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Income Taxes | 12 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes For the fiscal year of 2023, there was no income tax benefit, primarily driven by Section 382 limitation on post-TCJA (“Tax Cuts and Jobs Act”) net operating loss (“NOL”) utilization, further described below. As of June 30, 2023, the Company had $0.1 million deferred tax asset (DTA) included in other non-current assets, $0.1 million deferred tax liability (DTL) included in other long-term liabilities, and $0.1 million income tax payable in accrued liabilities in the consolidated balance sheet. Section 382 Limitation Under the provisions of the Internal Revenue Code, substantial changes in the Company’s ownership may result in limitations on the amount of NOL carryforwards that can be utilized in future years. NOL carryforwards are subject to examination in the year they are utilized regardless of whether the tax year in which they are generated has been closed by statute. The amount subject to disallowance is limited to the NOL utilized. Accordingly, the Company may be subject to examination for prior NOLs generated as such NOLs are utilized. As part of the Company’s Section 382 analysis, an ownership change was determined to have occurred in March 2022 at a point in time when the Company had a net unrealized built-in gain. As such, the NOL generated during that period has been allocated and the post-change NOL (approximately $12 million) is determined to be fully available to offset fiscal 2023 pre-change income subject to the 80% limitation. The Company also determined that ownership change occurred in June 2023 at a time that the Company was in a net unrealized loss position. As a result of the Section 382 analysis, the Company had estimated $0.3 million of disallowed recognized built-in loss and had carried forward as an operating loss as of June 30, 2023. The Company had federal net operating losses of approximately $504.0 million as of June 30, 2023, that subject to limitation (as described above), may be available in future tax years to offset taxable income. Of the available federal net operating losses, approximately $172.0 million can be carried forward indefinitely, while the remaining balance will begin to expire in 2024 and completely expire in 2027. As of June 30, 2023, the Company had research and development credits of $3.0 million, which begin to expire in 2024. The available state net operating losses, if not utilized to offset taxable income in future periods, will begin to expire in 2025 through 2039. As of June 30, 2023, the Company had various state NOL carryforwards. The determination of the state NOL carryforwards is dependent on apportionment percentages and state laws that can change from year to year and impact the amount of such carryforwards. The Company notes there is diversity in practice regarding the treatment of deductions or loss carryforwards that are expected to expire unutilized. Generally, it is not appropriate to use zero as an applicable tax rate and rather, a deferred tax asset should be recorded at the applicable tax rate and a valuation of an equal amount would be provided. However, under certain circumstances it may be appropriate to follow an alternative approach and use a zero rate to write off the asset against the valuation allowance, reducing the valuation allowance and gross deferred tax assets disclosed. The Company considered both accounting viewpoints and determined it would present its NOL carryforwards gross with a full valuation allowance and not apply a zero rate to NOL carryforwards expected to expire unutilized. In review of the Company’s consolidated deferred position excluding NOLs and other tax attributes, the Company is in a net DTA position and therefore all NOLs are being fully valued and not utilized against a net DTL. The provision for income taxes consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (In thousands)
Current: | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 80 | ​ | $ | —
State | ​ |  | 46 | ​ |  | 7
Total current tax expense | ​ |  | 126 | ​ |  | 7
Deferred: | ​ |  | ​ | ​ |  | ​
Federal | ​ |  | (109) | ​ |  | (91)
State | ​ |  | (17) | ​ |  | (26)
Total deferred tax expense | ​ |  | (126) | ​ |  | (117)
Provision for income taxes | ​ | $ | — | ​ | $ | (110)
​ Income tax benefit resulting from applying statutory rates in jurisdictions in which the Company is taxed (Federal and various states) differs from the income tax provision (benefit) in the financial statements. Reconciliation of the U.S. federal statutory income tax rates to our effective tax rate is as follows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2023 | ​ | ​ | 2022
​ | ​ | (In thousands)
Tax at statutory rate | ​ | $ | (3,581) | ​ | (22.30) | % | ​ | $ | (23,159) | ​ | (21.00) | %
State income taxes, net of federal benefit | ​ | ​ | 16 | ​ | 0.10 | % | ​ | ​ | 601 | ​ | 0.55 | %
Permanent difference | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | %
