Vaxart (VXRT) 10-Q 6 Feb 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2016	Feb. 06, 2017
Document Information [Line Items]
Entity Registrant Name	Aviragen Therapeutics, Inc.
Entity Central Index Key	72,444
Trading Symbol	avir
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)		38,649,237
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 38.1	$ 49.7
Short-term investments	11.1	19.3
Accounts receivable, net of allowance	4.2	0.7
Prepaid and other current assets	2.8	2.7
Total current assets	56.2	72.4
Non-current assets:
Property and equipment, net	0.3	0.3
Total assets	56.5	72.7
Current liabilities:
Accounts payable	3.4	3.9
Accrued expenses	5.6	3.6
Short-term note payable	0.3	0.4
Liability related to sale of future royalties, current portion	1.2	1.3
Total current liabilities	10.5	9.2
Non-current liabilities:
Long-term note payable, net of current portion	0.2	0.3
Liability related to sale of future royalties, net of current portion	17.6	16.8
Other long-term liabilities, net of current portion	0.2	0.2
Total liabilities	28.5	26.5
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.10 par value: 5,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.10 par value: 200,000,000 shares authorized; 38,640,487 shares issued and outstanding at December 31, 2016 and June 30, 2016	3.9	3.9
Additional paid-in capital	158.5	157.6
Accumulated other comprehensive income	19	19
Accumulated deficit	(153.4)	(134.3)
Total stockholders’ equity	28	46.2
Total liabilities and stockholders’ equity	$ 56.5	$ 72.7

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2016	Jun. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
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)	38,640,487	38,640,487
Common stock, shares outstanding (in shares)	38,640,487	38,640,487

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Royalty revenue	$ 1.5	$ 1.7	$ 1.6	$ 3.4
Non-cash royalty revenue related to the sale of future royalties	2.3		2.3
Total revenue	3.8	1.7	3.9	3.4
Operating expense:
Research and development	10.2	6.3	17.8	11.8
General and administrative	2.1	2.1	4.3	4.4
Foreign exchange (gain) loss, net	0.1	(0.2)		0.5
Total operating expense	12.4	8.2	22.1	16.7
Loss from operations	(8.6)	(6.5)	(18.2)	(13.3)
Other (expense) income:
Non-cash interest expense on liability related to sale of future royalties	(0.5)		(0.9)
Interest income	0.1		0.1	0.1
Total other (expense) income	(0.4)		(0.8)	0.1
Loss before tax	(9)	(6.5)	(19)	(13.2)
Income tax expense	0.1		0.1
Net loss	$ (9.1)	$ (6.5)	$ (19.1)	$ (13.2)
Basic and diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Basic and diluted weighted-average shares outstanding (in shares)	38,640,487	38,636,946	38,640,487	38,630,587

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Dec. 31, 2016 - 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, 2016	38,640,487				38,640,487
Balances at Jun. 30, 2016	$ 3.9	$ 157.6	$ (134.3)	$ 19	$ 46.2
Net loss			(19.1)		(19.1)
Share-based compensation		0.9			$ 0.9
Balances (in shares) at Dec. 31, 2016	38,640,487				38,640,487
Balances at Dec. 31, 2016	$ 3.9	$ 158.5	$ (153.4)	$ 19	$ 28

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (19.1)	$ (13.2)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	0.9	1.2
Non-cash interest expense related to sale of future royalties	0.9
Non-cash royalty revenue related to sale of future royalties	(2.3)
Change in operating assets and liabilities:
Accounts receivables	(1.4)	7.5
Prepaid expenses and other current assets	(0.1)	(0.9)
Accounts payable and accrued expenses	1.4	(2.8)
Net cash used in operating activities	(19.7)	(8.2)
Cash flows from investing activities:
Purchases of short and long-term investments	(8.4)	(6.4)
Maturity of short-term investments	16.6	9
Net cash provided by investing activities	8.2	2.6
Cash flows from financing activities:
Payment on note payable	(0.1)	(0.1)
Net cash used in financing activities	(0.1)	(0.1)
Decrease in cash and cash equivalents	(11.6)	(5.7)
Cash and cash equivalents at beginning of period	49.7	44.7
Cash and cash equivalents at end of period	$ 38.1	$ 39

