Vaxart (VXRT) 10-Q 12 Nov 13 2013 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Biota Pharmaceuticals, Inc.	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--06-30	'
Entity Common Stock, Shares Outstanding	'	28,363,326
Amendment Flag	'false	'
Entity Central Index Key	'0000072444	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Millions, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$60.80	$66.80
Accounts receivable	12.9	11
Prepaid and other current assets	1.3	2.2
Total current assets	75	80
Non-current assets:	'	'
Property and equipment, net	3.5	3.7
Intangible assets, net	0.5	0.6
Total non-current assets	4	4.3
Total assets	79	84.3
Current liabilities:	'	'
Accounts payable	2.1	4.4
Accrued expenses	9.4	8.2
Accrued severance obligations	2.2	3
Deferred revenue	0.1	0.3
Total current liabilities	13.8	15.9
Non-current liabilities:	'	'
Other liabilities, net of current portion	0.3	0.2
Total liabilities	14.1	16.1
Stockholders’ equity:	'	'
Common stock, $0.10 par value; 200,000,000 shares authorized 28,363,326 and 28,352,326 shares issued and outstanding at September 30, 2013 and June 30, 2013, respectively	2.8	2.8
Additional paid-in capital	119	118.7
Accumulated other comprehensive income	25.6	25.3
Accumulated deficit	-82.5	-78.6
Total stockholders’ equity	64.9	68.2
Total liabilities and stockholders’ equity	$79	$84.30

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Sep. 30, 2013	Jun. 30, 2013
Common Stock, Par value (in Dollars per share)	$0.10	$0.10
Common Stock, Shares Authorized (in Shares)	200,000,000	200,000,000
Common Stock, Shares Issued (in Shares)	28,363,326	28,352,326
Common stock, shares outstanding (in Shares)	28,363,326	28,352,326

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Revenue:	'	'
Revenue from services	$12.20	$1.30
Other	0.1	0.2
Total revenue	12.3	1.5
Operating expense:	'	'
Cost of revenue	10.7	1.5
Research and development	3	4.6
General and administrative	2.4	3.2
Foreign exchange loss	0.3	'
Total operating expense	16.4	9.3
Loss from operations	-4.1	-7.8
Non-operating income:	'	'
Interest income	0.1	0.5
Loss before tax	-4	-7.3
Income tax benefit	0.1	0.1
Net Income (Loss)	-3.9	-7.2
Exchange differences on translation of foreign operations	0.3	1.3
Basic loss per share (in Dollars per share)	($0.14)	($0.32)
Diluted loss per share (in Dollars per share)	($0.14)	($0.32)
Basic weighted-average shares outstanding (in Shares)	28,291,665	22,806,170
Diluted weighted-average shares outstanding (in Shares)	28,291,665	22,806,170
Total comprehensive loss	($3.60)	($5.90)

Condensed_Statements_of_Stockh

Condensed Statements of Stockholders’ Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Translation Adjustment [Member]	Total
In Millions, except Share data
Balances at July 1, 2013 at Jun. 30, 2013	$2.80	$118.70	($78.60)	$25.30	$68.20
Balances at July 1, 2013 (in Shares) at Jun. 30, 2013	28,352,326	'	'	'	28,352,326
Exchange differences on translation of foreign operations	'	'	'	0.3	0.3
Net loss	'	'	-3.9	'	-3.9
Restricted stock units, net (in Shares)	11,000	'	'	'	'
Share-based compensation	'	0.3	'	'	0.3
Balances at September 30, 2013 at Sep. 30, 2013	$2.80	$119	($82.50)	$25.60	$64.90
Balances at September 30, 2013 (in Shares) at Sep. 30, 2013	28,363,326	'	'	'	28,363,326

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net loss	($3.90)	($7.20)
Depreciation and amortization	0.5	0.6
Share-based compensation	0.3	0.2
Change in operating assets and liabilities (net of liabilities acquired):	'	'
Accounts receivables	-2	-1.2
Prepaid expenses and other current assets	0.9	-0.1
Deferred tax assets	'	-0.1
Deferred revenue	-0.2	-0.1
Accounts payable and accrued expenses	-1	2.7
Accrued severance obligations	-0.8	0
Net cash used in operating activities	-6.2	-5.2
Purchases of property and equipment	-0.1	-0.2
Net cash used in investing activities	-0.1	-0.2
Decrease in cash and cash equivalents	-6.3	-5.4
Cash and cash equivalent at beginning of period	66.8	53.8
Effects of exchange rate movements on cash and cash equivalents	0.3	-1.3
Cash and cash equivalents at end of period	$60.80	$47.10

