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Equity Instruments (Tables) | 9 Months Ended
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Mar. 31, 2015
Summary of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense for the years ended June 30 2014 and 2013, and nine months ended March 31, 2015 and 2014:
|  | Years Ended June 30, |  |  | Nine Months Ended March 31, |
|  | 2014 |  |  | 2013 |  |  | 2015 |  |  | 2014 |
|  |  |  |  |  |  |  | (unaudited) |
Research and development expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Luoxis |  | $ | 206,000 |  |  | $ | 203,000 |  |  | $ | 297,000 |  |  |  | 155,000 |
Vyrix |  |  | 38,000 |  |  |  | — |  |  |  | 26,000 |  |  | $ | 29,000 |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Luoxis |  |  | 152,000 |  |  |  | 114,000 |  |  |  | 371,000 |  |  |  | 116,000 |
Vyrix |  |  | 104,000 |  |  |  | — |  |  |  | 56,000 |  |  |  | 85,000 |
|  | $ | 500,000 |  |  | $ | 317,000 |  |  | $ | 750,000 |  |  | $ | 385,000 |
Unrecognized expense at March 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Luoxis |  | $ | 1,129,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Vyrix |  | $ | 194,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average remaining years to vest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Luoxis |  |  | 2.23 |  |  |  |  |  |  |  |  |  |  |  |  |
Vyrix |  |  | 1.79 |  |  |  |  |  |  |  |  |  |  |  |  |
Warrants Issued in Conjunction with its Senior Convertible Debentures | Aytu issued warrants in conjunction with its 2013 Private Placement. A summary of all warrants is as follows:
|  | Number of Warrants |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
Outstanding June 30, 2012 |  |  | — |  |  | $ | — |  |  |  |  |
Warrants issued - Private Placements |  |  | 102,613 |  |  | $ | 4.53 |  |  |  |  |
Outstanding June 30, 2013 |  |  | 102,613 |  |  | $ | 4.53 |  |  |  | 4.41 |
Outstanding June 30, 2014 |  |  | 102,613 |  |  | $ | 4.53 |  |  |  | 3.92 |
Outstanding March 31, 2015 (unaudited) |  |  | 102,613 |  |  | $ | 4.53 |  |  |  | 3.17 |
Significant Warrant Valuation Assumption | Significant assumptions in valuing the Luoxis warrants were as follows:
Expected volatility |  |  | 87 | %
Risk free interest rate |  |  | 0.52 | %
Expected term (years) |  |  | 5 |
Dividend yield |  |  | 0 | %
Luoxis Diagnostics [Member] |
Stock Options Valuation Assumption | The assumptions are as follows:
|  | Years Ended June 30, |  | Nine Months Ended
|  | 2014 |  | 2013 |  | March 31, 2015
|  |  |  |  |  | (unaudited)
Expected volatility |  | 79% - 82% |  | 86% |  | 79% - 108%
Risk free interest rate |  | 0.75% - 1.53% |  | 1.04% - 1.53% |  | 0.75% - 2.09%
Expected term (years) |  | 5.0 - 6.5 |  | 5.0 - 6.5 |  | 5.0 - 7.0
Dividend yield |  | 0% |  | 0% |  | 0%
Stock Option Activity | Stock option activity is as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
Outstanding June 30, 2012 |  |  | — |  |  | $ | — |  |  |  |  |  |  | $ | — |
Granted |  |  | 396,994 |  |  | $ | 4.53 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding June 30, 2013 |  |  | 396,994 |  |  | $ | 4.53 |  |  |  | 9.96 |  |  | $ | 1,272,000 |
Granted |  |  | 33,083 |  |  | $ | 4.53 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding June 30, 2014 |  |  | 430,077 |  |  | $ | 4.53 |  |  |  | 9.01 |  |  | $ | 1,374,000 |
Granted |  |  | 195,189 |  |  | $ | 7.25 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding March 31, 2015 (unaudited) |  |  | 625,266 |  |  | $ | 5.40 |  |  |  | 8.61 |  |  | $ | 2,541,000 |
Exercisable at March 31, 2015 (unaudited) |  |  | 206,767 |  |  | $ | 4.54 |  |  |  | 8.26 |  |  | $ | 687,000 |
Available for grant at March 31, 2015 (unaudited) |  |  | 477,495 |  |  |  |  |  |  |  |  |  |  |  |  |
Vyrix Pharmaceuticals [Member] |
Stock Options Valuation Assumption | The assumptions are as follows:
|  | Year Ended June 30, |  | Nine Months Ended
|  | 2014 |  | March 31, 2015
|  |  |  | (unaudited)
Expected volatility |  | 63% - 76% |  | 63% - 76%
Risk free interest rate |  | 0.90% - 2.02% |  | 0.90% - 2.02%
Expected term (years) |  | 5.0 - 6.5 |  | 5.0 - 6.5
Dividend yield |  | 0% |  | 0%
Stock Option Activity | Stock option activity is as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
Outstanding June 30, 2012 |  |  | — |  |  | $ | — |  |  |  |  |  |  | $ | — |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding June 30, 2013 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Granted |  |  | 117,053 |  |  | $ | 5.68 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding June 30, 2014 |  |  | 117,053 |  |  | $ | 5.68 |  |  |  | 9.54 |  |  | $ | 417,000 |
Granted |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding March 31, 2015 (unaudited) |  |  | 117,053 |  |  | $ | 5.68 |  |  |  | 8.79 |  |  | $ | 417,000 |
Exercisable at March 31, 2015 (unaudited) |  |  | 58,526 |  |  | $ | 5.68 |  |  |  | 8.79 |  |  | $ | 208,000 |
Available for grant at March 31, 2015 (unaudited) |  |  | 499,014 |  |  |  |  |  |  |  |  |  |  |  |  |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph i -Article 4 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 28 -Article 5 + Details
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