Vaxart (VXRT) 10-K 1 Sep 17 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Sep. 01, 2017	Dec. 31, 2016
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
Entity Public Float			$ 47.1
Document Type	10-K
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 17,700	$ 49,700
Other accounts receivable, net of allowance	600	700
Short-term investments	20,900	19,300
Prepaid expenses and other assets	700	2,700
Total current assets	39,900	72,400
Non-current assets:
Property and equipment, net	200	300
Total assets	40,100	72,700
Current liabilities:
Accounts payable	1,400	3,900
Accrued expenses and other current liabilities	2,900	3,600
Short-term note payable	200	400
Liability related to sale of future royalties, current portion	1,400	1,300
Total current liabilities	5,900	9,200
Long-term note payable, net of current portion	100	300
Liability related to sale of future royalties, net of current portion	15,300	16,800
Other long-term liabilities, net of current portion	100	200
Total liabilities	21,400	26,500
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 shares and 38,640,487 shares issued and outstanding at June 30, 2017 and June 30, 2016, respectively	3,900	3,900
Additional paid-in capital	159,600	157,600
Accumulated other comprehensive income	19,000	19,000
Accumulated deficit	(163,800)	(134,300)
Total stockholders’ equity	18,700	46,200
Total liabilities and stockholders’ equity	$ 40,100	$ 72,700

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Royalty revenue	$ 5,700	$ 9,100
Non-cash royalty revenue related to sale of royalties	3,200	200
Total revenue	8,900	9,300
Operating expense:
Research and development	28,300	26,300
General and administrative	8,000	8,000
Foreign exchange loss	100	200
Total operating expense	36,400	34,500
Loss from operations	(27,500)	(25,200)
Other income (expense):
Non-cash interest expense on liability related to sale of future royalties	(1,800)	(300)
Other income	200	100
Total other expense	(1,600)	(200)
Total	(29,100)	(25,400)
Income tax expense	(300)
Net loss	$ (29,400)	$ (25,400)
Basic and diluted loss per share (in dollars per share)	$ (0.76)	$ (0.66)
Basic and diluted weighted average shares outstanding (in shares)	38,644,395	38,635,452
Comprehensive loss:
Net loss	$ (29,400)	$ (25,400)
Change in fair value of available for sale investments		100
Total comprehensive loss	$ (29,400)	$ (25,300)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	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
Balances at Jun. 30, 2015	$ 3,900	$ 155,600	$ (108,900)	$ 18,900	$ 69,500
Change in fair value of investments				100	100
Net loss			(25,400)		(25,400)
Total Comprehensive loss					(25,300)
Restricted stock units issued, net (in shares)	31,401
Restricted stock units issued, net					0
Share-based compensation		2,000			$ 2,000
Balances (in shares) at Jun. 30, 2016	38,640,487				38,640,487
Balances at Jun. 30, 2016	$ 3,900	157,600	(134,300)	19,000	$ 46,200
Change in fair value of investments
Net loss			(29,400)		(29,400)
Total Comprehensive loss					(29,400)
Common stock issued (in shares)	8,750
Common stock issued					0
Share-based compensation		2,000	(100)		$ 1,900
Balances (in shares) at Jun. 30, 2017	38,649,237				38,649,237
Balances at Jun. 30, 2017	$ 3,900	$ 159,600	$ (163,800)	$ 19,000	$ 18,700

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities provided by/(used in):
Net loss	$ (29,400)	$ (25,400)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	100	100
Share-based compensation	1,900	2,000
Non-cash royalty revenue related to sale of future royalties	(3,200)	(200)
Non-cash interest expense related to sale of future royalties	1,800	300
Change in operating assets and liabilities:
Accounts receivable	100	11,900
Prepaid expenses and other assets	2,000	(2,100)
Accounts payable and accrued expenses and other liabilities	(3,300)	(700)
Net cash used in operating activities	(30,000)	(14,100)
Cash flows from investing activities:
Purchases of short-term investments	(36,300)	(15,300)
Maturity of short-term investments	34,700	16,100
Sale of long-term investments		700
Purchases of property and equipment		(200)
Net cash (used in) provided by investing activities	(1,600)	1,300
Cash flows from financing activities:
Repayments on note payable	(400)	(300)
Net proceeds from sale of future royalties		18,100
Net cash (used in) provided by financing activities	(400)	17,800
Net (decrease) increase in cash and cash equivalents	(32,000)	5,000
Cash and cash equivalents at beginning of period	49,700	44,700
Cash and cash equivalents at end of period	$ 17,700	$ 49,700

Note 1 - Company Overview

Note 1 - Company Overview	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	( 1 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 BTA074, 6 11; 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 not may not may In April 2017, engaged Stifel, Nicolaus and Company, Incorporated (“Stifel”) as its advisor to assist with the exploration of strategic alternatives (the “Strategic Review”). Stifel is providing a range of advisory services aimed to enhance stockholder value. may not on or strategic merger, The Company has and expects to continue to devote no urance that such activities will result in stockholder approval may not may not 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

