Tris Pharma, Inc | 3 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 item | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Supply and distribution agreement, term | 20 years | |||
Supply and distribution agreement, royalty, percentage of net sales (as a percent) | 23.50% | |||
Supply and distribution agreement, minimum unit sales commitments, annual unit sales, units | 70,000 | 70,000 | ||
Supply and distribution agreement, minimum unit sales commitments, royalty make whole payment under annual minimum sales commitment, per unit | $ 30 | |||
Supply and distribution agreement, minimum unit sales commitments, royalty make whole payment under annual minimum sales commitment, maximum annual amount | 2,100,000 | |||
Supply and distribution agreement, commercial milestone obligations, cumulative net sales, maximum obligation | 3,000,000 | |||
Supply and distribution agreement, commercial milestone obligations, net revenue trigger amount | $ 40,000,000 | $ 40,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Product Contingent Liability (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Jul. 01, 2021 USD ($) | Feb. 28, 2015 USD ($) payment |
Product Contingent Liability, Novalere, FlutiCare | |||
Other Commitments [Line Items] | |||
Product contingent liability, additional payments, number, certain sales achieved | payment | 5 | ||
Product contingent liability, additional payments, amount, certain sales achieved | $ 500 | ||
Product Contingent Liability, UIRD | |||
Other Commitments [Line Items] | |||
Product contingent liability, milestone, payment, every other year | $ 50 | ||
Product contingent liability, milestone, payment | $ 200 | ||
Other commitment | $ 100 |
Commitments and Contingencies_4
Commitments and Contingencies - Earn Out Payments (Details) $ in Thousands | Apr. 12, 2021 USD ($) |
Commercial Global License Agreements, AR101 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
License agreement, milestone, maximum earn-out, cash and common stock | $ 67,500 |
Commercial Global License Agreement, Denovo Biopharma LLC, AR101 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
License agreement, annual maintenance fee | 25 |
License agreement, license option fee | 600 |
License agreement, escalating royalties, maximum | 101,700 |
Commercial Global License Agreement, Johns Hopkins University, AR101 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
License agreement, minimum annual royalties, low end of range | 5 |
License agreement, minimum annual royalties, high end of range | $ 20 |
License agreement, royalties, percentage of net product sales (as a percent) | 3% |
License agreement, royalties, achievement of certain regulatory and commercial milestones, maximum | $ 1,600 |
Capital Structure - Common and
Capital Structure - Common and Preferred Stock (Details) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 62,429,445 | 38,578,825 |
Common stock, shares outstanding (in shares) | 62,429,445 | 38,578,825 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Capital Structure - Restricted
Capital Structure - Restricted Stock (Details) - shares | Sep. 30, 2022 | Jun. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 62,429,445 | 38,578,825 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, shares outstanding (in shares) | 1,463,482 |
Capital Structure - Stock Offer
Capital Structure - Stock Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Aug. 11, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 07, 2022 | Sep. 28, 2021 | Jun. 04, 2021 | Jun. 08, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance of stock | $ 10,416 | $ 307 | |||||
Share price (in dollars per share) | $ 1.25 | ||||||
Shelf Registration Statement, 2020 Shelf | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Shelf registration, amount authorized | $ 100,000 | ||||||
Shelf registration, remaining amount available for sale | 43,000 | ||||||
Shelf Registration Statement, 2020 Shelf, At-the-market Sales Agreement | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
At-the-market sales agreement, amount authorized | $ 30,000 | ||||||
At-the-market sales agreement, remaining amount available for sale | $ 11,800 | ||||||
Issuance of common stock (in shares) | 628,138 | ||||||
Proceeds from issuance of stock | $ 400 | ||||||
Shelf Registration Statement, 2021 Shelf | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Shelf registration, amount authorized | $ 100,000 | ||||||
Shelf registration, remaining amount available for sale | $ 82,400 | ||||||
Shelf Registration Statement, 2021 Shelf, Underwritten Public Offering, August 2022 | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Issuance of common stock (in shares) | 21,505,814 | ||||||
Proceeds from issuance of common stock and warrants | $ 10,000 | ||||||
Underwriting discounts, commissions, and other offering expenses | 900 | ||||||
Proceeds from issuance of common stock and warrants, net of issuance costs | $ 9,100 |
Capital Structure - Warrants (D
Capital Structure - Warrants (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 11, 2022 | Mar. 07, 2022 | Jan. 26, 2022 |
Warrants to Purchase Common Stock, Equity Classified, August 2022 | |||
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, date from which warrants or rights exercisable | Aug. 11, 2022 | ||