Note_1_Company_Overview

Note 1 - Company Overview	3 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Nature of Operations [Text Block]	'
	(1)    Company Overview
	Biota Pharmaceuticals, Inc., together with its wholly owned subsidiaries (“Biota”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of products to prevent and treat serious and potentially life-threatening infectious diseases. The Company has been incorporated in the state of Delaware since 1969 and the corporate headquarters are located in Alpharetta, Georgia. On November 8, 2012, Nabi Biopharmaceuticals (“Nabi”) merged with Biota Holdings Limited, which was previously listed on the Australian Stock Exchange (ASX:BTA), and the resulting company was renamed to Biota Pharmaceuticals, Inc.
	The Company currently has two Phase 2 clinical-stage product candidates; laninamivir octanoate, for the treatment of influenza A and B infections in the U.S. market; and vapendavir (“BTA798”), a potent, oral broad-spectrum capsid inhibitor of enteroviruses, including human rhinovirus (“HRV”). In addition, the Company has preclinical programs focused on developing treatments for respiratory syncytial virus (“RSV”) as well as for gram-negative and multi-drug resistant bacterial infections.
	The Company has developed a neuraminidase inhibitor (“NI”), zanamivir, which is marketed worldwide by GlaxoSmithKline (“GSK”) as Relenza® for the prevention and treatment of influenza under a research and license agreement entered into with the Company in 1990. In addition, the Company and Daiichi Sankyo Inc. have cross-licensed the world-wide rights to develop and commercialize long-acting neuraminidase inhibitors (“LANI’s”), including laninamivir octanoate, which is marketed by Daiichi Sankyo Inc. as (“Inavir”) in Japan for the treatment of influenza A & B infections in adults and children. In November 2012, Daiichi Sankyo submitted an application for Japan to manufacture and market Inavir® for the prevention of influenza infection. The Company has filed an Investigational New Drug application (“IND”) with the United States Food and Drug Administration (“FDA”) to develop laninamivir octanoate in the U.S., and in 2011 the Company was awarded a contract from the U.S. Office of Biomedical Advanced Research and Development Authority (“BARDA”) designed to provide up to $231.2 million in support of the development of and submission for a new drug application (“NDA”) of laninamivir octanoate for the treatment of influenza A and B infections in the United States.
	Although several of the Company’s influenza products have been successfully developed and commercialized by other larger pharmaceutical companies under license agreements, the Company has not received regulatory approval for any product candidates it has developed independently, and does not have any sales, marketing or commercial capabilities. Therefore, it is possible that the Company may not successfully derive any significant product revenues or earnings from any of its existing or future development-stage product candidates.

Note_2_Basis_of_Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	(2)    Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All material adjustments considered necessary for a fair presentation have been included. Certain information and footnotes disclosure normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (“SEC”). Except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in our Form 10-K filed on September 27, 2013.
	The unaudited interim consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.
	Operating results for the three months ended September 30, 2013 are not necessarily indicative of the annual results that may be expected for the year ending June 30, 2014. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. For a more complete discussion of the Company’s significant accounting policies and other information, this report should be read in conjunction with the consolidated financial statements for the year ended June 30, 2013 included in the Company’s Annual Report filed on Form 10-K that was filed with the SEC on September 27, 2013.
	The Company’s significant accounting policies have not changed since June 30, 2013, except as outlined below:
	Recent Accounting Standards
	In March 2013, FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force), effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company does not expect adoption will have a material impact on its consolidated financial statements.