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	( 2 Basis of Presentation and Principles of Consolidation The accompanying consolidated financial sta tements of Aviragen Therapeutics, Inc. and its wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on June 30. Use of Estimates The preparat ion of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include accruals, liabilities and obligations, tangible assets and deferred income taxes. Actual results could differ from those estimates. Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, investments, accounts receivable, accounts payable , note payable and accrued liabilities. The carrying amounts of those financial instruments are considered to be representative of their respective fair values because of the short-term nature of those investments. Cash Equivalents and Investments Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 90 365 365 e recorded as cash equivalents or short-term investments. Short-term investments are carried at the fair value based upon observable inputs based on quoted market prices. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Amortization and accretion are included in interest income, net, and any realized gains and losses are also included in interest income, net. All unrealized gains and losses are reported in other comprehensive loss. The cost basis of all securities sold is based on the specific identification method. Available-for-sale securities as of June 30, 2017 Concentration of Credit Risk and Other Risks and Uncertainties Cash, cash equivalents and short -term investments consist of financial instruments that potentially subject the Company to concentrations of credit risk to the extent recorded on the balance sheets. The Company believes that it has established guidelines for investment of its excess cash that maintain principal and liquidity through its policies on concentration, diversification, investment maturity, and investment grade. Receivables Accounts receivable are recorded at the invoiced amount. An allowance for returns is estimated based on historical information patterns and sales and return information provided by the partner. The current year expense to adjust revenue for returns, if any, is recorded in the consolidated statements of operations. Property and Equipment Fixed assets are recorded at acquisition cost, net of accumulated depreciation and impairment. Depreciation on tangible property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful life of machinery, equipment, software and fixtures is three five Leased Assets The Company accounts for its leases at their inception as either an operating or capital lease, depending on certain defined criteria. All of the Company ’s leases in effect at June 30, 2017 2016 The difference between cash payments and straight line rent expense is recorded as deferred rent liability. The balance of deferred rent liabilities is classified in the balance sheet as other liabilities. Additionally, any incentives the Company receives are treated as a reduction of expenses over the term of the agreement. Leasehold improvements provided by the landlord are capitalized at cost and amortized over the lesser of their expected useful life or the life of the lease, without assuming renewal features, if any, are exercised. Foreign Currency Functional and reporting currency. The consolidated financial statements are presented in U.S. dollars and the functional currency of all of its subsidiaries is the U.S. dollar. The Company operates in several jurisdictions with local currencies including the Euro, the Australian dollar, British Pound . However , the primary economic environment in which the entity operates is the U.S. dollar. Transactions and balances. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the related transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statements of operations. Patent Expense Legal fees incurred for patent application costs for product candidates have been charged to expense and reported in general and administrative expense. Share-Based Compensation Expense Share-based compensation expense relates to stock options, restricted stock units or other equity-based grants. The fair market value of stock options is determined at the grant date using the Black-Scholes option pricing model based on the date the grant is issued. The fair market value of restricted stock units or other equity-based grants are also determined at the grant date, based on the closing price of the Company’s common stock on that date. The value of the awards that are ultimately expected to vest is recognized, net of forfeitures, as an expense on a straight-line basis over the employee's requisite service period. The Company uses the lattice model with a Monte Carlo simulation to value the grants of market stock units (“MSUs”). This valuation methodology utilizes several key assumptions, including the average closing stock price on the grant date, expected volatility of the Company’s stock price, risk-free rates of return and expected dividend yield. Income Taxes The Company applies ASC 740 – Income Taxes, Where the Company determines that it is more likely than not not ure, the deferred tax assets are reduced by a valuation allowance. The valuation allowance is sufficient to reduce the deferred tax assets to the amount that the Company determines is more likely than not Revenue Recognition Revenue cons ists primarily of royalty payments. Revenue from royalties is recognized when the net sales of the underlying product by the relevant third Non-Cash Interest Expense on Liability Related to Sale of Future Royalties In April 2016, d product Inavir®, sold by Daiichi Sankyo in the Japanese market, for $20 no . Research and Development Expense Research and development expense represents the cost of activities associated with the discovery, preclinical development, and clinical development of the Company ’s product candidates other than those captured under cost of revenue. These costs include, but are not third third General and Administrative Expense General and administrative expense reflects the costs incurred to manage and support our research and development activities, operations, contracts, and status as a publicly-traded company. General and administrative expense consists primarily of salaries and personnel-related expenses, including share-based compensation for personnel in executive, finance, information technology, business development and human resources functions. Other significant costs include professional fees for legal, auditing, tax, and consulting services, legal fees associated with patents and intellectual property related to our product candidates, insurance premiums, other expenses incurred as a result of being a company that is publicly traded, and depreciation and facility expenses. Total Comprehensive Income Comprehensive income is defined as the total change in stockholders ’ equity during the period other than from transactions with stockholders, and for the Company, includes net income, unrealized gains and loss from available for sale securities and cumulative translation foreign currency adjustments. Recently Adopted Accounting Standards In March 2016, 2016 09 The Company has elected to early adopt ASU 2016 09 fiscal year ended June 30, 2017 first July 1, 2016. $ 0.1 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 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, no Recently Issued Accounting Standards In May 2014, December 15, 2017. July 1, 2018. may 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. not

