Vaxart (VXRT) 10-Q 12 May 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Mar. 31, 2014	9-May-14
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	'	35,095,161
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	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Millions, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$80.10	$66.80
Accounts receivable	36.5	11
Prepaid and other current assets	0.9	2.2
Total current assets	117.5	80
Non-current assets:	'	'
Property and equipment, net	2.8	3.7
Intangible assets, net	0.2	0.6
Total non-current assets	3	4.3
Total assets	120.5	84.3
Current liabilities:	'	'
Accounts payable	7.3	4.4
Accrued expenses	16.1	8.4
Accrued severance obligations	0.9	3
Deferred revenue	'	0.3
Total current liabilities	24.3	16.1
Non-current liabilities:	'	'
Other liabilities, net of current portion	0.2	0.2
Total liabilities	24.5	16.3
Stockholders’ equity:	'	'
Common stock, $0.10 par value; 200,000,000 shares authorized 35,095,161 and 28,352,326 shares issued and outstanding at March 31, 2014 and June 30, 2013, respectively	3.5	2.8
Additional paid-in capital	146.2	118.7
Accumulated other comprehensive income	25.9	25.3
Accumulated deficit	-79.6	-78.8
Total stockholders’ equity	96	68
Total liabilities and stockholders’ equity	$120.50	$84.30

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2014	Jun. 30, 2013
Common Stock, Par value (in Dollars per share)	$0.10	$0.10
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	35,095,161	28,352,326
Common stock, shares outstanding	35,095,161	28,352,326

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Revenue:	'	'	'	'
Royalty revenue and milestones	$8.10	$7.70	$14.10	$9.60
Revenue from services	21.4	4.8	46.1	14.5
Other	'	'	0.1	0.2
Total revenue	29.5	12.5	60.3	24.3
Operating expense:	'	'	'	'
Cost of revenue	19.3	4.1	41.4	12.7
Research and development	4.1	4.5	11.3	13.6
General and administrative	2.5	3.4	8	13.7
Foreign exchange (gain) loss	0.4	0.5	0.6	-0.1
Total operating expense	26.3	12.5	61.3	40
Income (loss) from operations	3.2	0	-1	-15.7
Non-operating income:	'	'	'	'
Gain recorded on merger	'	'	-0.2	7.6
Research and development credit	'	'	'	4.4
Interest income	'	0.2	0.1	1.1
Total non-operating income	'	0.2	0.1	13.2
Income (loss) before tax	3.2	0.2	-0.9	-2.5
Income tax benefit	'	'	0.1	0.1
Net Income (Loss)	3.2	0.2	-0.8	-2.4
Basic income (loss) per share (in Dollars per share)	$0.09	$0.01	($0.03)	($0.09)
Diluted income (loss) per share (in Dollars per share)	$0.09	$0.01	($0.03)	($0.09)
Basic weighted-average shares outstanding (in Shares)	33,890,470	28,162,295	30,127,156	28,145,541
Diluted weighted-average shares outstanding (in Shares)	34,260,715	28,182,697	30,127,156	28,145,541
Comprehensive (loss) income:	'	'	'	'
Exchange differences on translation of foreign operations, net of tax	1.3	0.5	0.6	1.5
Total comprehensive income (loss)	$4.50	$0.70	($0.20)	($0.90)

Condensed_Consolidated_Stateme1

Condensed Consolidated 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 June 30, 2013 at Jun. 30, 2013	$2.80	$118.70	($78.80)	$25.30	$68
Balances at June 30, 2013 (in Shares) at Jun. 30, 2013	28,352,326	'	'	'	28,352,326
Exchange differences on translation of foreign operations	'	'	'	0.6	0.6
Net loss	'	'	-0.8	'	-0.8
Common stock issued	0.7	26.1	'	'	26.8
Common stock issued (in Shares)	6,685,985	'	'	'	'
Restricted stock units issued, net	'	0.2	'	'	0.2
Restricted stock units issued, net (in Shares)	56,850	'	'	'	'
Share-based compensation	'	1.2	'	'	1.2
Balances at March 31, 2014 at Mar. 31, 2014	$3.50	$146.20	($79.60)	$25.90	$96
Balances at March 31, 2014 (in Shares) at Mar. 31, 2014	35,095,161	'	'	'	35,095,161

