Vaxart (VXRT) 10-Q 8 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 09, 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	Smaller Reporting Company
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 11.8	$ 49.7
Short-term investments	25.8	19.3
Accounts receivable, net of allowance	6.6	0.7
Prepaid and other current assets	2.2	2.7
Total current assets	46.4	72.4
Non-current assets:
Property and equipment, net	0.3	0.3
Total assets	46.7	72.7
Current liabilities:
Accounts payable	1.8	3.9
Accrued expenses	3	3.6
Short-term note payable	0.3	0.4
Liability related to sale of future royalties, current portion	0.4	1.3
Total current liabilities	5.5	9.2
Non-current liabilities:
Long-term note payable, net of current portion	0.1	0.3
Liability related to sale of future royalties, net of current portion	16.7	16.8
Other long-term liabilities, net of current portion	0.2	0.2
Total liabilities	22.5	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; 38,649,237 and 38,640,487 shares issued and outstanding at March 31, 2017 and June 30, 2016, respectively	3.9	3.9
Additional paid-in capital	159.1	157.6
Accumulated other comprehensive income	19	19
Accumulated deficit	(157.8)	(134.3)
Total stockholders’ equity	24.2	46.2
Total liabilities and stockholders’ equity	$ 46.7	$ 72.7

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2017	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)	38,649,237	38,640,487
Common stock, shares outstanding (in shares)	38,649,237	38,640,487

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Royalty revenue	$ 4.1	$ 5.3	$ 5.8	$ 8.8
Non-cash royalty revenue related to the sale of future royalties	0.8		3
Total revenue	4.9	5.3	8.8	8.8
Operating expense:
Research and development	6.8	8.5	24.6	20.4
General and administrative	1.8	2.3	6	6.7
Foreign exchange (gain) loss, net	0.1	(0.3)	0.1	0.2
Total operating expense	8.7	10.5	30.7	27.3
Loss from operations	(3.8)	(5.2)	(21.9)	(18.5)
Other (expense) income:
Non-cash interest expense on liability related to sale of future royalties	(0.5)		(1.4)
Interest income	0.1		0.1	0.1
Total other (expense) income	(0.4)		(1.3)	0.1
Loss before tax	(4.2)	(5.2)	(23.2)	(18.4)
Income tax expense	0.2		0.3
Net loss	$ (4.4)	$ (5.2)	$ (23.5)	$ (18.4)
Basic and diluted net loss per share (in dollars per share)	$ (0.11)	$ (0.14)	$ (0.61)	$ (0.48)
Basic and diluted weighted-average shares outstanding (in shares)	38,647,487	38,640,254	38,642,786	38,633,786

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Mar. 31, 2017 - 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			(23.5)		(23.5)
Common stock issued (in shares)	8,750
Common stock issued
Share-based compensation		1.5			$ 1.5
Balances (in shares) at Mar. 31, 2017	38,649,237				38,649,237
Balances at Mar. 31, 2017	$ 3.9	$ 159.1	$ (157.8)	$ 19	$ 24.2

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (23.5)	$ (18.4)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1.4	1.6
Non-cash interest expense related to sale of future royalties	1.4
Non-cash royalty revenue related to sale of future royalties	(3)
Change in operating assets and liabilities:
Accounts receivables	(5.2)	2.5
Prepaid expenses and other current assets	0.5	(0.8)
Accounts payable and accrued expenses	(2.8)	(0.1)
Net cash used in operating activities	(31.2)	(15.2)
Cash flows from investing activities:
Purchases of short and long-term investments	(26.8)	(13.5)
Maturity of short-term investments	20.3	14.9
Purchases of property and equipment		(0.1)
Net cash (used in) provided by investing activities	(6.5)	1.3
Cash flows from financing activities:
Payment on note payable	(0.2)	(0.2)
Net cash used in financing activities	(0.2)	(0.2)
Decrease in cash and cash equivalents	(37.9)	(14.1)
Cash and cash equivalents at beginning of period	49.7	44.7
Cash and cash equivalents at end of period	$ 11.8	$ 30.6