Class of warrant or right, offering price (in dollars per share) | $ 0.429 | ||
Fair value of warrants | $ 3.3 | ||
Warrants to Purchase Common Stock, Equity Classified, Pre-funded Warrants, August 2022 | |||
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, number of securities called by warrants or right (in shares) | 1,750,000 | ||
Class of warrant or right, number of securities called by each warrant or right (in shares) | 1 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.001 | ||
Warrants to Purchase Common Stock, Equity Classified, Common Warrants, August 2022 | |||
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, number of securities called by warrants or right (in shares) | 23,255,814 | ||
Class of warrant or right, number of securities called by each warrant or right (in shares) | 1 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.43 | ||
Warrants and rights outstanding, term | 5 years | ||
Warrants to Purchase Common Stock, Equity Classified, Avenue Capital Warrants, January 2022 | |||
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, date from which warrants or rights exercisable | Mar. 07, 2022 | ||
Class of warrant or right, number of securities called by warrants or right (in shares) | 867,769 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 1.21 | ||
Warrants to Purchase Common Stock, Liability Classified, Avenue Capital Warrants, January 2022 | |||
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, date from which warrants or rights exercisable | Jan. 26, 2022 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 1.21 |
Equity Incentive Plans - Genera
Equity Incentive Plans - General Information (Details) - shares | 3 Months Ended | |||||
Apr. 19, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2021 | Feb. 13, 2020 | Jun. 01, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options outstanding (in shares) | 78,236 | 80,377 | ||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested units outstanding (in shares) | 170,000 | 170,000 | ||||
Aytu 2015 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 5,000,000 | 3,000,000 | ||||
Number of shares available for grant (in shares) | 2,416,643 | |||||
Aytu 2015 Plan | Share-Based Payment Arrangement, Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Term of award | 10 years | |||||
Aytu 2015 Plan | Share-Based Payment Arrangement, Option | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Aytu 2015 Plan | Share-Based Payment Arrangement, Option | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Aytu 2015 Plan | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested units outstanding (in shares) | 1,363,324 | 1,607,572 | ||||
Aytu 2015 Plan | Restricted Stock | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Aytu 2015 Plan | Restricted Stock | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 10 years | |||||
Aytu 2015 Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Neos 2015 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options outstanding (in shares) | 69,721 | |||||
Registered shares of common stock (in shares) | 1,255,310 | |||||
Number of shares available for grant (in shares) | 105,449 | 47,185 | ||||
Neos 2015 Plan | Share-Based Payment Arrangement, Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Term of award | 10 years | |||||
Neos 2015 Plan | Share-Based Payment Arrangement, Option | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 1 year | |||||
Neos 2015 Plan | Share-Based Payment Arrangement, Option | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Neos 2015 Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested units outstanding (in shares) | 35,728 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Options (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of options outstanding, beginning balance (in shares) | 80,377 | |
Forfeited/cancelled (in shares) | (1,600) | |
Expired (in shares) | (541) | |
Number of options outstanding, ending balance (in shares) | 78,236 | 80,377 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted average exercise price outstanding, beginning balance (in dollars per share) | $ 16.61 | |
Forfeited/cancelled (in dollars per share) | 6.34 | |
Expired (in dollars per share) | 7.89 | |
Weighted average exercise price outstanding, ending balance (in dollars per share) | $ 16.88 | $ 16.61 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Outstanding, weighted average remaining contractual life (Year) | 7 years 5 months 1 day | 7 years 9 months 7 days |
Number of options exercisable | 54,856 | |
Weighted average exercise price exercisable (in dollars per share) | $ 20.61 | |
Weighted average remaining contractual life in years exercisable | 7 years 4 months 17 days |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock - Activity (Details) - Restricted Stock - Aytu 2015 Plan | 3 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested outstanding, beginning balance (in shares) | shares | 1,607,572 |
Granted (in shares) | shares | 6,500 |
Vested (in shares) | shares | (210,916) |
Forfeited/Cancelled (in shares) | shares | (39,832) |