Note 1 - Company Overview

Note 1 - Company Overview	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	1) Company Overview Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, 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 2 BTA585, BTA074, 6 11. 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 may 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	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	(2) 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 10 01 condensed consolidated financial statements included in the Company’s Annual Report on Form 10 September 13, 2016. 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 six December 31, 2016 may June 30, 2017. June 30, 2016 10 The Company ’s significant accounting policies have not changed since June 30, 2016. Recent Accounting Standards In May 2014, eginning after December 15, 2017. July 1, 2018. may In August 2014, ’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 annual reporting ending after December 15, 2016, June 30, 2017. In January 2016, December 15, 2017. July 1, 2018. In February 2016, twelve December 15, 2018, July 1, 2019. In March 2016, be classified. The guidance is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, In August 2016, new guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for the Company beginning July 1, 2018. In January 2017, usiness combinations and the definition of a business. The guidance is effective for annual periods beginning after December 15, 2017, July 1, 2018. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(3) 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 may Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 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 December 31, 2016 June 30, 2016, T he Company’s short-term investments have been classified as Level 2, third Quoted Prices in Significant Active Markets Other Significant (in millions) for Identical Assets Observable Inputs Unobservable Inputs December 31 , 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 10.7 $ 7.7 $ 3.0 $ — Short-term investments available-for-sale 11.1 — 11.1 — Total $ 21.8 $ 7.7 $ 14.1 $ — Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (in millions) Assets Inputs Inputs June 30, 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 1.5 $ 1.5 $ — $ — Short-term investments available-for-sale 19.3 10.0 9.3 — Total $ 20.8 $ 11.5 $ 9.3 $ — Cash equivalents consist primarily of money market funds. Short-term investments consist of certificates of deposit, corporate securities, U.S. Treasury securities and U.S. agency securities, classified as available-for-sale and have maturities less than 365 The following table shows the unrealized gains and losses and fair values for those investments as of December 31, 2016 June 30, 2016 (in millions) Unrealized Unrealized December 31 , 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 7.7 $ - $ - 7.7 Corporate notes 9.4 - - 9.4 Commercial paper 3.0 - - 3.0 Certificates of deposit 1.7 - - 1.7 Total $ 21.8 $ - $ - 21.8 (in millions) Unrealized Unrealized June 30, 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 1.5 $ — $ — $ 1.5 Debt securities of U.S. government agencies 2.0 — — 2.0 U.S. Treasury securities 7.0 — — 7.0 Corporate notes 2.9 0.1 — 3.0 Certificates of deposit 7.3 — — 7.3 Total $ 20.7 $ 0.1 $ — $ 20.8 As of December 31, 2016, As of June 30, 2016, December 31, 2016, one December 31, 2016 June 30, 2016. 2 December 31, 2016 June 30, 2016.

Note 4 - Accrued and Other Curr

Note 4 - Accrued and Other Current Liabilities	6 Months Ended
	Dec. 31, 2016
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): December 31 , 201 6 June 30, 201 6 Professional fees $ 0.5 $ 0.1 Salary and benefits 0.5 0.6 Research and development expenses 4.6 2.2 Other accrued expenses - 0.7 Total accrued expenses and other liabilities $ 5.6 $ 3.6

Note 5 - Liabilities Related to

Note 5 - Liabilities Related to Sale of Future Royalties	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	( 5) In April 2016, ® $20 December 31, 2016 June 30, 2016, $2.2 $0.2 In order to record the amortization of the liability, the Company is requir ed to estimate the total amount of future royalty payments to be received under the License Agreement with Daiichi Sankyo and the payments that will be passed through to HCRP over the life of the agreement. The sum of the pass through amounts less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The Company will periodically assess the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, the Company will adjust the amortization of the liability and interest rate. As a result of this accounting, even though the Company does not retain HCRP’s share of the royalties, it will continue to record non-cash revenue related to those royalties until the amount of the associated liability and related interest is fully amortized . The following table shows the activity within the liability account during the six December 31, 2016: in millions Total Liability related to sale of future royalties, June 30, 201 6 $ 18.1 Non-cash royalty revenue paid to HCRP (0.2 ) Non-cash interest expense recognized 0.9 Total Liability related to sale of future royalties, December 31, 2016 $ 18.8

Note 6 - Net Loss Per Share

Note 6 - Net Loss Per Share	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	(6 ) 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 s set forth the computation of historical basic and diluted net loss per share. Three Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (9.1 ) $ (6.5 ) Weighted-average shares outstanding 38,640,487 38,636,946 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,636,946 Basic net loss per share $ (0.24 ) $ (0.17 ) Diluted net loss per share $ (0.24 ) $ (0.17 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,631,556 Six Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (19.1 ) $ (13.2 ) Weighted-average shares outstanding 38,640,487 38,630,587 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,630,587 Basic net income (loss) per share $ (0.49 ) $ (0.34 ) Diluted net loss per share $ (0.49 ) $ (0.34 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,619,210