Note 1 - Company Overview

Note 1 - Company Overview	9 Months Ended
	Mar. 31, 2017
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 three 2 BTA585 BTA074, 6 11. We also have preclinical RSV non-fusion inhibitor program that we believe complements our F-protein inhibitor BTA585. 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 In April 2017, ’s current pipeline and could maximize both near and long-term value for its shareholders. The Company has retained Stifel, Nicolaus & Company, Incorporated to serve as its financial advisor in the process. During the strategic alternatives process, the Company plans to continue to finance its operations with its existing cash. The Company’s ability to continue to support its operations is dependent, in the near-term, upon managing its cash resources (including royalty revenue received under existing licenses) as it continues with its ongoing clinical development activities. Aviragen does not have a defined timeline for the exploration of strategic alternatives there can be no assurance that the process will result in any strategic alternative being announced or consummated. Aviragen does not intend to discuss or disclose further developments during this process unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Mar. 31, 2017
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 ’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 nine March 31, 2017 may ’s fiscal year ending June 30, 2017. June 30, 2016 10 The Company ’s significant accounting policies have not changed since June 30, 2016, Recently Adopted Accounting Standards In March 2016, 2016 09 The Company has elected to early adopt ASU 2016 09 three March 31, 2017 first July 1, 2016. $0.1 ’s retained earnings and an increase to additional paid-in capital as of January 1, 2017 The amendments within the ASU related to the recognition of excess tax benefits and deficiencies and tax withholding requirements were adopted prospectively, with no impact to prior periods. Recently Issued Accounting Standards In May 2014, 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 August 2016, July 1, 2018.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	9 Months Ended
	Mar. 31, 2017
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 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 March 31, 2017 June 30, 2016, The 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 March 31, 2017 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 7.4 $ 7.4 $ — $ — Short-term investments available-for-sale 25.8 — 25.8 — Total $ 33.2 $ 7.4 $ 25.8 $ — Quoted Prices in Significant Active Markets Other Significant (in millions) for Identical Assets Observable Inputs Unobservable Inputs June 30, 2016 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 March 31, 2017 June 30, 2016 (in millions) Unrealized Unrealized March 31, 2017 At Cost Gains (Losses) At Fair Value Money market funds $ 7.4 $ - $ - $ 7.4 Corporate notes 19.8 - - 19.8 Commercial paper 5.0 - - 5.0 Certificates of deposit 1.0 - - 1.0 Total $ 33.2 $ - $ - $ 33.2 (in millions) Unrealized Unrealized June 30, 2016 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 March 31, 2017, June 30, 2016, March 31, 2017, one 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 March 31 , 2017 and June 30, 2016 . The fair value of the Company’s short-term note payable, which is measured using Level 2 March 31 , 2017 and June 30, 2016.

Note 4 - Accrued and Other Curr

Note 4 - Accrued and Other Current Liabilities	9 Months Ended
	Mar. 31, 2017
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): March 31, 201 7 June 30, 201 6 Professional fees $ 0.4 $ 0.1 Salary and benefits 0.4 0.6 Research and development expenses 2.2 2.2 Other accrued expenses - 0.7 Total accrued expenses and other liabilities $ 3.0 $ 3.6

Note 5 - Liabilities Related to

Note 5 - Liabilities Related to Sale of Future Royalties	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	(5) Liabilities Related to Sale of Future Royalties In April 2016, ® $20 March 31, 2017 June 30, 2016, $0.8 $0.2 In order to record the amortization of the liability, the Company is required 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 nine March 31, 2017: in millions Total Liability related to sale of future royalties, June 30, 2016 $ 18.1 Non-cash royalty revenue paid to HCRP (2.4 ) Non-cash interest expense recognized 1.4 Total Liability related to sale of future royalties, March 31, 2017 $ 17.1