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($0.80)	($2.40)
Depreciation and amortization	1.4	2.4
Share-based compensation	1.2	2.3
Deferred income taxes	'	0.4
Gain recorded on merger	'	-7.6
Change in operating assets and liabilities (net of liabilities acquired):	'	'
Accounts receivables	-25.3	-8.7
Prepaid expenses and other current assets	1.3	-0.4
Deferred revenue	-0.2	0.2
Accounts payable and accrued expenses	10.5	-1.6
Accrued severance obligations	-2.2	-1
Net cash used in operating activities	-13.9	-16.4
Cash flows from investing activities:	'	'
Cash acquired on merger	'	32.7
Purchases of property and equipment	-0.2	-0.5
Net cash used in investing activities	-0.2	32.2
Cash flows from financing activities:	'	'
Issuance of common stock	26.8	'
Net cash received from financing activities	26.8	'
Increase (decrease) in cash and cash equivalents	12.7	15.8
Cash and cash equivalent at beginning of period	66.8	53.8
Effects of exchange rate movements on cash and cash equivalents	0.6	0.7
Cash and cash equivalents at end of period	$80.10	$70.30

Note_1_Company_Overview

Note 1 - Company Overview	9 Months Ended
	Mar. 31, 2014
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 was incorporated in the state of Delaware in 1969 and its corporate headquarters are located in Alpharetta, Georgia.
	The Company is currently focused on developing oral, small molecule compounds to treat a number of respiratory-related infections. The most advanced clinical-stage program is laninamivir octanoate, a long-acting neuraminidase inhibitor (“NI”) that the Company is developing for the treatment of influenza A and B. The Company recently completed enrolling patients in a multi-national Phase 2 trial for laninamivir octanoate, which the Company refers to as (“IGLOO”). The Company also has a Phase 2 compound, vapendavir, which is in clinical development for the treatment of human rhinovirus (“HRV”) infections in patients with asthma. In addition to these clinical-stage development programs, the Company is also developing orally bioavailable compounds for the treatment of respiratory syncytial virus (“RSV”) infections in children, the elderly and immune-compromised patients.
	The Company previously developed zanamivir, a NI that is marketed worldwide by GlaxoSmithKline (“GSK”) as Relenza® for the prevention and treatment of influenza A and B. GSK developed and markets Relenza® pursuant to a royalty-bearing research and license agreement with the Company entered into in 1990. In 2003, the Company entered into a collaboration and license agreement with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”), under which each party cross-licensed its intellectual property related to second-generation long acting NI’s, including FLUNET and laninamivir octanoate. In 2009, the Company entered into a separate commercialization agreement with Daiichi Sankyo, which provided Daiichi Sankyo an exclusive license to commercialize laninamivir octanoate in Japan and entitled the Company to a royalty on net sales of laninamivir octanoate in Japan. In September 2010, laninamivir octanoate was approved for sale by the Japanese Ministry of Health and Welfare for the treatment of influenza A and B in adults and children and, in December 2013, it was also approved for the prevention of influenza A and B in Japan. Laninamivir octanoate is marketed in Japan by Daiichi Sankyo as Inavir®. In 2009, the Company filed an Investigational New Drug application (“IND”) with the United States Food and Drug Administration (“FDA”) to develop laninamivir octanoate in the United States. 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 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.
	On May 7, 2014 the U.S. Department of Health and Human Services (“HHS”) office of the Assistant Secretary for Preparedness and Response (“ASPR”) and BARDA notified the Company of its decision to terminate the contract for the development of laninamivir octanoate for the convenience of the U.S. government. The decision to terminate for convenience was the result of a recently concluded In-Process Review (“IPR”).
	Although several of the Company’s influenza product candidates have been successfully developed and commercialized by other larger pharmaceutical companies under collaboration, license or commercialization agreements with the Company to-date, the Company has not independently developed or received regulatory approval for any product candidate and the Company does not currently have any sales, marketing or commercial capabilities. Therefore, it is possible that the Company may not successfully derive any significant product revenues from its existing or future development-stage influenza or other product candidates that it is developing now, or may develop in the future. The Company expects to incur annual losses for the foreseeable future as it intends to support the clinical and preclinical development of its product candidates.

