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Equity Incentive Plans | 9 Months Ended
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Mar. 31, 2023
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 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 150,000 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 250,000 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 of 4 years. As of March 31, 2023, the Company had 84,554 shares that are available for grant under the Aytu 2015 Plan. Neos 2015 Plan. Pursuant to the Neos Merger, the Company assumed 3,486 stock options and 1,786 restricted stock units (RSUs) previously granted under Neos plan. Accordingly, on April 19, 2021, the Company registered 5,272 shares of its common stock under the Neos Therapeutics, Inc. 2015 Stock Options and Incentive Plan (the "Neos 2015 Plan") with the SEC. The terms and conditions of the assumed equity securities will stay the same as they were under the previous Neos plan. The Company allocated costs of the replacement awards attributable to pre- and post-combination service periods. The pre-combination service costs were included in the considerations transferred. The remaining costs attributable to the post-combination service period are being recognized as stock-based compensation expense over the remaining terms of the replacement awards. Stock options granted under this plan have contractual terms of 10 years from the grant date and a vesting period ranging from 1 to 4 years. As of March 31, 2023, the Company had 2,579 shares that are available for grant under the 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 |  | 3,899 | ​ | $ | 209.70 |  | 7.77
Granted |  | 49,212 | ​ | ​ | 4.00 |  |
Forfeited/Cancelled |  | (152) | ​ | ​ | 126.84 |  |
Expired |  | (175) | ​ | ​ | 131.45 |  |
Outstanding at March 31, 2023 |  | 52,784 | ​ | $ | 18.42 |  | 9.31
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at March 31, 2023 |  | 2,920 | ​ | $ | 227.28 |  | 6.44
​ ​ As of March 31, 2023, there was $0.2 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 1.7 years. Restricted Stock During the nine months ended March 31, 2023, as a result of the change in members of the Company’s board, the Company accelerated unvested shares for two former members and recorded $1.5 million of non-cash equity compensation expense. On December 19, 2022, the Company entered into a Stipulation of Compromise and Settlement (the “Stipulation”). As a part of the terms of the Stipulation, the Company agreed to rescind 25% of the aggregate 2021 grants to board members. As a result of the recission of the shares, the Company recorded $0.6 million in non-cash compensation during the three months ended December 31, 2022. 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 |  | 80,373 | ​ | $ | 148.91
Granted |  | 6,825 | ​ | ​ | 3.79
Vested |  | (36,695) | ​ | ​ | 135.41
Forfeited/Cancelled | ​ | (6,689) | ​ | ​ | 135.66
Unvested at March 31, 2023 |  | 43,814 | ​ | $ | 139.63
​ ​ As of March 31, 2023, there was $4.9 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 2.4 years. The Company previously issued 4 shares of restricted stock outside the Aytu 2015 Plan, which vest in July 2026. On January 17, 2022, the Company granted 5,000 shares of restricted stock to a member of its management team outside of the Aytu 2015 Plan. As of March 31, 2023, there was $0.1 million total unrecognized costs related to non-vested restricted stock outside of the Company’s equity incentive plan. The unrecognized compensation cost is expected to be recognized over a weighted average period of 1.8 years. Restricted Stock Units RSUs activity is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average Grant
​ | ​ | Number of | ​ | Date Fair
​ | ​ | Shares | ​ | Value
Unvested at June 30, 2022 |  | 8,500 | ​ | $ | 25.88
Vested |  | (2,580) | ​ | ​ | 26.85
Unvested at March 31, 2023 |  | 5,920 | ​ | $ | 25.42
​ ​ As of March 31, 2023, there was $0.1 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 1.9 years. Stock-based compensation expense related to the fair value of stock options and restricted stock and RSUs was included in the condensed consolidated statements of operations as set forth in the below table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | March 31, | ​ | March 31,
​ |  | 2023 |  | 2022 | ​ | 2023 |  | 2022
​ | ​ | (in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales | ​ | $ | 4 | ​ | $ | 7 | ​ | $ | 12 | ​ | $ | 24
Research and development | ​ | ​ | 2 | ​ | ​ | 73 | ​ | ​ | 25 | ​ | ​ | 467
Selling and marketing | ​ | ​ | 3 | ​ | ​ | 23 | ​ | ​ | 9 | ​ | ​ | 51
General and administrative | ​ |  | 893 | ​ |  | 1,167 | ​ |  | 5,100 | ​ |  | 3,476
Total stock-based compensation expense | ​ | $ | 902 | ​ | $ | 1,270 | ​ | $ | 5,146 | ​ | $ | 4,018

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