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Note 9 - Other Liabilities

12 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Other Liabilities Disclosure [Text Block]

Note 9 - Other Liabilities

Other liabilities consist of the following:

		*June 30,*
		*2025*				*2024*
		(in thousands)
Fixed payment arrangements		$	3,223			$	8,337
Employee retention credit			3,759				3,759
Operating lease liabilities			1,122				1,289
Other			193				106
Total other liabilities			8,297				13,491
Less: current portion of other liabilities			(3,379	)			(8,962	)
Total other liabilities, non-current		$	4,918			$	4,529

Fixed payment arrangements

Fixed payment arrangements represent obligations to an investor assumed as part of the acquisition of products from Cerecor, Inc. in 2019, including fixed and variable payments.

In May 2022, the Company entered into an agreement with Tris to terminate the license, development, manufacturing and supply agreement dated November 2, 2018, related to Tuzistra XR (the “Tuzistra License Agreement”). Pursuant to such termination the Company accrued a settlement liability, which as of June 30, 2025, had a remaining balance of $3.1 million accrued in other current liabilities on the consolidated balance sheet payable to Tris, which was paid in full during the first quarter of fiscal 2026.

The Tris Karbinal Agreement grants the Company exclusive right to distribute and sell Karbinal in the United States. The initial term of the agreement was 20 years. The Company pays Tris a royalty equal to 23.5% of net revenue from the product. As of June 30, 2025, the Company has an accrued fixed payment arrangement balance related to these payment obligations of $0.2 million recorded in other current liabilities on the consolidated balance sheet.

Employee Retention Credit

The $3.8 million ERC accrual in other non-current liabilities as of June 30, 2025, represents the proceeds the Company received from the ERC program during the first quarter of fiscal 2025. Please see Note 2 - Significant of Significant Accounting Policies for further detail.

Operating Lease Liabilities

The Company has entered into various operating lease agreements for certain of its offices. Please refer to Note 6 - Leases for further detail.

Other

Other consists of taxes payable, deferred cost, and various other accruals, none of which individually or in the aggregate represent greater than five percent of total liabilities.