Note_3_Merger

Note 3 - Merger	3 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Business Combination Disclosure [Text Block]	'
	(3)    Merger
	Summary
	On April 22, 2012, Nabi and Biota Holdings Limited entered into a merger implementation agreement (the “merger”), which was subsequently amended on August 6, 2012 and further amended on September 17, 2012. On November 8, 2012, Nabi and Biota Holdings Limited completed the merger and pursuant to the terms and subject to the conditions set forth in the Agreement, Biota Holdings Limited became a wholly owned subsidiary of Nabi. Nabi then changed its name to Biota Pharmaceuticals, Inc.
	Reverse Stock Split
	On November 8, 2012, as contemplated by the merger and as approved by Nabi’s stockholders and board of directors, Nabi filed a Certificate of Amendment to its Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to affect a reverse stock split of Nabi’s common stock at a ratio of 1:6. As a result of the reverse stock split, each six shares of Nabi common stock issued and outstanding immediately prior to the reverse stock split were automatically combined into and became one share of Nabi common stock. Also, as a result of the reverse stock split, the per share exercise price of, and the number of shares of common stock underlying, the Company’s outstanding stock options immediately prior to the reverse stock split were automatically proportionally adjusted at a ratio of 1:6 in accordance with the terms of such options. The reverse stock split did not alter the par value or modify any voting rights or other terms of the common stock.
	Merger between Nabi Biopharmaceuticals and Biota Holdings Limited
	Upon the completion of the merger, the resulting company was renamed Biota Pharmaceuticals, Inc. Former Biota Holdings Limited shareholders retained approximately 83% of the Company’s shares of common stock, while former Nabi shareholders retained approximately 17% as consideration for Nabi’s net assets, the vast majority of which was $27.0 million in net cash on hand on the date of the transaction. As Nabi had minimal ongoing activity with respect to its development programs and related operations at the time of the merger, the Company’s future operations will be largely represented by the operations of Biota Holdings Limited. Further, due to the fact that former Biota Holdings Limited shareholders held a significant majority of the voting interest in the Company upon the completion of the merger, the merger has been accounted for as a “reverse merger”, such that, notwithstanding the fact that Nabi was the legal acquirer, Biota Holdings Limited is considered the accounting acquirer for financial reporting purposes. Accordingly, the financial statements of Biota Holdings Limited are treated as the historical financial statements of the Company, with the operating results of Nabi being included from November 8, 2012. As a result of the merger, historical common stock amounts and additional paid-in capital have been adjusted.
	Exchange Ratio
	Upon completion of the merger, each outstanding share of Biota Holdings Limited common stock converted into the right to receive 0.1249539870 shares of Nabi common stock as determined by the exchange ratio as calculated pursuant to the terms of the Merger, as amended. The issued share capital upon completion of the merger was comprised of the following:
		No. of Shares
	Ex-Nabi stockholders		4,720,999
	Ex-Biota Holdings Limited stockholders		23,416,347
	Total		28,137,346
	Purchase Consideration and Net Assets Acquired
	The purchase consideration in a reverse merger is determined with reference to the value of consideration, in this case equity that the accounting acquirer (in this case Biota Holdings Limited,) issues to the stockholders of the accounting acquiree (Nabi, in this case) to give them their interest in the combined entity. Further, as a result of the merger, stock options to purchase an aggregate of 0.5 million shares of Nabi common stock that were held by officers and directors of Nabi immediately vested. The fair values of Nabi’s outstanding stock options were determined using the Black-Scholes option pricing model with the following assumptions: a strike price range of $11.34 – $99.91; a volatility range between 78.79% – 99.62%; a risk-free interest rate range of 0.12% – 0.87%; and an expected life range of 0.3 – 6.1 years.
	The purchase consideration, based on the price per share of the Company’s common stock as of the date of the merger, is as follows:
	Number of shares issued to Nabi stockholders		4,720,999
	Fair value per share, using the volume weighted share price on November 9, 2012	$	4.0168
	Implied purchase consideration (in millions)	$	19
	Number of stock options outstanding to former Nabi employees		508,918
	Fair value per option	$	0.456
	Implied purchase consideration (in millions)	$	0.2
	Total implied purchase consideration (in millions)	$	19.2
	The net assets acquired as a result of the merger consist of (in millions):
	Cash	$	32.7
	Accrual for severance obligations and employee benefits		(5.0	)
	Accounts payable		(0.7	)
	Net cash received	$	27
	Excess of net assets acquired over total fair value purchase consideration/gain recorded on merger	$	7.8
	Due to the significant uncertainty associated with Nabi’s future cash flows from its drug development programs, no purchase consideration has been allocated to the residual value of any of Nabi’s drug development programs, or the potential royalty of Phoslyra that was sold to a third party in 2006.
	Pursuant to the merger, Biota Holdings Limited received net cash of $27.0 million from Nabi, while Nabi stockholders received a proportion of the combined entity based on the Biota Holdings Limited share price upon completion of the merger. Movements in the Biota Holdings Limited share price and the U.S. and Australian dollar exchange rates between the date of the determination of the exchange ratio and the date of the completion of the merger, coupled with changes in the fair value of certain assets and liabilities, resulted in the net assets acquired exceeding the calculated purchase consideration. The resulting gain of $7.8 million recorded on the completion of the merger was recognized as other income in the consolidated statements of operations in the prior year.
	Pro forma Financial Information
	The following table presents selected unaudited financial information, as if the merger with Nabi had occurred on July 1, 2012 (in millions, except per share data) (for the three months ended September 30, 2012.).
		September 30,
		2012
	Pro forma net revenue	$	2.1
	Pro forma net loss		(11.3	)
	Pro forma basic loss per share		(0.50	)
	Pro forma diluted loss per share		(0.50	)