Note 7 - Licenses, Royalty, Col

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	(7 ) Licenses, Royalty Collaborative and Contractual Arrangements Royalty agreements The Company entered into a royalty-bearing research and license agreement with GlaxoSmithKline (“GSK”) in 1990 7% ® 10% ® ® ® July 2019 The Company also generates royalty revenue from the sale of Inavir ® September 2010, ® 4% ® third 2024. In April 2016, $20 ® The following tables summarize the key components of the Company ’s revenues (in millions): Three Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.5 $ 1.0 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.8 $ 1.7 Six Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.6 $ 2.7 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.9 $ 3.4 Collaborative and contract arrangements In July 2016, $10,000 two In connection with the Company ’s BTA585 December 2016,

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation	6 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 8 ) Share-based Compensation On November 10, 2016, 2016 2016 4,794,137 may 2016 2007 2016 2016 For the three December 31, 2016 2015, $0.5 $0.6 six December 31, 2016 2015, $0.9 $1.2 No no three six December 31, 2016 2015.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, 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 10 01 condensed consolidated financial statements included in the Company’s Annual Report on Form 10 September 13, 2016. 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 six December 31, 2016 may June 30, 2017. June 30, 2016 10 The Company ’s significant accounting policies have not changed since June 30, 2016.
Basis of Accounting, Policy [Policy Text Block]	Recent Accounting Standards In May 2014, eginning after December 15, 2017. July 1, 2018. may In August 2014, ’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 annual reporting ending after December 15, 2016, June 30, 2017. In January 2016, December 15, 2017. July 1, 2018. In February 2016, twelve December 15, 2018, July 1, 2019. In March 2016, be classified. The guidance is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, In August 2016, new guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for the Company beginning July 1, 2018. In January 2017, usiness combinations and the definition of a business. The guidance is effective for annual periods beginning after December 15, 2017, July 1, 2018. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements.

Note 3 - Fair Value Measureme16

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Quoted Prices in Significant Active Markets Other Significant (in millions) for Identical Assets Observable Inputs Unobservable Inputs December 31 , 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 10.7 $ 7.7 $ 3.0 $ — Short-term investments available-for-sale 11.1 — 11.1 — Total $ 21.8 $ 7.7 $ 14.1 $ — Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (in millions) Assets Inputs Inputs June 30, 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 1.5 $ 1.5 $ — $ — Short-term investments available-for-sale 19.3 10.0 9.3 — Total $ 20.8 $ 11.5 $ 9.3 $ —
Unrealized Gain (Loss) on Investments [Table Text Block]	(in millions) Unrealized Unrealized December 31 , 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 7.7 $ - $ - 7.7 Corporate notes 9.4 - - 9.4 Commercial paper 3.0 - - 3.0 Certificates of deposit 1.7 - - 1.7 Total $ 21.8 $ - $ - 21.8 (in millions) Unrealized Unrealized June 30, 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 1.5 $ — $ — $ 1.5 Debt securities of U.S. government agencies 2.0 — — 2.0 U.S. Treasury securities 7.0 — — 7.0 Corporate notes 2.9 0.1 — 3.0 Certificates of deposit 7.3 — — 7.3 Total $ 20.7 $ 0.1 $ — $ 20.8

Note 4 - Accrued and Other Cu17

Note 4 - Accrued and Other Current Liabilities (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	December 31 , 201 6 June 30, 201 6 Professional fees $ 0.5 $ 0.1 Salary and benefits 0.5 0.6 Research and development expenses 4.6 2.2 Other accrued expenses - 0.7 Total accrued expenses and other liabilities $ 5.6 $ 3.6

Note 5 - Liabilities Related 18

Note 5 - Liabilities Related to Sale of Future Royalties (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Deferred Revenue, by Arrangement, Disclosure [Table Text Block]	in millions Total Liability related to sale of future royalties, June 30, 201 6 $ 18.1 Non-cash royalty revenue paid to HCRP (0.2 ) Non-cash interest expense recognized 0.9 Total Liability related to sale of future royalties, December 31, 2016 $ 18.8

Note 6 - Net Loss Per Share (Ta

Note 6 - Net Loss Per Share (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (9.1 ) $ (6.5 ) Weighted-average shares outstanding 38,640,487 38,636,946 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,636,946 Basic net loss per share $ (0.24 ) $ (0.17 ) Diluted net loss per share $ (0.24 ) $ (0.17 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,631,556 Six Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (19.1 ) $ (13.2 ) Weighted-average shares outstanding 38,640,487 38,630,587 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,630,587 Basic net income (loss) per share $ (0.49 ) $ (0.34 ) Diluted net loss per share $ (0.49 ) $ (0.34 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,619,210