Note 3 - Short-term Financial I

Note 3 - Short-term Financial Instruments	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	( 3 Short-Term Financial Instruments Financial Assets (in millions) As of June 30, 2017 2016 Financial assets: Cash and cash equivalents $ 17.7 $ 49.7 Short-term investments 20.9 19.3 Accounts receivable, net of allowance 0.6 0.7 Total current financial assets 39.2 69.7 Financial liabilities: Accounts payable and current accrued liabilities 4.3 7.5 Short-term note payable 0.2 0.4 Total current financial liabilities 4.5 7.9 Net financial assets $ 34.7 $ 61.8 The carrying value of the cash and cash equivalents, accounts receivable, short-term note payable and accounts payable approximates fair value because of their short-term nature. The Company regularly reviews all financial assets for impairment. There wer e no 2017 2016.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 4 Fair Value Measurements A fair value hierarchy has been established which 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 uts that may Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 es in markets that are not Level 3 Unobservable inputs that are supported by little or no The following table sets forth the financial assets and liabilities that were measured at fair value on a recu rring basis at June 30, 2017 June 30, 2016, The Company ut ilizes a third no Quoted Prices in Active Markets for Significant Other Significant (in millions) Identical Assets Observable Inputs Unobservable June 30, 201 7 Total (Level 1) (Level 2) Inputs (Level 3) Cash equivalents $ 10.9 $ 5.9 $ 5.0 $ — Short-term investments available-for-sale 20.9 — 20.9 — Total $ 31.8 $ 5.9 $ 25.9 $ — Quoted Prices in Active Markets for Significant Other Significant (in millions) Identical Assets Observable Inputs Unobservable June 30, 2016 Total (Level 1) (Level 2) Inputs (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 $ — The Company has had no June 30, 2017. June 30, 2017 June 30, 2016 regated by major security type: (in millions) Unrealized Unrealized June 30, 2017 At Cost Gains (Losses) At Fair Value Money market funds $ 5.9 $ — $ — $ 5.9 Commercial paper 8.5 — — 8.5 Corporate notes 17.4 — — 17.4 Total $ 31.8 $ — $ — $ 31.8 (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 June 30, 2017 June 30, 2016, orary in nature and expects the security to mature at its stated maturity principal. All available-for-sale securities held at June 30, 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 June 30, 2017 and June 30, 2016 . The fair value of our short-term note payable, which is measured using Level 2 June 30, 2017 and June 30, 2016.

Note 5 - Property and Equipment

Note 5 - Property and Equipment	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	( 5 Property and Equipment Property and equipment consist of the following (in millions): As of June 30, 2017 2016 Property and equipment $ 0.3 $ 0.3 Leasehold improvements 0.3 0.3 Total Property and equipment 0.6 0.6 Accumulated depreciation (0.4 ) (0.3 ) Property and equipment, net $ 0.2 $ 0.3 Depreciation and amortization expense was $ 0.1 June 30, 2017 2016.

Note 6 - Accrued and Other Curr

Note 6 - Accrued and Other Current Liabilities	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	( 6 Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in millions): As of June 30, 2017 2016 Professional fees $ 0.4 $ 0.1 Salary and related costs 0.4 0.6 Research and development services 1.8 2.2 Other accrued expenses 0.3 0.7 Total accrued expenses and other liabilities $ 2.9 $ 3.6

Note 7 - Liabilities Related to

Note 7 - Liabilities Related to Sale of Future Royalties	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	( 7 Liabilities Related to Sale of Future Royalties In April 2016, , sold by Daiichi Sankyo in the Japanese market, for $20 no not The following table shows the activity within the liability account during the year ended June 30, 201 7: in millions Total Liability related to sale of future royalties, June 30, 2016 $ 18.1 Non-cash royalty revenue paid to HCRP (3.2 ) Non-cash interest expense recognized 1.8 Total Liability related to sale of future royalties, June 30 201 7 $ 16.7

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingent Liabilities	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 8 Operating Leases The Company has a non-cancellable operating lease for its corporate headquarters in Alpharetta, Georgia that expires in February 2021. a tenant incentive towards leasehold improvements of approximately $0.1 one June 30, 2017 201 8 $ 0.3 201 9 0.3 20 20 0.3 Thereafter 0.2 Total minimum lease payments $ 1.1 Rent expense was $0.3 0.2 June 30, 2017 2016,

Note 9 - Income Taxes

Note 9 - Income Taxes	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 9 ) Income Taxes For financial reporting purposes, loss before taxes includes the following components (in millions) : Fiscal Years Ended June 30, 2017 2016 United States $ (5.1 ) $ (4.9 ) Foreign (24.0 ) (20.5 ) Total $ (29.1 ) $ (25.4 ) The expense for income taxes is comprised of: Fiscal Years Ended June 30, 2017 2016 Current: Federal $ - $ - State - - Foreign 0.3 - Total tax expense $ 0.3 $ - A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the financial statements is as follows: Fiscal Years Ended June 30, 201 7 201 6 Income tax (benefit) expense at federal statutory rate $ (10.2 ) $ (8.9 ) State and local income taxes, net of federal benefit (0.2 ) (0.2 ) Foreign tax rate differential 1.4 1.0 Change in valuation allowance 8.4 9.4 ISO expense 0.3 0.3 Japanese withholding tax 0.3 - Foreign tax credit - (0.2 ) Adjustment to deferred income tax assets 0.3 (0.9 ) Other - (0.5 ) Income tax expense $ 0.3 $ - The following table includes deferred tax assets and liabilities as of June 30, 2017 2016: As of June 30, 201 7 201 6 Deferred tax assets: Foreign net operating loss carryforwards $ 27.9 $ 20.2 US federal and state loss carryforwards 7.1 6.1 Research credits 2.4 2.2 Amortization - 0.6 Accrued compensated-related costs 2.0 1.6 Sale of future royalty rights 5.0 5.4 Other - 0.1 Subtotal 44.4 36.2 Less valuation allowance (44.4 ) (36.2 ) Total net deferred taxes $ - $ - Significant components of deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. As of June 30 , 2017 2016 not not. $44.4 $36.2 June 30, 2017 2016, As of June 30, 201 7 2016, $18.4 $15.7 2034. 382, may June 30, 2017 2016, $44.3 $32.1 $25.4 $22.8 $29.2 $18.8 not may not As of June 30, 201 7 2016, no no 740. Uncertain Tax Positions The Company files income tax returns in the U. S, Australia, France and the United Kingdom, as well as with various U.S. states. The Company is subject to tax audits in all jurisdictions in which it files income tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no Under the tax statute of limitations applicable to the Internal Revenue Code, the Company is no 2013. no 2012 may not may 2009. 1985. The Company does not June 30, 201 7.