Note_4_Net_Income_Loss_Per_Sha

Note 4 - Net Income (Loss) Per Share	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	(4)    Net Loss per share
	Basic and diluted loss per share has been computed based on net loss and the weighted-average number of common shares outstanding during the applicable period. For diluted net loss per share, common stock equivalents (shares of common stock issuable upon the exercise of stock options and unvested restricted stock units) are excluded from the calculation of diluted net loss per share as their inclusion would be anti-dilutive. The Company has excluded all antidilutive share-based awards to purchase common stock in periods indicating a loss, as their effect is anti-dilutive.
	The following table sets forth the computation of historical basic and diluted net loss per share.
		Three Months Ended
		September 30,
		2013			2012
	Net loss (in millions)	$	(3.9	)	$	(7.2	)
	Weighted-average shares outstanding		28,291,665			182,516,549
	Weighted- average shares outstanding adjusted using exchange ratio used to compute basic earnings per share		-			22,806,170
	Dilutive effect of restricted stock and stock options		-			-
	Shares used to compute diluted earnings per share		28,291,665			22,806,170
	Basic loss per share	$	(0.14	)	$	(0.32	)
	Diluted loss per share	$	(0.14	)	$	(0.32	)
	Number of antidilutive share-based awards excluded from computation		1,688,529			-

