Vaxart (VXRT) 10-Q 6 Nov 15 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Nov. 06, 2015
Entity Registrant Name	Biota Pharmaceuticals, Inc.
Entity Central Index Key	72,444
Trading Symbol	bota
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		38,636,946
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
BARDA [Member]
Current liabilities:
Contract payable (BARDA)		$ 1
Cash and cash equivalents	$ 45.3	44.7
Short-term investments	11.9	12.9
Accounts receivable	3.2	12.6
Prepaid and other current assets	0.8	0.6
Total current assets	61.2	70.8
Long-term investments	9.1	7.9
Property and equipment, net	0.2	0.2
Deferred tax asset	0.5	0.5
Total non-current assets	9.8	8.6
Total assets	71	79.4
Accounts payable	2.9	1.9
Accrued expenses	$ 3.1	5.3
Accrued severance obligations		0.1
Deferred tax liability	$ 0.5	0.5
Short-term note payable	0.2	0.2
Total current liabilities	6.7	9
Non-current liabilities:
Long-term note payable, net of current portion	0.7	0.8
Other liabilities, net of current portion	0.1	0.1
Total liabilities	$ 7.5	$ 9.9
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.10 par value: 200,000,000 shares authorized; 38,636,946 and 38,609,086 shares issued and outstanding at September 30, 2015 and June 30, 2015, respectively	$ 3.9	$ 3.9
Additional paid-in capital	156.2	155.6
Accumulated other comprehensive income	18.9	18.9
Accumulated deficit	(115.5)	(108.9)
Total stockholders’ equity	63.5	69.5
Total liabilities and stockholders’ equity	$ 71	$ 79.4

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2015	Jun. 30, 2015
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)	38,636,946	38,609,086
Common stock, shares outstanding (in shares)	38,636,946	38,609,086

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Royalty revenue and milestones	$ 1.7
Revenue from services		$ 0.7
Other
Total revenue	$ 1.7	$ 0.7
Operating expense:
Cost of revenue		1.7
Research and development	$ 5.5	4.9
General and administrative	2.2	2.4
Foreign exchange loss (gain)	0.7	(1.3)
Total operating expense	8.4	7.7
Loss from operations	(6.7)	(7)
Non-operating income:
Interest income	0.1	0.1
Total non-operating income	0.1	0.1
Loss before income tax	$ (6.6)	$ (6.9)
Income tax benefit (expense)
Net loss	$ (6.6)	$ (6.9)
Basic net loss per share (in dollars per share)	$ (0.17)	$ (0.20)
Diluted net loss per share (in dollars per share)	$ (0.17)	$ (0.20)
Basic weighted-average shares outstanding (in shares)	38,624,227	35,029,300
Diluted weighted-average shares outstanding (in shares)	38,624,227	35,029,300
Comprehensive loss:
Net loss	$ (6.6)	$ (6.9)
Exchange differences on translation of foreign operations		(2.5)
Total comprehensive loss	$ (6.6)	$ (9.4)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 3 months ended Sep. 30, 2015 - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Jun. 30, 2015	38,609,086				38,609,086
Balances at Jun. 30, 2015	$ 3.9	$ 155.6	$ (108.9)	$ 18.9	$ 69.5
Net loss					(6.6)
Restricted stock units, net (in shares)	27,860
Share-based compensation		$ 0.6			$ 0.6
Balances (in shares) at Sep. 30, 2015	38,636,946				38,636,946
Balances at Sep. 30, 2015	$ 3.9	$ 156.2	$ (115.5)	$ 18.9	$ 63.5

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (6.6)	$ (6.9)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		0.4
Share-based compensation	$ 0.6	0.4
Change in operating assets and liabilities:
Accounts receivables	9.4	0.6
Prepaid expenses and other current assets	(0.2)	0.2
Accounts payable and accrued expenses	(2.2)	(5.7)
Accrued severance obligations	(0.1)	(0.6)
Net cash provided by (used in) operating activities	0.9	(11.6)
Cash flows from investing activities:
Purchases of short and long-term investments	(1.2)	$ (9.9)
Maturity of short-term investments	1
Net cash used in investing activities	(0.2)	$ (9.9)
Cash flows from financing activities:
Payment on note payable	(0.1)
Net cash used in financing activities	(0.1)
Increase (decrease) in cash and cash equivalents	0.6	$ (21.5)
Cash and cash equivalents at beginning of period	$ 44.7	81.7
Effects of exchange rate movements on cash and cash equivalents		(2.5)
Cash and cash equivalents at end of period	$ 45.3	$ 57.7