Note 6 - Net Loss Per Share

Note 6 - Net Loss Per Share	9 Months Ended
	Mar. 31, 2017
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 tables set forth the computation of historical basic and diluted net loss per share. Three Months Ended March 31 , 2017 2016 Net loss (in millions) $ (4.4 ) $ (5.2 ) Weighted-average shares outstanding 38,647,487 38,640,254 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,647,487 38,640,254 Basic net loss per share $ (0.11 ) $ (0.14 ) Diluted net loss per share $ (0.11 ) $ (0.14 ) Number of anti-dilutive share-based awards excluded from computation 6,635,527 4,639,959 Nine Months Ended March 31 , 2017 2016 Net loss (in millions) $ (23.5 ) $ (18.4 ) Weighted-average shares outstanding 38,642,786 38,633,786 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,642,786 38,633,786 Basic net loss per share $ (0.61 ) $ (0.48 ) Diluted net loss per share $ (0.61 ) $ (0.48 ) Number of anti-dilutive share-based awards excluded from computation 6,635,527 4,639,959

Note 7 - Licenses, Royalty, Col

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements	9 Months Ended
	Mar. 31, 2017
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 ® 4% ® third 2024. In April 2016, $20 ® The following tables summarize the key components of the Company ’s revenues (in millions): Three Months Ended March 31, 2017 2016 (in millions) Royalty revenue - Relenza ® $ 1.1 $ 1.7 - Inavir ® 3.0 3.6 Non-cash royalty revenue related to the sale of future royalties 0.8 - Total revenue $ 4.9 $ 5.3 Nine Months Ended March 31, 2017 2016 (in millions) Royalty revenue - Relenza ® $ 2.7 $ 4.5 - Inavir ® 3.1 4.3 Non-cash royalty revenue related to the sale of future royalties 3.0 - Total revenue $ 8.8 $ 8.8 In July 2016, $10,000 two

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(8) Share-based Compensation For the three March 31, 2017 2016, $0.5 $0.5 nine March 31, 2017 2016, $1.4 $1.6 No no three nine March 31, 2017 2016. 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, 2017 2016 201 7 201 6 Weighted-average risk-free interest rate 1.27 % 1.10 % 1.19 % 1.50 % Dividend yield — — — — Expected weighted-average volatility .65 .76 .71 .75 Expected weighted-average life of options (years) 2.0 6.0 4.2 4.5 Weighted-average fair value of options granted $ 0.24 $ 0.88 $ 0.58 $ 1.34 The risk-free rate interest rate is based on the expected life of the option and the corresponding U.S. 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. 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 nine March 31, 2017 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, 2016 4,751,423 $ 4.07 - Granted 2,392,000 1.02 Exercised — — Forfeited (337,193 ) 2.35 Expired (170,703 ) 4.46 Outstanding at March 31, 2017 6,635,527 $ 3.05 7.5 $ - The total intrinsic value of stock options exercised during the three March 31, 2017 zero, no The following tables summarize information relating to outstanding and exercisable options as of March 31, 2017: March 31, 2017 Outstanding Weighted Average Exercisable Number of Remaining Weighted Average Number of Weighted Average Exercise Prices Stock Options Contractual Life Exercise Price Stock Options Exercise Price (In Years) $0.65 — $1.21 1,082,000 9.99 $ 0.65 0 $ 0.00 $1.30 — $1.95 1,684,167 9.28 1.38 37,217 1.76 $2.02 — $3.98 2,468,750 6.42 2.47 1,295,566 2.49 $4.05 — $34.86 1,400,610 5.33 7.93 1,354,360 8.03 6,635,527 7.50 $ 3.05 2,687,143 5.27 As of March 31, 2017 $2.4 unvested share-based awards. This balance is expected to be recognized over a weighted-average period of approximately 1.6

Note 3 - Fair Value Measureme15

Note 3 - Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 7.4 $ 7.4 $ — $ — Short-term investments available-for-sale 25.8 — 25.8 — Total $ 33.2 $ 7.4 $ 25.8 $ — Quoted Prices in Significant Active Markets Other Significant (in millions) for Identical Assets Observable Inputs Unobservable Inputs June 30, 2016 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 March 31, 2017 At Cost Gains (Losses) At Fair Value Money market funds $ 7.4 $ - $ - $ 7.4 Corporate notes 19.8 - - 19.8 Commercial paper 5.0 - - 5.0 Certificates of deposit 1.0 - - 1.0 Total $ 33.2 $ - $ - $ 33.2 (in millions) Unrealized Unrealized June 30, 2016 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 Cu16