Note_5_Licences_Royalty_Collab

Note 5 - Licences, Royalty Collaborative and Contractual Arrangements	3 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Collaborative Arrangement Disclosure [Text Block]	'
	(5)    Licenses, Royalty Collaborative and Contractual Arrangements
	Royalty agreements
	The Company entered into a royalty-bearing research and license agreement with GSK in 1990 for the development and commercialization of zanamivir, a neuraminidase inhibitor (“NI”) marketed by GSK as Relenza® to treat influenza. Under the terms of the agreement, the Company licensed zanamivir to GSK on an exclusive, worldwide basis and is entitled to receive royalty payments of 7% of GSK's annual net sales of Relenza® in the U.S., Europe, Japan and certain other countries as well as 10% of GSK's annual net sales of Relenza® in Australia, New Zealand, South Africa and Indonesia. Beginning in 2014, the patents on Relenza® are scheduled to expire in certain countries and are scheduled to fully expire in 2019.
	The Company entered into a collaboration and license agreement with Daiichi Sankyo in 2003 related to the development of second generation long acting NI’s, including laninamivir octanoate. Under the collaboration and license agreement, the Company and Daiichi Sankyo cross-licensed the right to develop, make, use, sell or offer for sale, or import products based on our respective intellectual property related to our long acting NI’s. A primary focus of the agreement was for the parties to collectively seek third-party licensees that would develop and commercialize the related long-acting NI’s on a worldwide basis. In the event that the related intellectual property was out-licensed to a third party, the Company and Daiichi Sankyo agreed to share equally in any future royalties, license fees, milestones or other payments received from such a licensee. Further, although it was the intention of the parties to seek a third-party licensee or licensees worldwide, the parties retained the right to market or co-market related products in the U.S. and other markets outside of Japan, and any sales made by either party in the U.S. would result in the selling party paying the other party a royalty rate that was half of the royalty rate paid by any other third-party licensee. To-date, there have been no third-party licenses granted pursuant to this agreement, therefore a royalty rate on net sales outside of Japan have not been established.
	In March 2009, the Company entered into a commercialization agreement with Daiichi Sankyo, pursuant to which it obtained exclusive marketing rights in Japan for long acting NI’s, including laninamivir octanoate, covered by the 2003 collaboration and license agreement between the parties. In consideration for these rights, Daiichi Sankyo agreed to pay the Company a royalty rate equal to 4% or potentially higher in certain circumstances, on net sales in Japan. In September 2010, laninamivir octanoate (Inavir®) was approved for sale by the Japanese Ministry of Health and Welfare for the treatment of influenza in adults and children. Accordingly, under this agreement, the Company currently receives a 4% royalty on net sales of Inavir® in Japan and is eligible to earn sales milestone payments. Patents on laninamivir octanoate in Japan generally expire in 2024.
	Collaborative and contract arrangements
	In March 2011, the Company’s wholly owned subsidiary, Biota Scientific Management Pty Ltd., was awarded a contract by BARDA for the late-stage development of laninamivir octanoate on a cost-plus-fixed-fee basis, the total of which is not to exceed $231.2 million. BARDA is part of the U.S. Office of the Assistant Secretary for Preparedness and Response ("ASPR") within the U.S. Department of Health and Human Services ("HHS"). The BARDA contract is designed to fund and provide the Company with all technical and clinical data and U.S. based manufacturing to support the filing of a U.S. new drug application (“NDA”) with the FDA for laninamivir octanoate. The performance period of the BARDA contract commenced on March 31, 2011, and continues for five years.
	The Company is considered an active participant in the BARDA contract, with exposure to significant risks and rewards of commercialization relating to the development of laninamivir octanoate. Therefore, revenues from and costs associated with the contract are recorded and recognized on a gross basis in the consolidated statement of operations. Revenue totaling $38.6 million has been recognized to-date pursuant to this contract.
	Changes in government policies, priorities or funding levels through agency or program budget reductions by the U.S. Congress or executive agencies could materially adversely affect the Company’s financial condition or results of operations if such changes negatively impacted its contract with BARDA. Furthermore, contracts with the U.S. government may be terminated or suspended by the U.S. government at any time, with or without cause. Such contract suspensions or terminations could result in expenses or charges not being reimbursed by BARDA, or otherwise adversely affect the Company’s financial condition and/or results of operations.
	The following tables summarize the key components of the Company’s revenues (in millions):
			Three Months Ended September 30,
			2013		2012
			(in millions)
	Royalty revenue	– Relenza®	$	-	$	-
		– Inavir®		-		-
	Commercial milestone – Inavir®			-		-
	Service revenue under BARDA contract			12.2		1.3
	Revenue under other contracts, grants and collaborations			0.1		0.2
	Total revenue		$	12.3	$	1.5

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. All material adjustments considered necessary for a fair presentation have been included. Certain information and footnotes disclosure normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (“SEC”). Except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in our Form 10-K filed on September 27, 2013.
	The unaudited interim consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.
	Operating results for the three months ended September 30, 2013 are not necessarily indicative of the annual results that may be expected for the year ending June 30, 2014. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. For a more complete discussion of the Company’s significant accounting policies and other information, this report should be read in conjunction with the consolidated financial statements for the year ended June 30, 2013 included in the Company’s Annual Report filed on Form 10-K that was filed with the SEC on September 27, 2013.
	The Company’s significant accounting policies have not changed since June 30, 2013, except as outlined below:
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recent Accounting Standards
	In March 2013, FASB issued ASU 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (a consensus of the FASB Emerging Issues Task Force), effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The Company does not expect adoption will have a material impact on its consolidated financial statements.