Note 1 - Company Overview

Note 1 - Company Overview	3 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has four product candidates in clinical development: vapendavir, an oral treatment for human rhinovirus (“HRV”) infections in moderate-to-severe asthmatics, currently being evaluated in an ongoing Phase 2b SPIRITUS trial; BTA074, a topical antiviral treatment in Phase 2 development for genital warts caused by human papillomavirus (“HPV”) types 6 & 11; BTA585, an oral fusion (“F”) protein inhibitor in Phase 1 development for the treatment of respiratory syncytial virus (“RSV”)-A and RSV-B infections; and laninamivir octanoate (“LANI”), a one-time, inhaled treatment in Phase 2 development for influenza A and B infections. The Company also has a preclinical RSV non-fusion inhibitor program. The Company was incorporated in the state of Delaware in 1969 and its corporate headquarters are located in Alpharetta, Georgia. Although several of the Company’s influenza product candidates have been successfully developed and commercialized to-date by other larger pharmaceutical companies under collaboration, license or commercialization agreements with the Company, it 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 any product candidates that it is developing now, or may develop in the future. The Company expects to incur losses for the foreseeable future as it intends to support the clinical and preclinical development of its product candidates. The Company plans to continue to finance its operations with (i) existing cash, cash equivalents and investments, (ii) proceeds from existing or potential future royalty-bearing licenses or collaborative research and development arrangements, (iii) future equity and/or asset or debt financings, or (iv) other financing arrangements. The Company’s ability to continue to support its operations is dependent, in the near-term, upon managing its cash resources, continuing to receive royalty revenue under existing licenses, entering into future collaboration, license or commercialization agreements, the successful development of its product candidates, executing future financings and ultimately, upon the approval of its products for sale and achieving positive cash flows from operations on a consistent basis. There can be no assurance that additional capital or funds will be available on terms acceptable to the Company, if at all, that the Company will be able to enter into collaboration, license or commercialization agreements in the future, or that the Company will ever generate significant product revenue and become operationally profitable on a consistent basis.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
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 footnote disclosure normally included in 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 condensed consolidated financial statements included in the Company’s Annual Report on Form 10-K that was filed with the SEC on September 11, 2015. The unaudited interim condensed 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, 2015 are not necessarily indicative of those in future quarters or the annual results that may be expected for the Company’s fiscal year ending June 30, 2016. 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 fiscal year ended June 30, 2015 included in the Company’s Annual Report on Form 10-K that was filed with the SEC on September 11, 2015. The Company’s significant accounting policies have not changed since June 30, 2015, except as outlined below: Recent Accounting Standards In August 2014, the Financial Accounting Standards Board issued authoritative accounting guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. This guidance is effective for public and non-public entities for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently assessing the expected impact that this Accounting Standards update will have on its consolidated financial statements. In May 2014, the Financial Accounting Standards Board issued authoritative accounting guidance related to revenue from contracts with customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company will adopt this guidance on July 1, 2017. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is evaluating which transition approach to use and its impact, if any, on its consolidated financial statements.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	3 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(3) Fair Value Measurements A fair value hierarchy has been established that requires the Company to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table sets forth the financial assets and liabilities that were measured at fair value on a recurring basis at September 30 and June 30, 2015, by level within the fair value hierarchy. The assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s long-term investments have been classified as Level 2, which have been initially valued at the transaction price and subsequently revalued, at the end of each reporting period, utilizing a third party pricing service. The pricing service utilizes industry standard valuation models and observable market inputs to determine value that include surveying the bond dealer community, obtaining benchmark quotes, incorporating relevant trade data, and updating spreads daily. There have been no transfers of assets or liabilities between the fair value measurement classifications. (in millions) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2015 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 6.1 $ 6.1 $ — $ — Short-term investments available-for-sale 11.9 11.9 — — Long-term investments available-for-sale 9.1 — 9.1 — Total $ 27.1 $ 18.0 $ 9.1 $ — (in millions) Quoted Prices in Significant Other Significant Inputs June 30, 2015 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 6.3 $ 6.3 $ — $ — Short-term investments available-for-sale 12.9 12.9 — — Long-term investments available-for-sale 7.9 — 7.9 — Total $ 27.1 $ 19.2 $ 7.9 $ — Cash equivalents consist primarily of money market funds. Investments consist of U.S. agency securities, certificates of deposit, corporate securities and U.S. Treasury securities, classified as available-for-sale and have maturities greater than 365 days from the date of acquisition. The Company had no realized gains or losses from the sale of investments for the three months ended September 30, 2015. The following table shows the unrealized gains and losses and fair values for those investments as of September 30 and June 30, 2015 aggregated by major security type: (in millions) Unrealized Unrealized September 30, 2015 At Cost Gains (Losses) At Fair Value Money market funds $ 6.1 $ — $ — $ 6.1 Debt securities of U.S. government agencies 6.5 — — 6.5 U.S. Treasury securities 9.5 — — 9.5 Corporate notes 1.9 — — 1.9 Certificates of deposit 3.1 — — 3.1 Total $ 27.1 $ — $ — $ 27.1 (in millions) Unrealized Unrealized June 30, 2015 At Cost Gains (Losses) At Fair Value Money market funds $ 6.3 $ — $ — $ 6.3 Debt securities of U.S. government agencies 6.5 — — 6.5 U.S. Treasury securities 9.6 — (0.1 ) 9.5 Corporate notes 2.9 — — 2.9 Certificates of deposit 1.9 — — 1.9 Total $ 27.2 $ — $ (0.1 ) $ 27.1 As of September 30 and June 30, 2015, the Company had investments in an unrealized loss position below material disclosure thresholds in the table above. The Company has determined that the unrealized losses on these investments are temporary in nature and expects the security to mature at its stated maturity principal. All available-for-sale securities held at September 30, 2015, will mature in over a two year period. The fair value of cash, accounts receivable, accounts payable and accrued liabilities approximate their carrying value because of the short-term nature of these financial instruments respectively, at September 30 and June 30, 2015 . The fair value of our short and long term note payable, which is measured using Level 2 inputs, approximates book value, at September 30 and June 30, 2015.