Unvested outstanding, ending balance (in shares) | shares | 1,363,324 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, weighted average grant date fair value outstanding, beginning balance (in dollars per share) | $ / shares | $ 7.47 |
Granted (in dollars per share) | $ / shares | 0.67 |
Vested (in dollars per share) | $ / shares | 5.78 |
Forfeited/Cancelled (in dollars per share) | $ / shares | 7.47 |
Unvested, weighted average grant date fair value outstanding, ending balance (in dollars per share) | $ / shares | $ 7.70 |
Equity Incentive Plans - Rest_2
Equity Incentive Plans - Restricted Stock - Additional Information (Details) - Restricted Stock - Non-plan - shares | Jan. 17, 2022 | Sep. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested units outstanding (in shares) | 158 | |
Management | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 100,000 |
Equity Incentive Plans - Rest_3
Equity Incentive Plans - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested outstanding, beginning balance (in shares) | shares | 170,000 |
Granted (in shares) | shares | 0 |
Unvested outstanding, ending balance (in shares) | shares | 170,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Unvested, weighted average grant date fair value outstanding, beginning balance (in dollars per share) | $ / shares | $ 1.29 |
Granted (in dollars per share) | $ / shares | 0 |
Unvested, weighted average grant date fair value outstanding, ending balance (in dollars per share) | $ / shares | $ 1.29 |
Equity Incentive Plans - Unreco
Equity Incentive Plans - Unrecognized Compensation Costs (Details) $ in Millions | 3 Months Ended |
Sep. 30, 2022 USD ($) | |
Unrecognized compensation costs | |
Unrecognized compensation costs, options | $ 0.1 |
Share-Based Payment Arrangement, Option | |
Unrecognized compensation costs | |
Unrecognized compensation costs, period for recognition | 1 year 4 months 24 days |
Restricted Stock | Aytu 2015 Plan | |
Unrecognized compensation costs | |
Unrecognized compensation costs, excluding options | $ 8.4 |
Unrecognized compensation costs, period for recognition | 2 years 7 months 6 days |
Restricted Stock | Non-plan | |
Unrecognized compensation costs | |
Unrecognized compensation costs, excluding options | $ 0.8 |
Unrecognized compensation costs, period for recognition | 3 years 9 months 18 days |
Restricted Stock Units (RSUs) | |
Unrecognized compensation costs | |
Unrecognized compensation costs, excluding options | $ 0.2 |
Unrecognized compensation costs, period for recognition | 2 years 4 months 13 days |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Stock-based compensation expense | ||
Total share-based compensation expense | $ 1,177 | $ 1,519 |
Cost of Sales | ||
Stock-based compensation expense | ||
Total share-based compensation expense | 5 | 9 |
Research and Development Expense | ||
Stock-based compensation expense | ||
Total share-based compensation expense | 9 | 319 |
Selling and Marketing Expense | ||
Stock-based compensation expense | ||
Total share-based compensation expense | 3 | 9 |
General and Administrative Expense | ||
Stock-based compensation expense | ||
Total share-based compensation expense | $ 1,160 | $ 1,182 |
Warrants - General Information
Warrants - General Information (Details) | Aug. 11, 2022 D $ / shares shares | Mar. 07, 2022 $ / shares shares | Jan. 26, 2022 $ / shares | Sep. 30, 2022 shares | Jun. 30, 2022 shares |
Warrants to Purchase Common Stock, Equity Classified | |||||
Class of Warrant or Right [Line Items] | |||||
Outstanding warrants (in shares) | 31,920,285 | 8,664,471 | |||
Warrants to Purchase Common Stock, Equity Classified, August 2022 | |||||
Class of Warrant or Right [Line Items] | |||||
Class of warrant or right, date from which warrants or rights exercisable | Aug. 11, 2022 | ||||
Warrants to Purchase Common Stock, Equity Classified, Pre-funded Warrants, August 2022 | |||||
Class of Warrant or Right [Line Items] | |||||
Class of warrant or right, number of securities called by warrants or right (in shares) | 1,750,000 | ||||
Class of warrant or right, number of securities called by each warrant or right (in shares) | 1 | ||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 0.001 | ||||
Warrants to Purchase Common Stock, Equity Classified, Common Warrants, August 2022 | |||||
Class of Warrant or Right [Line Items] | |||||
Class of warrant or right, number of securities called by warrants or right (in shares) | 23,255,814 | ||||
Class of warrant or right, number of securities called by each warrant or right (in shares) | 1 | ||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 0.43 | ||||
Warrants and rights outstanding, term | 5 years | ||||
Class of warrant or right, exercise price adjustment, quotient, divisor, common stock, volume-weighted average price, 20 consecutive trading day period preceding 16th trading day, lowest trading days (in days) | D | 5 | ||||
Class of warrant or right, exercise price adjustment, quotient, divisor, common stock, volume-weighted average price, consecutive trading days preceding 16th trading day (in days) | D | 20 | ||||
Class of warrant or right, exercise price adjustment, quotient, dividend, scenario one | 5 | ||||
Class of warrant or right, exercise price adjustment, quotient, dividend, scenario two (in dollars per share) | $ / shares | $ 0.116 | ||||