Note_2_Basis_of_Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Mar. 31, 2014
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 the Company’s Annual Report on Form 10-K filed on September 27, 2013.
	The unaudited interim consolidated financial statements include all of the Company’s wholly owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. Prior year balances have been conformed to current financial presentation.
	Operating results for the three and nine month periods ended March 31, 2014 are not necessarily indicative of the annual results that may be expected for the entire fiscal year ending June 30, 2014. The year-end condensed consolidated balance sheet data included herein were derived from audited financial statements, but do 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 on Form 10-K that was filed with the SEC on September 27, 2013.
	Prior year balances have been conformed to current financial presentation to show foreign exchange gain/loss as a separate operating expense. The gain recorded on merger in the consolidated statement of operations for the nine months ended March 31, 2013 includes a retroactive measurement period adjustment net loss of $0.2 million that was recorded in the second quarter of fiscal 2014, as prescribed in ASC 805.
	The Company’s significant accounting policies have not changed since June 30, 2013, except as outlined below:
	Recent Accounting Standards
	In March 2013, the Financial Accounting Standards Board (“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.
	Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Note_3_Net_Income_Loss_Per_Sha

Note 3 - Net Income (Loss) Per Share	9 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	-3	Net income (loss) per share
	Basic and diluted loss per share has been computed based on net income (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 anti-dilutive 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
			March 31,
			2014			2013
	Net income (in millions)		$	3.2		$	0.2
	Weighted-average shares outstanding			33,890,470			28,162,295
	Dilutive effect of restricted stock and stock options			370,245			20,402
	Shares used to compute diluted earnings per share			34,260,715			28,182,697
	Basic income per share		$	0.09		$	0.01
	Diluted income per share		$	0.09		$	0.01
	Number of anti-dilutive share-based awards excluded from computation			970,645			1,423,529
			Nine Months Ended
			March 31,
			2014			2013
	Net loss (in millions)		$	(0.8	)	$	(2.4	)
	Weighted-average shares outstanding			30,127,156			28,145,541
	Dilutive effect of restricted stock and stock options			-			-
	Shares used to compute diluted earnings per share			30,127,156			28,145,541
	Basic and diluted loss per share		$	(0.03	)	$	(0.09	)
	Number of anti-dilutive share-based awards excluded from computation			2,305,235			1,423,529

Note_4_Licences_Royalty_Collab

Note 4 - Licences, Royalty Collaborative and Contractual Arrangements	9 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Collaborative Arrangement Disclosure [Text Block]	'
	-4	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 NI currently 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 late 2014, patents related to Relenza® are scheduled to expire in certain countries, including the United States, and are scheduled to fully expire in 2019.
	The Company entered into 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 the parties respective intellectual property related to their long acting NI’s. The initial primary focus of the agreement was for the parties to collectively seek third-party licensees that could 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, and therefore, a royalty rate on net sales outside of Japan has not been established under the 2003 agreement.
	In March 2009, the Company entered into a commercialization agreement with Daiichi Sankyo, pursuant to which Daiichi Sankyo obtained exclusive marketing rights in Japan for the 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 A and B in adults and children. In December 2013, Daiichi Sankyo was also granted regulatory approval in Japan to manufacture and market Inavir® for the prevention of influenza A and B. Accordingly, under this agreement the Company currently receives a 4% royalty on net sales of Inavir® in Japan and is eligible to earn additional 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 ASPR within the HHS. The BARDA contract was intended to fund and provide the Company with all technical and clinical data and U.S. based manufacturing to support the filing of a NDA with the FDA for laninamivir octanoate. On May 7, 2014, the Company was notified by ASPR/BARDA of its decision to terminate the contract for the development of laninamivir octanoate for the convenience of the U.S. government. The decision to terminate for convenience was the result of a recently concluded IPR. The performance period of the BARDA contract commenced on March 31, 2011 and will end twelve months from the date of termination on May 7, 2014, unless otherwise extended for final termination costs.
	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.
	The termination of the BARDA contract could result in expenses or charges we incur 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 from Licenses, Royalty Collaborative and Contractual Arrangements (in millions):
			Three Months Ended March 31
			(in millions)
			2014		2013
	Royalty revenue – Relenza®		$	4.2	$	1.7
	– Inavir®			3.9		3.2
	Revenue from services			21.4		4.8
	Milestones and other revenue			-		2.8
	Total revenue		$	29.5	$	12.5
			Nine Months Ended March 31
			(in millions)
			2014		2013
	Royalty revenue– Relenza®		$	9.7	$	2.7
	– Inavir®			4.4		4.1
	Revenue from services			46.1		14.5
	Milestones and other revenue			0.1		3
	Total revenue		$	60.3	$	24.3