Note 4 - Accrued and Other Curr

Note 4 - Accrued and Other Current Liabilities	3 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	(4) Accrued and Other Current Liabilities Accrued expenses consist of the following (in millions): September 30, 2015 June 30, 2015 Professional fees $ 0.7 $ 0.8 Salary and benefits 0.2 1.6 Research and development expenses 2.1 1.7 Other accrued expenses 0.1 1.2 Total accrued expenses and other liabilities $ 3.1 $ 5.3

Note 5 - Net Loss per Share

Note 5 - Net Loss per Share	3 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	(5) Net Loss per share Basic and diluted net 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 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 September 3 0 , 201 5 201 4 Net (loss) (in millions) $ (6.6 ) $ (6.9 ) Weighted-average shares outstanding 38,624,227 35,029,300 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,624,227 35,029,300 Basic net (loss) per share $ (0.17 ) $ (0.20 ) Diluted net (loss) per share $ (0.17 ) $ (0.20 ) Number of anti-dilutive share-based awards excluded from computation 4,394,607 2,517,636

Note 6 - Licenses, Royalty Coll

Note 6 - Licenses, Royalty Collaborative and Contractual Arrangements	3 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	(6) Licenses, Royalty Collaborative and Contractual Arrangements Royalty agreements The Company entered into a royalty-bearing research and license agreement with GlaxoSmithKline (“GSK”) in 1990 for the development and commercialization of zanamivir, a neuraminidase inhibitor (“NI”) marketed by GSK as Relenza ® ® ® ® ® ® ® ® The Company also generates royalty revenue from the sale of Inavir ® ® ® 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 LANI on a cost-plus-fixed-fee basis, the total of which was 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 was 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 LANI. The performance period of the BARDA contract commenced on March 31, 2011, and was intended to continue for five years. On May 7, 2014 HHS/ASPR/BARDA notified the Company of its decision to terminate this contract for the convenience of the U.S. Government. The Company completed and finalized all activities related to the settlement and close out of this contract in June 2015. The Company was considered an active participant in the BARDA contract, with exposure to significant risks and rewards of commercialization relating to the development of LANI. Therefore, revenues from and costs associated with the contract are recorded and recognized on a gross basis in the consolidated statement of operations. The following tables summarize the key components of the Company’s revenues (in millions): Three Months Ended September 30, 2015 2014 (in millions) Royalty revenue – Relenza ® $ 1.7 $ - – Inavir ® - - Revenue from services - 0.7 Milestones and other revenue - - Total revenue $ 1.7 $ 0.7

Note 7 - Share-based Compensati

Note 7 - Share-based Compensation	3 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(7) Share-based Compensation For the three month period ended September 30, 2015 and 2014, the Company recorded share-based compensation expense related to grants from equity incentive plans of $0.6 million and $0.4 million, respectively. 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 month period ended September 30, 2015 and 2014. 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 September 3 0 , 2015 2014 Weighted-average risk-free interest rate 1.50 % 1.70 % Dividend yield — — Expected weighted-average volatility .75 .82 Expected weighted-average life of options (years) 4.0 6.0 Weighted-average fair value of options granted $ 1.35 $ 1.64 The risk-free rate interest rate is based on the expected life of the stock option and the corresponding 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 estimate expected life and forfeitures. Expected volatility is based on the historical volatility of the Company’s publicly traded common stock. A summary of the Company’s outstanding stock option activity for the three months ended September 30, 2015 is as follows: Number of Stock Options Weighted Average Exercise Price Per Option Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value($000) (In Years) Outstanding at June 30, 2015 3,364,117 $ 5.58 - Granted 1,047,500 2.45 Exercised — — Forfeited or expired (833 ) 75.81 Outstanding at September 30, 2015 4,403,284 $ 4.83 7.3 $ - The total intrinsic value of stock options exercised during the three month period ended September 30, 2015 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 September 30, 2015: September 30, 2015 Outstanding Exercisable Exercise Prices Number o f Remaining Weighted Average Number of Weighted Average (In Years) $ 1.95 — $ 2.45 1,399,500 8.94 $ 2.39 45,000 $ 2.26 $ 2.47 — $ 2.85 1,317,500 6.69 2.55 144,168 2.75 $ 3.14 — $ 4.07 1,166,590 7.21 4.04 763,561 4.05 $ 4.15 — $ 39.60 519,694 4.82 18.90 363,444 24.94 4,403,284 7.32 $ 4.83 1,316,173 9.61 Restricted Stock Units and Market Stock Units (MSUs). Shares Weighted Balance at June 30, 2015 104,081 $ 3.20 Awarded 2,500 2.49 Released (40,000 ) 2.45 Forfeited — — Balance at September 30, 2015 66,581 $ 3.63 As of September 30, 2015 there was $4.0 million of unrecognized share-based compensation expense related to all unvested share-based awards. Unrecognized stock-based compensation expense for equity awards will be adjusted for future changes in estimated forfeitures. This balance is expected to be recognized over a weighted-average period of approximately 2.2 years.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Standards In August 2014, the Financial Accounting Standards Board issued authoritative accounting guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. This guidance is effective for public and non-public entities for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently assessing the expected impact that this Accounting Standards Update will have on its consolidated financial statements. In May 2014, the Financial Accounting Standards Board issued authoritative accounting guidance related to revenue from contracts with customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company will adopt this guidance on July 1, 2017. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is evaluating which transition approach to use and its impact, if any, on its consolidated financial statements.