Note 10 - Share-based Compensat

Note 10 - Share-based Compensation	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 1 0 For the fiscal years ended June 30, 2017 2016, $1.9 $2.0 No no June 30, 2017 2016. In November 2016, 2016 “2016 2007 2016 2016 Stock Options . Fiscal Years Ended June 30, 201 7 201 6 R isk-free interest rate 1.23 % 1.40 % Dividend yield — — Expected volatility .67 .75 Expected life of options (years) 3.6 4.8 F air value of options granted $ 0.47 $ 1.26 The risk-free rate interest rate is based on the expected life of the option and the corresponding U.S . Treasury bond, which in most cases is the U.S. five The following table summarizes the stock option activity for the fiscal years end June 30, 2017 2016: Number of Weighted Average Exercise Price Weighted-Average Remaining Contractual Aggregate Intrinsic Value Stock Options Per Option Term ($0000) Balance at June 30, 201 5 3,364,117 $ 5.58 7.9 $ — Granted 1,636,667 2.17 Exercised — — Forfeited or expired (249,361) 12.77 Balance at June 30, 201 6 4,751,423 4.07 6.6 $ — Granted 3,582,000 0.90 Exercised — — Forfeited (489,543) 2.33 E xpired (277,238) 11.64 Balance at June 30, 2017 7,566,642 $ 2.40 7.7 $ — The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2017 2016 zero no no The following tables summarize information relating to outstanding and exercisable stock options as of June 30, 2017: June 30, 201 7 Outstanding Exercisable Exercise Prices Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price (In Years) $0.49 — $1.21 2,272,000 9.76 $ 0.65 - $ - $1.30 — $1.95 1,607,467 9.01 1.38 243,217 1.51 $2.02 — $6.11 3,558,940 5.90 3.02 2,470,156 3.27 $6.65 — $34.86 128,235 2.32 29.14 128,235 29.14 7,566,642 7.66 $ 2.40 2,841,608 $ 4.28 Restricted Stock Awards. A summary of the Company’s outstanding restricted stock activity for the fiscal years ended June 30, 2017 2016 Weighted-Average Grant Date Shares Fair Value Outstanding at June 30, 2015 8,750 $ 3.93 Granted — — Forfeited — — Outstanding at June 30, 201 6 8,750 3.93 Granted — — Released (8,750 ) 3.93 Forfeited — — Outstanding at June 30, 201 7 — $ — Restricted Stock Units and Market Stock Units (MSUs). June 30, 2017 2016 Shares Weighted Average Outstanding at June 30, 201 5 96,581 $ 3.23 Awarded 2,500 2.49 Released (45,716 ) 2.44 Forfeited (6,334 ) 2.41 Unvested at June 30, 2016 47,031 7.69 Awarded — — Released — — Forfeited (47,031 ) 7.69 Outstanding at June 30, 2017 — $ — In December 2013, 108,133 could have vested on January 1, 2017. not January 1, 2017. As of June 30, 2017 2016 $2.0 $2.6 1.4

Note 11 - Retirement Benefits

Note 11 - Retirement Benefits	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 11 ) Retirement Benefits The Company contributed $ 0.2 June 30, 2017 2016, June 30, 2017 2016 four

Note 12 - Net Loss Per Share

Note 12 - Net Loss Per Share	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	( 1 2 Net Loss per Share Basic and diluted loss per share has been computed based on net loss and the weighted-average number of common shares outstanding during the applicable period. For diluted net loss per share, common stock equivalents (shares of common stock issuable upon the exercise of stock options and warrants) are excluded from the calculation of diluted net loss per share as their inclusion would be anti-dilutive. The Company has excluded all options 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 : Fiscal Year Ended 201 7 201 6 Net loss (in millions) $ (29.4 ) $ (25.4 ) Weighted average shares outstanding 38,644,395 38,635,452 Shares used to compute diluted earnings per share 38,644,395 38,635,452 Basic loss per share $ (0.76 ) $ (0.66 ) Diluted loss per share $ (0.76 ) $ (0.66 ) Number of antidilutive stock options excluded from computation 7,566,642 4,751,423

Note 13 - Licenses, Royalty, Co

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements	12 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Collaborative Arrangement Disclosure [Text Block]	( 1 3 Royalty , Collaborative and Contractual Arrangements Royalty agreements The Company entered into a royalty-bearing research and license agreement with GSK in 1990 ® July 2019 October 18, 2016, No. 08/737,141. no The Company also generates royalty revenue from the sale of Inavir ® 2009. September 2010, ® 4% ® third 2024. In April 2016, $20 Collaborative and contract arrangements In July 2016, $10,000 two The following tables summarize the key components of the Company ’s revenues (in millions): Fiscal Years Ended June 30, 2017 2016 Royalty revenue – Relenza ® $ 2.5 $ 4.8 – Inavir ® 3.2 4.3 Non-cash royalty revenue related to sale of royalties 3.2 0.2 Total revenue $ 8.9 $ 9.3