Note_5_Sharebased_Compensation

Note 5 - Share-based Compensation	9 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	-5	Share-based Compensation
	For the three months ended March 31, 2014 and 2013, the Company recorded share-based compensation expense related to grants from equity incentive plans of $0.5 million and $0.4 million, respectively, or $0.02 and $0.01 basic and fully diluted per share. For the nine months ended March 31, 2014 and 2013, the Company recorded share-based compensation expense of $1.4 million and $2.3 million, respectively, or $0.05 and $0.03 basic and fully diluted per share. No income tax benefit was recognized in the statements of operations and no share-based compensation expense was capitalized as part of any assets for the three and nine months ended March 31, 2014 and 2013.
	Stock Options
	The fair value of each stock option award was estimated at its respective date of grant using the Black-Scholes method with the following assumptions:
			Three Months Ended						Nine Months Ended
			March 31,						March 31,
			2014			2013			2014			2013
	Weighted-average risk-free interest rate			1.6			—	%		1.5	%		0.65	%
	Dividend yield			—			—			—			—
	Expected weighted-average volatility			0.78			—			0.78			0.84
	Expected weighted-average life of options (years)			6			—			6			5
	Weighted-average fair value of options granted		$	4.22		$	—		$	3.12		$	2.72
	The risk-free rate interest rate is based on the expected life of the option and the corresponding United States (“U.S.”) Treasury bond, which in most cases is the U.S. five year Treasury bond. The expected term of stock options granted is derived from actual and expected option behavior and represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise patterns and future employee terminations to determine expected life and forfeitures. Expected volatility is based on the historical volatility of the Company’s publicly traded common stock.
						Weighted Average			Weighted-Average			Aggregate Intrinsic
			Number of			Exercise Price			Remaining Contractual			Value
			Stock Options			Per Option			Term			$	0
	Balance at June 30, 2013			1,658,529		$	13.57
	Granted (1)			667,975			4.36
	Exercised			—			—
	Forfeited or expired			(21,269	)		36.18
	Balance at March 31, 2014			2,305,235		$	10.69			6.97		$	3.6
	(1) Includes performance-based options of 432,975, subject to specific performance conditions.
	Performance-based stock options granted during the nine month period ending March 31, 2014 were 432,975 with an average exercise price of $4.15, resulting in total unrecognized share-based compensation expense of $1.0 million. Vesting is contingent upon meeting specific performance goals related to the development of laninamivir octanoate. As of March 31, 2014, no share-based compensation expense related to these performance-based options has been recognized as it is not probable that the performance condition will be achieved. The Company will evaluate the probability of achieving these performance goals quarterly, and if the Company determines that it is probable that a performance goal will occur, the effect of the change in estimate will be accounted in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate. As of March 31, 2014, all performance-based options are unvested and expire six-years from the grant date, or will be forfeited if the performance goals are not achieved.
	The total intrinsic value of stock options exercised during the six month period ended March 31, 2014 was zero, and no cash proceeds were received by the Company. Further, no actual tax benefits were realized, as the Company currently records a full valuation allowance for all tax benefits due to uncertainties with respect to its ability to generate sufficient taxable income in the future.
	The following tables summarize information relating to outstanding and exercisable options as of March 31, 2014:
							31-Mar-14
							Outstanding
										Weighted Average					Exercisable
							Number of			Remaining			Weighted Average		Number of		Weighted Average
		Exercise Prices					Shares			Contractual Life			Exercise Price		Shares		Exercise Price
										(In Years)
		$	3.14	—	4.05			245,000			9.08		$	3.92		—		—
		$		4.07				931,590			8.62			4.07		310,531		4.07
		$	4.13	—	4.24			579,475			6.8			4.16		—		—
		$	4.65	—	99.94			549,170			3.39			31.84		483,920		35.29
								2,305,235			6.97		$	10.69		794,451		23.09
	Restricted Stock Awards. A summary of the Company’s outstanding restricted stock activity for the nine months ended March 31, 2014 is as follows:
						Weighted-Average
						Grant Date
			Shares			Fair Value
	Outstanding at June 30, 2013			—		$	—
	Granted			54,000			4.1
	Released			(45,250	)		4.13
	Forfeited			—			—
	Outstanding at March 31, 2014			8,750		$	3.93
	Market Stock Units (MSUs)
	MSUs awarded to employees vest on January 1, 2017. The vesting of these awards is subject to the respective employee’s continued employment through this settlement period. The number of MSUs granted represents the target number of units that are eligible to be earned based on the attainment of certain market-based criteria involving our stock price. The number of MSUs actually earned is calculated upon the vesting of the award. Participants may ultimately earn between 0% and 250% of the target number of units granted based on actual stock performance. Accordingly, additional MSUs may be issued or currently outstanding MSUs may be cancelled upon final determination of the number of awards earned. Compensation expense, including the effect of forfeitures, is recognized over the applicable service period.
	The following table summarizes the Company’s MSU activity for the nine months ended March 31, 2014:
			Shares			Weighted Average Grant Date Fair Value
	Unvested at June 30, 2013			—		$	—
	Granted			108,183		$	7.74
	Vested			—		$	—
	Forfeited			—		$	—
	Unvested at March 31, 2014			108,183		$	7.74
	We value grants of MSUs using a lattice model with a Monte Carlo simulation. This valuation methodology utilizes several key assumptions, including the 20 day average closing stock price on the grant date, expected volatility of the Company’s stock price, risk-free rates of return and expected dividend yield. The assumptions used in the Company’s valuation of the MSU’s are summarized as follows:
			For the Nine Month Period Ended March 31,
			2014			2013
	Expected dividend yield			0	%		—
	Expected stock price volatility			0.86			—
	Risk-free interest rate			0.64	%		—
	20 day trading average stock price on grant date		$	4			—
	Weighted-average per share grant date fair value		$	7.74			—
	As of March 31, 2014 there was $3.6 million of unrecognized share-based compensation expense related to all unvested awards (stock options, restricted stock and MSU’s), not discounted for future forfeitures. This balance is expected to be recognized over a weighted-average period of two years.