Note_3_Merger_Tables

Note 3 - Merger (Tables)	3 Months Ended
	Sep. 30, 2013
Business Combinations [Abstract]	'
Schedule of Stockholders Equity [Table Text Block]	'
		No. of Shares
	Ex-Nabi stockholders		4,720,999
	Ex-Biota Holdings Limited stockholders		23,416,347
	Total		28,137,346
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	'
	Number of shares issued to Nabi stockholders		4,720,999
	Fair value per share, using the volume weighted share price on November 9, 2012	$	4.0168
	Implied purchase consideration (in millions)	$	19
	Number of stock options outstanding to former Nabi employees		508,918
	Fair value per option	$	0.456
	Implied purchase consideration (in millions)	$	0.2
	Total implied purchase consideration (in millions)	$	19.2
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	'
	Cash	$	32.7
	Accrual for severance obligations and employee benefits		(5.0	)
	Accounts payable		(0.7	)
	Net cash received	$	27
	Excess of net assets acquired over total fair value purchase consideration/gain recorded on merger	$	7.8
Business Acquisition, Pro Forma Information [Table Text Block]	'
		September 30,
		2012
	Pro forma net revenue	$	2.1
	Pro forma net loss		(11.3	)
	Pro forma basic loss per share		(0.50	)
	Pro forma diluted loss per share		(0.50	)

Note_4_Net_Income_Loss_Per_Sha1

Note 4 - Net Income (Loss) Per Share (Tables)	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended
		September 30,
		2013			2012
	Net loss (in millions)	$	(3.9	)	$	(7.2	)
	Weighted-average shares outstanding		28,291,665			182,516,549
	Weighted- average shares outstanding adjusted using exchange ratio used to compute basic earnings per share		-			22,806,170
	Dilutive effect of restricted stock and stock options		-			-
	Shares used to compute diluted earnings per share		28,291,665			22,806,170
	Basic loss per share	$	(0.14	)	$	(0.32	)
	Diluted loss per share	$	(0.14	)	$	(0.32	)
	Number of antidilutive share-based awards excluded from computation		1,688,529			-

Note_5_Licences_Royalty_Collab1

Note 5 - Licences, Royalty Collaborative and Contractual Arrangements (Tables)	3 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
			Three Months Ended September 30,
			2013		2012
			(in millions)
	Royalty revenue	– Relenza®	$	-	$	-
		– Inavir®		-		-
	Commercial milestone – Inavir®			-		-
	Service revenue under BARDA contract			12.2		1.3
	Revenue under other contracts, grants and collaborations			0.1		0.2
	Total revenue		$	12.3	$	1.5

Note_1_Company_Overview_Detail

Note 1 - Company Overview (Details) (USD $)	1 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2011	Sep. 30, 2013	Sep. 30, 2012
Note 1 - Company Overview (Details) [Line Items]	'	'	'
Contracts Revenue (in Dollars)	$231.20	$0.10	$0.20
BARDA	'	'	'
Note 1 - Company Overview (Details) [Line Items]	'	'	'
Contracts Revenue (in Dollars)	$231.20	'	'

Note_3_Merger_Details

Note 3 - Merger (Details) (USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Nov. 08, 2012
Note 3 - Merger (Details) [Line Items]	'
Stockholders' Equity, Reverse Stock Split	'1:6
Net closing cash balance (in Dollars)	$27
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares)	0.124953987
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options (in Shares)	500,000
Business Combination, Bargain Purchase, Gain Recognized, Amount (in Dollars)	$7.80
Biota Holdings Limited	'
Note 3 - Merger (Details) [Line Items]	'
Ownership Percentage	83.00%
Nabi	'
Note 3 - Merger (Details) [Line Items]	'
Ownership Percentage	17.00%
Nabi | Minimum [Member]	'
Note 3 - Merger (Details) [Line Items]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price (in Dollars per share)	$11.34
Fair Value Assumptions, Expected Volatility Rate	78.79%
Fair Value Assumptions, Risk Free Interest Rate	0.12%
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term	'109 days
Nabi | Maximum [Member]	'
Note 3 - Merger (Details) [Line Items]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price (in Dollars per share)	$99.91
Fair Value Assumptions, Expected Volatility Rate	99.62%
Fair Value Assumptions, Risk Free Interest Rate	0.87%
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term	'6 years 36 days

Note_3_Merger_Details_Issued_S

Note 3 - Merger (Details) - Issued Share Capital	Nov. 08, 2012
No. of Shares	'
Number of Shares on Issue	28,137,346
Nabi	'
No. of Shares	'
Number of Shares on Issue	4,720,999
Biota Holdings Limited	'
No. of Shares	'
Number of Shares on Issue	23,416,347