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial sta tements of Aviragen Therapeutics, Inc. and its wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on June 30.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparat ion of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include accruals, liabilities and obligations, tangible assets and deferred income taxes. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, investments, accounts receivable, accounts payable , note payable and accrued liabilities. The carrying amounts of those financial instruments are considered to be representative of their respective fair values because of the short-term nature of those investments.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents and Investments Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 90 365 365 e recorded as cash equivalents or short-term investments. Short-term investments are carried at the fair value based upon observable inputs based on quoted market prices. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Amortization and accretion are included in interest income, net, and any realized gains and losses are also included in interest income, net. All unrealized gains and losses are reported in other comprehensive loss. The cost basis of all securities sold is based on the specific identification method. Available-for-sale securities as of June 30, 2017
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk and Other Risks and Uncertainties Cash, cash equivalents and short -term investments consist of financial instruments that potentially subject the Company to concentrations of credit risk to the extent recorded on the balance sheets. The Company believes that it has established guidelines for investment of its excess cash that maintain principal and liquidity through its policies on concentration, diversification, investment maturity, and investment grade.
Receivables, Policy [Policy Text Block]	Receivables Accounts receivable are recorded at the invoiced amount. An allowance for returns is estimated based on historical information patterns and sales and return information provided by the partner. The current year expense to adjust revenue for returns, if any, is recorded in the consolidated statements of operations.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Fixed assets are recorded at acquisition cost, net of accumulated depreciation and impairment. Depreciation on tangible property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful life of machinery, equipment, software and fixtures is three five
Lessee, Leases [Policy Text Block]	Leased Assets The Company accounts for its leases at their inception as either an operating or capital lease, depending on certain defined criteria. All of the Company ’s leases in effect at June 30, 2017 2016 The difference between cash payments and straight line rent expense is recorded as deferred rent liability. The balance of deferred rent liabilities is classified in the balance sheet as other liabilities. Additionally, any incentives the Company receives are treated as a reduction of expenses over the term of the agreement. Leasehold improvements provided by the landlord are capitalized at cost and amortized over the lesser of their expected useful life or the life of the lease, without assuming renewal features, if any, are exercised.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Functional and reporting currency. The consolidated financial statements are presented in U.S. dollars and the functional currency of all of its subsidiaries is the U.S. dollar. The Company operates in several jurisdictions with local currencies including the Euro, the Australian dollar, British Pound . However , the primary economic environment in which the entity operates is the U.S. dollar. Transactions and balances. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the related transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statements of operations.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]	Patent Expense Legal fees incurred for patent application costs for product candidates have been charged to expense and reported in general and administrative expense.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Share-Based Compensation Expense Share-based compensation expense relates to stock options, restricted stock units or other equity-based grants. The fair market value of stock options is determined at the grant date using the Black-Scholes option pricing model based on the date the grant is issued. The fair market value of restricted stock units or other equity-based grants are also determined at the grant date, based on the closing price of the Company’s common stock on that date. The value of the awards that are ultimately expected to vest is recognized, net of forfeitures, as an expense on a straight-line basis over the employee's requisite service period. The Company uses the lattice model with a Monte Carlo simulation to value the grants of market stock units (“MSUs”). This valuation methodology utilizes several key assumptions, including the average closing stock price on the grant date, expected volatility of the Company’s stock price, risk-free rates of return and expected dividend yield.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company applies ASC 740 – Income Taxes, Where the Company determines that it is more likely than not not ure, the deferred tax assets are reduced by a valuation allowance. The valuation allowance is sufficient to reduce the deferred tax assets to the amount that the Company determines is more likely than not
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenue cons ists primarily of royalty payments. Revenue from royalties is recognized when the net sales of the underlying product by the relevant third
Revenue Recognition, Deferred Revenue [Policy Text Block]	Non-Cash Interest Expense on Liability Related to Sale of Future Royalties In April 2016, d product Inavir®, sold by Daiichi Sankyo in the Japanese market, for $20 no .
Research and Development Expense, Policy [Policy Text Block]	Research and Development Expense Research and development expense represents the cost of activities associated with the discovery, preclinical development, and clinical development of the Company ’s product candidates other than those captured under cost of revenue. These costs include, but are not third third
Selling, General and Administrative Expenses, Policy [Policy Text Block]	General and Administrative Expense General and administrative expense reflects the costs incurred to manage and support our research and development activities, operations, contracts, and status as a publicly-traded company. General and administrative expense consists primarily of salaries and personnel-related expenses, including share-based compensation for personnel in executive, finance, information technology, business development and human resources functions. Other significant costs include professional fees for legal, auditing, tax, and consulting services, legal fees associated with patents and intellectual property related to our product candidates, insurance premiums, other expenses incurred as a result of being a company that is publicly traded, and depreciation and facility expenses.
Comprehensive Income, Policy [Policy Text Block]	Total Comprehensive Income Comprehensive income is defined as the total change in stockholders ’ equity during the period other than from transactions with stockholders, and for the Company, includes net income, unrealized gains and loss from available for sale securities and cumulative translation foreign currency adjustments.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In March 2016, 2016 09 The Company has elected to early adopt ASU 2016 09 fiscal year ended June 30, 2017 first July 1, 2016. $0.1 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 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, no Recently Issued Accounting Standards In May 2014, December 15, 2017. July 1, 2018. may 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. not

Note 3 - Short-term Financial21

Note 3 - Short-term Financial Instruments (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	As of June 30, 2017 2016 Financial assets: Cash and cash equivalents $ 17.7 $ 49.7 Short-term investments 20.9 19.3 Accounts receivable, net of allowance 0.6 0.7 Total current financial assets 39.2 69.7 Financial liabilities: Accounts payable and current accrued liabilities 4.3 7.5 Short-term note payable 0.2 0.4 Total current financial liabilities 4.5 7.9 Net financial assets $ 34.7 $ 61.8

