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Note 12 - Equity Incentive Plan | 6 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 12. Equity Incentive Plan Share-based Compensation Plans On June 1, 2015, the Company's stockholders approved the Aytu BioScience 2015 Stock Option and Incentive Plan (the “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 2015 Plan. On February 13, 2020, the Company's stockholders approved an increase to 5.0 million total shares of common stock in the 2015 Plan. As of December 31, 2020 , we have 4,560,864 shares that are available for grant under the 2015 Plan. Stock Options Employee Stock Options: The fair value of the options is calculated using the Black-Scholes option pricing model. In order to calculate the fair value of the options, certain assumptions are made regarding components of the model, including the estimated fair value of the underlying common stock, risk-free interest rate, volatility, expected dividend yield and expected option life. Changes to the assumptions could cause significant adjustments to valuation. Aytu estimates the expected term based on the average of the vesting term and the contractual term of the options. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant for treasury securities of similar maturity. There were no grants of stock options to employees during the three - and six -months ended December 31, 2020 and 2019 Stock option activity is as follows:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Aggregate Intrinsic Value |
Outstanding June 30, 2020 |  |  | 76,614 |  |  | $ | 19.39 |  |  |  | 9.67 |  |  | $ | - |
Granted |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
Forfeited/Cancelled |  |  | (3,187 | ) |  |  | - |  |  |  |  |  |  |  |  |
Expired |  |  | (2 | ) |  |  | - |  |  |  |  |  |  |  |  |
Outstanding December 31, 2020 |  |  | 73,425 |  |  |  | 19.71 |  |  |  | 9.08 |  |  |  | - |
Exercisable at December 31, 2020 |  |  | 9,095 |  |  | $ | 67.62 |  |  |  | 7.81 |  |  | $ | - |
As of December 31, 2020 , there was $494,000 unrecognized option-based compensation expense related to non-vested stock options. The Company expects to recognize this expense over a weighted-average period of 2.68 years. Restricted Stock Restricted stock activity is as follows:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Life in Years |
Unvested at June 30, 2020 |  |  | 418,454 |  |  | $ | 14.69 |  |  |  | 6.4 |
Granted |  |  |  |  |  |  |  |  |  |  |  |
Vested |  |  | (52,743 | ) |  |  |  |  |  |  |  |
Forfeited |  |  |  |  |  |  |  |  |  |  |  |
Unvested at December 31, 2020 |  |  | 365,711 |  |  | $ | 15.66 |  |  |  | 6.3 |
Under the 2015 Plan, there was $4.3 million of total unrecognized stock-based compensation expense related to the non-vested restricted stock as of December 31, 2020 . The Company expects to recognize this expense over a weighted-average period of 6.3 years. The Company previously issued 158 shares of restricted stock outside the Company's 2015 Plan, which vest in July 2026. The unrecognized expense related to these shares was $1.1 million as of December 31, 2020 and is expected to be recognized over the weighted average period of 5.5 years. Stock-based compensation expense related to the fair value of stock options and restricted stock was included in the statements of operations as selling, general and administrative expenses as set forth in the table below:
|  | Three Months Ended December 31, |  |  | Six Months Ended December 31, |
Selling, general and administrative: |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Stock options |  | $ | 94,000 |  |  | $ | 2,000 |  |  | $ | 166,000 |  |  | $ | 7,000 |
Restricted stock |  |  | 414,000 |  |  |  | 160,000 |  |  |  | 797,000 |  |  |  | 320,000 |
Total stock-based compensation expense |  | $ | 508,000 |  |  | $ | 162,000 |  |  | $ | 963,000 |  |  | $ | 327,000 |

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