Note 3 - Fair Value Measureme15

Note 3 - Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2015
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	(in millions) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs September 30, 2015 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 6.1 $ 6.1 $ — $ — Short-term investments available-for-sale 11.9 11.9 — — Long-term investments available-for-sale 9.1 — 9.1 — Total $ 27.1 $ 18.0 $ 9.1 $ — (in millions) Quoted Prices in Significant Other Significant Inputs June 30, 2015 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 6.3 $ 6.3 $ — $ — Short-term investments available-for-sale 12.9 12.9 — — Long-term investments available-for-sale 7.9 — 7.9 — Total $ 27.1 $ 19.2 $ 7.9 $ —
Unrealized Gain (Loss) on Investments [Table Text Block]	(in millions) Unrealized Unrealized September 30, 2015 At Cost Gains (Losses) At Fair Value Money market funds $ 6.1 $ — $ — $ 6.1 Debt securities of U.S. government agencies 6.5 — — 6.5 U.S. Treasury securities 9.5 — — 9.5 Corporate notes 1.9 — — 1.9 Certificates of deposit 3.1 — — 3.1 Total $ 27.1 $ — $ — $ 27.1 (in millions) Unrealized Unrealized June 30, 2015 At Cost Gains (Losses) At Fair Value Money market funds $ 6.3 $ — $ — $ 6.3 Debt securities of U.S. government agencies 6.5 — — 6.5 U.S. Treasury securities 9.6 — (0.1 ) 9.5 Corporate notes 2.9 — — 2.9 Certificates of deposit 1.9 — — 1.9 Total $ 27.2 $ — $ (0.1 ) $ 27.1

Note 4 - Accrued and Other Cu16

Note 4 - Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, 2015 June 30, 2015 Professional fees $ 0.7 $ 0.8 Salary and benefits 0.2 1.6 Research and development expenses 2.1 1.7 Other accrued expenses 0.1 1.2 Total accrued expenses and other liabilities $ 3.1 $ 5.3

Note 5 - Net Loss per Share (Ta

Note 5 - Net Loss per Share (Tables)	3 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 3 0 , 201 5 201 4 Net (loss) (in millions) $ (6.6 ) $ (6.9 ) Weighted-average shares outstanding 38,624,227 35,029,300 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,624,227 35,029,300 Basic net (loss) per share $ (0.17 ) $ (0.20 ) Diluted net (loss) per share $ (0.17 ) $ (0.20 ) Number of anti-dilutive share-based awards excluded from computation 4,394,607 2,517,636

Note 6 - Licenses, Royalty Co18

Note 6 - Licenses, Royalty Collaborative and Contractual Arrangements (Tables)	3 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2015 2014 (in millions) Royalty revenue – Relenza ® $ 1.7 $ - – Inavir ® - - Revenue from services - 0.7 Milestones and other revenue - - Total revenue $ 1.7 $ 0.7

Note 7 - Share-based Compensa19

Note 7 - Share-based Compensation (Tables)	3 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended September 3 0 , 2015 2014 Weighted-average risk-free interest rate 1.50 % 1.70 % Dividend yield — — Expected weighted-average volatility .75 .82 Expected weighted-average life of options (years) 4.0 6.0 Weighted-average fair value of options granted $ 1.35 $ 1.64
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Stock Options Weighted Average Exercise Price Per Option Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value($000) (In Years) Outstanding at June 30, 2015 3,364,117 $ 5.58 - Granted 1,047,500 2.45 Exercised — — Forfeited or expired (833 ) 75.81 Outstanding at September 30, 2015 4,403,284 $ 4.83 7.3 $ -
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	September 30, 2015 Outstanding Exercisable Exercise Prices Number o f Remaining Weighted Average Number of Weighted Average (In Years) $ 1.95 — $ 2.45 1,399,500 8.94 $ 2.39 45,000 $ 2.26 $ 2.47 — $ 2.85 1,317,500 6.69 2.55 144,168 2.75 $ 3.14 — $ 4.07 1,166,590 7.21 4.04 763,561 4.05 $ 4.15 — $ 39.60 519,694 4.82 18.90 363,444 24.94 4,403,284 7.32 $ 4.83 1,316,173 9.61
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	Shares Weighted Balance at June 30, 2015 104,081 $ 3.20 Awarded 2,500 2.49 Released (40,000 ) 2.45 Forfeited — — Balance at September 30, 2015 66,581 $ 3.63

Note 3 - Fair Value Measureme20

Note 3 - Fair Value Measurements (Details Textual)	3 Months Ended
	Sep. 30, 2015USD ($)
Gain (Loss) on Sale of Investments	$ 0
Available-for-Sale Securities, Maturity Period	2 years