Note_6_Public_Offering

Note 6 - Public Offering	9 Months Ended
	Mar. 31, 2014
Public Offering Disclosure [Abstract]	'
Public Offering Disclosure [Text Block]	'
	-6	Public Offering
	Public Offering. In January 2014, the Company closed a public offering in which it sold approximately 6.7 million shares of its common stock, at a purchase price of $4.30 per share. The net proceeds to the Company from the sale of the shares after underwriting discounts and commissions and other offering expenses, were approximately $26.8 million.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Accounting, Policy [Policy Text Block]	'
	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 the Company’s Annual Report on Form 10-K filed on September 27, 2013.
	The unaudited interim consolidated financial statements include all of the Company’s wholly owned subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. Prior year balances have been conformed to current financial presentation.
	Operating results for the three and nine month periods ended March 31, 2014 are not necessarily indicative of the annual results that may be expected for the entire fiscal year ending June 30, 2014. The year-end condensed consolidated balance sheet data included herein were derived from audited financial statements, but do 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 on Form 10-K that was filed with the SEC on September 27, 2013.
	Prior year balances have been conformed to current financial presentation to show foreign exchange gain/loss as a separate operating expense. The gain recorded on merger in the consolidated statement of operations for the nine months ended March 31, 2013 includes a retroactive measurement period adjustment net loss of $0.2 million that was recorded in the second quarter of fiscal 2014, as prescribed in ASC 805.
	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, the Financial Accounting Standards Board (“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.
	Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) did not or are not believed by management to have a material impact on the Company’s present or future financial statements.

Note_3_Net_Income_Loss_Per_Sha1

Note 3 - Net Income (Loss) Per Share (Tables)	9 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended
		March 31,
		2014			2013
	Net income (in millions)	$	3.2		$	0.2
	Weighted-average shares outstanding		33,890,470			28,162,295
	Dilutive effect of restricted stock and stock options		370,245			20,402
	Shares used to compute diluted earnings per share		34,260,715			28,182,697
	Basic income per share	$	0.09		$	0.01
	Diluted income per share	$	0.09		$	0.01
	Number of anti-dilutive share-based awards excluded from computation		970,645			1,423,529
		Nine Months Ended
		March 31,
		2014			2013
	Net loss (in millions)	$	(0.8	)	$	(2.4	)
	Weighted-average shares outstanding		30,127,156			28,145,541
	Dilutive effect of restricted stock and stock options		-			-
	Shares used to compute diluted earnings per share		30,127,156			28,145,541
	Basic and diluted loss per share	$	(0.03	)	$	(0.09	)
	Number of anti-dilutive share-based awards excluded from computation		2,305,235			1,423,529

Note_4_Licences_Royalty_Collab1

Note 4 - Licences, Royalty Collaborative and Contractual Arrangements (Tables)	9 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Three Months Ended March 31
		(in millions)
		2014		2013
	Royalty revenue – Relenza®	$	4.2	$	1.7
	– Inavir®		3.9		3.2
	Revenue from services		21.4		4.8
	Milestones and other revenue		-		2.8
	Total revenue	$	29.5	$	12.5
		Nine Months Ended March 31
		(in millions)
		2014		2013
	Royalty revenue– Relenza®	$	9.7	$	2.7
	– Inavir®		4.4		4.1
	Revenue from services		46.1		14.5
	Milestones and other revenue		0.1		3
	Total revenue	$	60.3	$	24.3