Note 7 - Licenses, Royalty, C20

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Tables)	6 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.5 $ 1.0 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.8 $ 1.7 Six Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.6 $ 2.7 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.9 $ 3.4

Note 3 - Fair Value Measureme21

Note 3 - Fair Value Measurements (Details Textual)	6 Months Ended
	Dec. 31, 2016
Available-for-Sale Securities, Maturity Period	1 year

Note 3 - Fair Value Measureme22

Note 3 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Available for Sale Securities - Current	$ 21.8	$ 20.8
Total	21.8	20.8
Fair Value, Inputs, Level 1 [Member]
Total	7.7	11.5
Fair Value, Inputs, Level 2 [Member]
Total	14.1	9.3
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	10.7	1.5
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	7.7	1.5
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	3
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current
Short-term Investments [Member]
Available for Sale Securities - Current	11.1	19.3
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current		10
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	11.1	9.3
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current

Note 3 - Fair Value Measureme23

Note 3 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
At Cost	$ 21.8	$ 20.7
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	21.8	20.8
Money Market Funds [Member]
At Cost	7.7	1.5
Unrealized Gains
Unrealized (Losses)
Fair Value	7.7	1.5
Corporate Note Securities [Member]
At Cost	9.4	2.9
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	9.4	3
US Government Agencies Debt Securities [Member]
At Cost		2
Unrealized Gains
Unrealized (Losses)
Fair Value		2
Commercial Paper [Member]
At Cost	3
Unrealized Gains
Unrealized (Losses)
Fair Value	3
US Treasury Securities [Member]
At Cost		7
Unrealized Gains
Unrealized (Losses)
Fair Value		7
Certificates of Deposit [Member]
At Cost	1.7	7.3
Unrealized Gains
Unrealized (Losses)
Fair Value	$ 1.7	$ 7.3

Note 4 - Accrued and Other Cu24

Note 4 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Professional fees	$ 0.5	$ 0.1
Salary and benefits	0.5	0.6
Research and development expenses	4.6	2.2
Other accrued expenses		0.7
Total accrued expenses and other liabilities	$ 5.6	$ 3.6

Note 5 - Liabilities Related 25

Note 5 - Liabilities Related to Sale of Future Royalties (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20
Daiichi Sankyo [Member]
Accounts Receivable, Net		$ 2.2	$ 0.2

Note 5 - Liabilities Related 26

Note 5 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - Royalty Arrangement [Member] - HealthCare Royalty Partners III, L.P. [Member] $ in Millions	6 Months Ended
	Dec. 31, 2016USD ($)
Total Liability related to sale of future royalties, June 30, 2016	$ 18.1
Non-cash royalty revenue paid to HCRP	(0.2)
Non-cash interest expense recognized	0.9
Total Liability related to sale of future royalties, December 31, 2016	$ 18.8

Note 6 - Net Loss Per Share - C

Note 6 - Net Loss Per Share - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net loss	$ (9.1)	$ (6.5)	$ (19.1)	$ (13.2)
Weighted-average shares outstanding (in shares)	38,640,487	38,636,946	38,640,487	38,630,587
Shares used to compute diluted earnings per share (in shares)	38,640,487	38,636,946	38,640,487	38,630,587
Basic net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Number of anti-dilutive share-based awards excluded from computation (in shares)	5,645,543	4,631,556	5,645,543	4,619,210
Basic net income (loss) per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)

Note 7 - Licenses, Royalty, C28

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Details Textual) - USD ($)	Apr. 22, 2016	Dec. 31, 2016
HealthCare Royalty Partners III, L.P. [Member]
Proceeds From Sale of Royalty Rights, Gross	$ 20,000,000
Georgia State University Research Foundation (GSURF) [Member]
Collaborative Arrangement, Annual Minimum Payment		$ 10,000
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%
Japan [Member] | Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%

Note 7 - Licenses, Royalty, C29

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Royalty revenue	$ 1.5	$ 1.7	$ 1.6	$ 3.4
Non-cash royalty revenue related to the sale of future royalties	2.3		2.3
Total revenue	3.8	1.7	3.9	3.4
Relenza [Member]
Royalty revenue	1.5	1	1.6	2.7
Inavir [Member]
Royalty revenue		$ 0.7		$ 0.7

Note 8 - Share-based Compensa30

Note 8 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Nov. 10, 2016
Allocated Share-based Compensation Expense	$ 500	$ 600	$ 900	$ 1,200
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	0	0	0	0
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0	$ 0	$ 0	$ 0
The 2016 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					4,794,137