Note 4 - Fair Value Measureme22

Note 4 - Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Quoted Prices in Active Markets for Significant Other Significant (in millions) Identical Assets Observable Inputs Unobservable June 30, 201 7 Total (Level 1) (Level 2) Inputs (Level 3) Cash equivalents $ 10.9 $ 5.9 $ 5.0 $ — Short-term investments available-for-sale 20.9 — 20.9 — Total $ 31.8 $ 5.9 $ 25.9 $ — Quoted Prices in Active Markets for Significant Other Significant (in millions) Identical Assets Observable Inputs Unobservable June 30, 2016 Total (Level 1) (Level 2) Inputs (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 June 30, 2017 At Cost Gains (Losses) At Fair Value Money market funds $ 5.9 $ — $ — $ 5.9 Commercial paper 8.5 — — 8.5 Corporate notes 17.4 — — 17.4 Total $ 31.8 $ — $ — $ 31.8 (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 5 - Property and Equipme23

Note 5 - Property and Equipment (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of June 30, 2017 2016 Property and equipment $ 0.3 $ 0.3 Leasehold improvements 0.3 0.3 Total Property and equipment 0.6 0.6 Accumulated depreciation (0.4 ) (0.3 ) Property and equipment, net $ 0.2 $ 0.3

Note 6 - Accrued and Other Cu24

Note 6 - Accrued and Other Current Liabilities (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	As of June 30, 2017 2016 Professional fees $ 0.4 $ 0.1 Salary and related costs 0.4 0.6 Research and development services 1.8 2.2 Other accrued expenses 0.3 0.7 Total accrued expenses and other liabilities $ 2.9 $ 3.6

Note 7 - Liabilities Related 25

Note 7 - Liabilities Related to Sale of Future Royalties (Tables)	12 Months Ended
	Jun. 30, 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 (3.2 ) Non-cash interest expense recognized 1.8 Total Liability related to sale of future royalties, June 30 201 7 $ 16.7

Note 8 - Commitments and Cont26

Note 8 - Commitments and Contingent Liabilities (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	201 8 $ 0.3 201 9 0.3 20 20 0.3 Thereafter 0.2 Total minimum lease payments $ 1.1

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	Fiscal Years Ended June 30, 2017 2016 United States $ (5.1 ) $ (4.9 ) Foreign (24.0 ) (20.5 ) Total $ (29.1 ) $ (25.4 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Fiscal Years Ended June 30, 2017 2016 Current: Federal $ - $ - State - - Foreign 0.3 - Total tax expense $ 0.3 $ -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Fiscal Years Ended June 30, 201 7 201 6 Income tax (benefit) expense at federal statutory rate $ (10.2 ) $ (8.9 ) State and local income taxes, net of federal benefit (0.2 ) (0.2 ) Foreign tax rate differential 1.4 1.0 Change in valuation allowance 8.4 9.4 ISO expense 0.3 0.3 Japanese withholding tax 0.3 - Foreign tax credit - (0.2 ) Adjustment to deferred income tax assets 0.3 (0.9 ) Other - (0.5 ) Income tax expense $ 0.3 $ -
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	As of June 30, 201 7 201 6 Deferred tax assets: Foreign net operating loss carryforwards $ 27.9 $ 20.2 US federal and state loss carryforwards 7.1 6.1 Research credits 2.4 2.2 Amortization - 0.6 Accrued compensated-related costs 2.0 1.6 Sale of future royalty rights 5.0 5.4 Other - 0.1 Subtotal 44.4 36.2 Less valuation allowance (44.4 ) (36.2 ) Total net deferred taxes $ - $ -

Note 10 - Share-based Compens28

Note 10 - Share-based Compensation (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Fiscal Years Ended June 30, 201 7 201 6 R isk-free interest rate 1.23 % 1.40 % Dividend yield — — Expected volatility .67 .75 Expected life of options (years) 3.6 4.8 F air value of options granted $ 0.47 $ 1.26
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Weighted Average Exercise Price Weighted-Average Remaining Contractual Aggregate Intrinsic Value Stock Options Per Option Term ($0000) Balance at June 30, 201 5 3,364,117 $ 5.58 7.9 $ — Granted 1,636,667 2.17 Exercised — — Forfeited or expired (249,361) 12.77 Balance at June 30, 201 6 4,751,423 4.07 6.6 $ — Granted 3,582,000 0.90 Exercised — — Forfeited (489,543) 2.33 E xpired (277,238) 11.64 Balance at June 30, 2017 7,566,642 $ 2.40 7.7 $ —
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	June 30, 201 7 Outstanding Exercisable Exercise Prices Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price (In Years) $0.49 — $1.21 2,272,000 9.76 $ 0.65 - $ - $1.30 — $1.95 1,607,467 9.01 1.38 243,217 1.51 $2.02 — $6.11 3,558,940 5.90 3.02 2,470,156 3.27 $6.65 — $34.86 128,235 2.32 29.14 128,235 29.14 7,566,642 7.66 $ 2.40 2,841,608 $ 4.28
Nonvested Restricted Stock Shares Activity [Table Text Block]	Weighted-Average Grant Date Shares Fair Value Outstanding at June 30, 2015 8,750 $ 3.93 Granted — — Forfeited — — Outstanding at June 30, 201 6 8,750 3.93 Granted — — Released (8,750 ) 3.93 Forfeited — — Outstanding at June 30, 201 7 — $ —
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	Shares Weighted Average Outstanding at June 30, 201 5 96,581 $ 3.23 Awarded 2,500 2.49 Released (45,716 ) 2.44 Forfeited (6,334 ) 2.41 Unvested at June 30, 2016 47,031 7.69 Awarded — — Released — — Forfeited (47,031 ) 7.69 Outstanding at June 30, 2017 — $ —