Note_5_Sharebased_Compensation1

Note 5 - Share-based Compensation (Tables)	9 Months Ended
	Mar. 31, 2014
Note 5 - Share-based Compensation (Tables) [Line Items]	'
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
			Three Months Ended						Nine Months Ended
			March 31,						March 31,
			2014			2013			2014			2013
	Weighted-average risk-free interest rate			1.6			—	%		1.5	%		0.65	%
	Dividend yield			—			—			—			—
	Expected weighted-average volatility			0.78			—			0.78			0.84
	Expected weighted-average life of options (years)			6			—			6			5
	Weighted-average fair value of options granted		$	4.22		$	—		$	3.12		$	2.72
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
						Weighted Average			Weighted-Average			Aggregate Intrinsic
			Number of			Exercise Price			Remaining Contractual			Value
			Stock Options			Per Option			Term			$	0
	Balance at June 30, 2013			1,658,529		$	13.57
	Granted (1)			667,975			4.36
	Exercised			—			—
	Forfeited or expired			(21,269	)		36.18
	Balance at March 31, 2014			2,305,235		$	10.69			6.97		$	3.6
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	'
							31-Mar-14
							Outstanding
										Weighted Average					Exercisable
							Number of			Remaining			Weighted Average		Number of		Weighted Average
		Exercise Prices					Shares			Contractual Life			Exercise Price		Shares		Exercise Price
										(In Years)
		$	3.14	—	4.05			245,000			9.08		$	3.92		—		—
		$		4.07				931,590			8.62			4.07		310,531		4.07
		$	4.13	—	4.24			579,475			6.8			4.16		—		—
		$	4.65	—	99.94			549,170			3.39			31.84		483,920		35.29
								2,305,235			6.97		$	10.69		794,451		23.09
Nonvested Restricted Stock Shares Activity [Table Text Block]	'
						Weighted-Average
						Grant Date
			Shares			Fair Value
	Outstanding at June 30, 2013			—		$	—
	Granted			54,000			4.1
	Released			(45,250	)		4.13
	Forfeited			—			—
	Outstanding at March 31, 2014			8,750		$	3.93
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	'
			Shares			Weighted Average Grant Date Fair Value
	Unvested at June 30, 2013			—		$	—
	Granted			108,183		$	7.74
	Vested			—		$	—
	Forfeited			—		$	—
	Unvested at March 31, 2014			108,183		$	7.74
MSU [Member]	'
Note 5 - Share-based Compensation (Tables) [Line Items]	'
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
			For the Nine Month Period Ended March 31,
			2014			2013
	Expected dividend yield			0	%		—
	Expected stock price volatility			0.86			—
	Risk-free interest rate			0.64	%		—
	20 day trading average stock price on grant date		$	4			—
	Weighted-average per share grant date fair value		$	7.74			—

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	Mar. 31, 2014
		BARDA
Note 1 - Company Overview (Details) [Line Items]	'	'
Contracts Revenue	$231.20	$231

Note_2_Basis_of_Presentation_D

Note 2 - Basis of Presentation (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Disclosure Text Block [Abstract]	'	'
Loss Gain Recorded On Merger	($0.20)	$7.60

Note_3_Net_Income_Loss_Per_Sha2

Note 3 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share (USD $)	3 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Note 3 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'	'	'
Net income (in millions) (in Dollars)	$3.20	$0.20	($0.80)	($2.40)
Weighted-average shares outstanding	33,890,470	28,162,295	30,127,156	28,145,541
Shares used to compute diluted earnings per share	34,260,715	28,182,697	30,127,156	28,145,541
Basic income per share (in Dollars per share)	$0.09	$0.01	($0.03)	($0.09)
Diluted income per share (in Dollars per share)	$0.09	$0.01	($0.03)	($0.09)
Number of anti-dilutive share-based awards excluded from computation	'	'	2,305,235	1,423,529
Adjusted Using Exchange Ratio [Member]	'	'	'	'
Note 3 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'	'	'
Basic and diluted loss per share (in Dollars per share)	'	'	($0.03)	($0.09)
Adjusted Using Exchange Ratio [Member] | Three Months Ended [Member]	'	'	'	'
Note 3 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'	'	'
Basic income per share (in Dollars per share)	'	'	$0.09	$0.01
Diluted income per share (in Dollars per share)	'	'	$0.09	$0.01
Prior to Adjustments [Member]	'	'	'	'
Note 3 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'	'	'
Weighted-average shares outstanding	'	'	30,127,156	28,145,541
Three Months Ended [Member]	'	'	'	'
Note 3 - Net Income (Loss) Per Share (Details) - Computation of Historical Basic and Diluted Net Income (Loss) Per Share [Line Items]	'	'	'	'
Net income (in millions) (in Dollars)	'	'	$3.20	$0.20
Weighted-average shares outstanding	'	'	33,890,470	28,162,295
Dilutive effect of restricted stock and stock options	'	'	370,245	20,402
Shares used to compute diluted earnings per share	'	'	34,260,715	28,182,697
Number of anti-dilutive share-based awards excluded from computation	'	'	970,645	1,423,529