Stock based compensation | ​ | ​ | — | ​ | — | % | ​ | ​ | 273 | ​ | 0.27 | %
Contingent consideration | ​ | ​ | (193) | ​ | (1.20) | % | ​ | ​ | (155) | ​ | (0.14) | %
162(m) limitation | ​ | ​ | — | ​ | — | % | ​ | ​ | 76 | ​ | 0.08 | %
Goodwill impairment | ​ | ​ | — | ​ | — | % | ​ | ​ | 9,733 | ​ | 8.83 | %
Transaction costs | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | %
Change in tax rate | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | %
Remeasurement of deferred taxes | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | %
Effect of phased-in tax rate | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | %
Loss on debt extinguishment and interest expense | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | %
Change in valuation allowance | ​ | ​ | 3,641 | ​ | 22.68 | % | ​ | ​ | 12,472 | ​ | 11.31 | %
Derivative income | ​ | ​ | — | ​ | — | % | ​ | ​ | — | ​ | — | %
Other | ​ | ​ | 117 | ​ | 0.72 | % | ​ | ​ | 49 | ​ | 0.01 | %
Net income tax provision (benefit) | ​ | $ | — | ​ | 0.00 | % | ​ | $ | (110) | ​ | (0.09) | %
​ Deferred income taxes arise from temporary differences in the recognition of certain items for income tax and financial reporting purposes. The approximate tax effects of significant temporary differences which comprise the deferred tax assets and liabilities are as follows for the respective periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended June 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (In thousands)
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carry forward | ​ | $ | 114,265 | ​ | $ | 114,443
Accrued Rebates | ​ | ​ | 6,994 | ​ | ​ | 5,944
Share-based compensation | ​ |  | 4,250 | ​ |  | 2,773
Accrued expenses | ​ | ​ | 758 | ​ | ​ | 817
R&D credits | ​ |  | 2,416 | ​ |  | 2,423
Interest | ​ | ​ | 4,188 | ​ | ​ | 2,975
Warrant Derivatives | ​ | ​ | 1,504 | ​ | ​ | —
Section 174 Capitalization | ​ | ​ | 836 | ​ | ​ | —
Inventory | ​ |  | 743 | ​ |  | 1,177
Lease liability | ​ |  | 492 | ​ |  | 799
Other | ​ | ​ | 1,332 | ​ | ​ | 1,301
Total deferred tax assets | ​ | ​ | 137,778 | ​ | ​ | 132,652
Less: valuation allowance | ​ | ​ | (136,400) | ​ | ​ | (128,966)
Deferred tax assets, net of valuation allowance | ​ | ​ | 1,378 | ​ | ​ | 3,686
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Intangibles | ​ |  | (845) | ​ |  | (2,717)
Fixed Assets | ​ |  | (50) | ​ |  | (308)
ROU asset | ​ | ​ | (483) | ​ | ​ | (788)
Total deferred tax liabilities | ​ | ​ | (1,378) | ​ | ​ | (3,813)
Net deferred tax liabilities | ​ | $ | — | ​ | $ | (127)
​ In fiscal year 2022, the impairment of goodwill decreased net deferred tax liabilities by $0.1 million resulting in an income tax benefit of $0.1 million. As of June 30, 2022, the Company had $0.1 million deferred tax liabilities included in other long-term liabilities in the consolidated balance sheet. The Company had federal net operating losses of approximately $503.2 million as of June 30, 2022, subject to Section 382 limitation. The Company has recorded a valuation allowance of $136.4 million and $129.0 million at June 30, 2023 and 2022, respectively, to reserve its net deferred tax assets. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, carry back opportunities and tax planning strategies in making the assessment. The Company believes it is more likely than not, that it will realize the benefits of these deductible differences, net of the valuation allowance provided. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company has no accrued interest related to its uncertain tax positions as they all relate to timing differences that would adjust the Company’s net operating loss carryforward, interest expense carryover or research and development credit carryover and therefore do not require recognition. As a result of these timing differences, at June 30, 2023 and 2022, the Company had gross unrecognized tax benefits related to uncertain tax positions of $2.9 million and $2.8 million, respectively. Changes in unrecognized benefits in any given year are recorded as a component of deferred tax expense. A tabular roll-forward of the Company’s gross unrecognized tax benefits is below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (In thousands)
Beginning balance | ​ | $ | 2,822 | ​ | $ | 3,435
Increase resulting from prior period tax positions | ​ |  | — | ​ |  | —
Increase resulting from current period tax positions | ​ | ​ | 246 | ​ |  | 34
Decrease resulting from current period tax positions | ​ |  | (120) | ​ | ​ | (647)
Ending balance | ​ | $ | 2,948 | ​ | $ | 2,822
​ The change in the Company’s gross unrecognized tax benefits relates to the acquisition of Neos, whereby historic tax positions of Neos were inherited in the acquisition. Additionally, Neos pre-acquisition tax years are subject to the same general statute of limitations, resulting in its tax years back to 2004 being subject to examination.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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