Note 12 - Net Loss Per Share (T

Note 12 - Net Loss Per Share (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Fiscal Year Ended 201 7 201 6 Net loss (in millions) $ (29.4 ) $ (25.4 ) Weighted average shares outstanding 38,644,395 38,635,452 Shares used to compute diluted earnings per share 38,644,395 38,635,452 Basic loss per share $ (0.76 ) $ (0.66 ) Diluted loss per share $ (0.76 ) $ (0.66 ) Number of antidilutive stock options excluded from computation 7,566,642 4,751,423

Note 13 - Licenses, Royalty, 30

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements (Tables)	12 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Fiscal Years Ended June 30, 2017 2016 Royalty revenue – Relenza ® $ 2.5 $ 4.8 – Inavir ® 3.2 4.3 Non-cash royalty revenue related to sale of royalties 3.2 0.2 Total revenue $ 8.9 $ 9.3

Note 2 - Summary of Significa31

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 2017
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 0.1
Additional Paid-in Capital [Member] | Accounting Standards Update 2016-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ (0.1)
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20
Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life		5 years

Note 3 - Short-term Financial32

Note 3 - Short-term Financial Instruments (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Impairment of Financial Assets	$ 0	$ 0

Note 3 - Short-term Financial33

Note 3 - Short-term Financial Instruments - Financial Assets (Details) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Financial assets:
Cash and cash equivalents	$ 17.7	$ 49.7	$ 44.7
Short-term investments	20.9	19.3
Accounts receivable, net of allowance	0.6	0.7
Total current financial assets	39.2	69.7
Financial liabilities:
Accounts payable and current accrued liabilities	4.3	7.5
Short-term note payable	0.2	0.4
Total current financial liabilities	4.5	7.9
Net financial assets	$ 34.7	$ 61.8

Note 4 - Fair Value Measureme34

Note 4 - Fair Value Measurements (Details Textual) $ in Thousands	12 Months Ended
	Jun. 30, 2017USD ($)
Available-for-Sale Securities, Maturity Period	1 year
Gain (Loss) on Sale of Investments	$ 0

Note 4 - Fair Value Measureme35

Note 4 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016
Available for Sale Securities - Current	$ 31.8	$ 20.8
Total	31.8	20.8
Fair Value, Inputs, Level 1 [Member]
Total	5.9	11.5
Fair Value, Inputs, Level 2 [Member]
Total	25.9	9.3
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	10.9	1.5
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	5.9	1.5
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	5
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current
Short-term Investments [Member]
Available for Sale Securities - Current	20.9	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	20.9	9.3
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current

Note 4 - Fair Value Measureme36

Note 4 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016
At Cost	$ 31.8	$ 20.7
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	31.8	20.8
Money Market Funds [Member]
At Cost	5.9	1.5
Unrealized Gains
Unrealized (Losses)
Fair Value	5.9	1.5
Commercial Paper [Member]
At Cost	8.5
Unrealized Gains
Unrealized (Losses)
Fair Value	8.5
US Government Agencies Debt Securities [Member]
At Cost		2
Unrealized Gains
Unrealized (Losses)
Fair Value		2
Corporate Note Securities [Member]
At Cost	17.4	2.9
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	$ 17.4	3
US Treasury Securities [Member]
At Cost		7
Unrealized Gains
Unrealized (Losses)
Fair Value		7
Certificates of Deposit [Member]
At Cost		7.3
Unrealized Gains
Unrealized (Losses)
Fair Value		$ 7.3

Note 5 - Property and Equipme37

Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Depreciation, Depletion and Amortization	$ 0.1	$ 0.1

Note 5 - Property and Equipme38

Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016
Property and equipment	$ 0.3	$ 0.3
Leasehold Improvements, Gross	0.3	0.3
Total Property and equipment	0.6	0.6
Accumulated depreciation	(0.4)	(0.3)
Property and equipment, net	$ 0.2	$ 0.3

Note 6 - Accrued and Other Cu39

Note 6 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016
Professional fees	$ 0.4	$ 0.1
Salary and related costs	0.4	0.6
Research and development services	1.8	2.2
Other accrued expenses	0.3	0.7
Total accrued expenses and other liabilities	$ 2.9	$ 3.6

Note 7 - Liabilities Related 40

Note 7 - Liabilities Related to Sale of Future Royalties (Details Textual) $ in Millions	1 Months Ended
	Apr. 30, 2016USD ($)
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20

Note 7 - Liabilities Related 41

Note 7 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - Royalty Arrangement [Member] - HealthCare Royalty Partners III, L.P. [Member] $ in Millions	12 Months Ended
	Jun. 30, 2017USD ($)
Total Liability related to sale of future royalties, June 30, 2016	$ 18.1
Non-cash royalty revenue paid to HCRP	(3.2)
Non-cash interest expense recognized	1.8
Total Liability related to sale of future royalties, June 30 2017	$ 16.7

Note 8 - Commitments and Cont42

Note 8 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Leasehold Improvements, Gross	$ 0.3	$ 0.3
Operating Leases, Rent Expense	0.3	$ 0.2
Lease at 2500 Northwinds Parkway, Alpharetta, Georgia [Member]
Leasehold Improvements, Gross	$ 0.1