Note_4_Licences_Royalty_Collab2

Note 4 - Licences, Royalty Collaborative and Contractual Arrangements (Details) (USD $)	1 Months Ended	21 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2011	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		GSK	GSK	Daiichi Sankyo
		Major Countries	Australia, New Zealand, South Africa and Indonesia	Japan [Member]
Note 4 - Licences, Royalty Collaborative and Contractual Arrangements (Details) [Line Items]	'	'	'	'
Royalty Payment Percentage	'	7.00%	10.00%	4.00%
Contracts Revenue (in Dollars)	$231.20	'	'	'

Note_4_Licences_Royalty_Collab3

Note 4 - Licences, Royalty Collaborative and Contractual Arrangements (Details) - Components of Revenues from Royalties, Collaborative and Contractual Agreements (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Royalty revenue	$8.10	$7.70	$14.10	$9.60
Revenue from services	21.4	4.8	46.1	14.5
Milestones and other revenue	'	2.8	0.1	3
Total revenue	29.5	12.5	60.3	24.3
Relenza [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Royalty revenue	4.2	1.7	9.7	2.7
Inavir [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Royalty revenue	$3.90	$3.20	$4.40	$4.10

Note_5_Sharebased_Compensation2

Note 5 - Share-based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014		Mar. 31, 2013
Note 5 - Share-based Compensation (Details) [Line Items]	'	'	'		'
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$0	$0	$0		$0
Amount of Share-based Compensation Expense Capitalized	0	0	0		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)	'	'	667,975	[1]	'
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)	'	'	$4.36	[1]	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	3,600,000	'	3,600,000		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	'	'	0		'
Proceeds from Stock Options Exercised	'	'	0		'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'	'	'2 years		'
Performance Shares [Member]	'	'	'		'
Note 5 - Share-based Compensation (Details) [Line Items]	'	'	'		'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)	'	'	432,975		'
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)	'	'	$4.15		'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	1,000,000	'	1,000,000		'
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	'	'	'6 years		'
MSU [Member] | Minimum [Member]	'	'	'		'
Note 5 - Share-based Compensation (Details) [Line Items]	'	'	'		'
Percentage of the Target Number of Units Granted Earned Based on Stock Performance	'	'	0.00%		'
MSU [Member] | Maximum [Member]	'	'	'		'
Note 5 - Share-based Compensation (Details) [Line Items]	'	'	'		'
Percentage of the Target Number of Units Granted Earned Based on Stock Performance	'	'	250.00%		'
The 2007 Omnibus Equity and Incentive Plan [Member]	'	'	'		'
Note 5 - Share-based Compensation (Details) [Line Items]	'	'	'		'
Allocated Share-based Compensation Expense	$500,000	$400,000	$1,400,000		$2,300,000
Allocated Share Based Compensation Expense Per Basic Share (in Dollars per share)	$0.02	'	$0.05		'
Allocated Share Based Compensation Expense Per Diluted Share (in Dollars per share)	'	$0.01	$0.03		'
[1]	Includes performance-based options of 432,975, subject to specific performance conditions.

Note_5_Sharebased_Compensation3

Note 5 - Share-based Compensation (Details) - Fair Value Assumptions (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013
Fair Value Assumptions [Abstract]	'	'	'
Weighted-average risk-free interest rate	1.60%	1.50%	0.65%
Expected weighted-average volatility	0.78%	0.78%	0.84%
Expected weighted-average life of options (years)	'6 years	'6 years	'5 years
Weighted-average fair value of options granted (in Dollars per share)	$4.22	$3.12	$2.72

Note_5_Sharebased_Compensation4

Note 5 - Share-based Compensation (Details) - Stock Option Activity (USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014
Stock Option Activity [Abstract]	'
Number of Stock Options	1,658,529
Weighted Average Exercise Price Per Option	$13.57
Weighted -Average Remaining Contractual Term	'6 years 354 days
Granted (1)	667,975	[1]
Granted (1)	$4.36	[1]
Forfeited or expired	-21,269
Forfeited or expired	$36.18
Number of Stock Options	2,305,235
Weighted Average Exercise Price Per Option	$10.69
Aggregate Intrinsic Value	$3.60
[1]	Includes performance-based options of 432,975, subject to specific performance conditions.