Note_3_Merger_Details_Fair_Val

Note 3 - Merger (Details) - Fair Value Purchase Consideration (Nabi, USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Nov. 08, 2012
Business Acquisition [Line Items]	'
Number of shares issued to Nabi stockholders (in Shares)	4,720,999
Fair value per share, using the volume weighted share price on November 9, 2012 (in Dollars per share)	$4.02
Fair Value Purchase Consideration	$19.20
Number of stock options outstanding to former Nabi employees (in Shares)	508,918
Fair value per option (in Dollars per share)	$0.46
Employee Stock Option [Member]	'
Business Acquisition [Line Items]	'
Fair Value Purchase Consideration	0.2
Stock Shares	'
Business Acquisition [Line Items]	'
Fair Value Purchase Consideration	$19

Note_3_Merger_Details_Net_Asse

Note 3 - Merger (Details) - Net Assets Acquired (Biota, USD $)	0 Months Ended
In Millions, unless otherwise specified	Nov. 08, 2012
Note 3 - Merger (Details) - Net Assets Acquired [Line Items]	'
Cash	$32.70
Accounts payable	-0.7
Net cash received	27
Excess of net assets acquired over total fair value purchase consideration/gain recorded on merger	7.8
Accrual for Severance Obligations and Employee Benefits [Member]	'
Note 3 - Merger (Details) - Net Assets Acquired [Line Items]	'
Accounts payable	($5)

Note_3_Merger_Details_Business

Note 3 - Merger (Details) - Business Acquisition Pro Forma Information (USD $)	12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2012
Business Acquisition Pro Forma Information [Abstract]	'
Pro forma net revenue (in Dollars)	$2.10
Pro forma net loss (in Dollars)	($11.30)
Pro forma basic loss per share	($0.50)
Pro forma diluted loss per share	($0.50)

Note_4_Net_Income_Loss_Per_Sha2

Note 4 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Note 4 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'
Net loss (in millions) (in Dollars)	($3.90)	($7.20)
Weighted average shares outstanding	28,291,665	22,806,170
Shares used to compute diluted earnings per share	28,291,665	22,806,170
Basic loss per share (in Dollars per share)	($0.14)	($0.32)
Diluted loss per share (in Dollars per share)	($0.14)	($0.32)
Number of antidilutive share-based awards excluded from computation	1,688,529	'
Prior to Adjustments [Member]	'	'
Note 4 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'
Weighted average shares outstanding	28,291,665	182,516,549
Adjusted Using Exchange Ratio [Member]	'	'
Note 4 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'
Weighted average shares outstanding	'	22,806,170
Basic loss per share (in Dollars per share)	($0.14)	($0.32)
Diluted loss per share (in Dollars per share)	($0.14)	($0.32)

Note_5_Licences_Royalty_Collab2

Note 5 - Licences, Royalty Collaborative and Contractual Arrangements (Details) (USD $)	1 Months Ended	3 Months Ended		15 Months Ended			1 Months Ended	30 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Mar. 31, 2011	Sep. 30, 2013
				Major Countries	Australia, New Zealand, South Africa and Indonesia	Daiichi Sankyo	BARDA	BARDA
				GSK	GSK
Note 5 - Licences, Royalty Collaborative and Contractual Arrangements (Details) [Line Items]	'	'	'	'	'	'	'	'
Royalty Payment Percentage	'	'	'	7.00%	10.00%	4.00%	'	'
Contracts Revenue (in Dollars)	$231.20	$0.10	$0.20	'	'	'	'	$38.60
Contract Term	'	'	'	'	'	'	'5 years	'

Note_5_Licences_Royalty_Collab3

Note 5 - Licences, Royalty Collaborative and Contractual Arrangements (Details) - Components of Revenues from Royalties, Collaborative and Contractual Agreements (USD $)	1 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2011	Sep. 30, 2013	Sep. 30, 2012
Segment Reporting Information [Line Items]	'	'	'
Revenue under other contracts, grants and collaborations	$231.20	$0.10	$0.20
Total revenue	'	12.3	1.5
BARDA	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Service revenue under BARDA contract	'	12.2	1.3
Revenue under other contracts, grants and collaborations	$231.20	'	'