Note 4 - Accrued and Other Current Liabilities (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 201 7 June 30, 201 6 Professional fees $ 0.4 $ 0.1 Salary and benefits 0.4 0.6 Research and development expenses 2.2 2.2 Other accrued expenses - 0.7 Total accrued expenses and other liabilities $ 3.0 $ 3.6

Note 5 - Liabilities Related 17

Note 5 - Liabilities Related to Sale of Future Royalties (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Deferred Revenue, by Arrangement, Disclosure [Table Text Block]	in millions Total Liability related to sale of future royalties, June 30, 2016 $ 18.1 Non-cash royalty revenue paid to HCRP (2.4 ) Non-cash interest expense recognized 1.4 Total Liability related to sale of future royalties, March 31, 2017 $ 17.1

Note 6 - Net Loss Per Share (Ta

Note 6 - Net Loss Per Share (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31 , 2017 2016 Net loss (in millions) $ (4.4 ) $ (5.2 ) Weighted-average shares outstanding 38,647,487 38,640,254 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,647,487 38,640,254 Basic net loss per share $ (0.11 ) $ (0.14 ) Diluted net loss per share $ (0.11 ) $ (0.14 ) Number of anti-dilutive share-based awards excluded from computation 6,635,527 4,639,959 Nine Months Ended March 31 , 2017 2016 Net loss (in millions) $ (23.5 ) $ (18.4 ) Weighted-average shares outstanding 38,642,786 38,633,786 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,642,786 38,633,786 Basic net loss per share $ (0.61 ) $ (0.48 ) Diluted net loss per share $ (0.61 ) $ (0.48 ) Number of anti-dilutive share-based awards excluded from computation 6,635,527 4,639,959

Note 7 - Licenses, Royalty, C19

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2017 2016 (in millions) Royalty revenue - Relenza ® $ 1.1 $ 1.7 - Inavir ® 3.0 3.6 Non-cash royalty revenue related to the sale of future royalties 0.8 - Total revenue $ 4.9 $ 5.3 Nine Months Ended March 31, 2017 2016 (in millions) Royalty revenue - Relenza ® $ 2.7 $ 4.5 - Inavir ® 3.1 4.3 Non-cash royalty revenue related to the sale of future royalties 3.0 - Total revenue $ 8.8 $ 8.8

Note 8 - Share-based Compensa20

Note 8 - Share-based Compensation (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 201 7 201 6 Weighted-average risk-free interest rate 1.27 % 1.10 % 1.19 % 1.50 % Dividend yield — — — — Expected weighted-average volatility .65 .76 .71 .75 Expected weighted-average life of options (years) 2.0 6.0 4.2 4.5 Weighted-average fair value of options granted $ 0.24 $ 0.88 $ 0.58 $ 1.34
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, 2016 4,751,423 $ 4.07 - Granted 2,392,000 1.02 Exercised — — Forfeited (337,193 ) 2.35 Expired (170,703 ) 4.46 Outstanding at March 31, 2017 6,635,527 $ 3.05 7.5 $ -
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	March 31, 2017 Outstanding Weighted Average Exercisable Number of Remaining Weighted Average Number of Weighted Average Exercise Prices Stock Options Contractual Life Exercise Price Stock Options Exercise Price (In Years) $0.65 — $1.21 1,082,000 9.99 $ 0.65 0 $ 0.00 $1.30 — $1.95 1,684,167 9.28 1.38 37,217 1.76 $2.02 — $3.98 2,468,750 6.42 2.47 1,295,566 2.49 $4.05 — $34.86 1,400,610 5.33 7.93 1,354,360 8.03 6,635,527 7.50 $ 3.05 2,687,143 5.27

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual) - Accounting Standards Update 2016-09 [Member] $ in Millions	Mar. 31, 2017USD ($)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (0.1)
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 0.1

Note 3 - Fair Value Measureme22

Note 3 - Fair Value Measurements (Details Textual)	9 Months Ended
	Mar. 31, 2017
Available-for-Sale Securities, Maturity Period	1 year