Note 3 - Summary of Investments

Note 3 - Summary of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	$ 6.1	$ 6.3
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Money Market Funds [Member]
Cash equivalents	$ 6.1	$ 6.3
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	$ 11.9	$ 12.9
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Short-term Investments [Member]
Cash equivalents	$ 11.9	$ 12.9
Other Long-term Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Long-term investments available-for-sale
Other Long-term Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Long-term investments available-for-sale	$ 9.1	$ 7.9
Other Long-term Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Long-term investments available-for-sale
Other Long-term Investments [Member]
Long-term investments available-for-sale	$ 9.1	$ 7.9
Fair Value, Inputs, Level 1 [Member]
Total	18	19.2
Fair Value, Inputs, Level 2 [Member]
Total	$ 9.1	$ 7.9
Fair Value, Inputs, Level 3 [Member]
Total
Cash equivalents	$ 27.1	$ 27.1
Total	$ 27.1	$ 27.1

Note 3 - Unrealized Gain (Loss)

Note 3 - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Money Market Funds [Member]
At Cost	$ 6.1	$ 6.3
Unrealized Gains
Unrealized (Losses)
Cash equivalents	$ 6.1	$ 6.3
US Government Agencies Debt Securities [Member]
At Cost	$ 6.5	$ 6.5
Unrealized Gains
Unrealized (Losses)
Cash equivalents	$ 6.5	$ 6.5
US Treasury Securities [Member]
At Cost	$ 9.5	$ 9.6
Unrealized Gains
Unrealized (Losses)		$ (0.1)
Cash equivalents	$ 9.5	9.5
Corporate Note Securities [Member]
At Cost	$ 1.9	$ 2.9
Unrealized Gains
Unrealized (Losses)
Cash equivalents	$ 1.9	$ 2.9
Certificates of Deposit [Member]
At Cost	$ 3.1	$ 1.9
Unrealized Gains
Unrealized (Losses)
Cash equivalents	$ 3.1	$ 1.9
At Cost	$ 27.1	$ 27.2
Unrealized Gains
Unrealized (Losses)		$ (0.1)
Cash equivalents	$ 27.1	$ 27.1

Note 4 - Summary of Accrued and

Note 4 - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Professional fees	$ 0.7	$ 0.8
Salary and benefits	0.2	1.6
Research and development expenses	2.1	1.7
Other accrued expenses	0.1	1.2
Total accrued expenses and other liabilities	$ 3.1	$ 5.3

Note 5 - Computation of Histori

Note 5 - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net loss	$ (6.6)	$ (6.9)
Weighted-average shares outstanding (in shares)	38,624,227	35,029,300
Dilutive effect of restricted stock and stock options (in shares)
Shares used to compute diluted earnings per share (in shares)	38,624,227	35,029,300
Basic net (loss) per share (in dollars per share)	$ (0.17)	$ (0.20)
Diluted net (loss) per share (in dollars per share)	$ (0.17)	$ (0.20)
Number of anti-dilutive share-based awards excluded from computation (in shares)	4,394,607	2,517,636

Note 6 - Licenses, Royalty Co25

Note 6 - Licenses, Royalty Collaborative and Contractual Arrangements (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2011	Sep. 30, 2015
United States, Europe, Japan, And Other Countries [Member] | GSK [Member]
Royalty Payment Percentage		7.00%
Australia, New Zealand, South Africa, and Indonesia [Member] | GSK [Member]
Royalty Payment Percentage		10.00%
UNITED STATES | GSK [Member] | Relenza [Member]
Royalty Payment, Number of Years Eligible to Receive Royalties from Net Sales of Product or Service		17 years
Japan [Member] | Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%
BARDA [Member]
Maximum Revenue From Contract	$ 231.2
Contract Term	5 years

Note 6 - Components of Revenues

Note 6 - Components of Revenues from Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Relenza [Member]
Royalty revenue – Relenza®	$ 1.7
Inavir [Member]
Royalty revenue – Relenza®
Royalty revenue – Relenza®	$ 1.7
Revenue from services		$ 0.7
Total revenue	$ 1.7	$ 0.7

