Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Taxes

Schedule of provision for income taxes

(In thousands)	2022		2021		2020
Current Income Tax Expense (Benefit)
Federal	$	(2,398)	$	(57,335)	$	(7,082)
State and Local		94		70		405
Total Current Income Tax Expense (Benefit)		(2,304)		(57,265)		(6,677)
Deferred Income Tax Expense (Benefit)
Federal		—		112,414		(6,525)
State and Local		—		5,476		(2,060)
Total Deferred Income Tax Expense (Benefit)		—		117,890		(8,585)
Total Income Tax Expense (Benefit)	$	(2,304)	$	60,625	$	(15,262)

Schedule of effective rate reconciliation

	June 30,		June 30,		June 30,
	2022		2021		2020
Federal income tax at statutory rate	21.0	%	21.0	%	21.0	%
State and local income tax, net	—	%	(1.4)	%	2.7	%
Nondeductible expenses	(0.1)	%	(0.1)	%	(1.1)	%
Nondeductible drug fee	—	%	(0.1)	%	(1.6)	%
Foreign rate differential	—	%	—	%	(0.1)	%
Income tax credits	0.1	%	0.2	%	2.5	%
Unrecognized tax benefits	—	%	—	%	(5.0)	%
Change in tax laws	1.0	%	5.1	%	15.4	%
Excess tax benefits on share-based compensation	(0.2)	%	(0.3)	%	(0.8)	%
Valuation allowance	(20.8)	%	(44.3)	%	—	%
Other	—	%	(0.1)	%	(1.6)	%
Effective income tax rate	1.0	%	(20.0)	%	31.4	%

Schedule of deferred taxes

	June 30,		June 30,
(In thousands)	2022		2021
Deferred tax assets:
Share-based compensation expense	$	2,567	$	1,779
Reserves		21,179		8,213
Inventory		6,249		6,047
Federal net operating loss		13,688		273
State net operating loss		6,682		9,415
Impairment on Cody note receivable		1,150		1,157
Accumulated amortization on intangible assets		119,764		112,548
Foreign net operating loss		1,792		1,792
Interest carryforward		34,117		21,111
Operating lease		2,563		2,890
R&D carryforward		1,690		1,334
Other		1,266		849
Total deferred tax asset		212,707		167,408
Valuation allowance		(193,478)		(153,383)
Total deferred tax asset less valuation allowance		19,229		14,025
Deferred tax liabilities:
Prepaid expenses		878		239
Property, plant and equipment		12,872		11,525
Operating lease		2,048		2,261
Other		3,431		—
Total deferred tax liability		19,229		14,025
Net deferred tax asset	$	—	$	—

Schedule of unrecognized tax benefits

(In thousands)	Balance
Balance at June 30, 2020	$	4,591
Increases for tax positions of the current year		91
Increases for tax positions of prior years		104
Lapse of statute of limitations		(240)
Balance at June 30, 2021	$	4,546
Increases for tax positions of the current year		40
Decreases for tax positions of prior years		(250)
Balance at June 30, 2022	$	4,336