Note_5_Sharebased_Compensation5

Note 5 - Share-based Compensation (Details) - Exercise Price Range Relating to Oustanding and Exercisable Options (USD $)	9 Months Ended
	Mar. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Exercise Price Weighted Average	$10.69
Outstanding Number of Shares (in Shares)	2,305,235
Outstanding Weighted Average Remaining Contractual Life	'6 years 354 days
Exercisable Number of Shares	$23.09
Exercisable Weighted Average Exercise Price (in Shares)	794,451
$3.14 - $4.05 [Member]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Exercise Prices Lower Limit	$3.14
Exercise Price Weighted Average	$3.92
Exercise Prices Upper Limit	$4.05
Outstanding Number of Shares (in Shares)	245,000
Outstanding Weighted Average Remaining Contractual Life	'9 years 29 days
$4.07 [Member]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Exercise Price Weighted Average	$4.07
Outstanding Number of Shares (in Shares)	931,590
Outstanding Weighted Average Remaining Contractual Life	'8 years 226 days
Exercisable Number of Shares	$4.07
Exercisable Weighted Average Exercise Price (in Shares)	310,531
$4.13 - $ 4.24 [Member]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Exercise Prices Lower Limit	$4.13
Exercise Price Weighted Average	$4.16
Exercise Prices Upper Limit	$4.24
Outstanding Number of Shares (in Shares)	579,475
Outstanding Weighted Average Remaining Contractual Life	'6 years 292 days
$4.65 - $ 99.94 [Member]	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Exercise Prices Lower Limit	$4.65
Exercise Price Weighted Average	$31.84
Exercise Prices Upper Limit	$99.94
Outstanding Number of Shares (in Shares)	549,170
Outstanding Weighted Average Remaining Contractual Life	'3 years 142 days
Exercisable Number of Shares	$35.29
Exercisable Weighted Average Exercise Price (in Shares)	483,920

Note_5_Sharebased_Compensation6

Note 5 - Share-based Compensation (Details) - Summary of Restricted Stock Awards (Restricted Stock [Member], USD $)	9 Months Ended
	Mar. 31, 2014
Restricted Stock [Member]	'
Note 5 - Share-based Compensation (Details) - Summary of Restricted Stock Awards [Line Items]	'
Granted	54,000
Granted	$4.10
Released	-45,250
Released	$4.13
Outstanding at March 31, 2014	8,750
Outstanding at March 31, 2014	$3.93

Note_5_Sharebased_Compensation7

Note 5 - Share-based Compensation (Details) - Summary of MSU Activity (MSU [Member], USD $)	9 Months Ended
	Mar. 31, 2014
MSU [Member]	'
Note 5 - Share-based Compensation (Details) - Summary of MSU Activity [Line Items]	'
Granted	108,183
Granted	$7.74
Unvested Shares	108,183
Unvested Weighted Average Grant Date Fair Value	$7.74

Note_5_Sharebased_Compensation8

Note 5 - Share-based Compensation (Details) - MSU Fair Value Assumptions (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013
Note 5 - Share-based Compensation (Details) - MSU Fair Value Assumptions [Line Items]	'	'	'
Risk-free interest rate	1.60%	1.50%	0.65%
MSU [Member]	'	'	'
Note 5 - Share-based Compensation (Details) - MSU Fair Value Assumptions [Line Items]	'	'	'
Expected dividend yield	'	0.00%	'
Expected stock price volatility	'	0.86%	'
Risk-free interest rate	'	0.64%	'
20 day trading average stock price on grant date (in Dollars per share)	'	4	'
Weighted-average per share grant date fair value (in Dollars per share)	'	7.74	'

Note_6_Public_Offering_Details

Note 6 - Public Offering (Details) (USD $)	9 Months Ended	1 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Jan. 31, 2014
		Public Offering [Member]
Note 6 - Public Offering (Details) [Line Items]	'	'
Stock Issued During Period, Shares, New Issues	'	6,700,000
Sale of Stock, Price Per Share	'	$4.30
Proceeds from Issuance of Common Stock	$26.80	$26.80