Note 3 - Fair Value Measureme23

Note 3 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions	Mar. 31, 2017	Jun. 30, 2016
Available for Sale Securities - Current	$ 33.2	$ 20.8
Total	33.2	20.8
Fair Value, Inputs, Level 1 [Member]
Total	7.4	11.5
Fair Value, Inputs, Level 2 [Member]
Total	25.8	9.3
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	7.4	1.5
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	7.4	1.5
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current
Short-term Investments [Member]
Available for Sale Securities - Current	25.8	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	25.8	9.3
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current

Note 3 - Fair Value Measureme24

Note 3 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Mar. 31, 2017	Jun. 30, 2016
At Cost	$ 33.2	$ 20.7
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	33.2	20.8
Money Market Funds [Member]
At Cost	7.4	1.5
Unrealized Gains
Unrealized (Losses)
Fair Value	7.4	1.5
Corporate Note Securities [Member]
At Cost	19.8	2.9
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	19.8	3
US Government Agencies Debt Securities [Member]
At Cost		2
Unrealized Gains
Unrealized (Losses)
Fair Value		2
Commercial Paper [Member]
At Cost	5
Unrealized Gains
Unrealized (Losses)
Fair Value	5
US Treasury Securities [Member]
At Cost		7
Unrealized Gains
Unrealized (Losses)
Fair Value		7
Certificates of Deposit [Member]
At Cost	1	7.3
Unrealized Gains
Unrealized (Losses)
Fair Value	$ 1	$ 7.3

Note 4 - Accrued and Other Cu25

Note 4 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Jun. 30, 2016
Professional fees	$ 0.4	$ 0.1
Salary and benefits	0.4	0.6
Research and development expenses	2.2	2.2
Other accrued expenses		0.7
Total accrued expenses and other liabilities	$ 3	$ 3.6

Note 5 - Liabilities Related 26

Note 5 - Liabilities Related to Sale of Future Royalties (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2016	Mar. 31, 2017	Jun. 30, 2016
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20
Daiichi Sankyo [Member]
Accounts Receivable, Net		$ 0.8	$ 0.2

Note 5 - Liabilities Related 27

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	9 Months Ended
	Mar. 31, 2017USD ($)
Total Liability related to sale of future royalties, June 30, 2016	$ 18.1
Non-cash royalty revenue paid to HCRP	(2.4)
Non-cash interest expense recognized	1.4
Total Liability related to sale of future royalties, March 31, 2017	$ 17.1

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		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net loss	$ (4.4)	$ (5.2)	$ (23.5)	$ (18.4)
Weighted-average shares outstanding (in shares)	38,647,487	38,640,254	38,642,786	38,633,786
Shares used to compute diluted earnings per share (in shares)	38,647,487	38,640,254	38,642,786	38,633,786
Basic net loss per share (in dollars per share)	$ (0.11)	$ (0.14)	$ (0.61)	$ (0.48)
Diluted net loss per share (in dollars per share)	$ (0.11)	$ (0.14)	$ (0.61)	$ (0.48)
Number of anti-dilutive share-based awards excluded from computation (in shares)	6,635,527	4,639,959	6,635,527	4,639,959

Note 7 - Licenses, Royalty, C29

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Details Textual) - USD ($)	Apr. 22, 2016	Mar. 31, 2017
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, C30

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Royalty revenue	$ 4.1	$ 5.3	$ 5.8	$ 8.8
Non-cash royalty revenue related to the sale of future royalties	0.8		3
Total revenue	4.9	5.3	8.8	8.8
Relenza [Member]
Royalty revenue	1.1	1.7	2.7	4.5
Inavir [Member]
Royalty revenue	$ 3	$ 3.6	$ 3.1	$ 4.3

Note 8 - Share-based Compensa31

Note 8 - Share-based Compensation (Details Textual) - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Allocated Share-based Compensation Expense	$ 500,000			$ 500,000			$ 1,400,000	$ 1,600,000
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	$ 2,400,000						$ 2,400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition							1 year 219 days
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

