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Equity Instruments (Tables)

12 Months Ended

Jun. 30, 2015

Summary of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the years ended June 30 2015 and 2014:


	Years Ended June 30,
	2015		2014
Research and development expenses
Stock options
Luoxis	$	427,000	$	206,000
Vyrix		92,000		38,000
General and administrative expenses
Stock options
Luoxis		316,000		152,000
Vyrix		183,000		104,000

	$	1,018,000	$	500,000


Unrecognized expense at June 30, 2015
Luoxis	$	—
Vyrix	$	—
Weighted average remaining years to vest
Luoxis		—
Vyrix		—

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, 2013		102,613	$	4.53		4.41
Outstanding June 30, 2014		102,613	$	4.53		3.92
Outstanding June 30, 2015		102,613	$	4.53		2.92

Luoxis Diagnostics [Member]

Stock Options Valuation Assumption

The assumptions are as follows:


	Years Ended June 30,
	2015	2014

Expected volatility	79% - 108%	79% - 82%
Risk free interest rate	1.62% - 2.09%	0.75% - 1.53%
Expected term (years)	5.5 - 7.0	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, 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		(625,266	)	$	5.40

Outstanding June 30, 2015		—		$	—

Exercisable at June 30, 2015		—		$	—

Available for grant at June 30, 2015		—

Vyrix Pharmaceuticals [Member]

Stock Options Valuation Assumption

The assumptions are as follows:


		Year Ended June 30,
		2014

Expected volatility		63% - 76%
Risk free interest rate		0.90% - 2.02%
Expected term (years)		5.0 - 6.5
Dividend yield		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, 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		(117,053	)	$	5.68

Outstanding June 30, 2015		—		$	—

Exercisable at June 30, 2015		—		$	—

Available for grant at June 30, 2015		—

- 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.

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