Class of warrant or right, exercise price adjustment, maximum shares (in shares) | 46,511,628 | ||||
Class of warrant or right, exercise price adjustment, equity offering, common stock price lower than warrant exercise price prior to 2nd anniversary of Stock Combination Event, adjusted exercise price (in dollars per share) | $ / shares | $ 0.116 | ||||
Warrants to Purchase Common Stock, Equity Classified, Avenue Capital Warrants, January 2022 | |||||
Class of Warrant or Right [Line Items] | |||||
Class of warrant or right, number of securities called by warrants or right (in shares) | 867,769 | ||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 1.21 | ||||
Class of warrant or right, date from which warrants or rights exercisable | Mar. 07, 2022 | ||||
Warrants to Purchase Common Stock, Liability Classified, Avenue Capital Warrants, January 2022 | |||||
Class of Warrant or Right [Line Items] | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 1.21 | ||||
Class of warrant or right, date from which warrants or rights exercisable | Jan. 26, 2022 |
Warrants - Equity-based Warrant
Warrants - Equity-based Warrants Activity (Details) - Warrants to Purchase Common Stock, Equity Classified - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Class of Warrant or Right [Line Items] | ||
Outstanding, number of warrants (in shares) | 8,664,471 | |
Warrants issued (in shares) | 25,005,814 | |
Warrants exercised (in shares) | (1,750,000) | |
Outstanding, number of warrants (in shares) | 31,920,285 | 8,664,471 |
Outstanding, weighted average remaining contractual life | 4 years 9 months 3 days | 4 years 8 months 23 days |
Warrants issued, weighted average remaining contractual life | 5 years | |
Warrants exercised, weighted average remaining contractual life | 5 years | |
Weighted Average | ||
Class of Warrant or Right [Line Items] | ||
Outstanding, exercise price (in dollars per share) | $ 4.63 | |
Warrants issued (in dollars per share) | 0.43 | |
Warrants exercised (in dollars per share) | 0.43 | |
Outstanding, exercise price (in dollars per share) | $ 1.55 | $ 4.63 |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - shares | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 33,531,845 | 3,463,256 |
Warrants to Purchase Common Stock, Liability Classified | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 24,105 | |
Warrants to Purchase Common Stock, Equity Classified | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 31,920,285 | 1,160,445 |
Share-Based Payment Arrangement, Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 78,236 | 95,866 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 1,363,324 | 2,105,678 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 170,000 | 77,162 |
License Agreements (Details)
License Agreements (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Apr. 30, 2020 | Oct. 31, 2017 | Feb. 29, 2016 | |
Licensing Agreement, Cedars-Sinai Medical Center, Healight | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
License agreement, term, after the first bona fide commercial sale of such licensed product in a country | 10 years | ||
License agreement, initial license fee paid | $ 0.3 | ||
License agreement, patent prosecution fees paid | $ 0.1 | ||
Settlement Agreement and Associated License Agreement, 2014, Shire LLC, New Drug Application | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
License agreement, up-front, non-refundable license fee paid, maximum | $ 1 | ||
License Agreement, 2017, Shire LLC, New Drug Application | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
License agreement, up-front, non-refundable license fee paid, maximum | $ 1 |
Segment Reporting - General Inf
Segment Reporting - General Information (Details) - segment | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||
Number of reportable segments | 2 | 2 |
Segment Reporting - Consolidate
Segment Reporting - Consolidated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues [Abstract] | ||
Revenue from contract with customer | $ 27,655 | $ 21,897 |
Rx | ||
Revenues [Abstract] | ||
Revenue from contract with customer | 18,652 | 13,883 |
Consumer Health | ||
Revenues [Abstract] | ||
Revenue from contract with customer | $ 9,003 | $ 8,014 |
Segment Reporting - Consolida_2
Segment Reporting - Consolidated Net Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information, Profit (Loss) [Abstract] | ||
Net loss | $ (2,881) | $ (27,851) |
Rx | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||
Net loss | (2,054) | (26,457) |
Consumer Health | ||
Segment Reporting Information, Profit (Loss) [Abstract] | ||
Net loss | $ (827) | $ (1,394) |
Segment Reporting - Total Asset
Segment Reporting - Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 |
Assets [Abstract] | ||
Assets | $ 150,000 | $ 137,623 |
Rx | ||
Assets [Abstract] | ||
Assets | 134,067 | 121,377 |
Consumer Health | ||
Assets [Abstract] | ||
Assets | $ 15,933 | $ 16,246 |
Subsequent Events (Details)
Subsequent Events (Details) - Warrants to Purchase Common Stock, Equity Classified, Avenue Capital Warrants, January 2022 - $ / shares | Oct. 25, 2022 | Mar. 07, 2022 |
Subsequent Event [Line Items] | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 1.21 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.43 |