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Note 9 - Other Liabilities | 9 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Other Liabilities Disclosure [Text Block] | Note 9 - Other Liabilities Other liabilities consist of the following:
|  | March 31, |  |  | June 30, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Fixed payment arrangements |  | $ | 4,932 |  |  | $ | 8,337 |
Employee retention credit |  |  | 3,759 |  |  |  | 3,759 |
Operating lease liabilities |  |  | 1,103 |  |  |  | 1,289 |
Other |  |  | 196 |  |  |  | 106 |
Total other liabilities |  |  | 9,990 |  |  |  | 13,491 |
Less: current portion of other liabilities |  |  | (5,053 | ) |  |  | (8,962 | )
Total non-current portion of other liabilities |  | $ | 4,937 |  |  | $ | 4,529 |
Fixed Payment Arrangements Fixed payment arrangements represent obligations to a licensor 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 March 31, 2025, had a remaining balance of $4.3 million accrued in other current liabilities on the consolidated balance sheet payable to Tris, with a provision that allows the Company to pay interest on any principal amounts due but remaining unpaid past July 2024. The Tris Karbinal Agreement grants the Company the 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. The Tris Karbinal Agreement also contains minimum unit sales commitments, which is based on a commercial year that spans from August 1 through July 31, of 70,000 units annually through 2025. The Company is required to pay Tris a royalty make-whole payment of $30 for each unit under the 70,000-unit annual minimum sales commitment through 2025. The Tris Karbinal Agreement make-whole payment is capped at $2.1 million each year. The final annual make-whole payment is due in August 2025. The Tris Karbinal Agreement also has multiple commercial milestone obligations that aggregate up to $3.0 million based on cumulative net revenue from the product, the first of which is triggered at $40.0 million. As of March 31, 2025, the Tris Karbinal Agreement accrued fixed payment arrangement balance was $0.7 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 March 31, 2025, represents the proceeds the Company received from the ERC program during the first quarter of fiscal 2024. Please see Note 2 – Significant Accounting Policies for further detail. Operating Lease Liabilities The Company has entered into various operating lease agreements for certain of its offices. Please see Note 6 - Leases for further detail. Other Other consists of taxes payable, deferred cost related to the Company’s technology transfer, and various other accruals, none of which individually or in the aggregate represent greater than five percent of total liabilities.

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