Note 7 - Share-based Compensa27

Note 7 - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
The 2007 Omnibus Equity and Incentive Plan [Member]
Allocated Share-based Compensation Expense	$ 600,000	$ 400,000
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	0	0
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	0	$ 0
Proceeds from Stock Options Exercised	0
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 4,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 73 days

Note 7 - Fair Value Assumptions

Note 7 - Fair Value Assumptions (Details) - $ / shares	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Weighted-average risk-free interest rate	1.50%	1.70%
Dividend yield	0.00%	0.00%
Expected weighted-average volatility	0.75%	0.82%
Expected weighted-average life of options (years)	4 years	6 years
Weighted-average fair value of options granted (in dollars per share)	$ 1.35	$ 1.64

Note 7 - Stock Option Activity

Note 7 - Stock Option Activity (Details)	3 Months Ended
	Sep. 30, 2015$ / sharesshares
Outstanding at June 30, 2015 (in shares)	3,364,117
Outstanding at June 30, 2015 (in dollars per share) | $ / shares	$ 5.58
Granted (in shares)	1,047,500
Granted (in dollars per share) | $ / shares	$ 2.45
Exercised (in shares)
Exercised (in dollars per share) | $ / shares
Forfeited or expired (in shares)	(833)
Forfeited or expired (in dollars per share) | $ / shares	$ 75.81
Outstanding at September 30, 2015 (in shares)	4,403,284
Outstanding at September 30, 2015 (in dollars per share) | $ / shares	$ 4.83
Outstanding at September 30, 2015	7 years 109 days

Note 7 - Exercise Price Range R

Note 7 - Exercise Price Range Relating to Oustanding and Exercisable Options (Details)	3 Months Ended
	Sep. 30, 2015$ / sharesshares
Range One [Member]
Exercise Price Range, Lower Limit (in dollars per share)	$ 1.95
Exercise Price Range, Upper Limit (in dollars per share)	$ 2.45
Outstanding, Number of Shares (in shares) | shares	1,399,500
Outstanding, Weighted Average Remaining Contractual Life	8 years 343 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 2.39
Exercisable, Number of Shares (in shares) | shares	45,000
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 2.26
Range Two [Member]
Exercise Price Range, Lower Limit (in dollars per share)	2.47
Exercise Price Range, Upper Limit (in dollars per share)	$ 2.85
Outstanding, Number of Shares (in shares) | shares	1,317,500
Outstanding, Weighted Average Remaining Contractual Life	6 years 251 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 2.55
Exercisable, Number of Shares (in shares) | shares	144,168
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 2.75
Range Three [Member]
Exercise Price Range, Lower Limit (in dollars per share)	3.14
Exercise Price Range, Upper Limit (in dollars per share)	$ 4.07
Outstanding, Number of Shares (in shares) | shares	1,166,590
Outstanding, Weighted Average Remaining Contractual Life	7 years 76 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.04
Exercisable, Number of Shares (in shares) | shares	763,561
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.05
Range Four [Member]
Exercise Price Range, Lower Limit (in dollars per share)	4.15
Exercise Price Range, Upper Limit (in dollars per share)	$ 39.60
Outstanding, Number of Shares (in shares) | shares	519,694
Outstanding, Weighted Average Remaining Contractual Life	4 years 299 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 18.90
Exercisable, Number of Shares (in shares) | shares	363,444
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 24.94
Outstanding, Number of Shares (in shares) | shares	4,403,284
Outstanding, Weighted Average Remaining Contractual Life	7 years 116 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 4.83
Exercisable, Number of Shares (in shares) | shares	1,316,173
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 9.61

Note 7 - Summary of MSU Activit

Note 7 - Summary of MSU Activity (Details)	3 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Stock and Market Stock Units [Member]
Awarded, Shares (in shares)	2,500
Awarded (in dollars per share) | $ / shares	$ 2.49
Released, Shares (in shares)	(40,000)
Released (in dollars per share) | $ / shares	$ 2.45
Balance (in shares)	104,081
Balance (in dollars per share) | $ / shares	$ 3.20
Balance (in shares)	66,581
Balance (in dollars per share) | $ / shares	$ 3.63