Note 8 - Share-based Compensa32

Note 8 - Share-based Compensation - Fair Value Assumptions (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Weighted-average risk-free interest rate	1.27%	1.10%	1.19%	1.50%
Dividend yield
Expected weighted-average volatility	0.65%	0.76%	0.71%	0.75%
Expected weighted-average life of options (years) (Year)	2 years	6 years	4 years 73 days	4 years 182 days
Weighted-average fair value of options granted (in dollars per share)	$ 0.24	$ 0.88	$ 0.58	$ 1.34

Note 8 - Share-based Compensa33

Note 8 - Share-based Compensation - Stock Option Activity (Details)	9 Months Ended
	Mar. 31, 2017$ / sharesshares
Outstanding (in shares) | shares	4,751,423
Outstanding, weighted average exercise price per option (in dollars per share) | $ / shares	$ 4.07
Granted (in shares) | shares	2,392,000
Granted, weighted average exercise price per option (in dollars per share) | $ / shares	$ 1.02
Exercised (in shares) | shares
Exercised, weighted average exercise price per option (in dollars per share) | $ / shares
Forfeited (in shares) | shares	(337,193)
Forfeited, weighted average exercise price per option (in dollars per share) | $ / shares	$ 2.35
Expired (in shares) | shares	(170,703)
Expired, weighted average exercise price per option (in dollars per share) | $ / shares	$ 4.46
Outstanding (in shares) | shares	6,635,527
Outstanding, weighted average exercise price per option (in dollars per share) | $ / shares	$ 3.05
Outstanding, weighted average remaining contractual term (Year)	7 years 182 days

Note 8 - Share-based Compensa34

Note 8 - Share-based Compensation - Exercise Price Range Relating to Outstanding and Exercisable Options (Details)	9 Months Ended
	Mar. 31, 2017$ / sharesshares
Outstanding Weighted Average Number of Stock Options (in shares) | shares	6,635,527
Outstanding Weighted Average Remaining Contractual Life (Year)	7 years 182 days
Weighted Average Exercise Price (in dollars per share)	$ 3.05
Exercisable Number of Stock Options (in shares) | shares	2,687,143
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 5.27
Range One [Member]
Exercise Prices Range, Lower (in dollars per share)	0.65
Exercise Prices Range, Upper (in dollars per share)	$ 1.21
Outstanding Weighted Average Number of Stock Options (in shares) | shares	1,082,000
Outstanding Weighted Average Remaining Contractual Life (Year)	9 years 361 days
Weighted Average Exercise Price (in dollars per share)	$ 0.65
Exercisable Number of Stock Options (in shares) | shares	0
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 0
Range Two [Member]
Exercise Prices Range, Lower (in dollars per share)	1.30
Exercise Prices Range, Upper (in dollars per share)	$ 1.95
Outstanding Weighted Average Number of Stock Options (in shares) | shares	1,684,167
Outstanding Weighted Average Remaining Contractual Life (Year)	9 years 102 days
Weighted Average Exercise Price (in dollars per share)	$ 1.38
Exercisable Number of Stock Options (in shares) | shares	37,217
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.76
Range Three [Member]
Exercise Prices Range, Lower (in dollars per share)	2.02
Exercise Prices Range, Upper (in dollars per share)	$ 3.98
Outstanding Weighted Average Number of Stock Options (in shares) | shares	2,468,750
Outstanding Weighted Average Remaining Contractual Life (Year)	6 years 153 days
Weighted Average Exercise Price (in dollars per share)	$ 2.47
Exercisable Number of Stock Options (in shares) | shares	1,295,566
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 2.49
Range Four [Member]
Exercise Prices Range, Lower (in dollars per share)	4.05
Exercise Prices Range, Upper (in dollars per share)	$ 34.86
Outstanding Weighted Average Number of Stock Options (in shares) | shares	1,400,610
Outstanding Weighted Average Remaining Contractual Life (Year)	5 years 120 days
Weighted Average Exercise Price (in dollars per share)	$ 7.93
Exercisable Number of Stock Options (in shares) | shares	1,354,360
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 8.03