Note 8 - Commitments and Cont43

Note 8 - Commitments and Contingent Liabilities - Future Minimum Lease Payments (Details) $ in Millions	Jun. 30, 2017USD ($)
2,018	$ 0.3
2,019	0.3
2,020	0.3
Thereafter	0.2
Total minimum lease payments	$ 1.1

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Deferred Tax Assets, Valuation Allowance	$ 44,400	$ 36,200
Unrecognized Tax Benefits	0
Domestic Tax Authority [Member]
Operating Loss Carryforwards	18,400	15,700
Foreign Tax Authority [Member] | Australian Taxation Office [Member]
Operating Loss Carryforwards	44,300	32,100
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards	25,400	22,800
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member]
Operating Loss Carryforwards	$ 29,200	$ 18,800

Note 9 - Income Taxes - Summary

Note 9 - Income Taxes - Summary of Income Before Taxes, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
United States	$ (5.1)	$ (4.9)
Foreign	(24)	(20.5)
Total	$ (29.1)	$ (25.4)

Note 9 - Income Taxes - Compone

Note 9 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Current:
Federal
State
Foreign	0.3
Total tax expense	$ 0.3

Note 9 - Income Taxes - Reconci

Note 9 - Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income tax (benefit) expense at federal statutory rate	$ (10.2)	$ (8.9)
State and local income taxes, net of federal benefit	(0.2)	(0.2)
Foreign tax rate differential	1.4	1
Change in valuation allowance	8.4	9.4
ISO expense	0.3	0.3
Japanese withholding tax	0.3
Foreign tax credit		(0.2)
Adjustment to deferred income tax assets	0.3	(0.9)
Other		(0.5)
Total tax expense	$ 0.3

Note 9 - Income Taxes - Summa48

Note 9 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016
Deferred tax assets:
Foreign net operating loss carryforwards	$ 27,900	$ 20,200
US federal and state loss carryforwards	7,100	6,100
Research credits	2,400	2,200
Amortization		600
Accrued compensated-related costs	2,000	1,600
Sale of future royalty rights	5,000	5,400
Other		100
Subtotal	44,400	36,200
Less valuation allowance	(44,400)	(36,200)
Total net deferred taxes

Note 10 - Share-based Compens49

Note 10 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2017	Jun. 30, 2016
Allocated Share-based Compensation Expense		$ 1,900	$ 2,000
Proceeds from Stock Options Exercised		0	0
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
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		0	0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 2,000	$ 2,600
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 146 days
MSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	108,133

Note 10 - Share-based Compens50

Note 10 - Share-based Compensation - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Risk-free interest rate	1.23%	1.40%
Dividend yield
Expected volatility	0.67%	0.75%
Expected life of options (years) (Year)	3 years 219 days	4 years 292 days
Fair value of options granted (in dollars per share)	$ 0.47	$ 1.26

Note 10 - Share-based Compens51

Note 10 - Share-based Compensation - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Balance (in shares)	4,751,423	3,364,117
Balance, weighted average exercise price per option (in dollars per share)	$ 4.07	$ 5.58
Balance, weighted average exercise price per option (in dollars per share)	$ 2.40	$ 4.07	$ 5.58
Balance, weighted-average remaining contractual term (Year)	7 years 255 days	6 years 219 days	7 years 328 days
Granted (in shares)	3,582,000	1,636,667
Granted, weighted average exercise price per option (in dollars per share)	$ 0.90	$ 2.17
Exercised (in shares)
Exercised, weighted average exercise price per option (in dollars per share)
Forfeited (in shares)	(489,543)
Forfeited, weighted average exercise price per option (in dollars per share)	$ 2.33
Expired (in shares)	(277,238)
Expired, weighted average exercise price per option (in dollars per share)	$ 11.64
Forfeited or expired (in shares)		(249,361)
Forfeited or expired, weighted average exercise price per option (in dollars per share)		$ 12.77
Balance (in shares)	7,566,642	4,751,423	3,364,117

Note 10 - Share-based Compens52

Note 10 - Share-based Compensation - Exercise Price Range Relating to Outstanding and Exercisable Options (Details)	12 Months Ended
	Jun. 30, 2017$ / sharesshares
Weighted Average Exercise Price (in dollars per share)	$ 2.40
Exercisable Number of Stock Options (in shares) | shares	2,841,608
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 4.28
Outstanding Number of Stock Options (in shares) | shares	7,566,642
Outstanding Weighted Average Remaining Contractual Life (Year)	7 years 240 days
Range One [Member]
Weighted Average Exercise Price (in dollars per share)	$ 0.65
Exercisable Number of Stock Options (in shares) | shares
Exercisable Weighted Average Exercise Price (in dollars per share)
Exercise Prices Range, Lower (in dollars per share)	0.49
Exercise Prices Range, Upper (in dollars per share)	$ 1.21
Outstanding Number of Stock Options (in shares) | shares	2,272,000
Outstanding Weighted Average Remaining Contractual Life (Year)	9 years 277 days
Range Two [Member]
Weighted Average Exercise Price (in dollars per share)	$ 1.38
Exercisable Number of Stock Options (in shares) | shares	243,217
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 1.51
Exercise Prices Range, Lower (in dollars per share)	1.30
Exercise Prices Range, Upper (in dollars per share)	$ 1.95
Outstanding Number of Stock Options (in shares) | shares	1,607,467
Outstanding Weighted Average Remaining Contractual Life (Year)	9 years 3 days
Range Three [Member]
Weighted Average Exercise Price (in dollars per share)	$ 3.02
Exercisable Number of Stock Options (in shares) | shares	2,470,156
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 3.27
Exercise Prices Range, Lower (in dollars per share)	2.02
Exercise Prices Range, Upper (in dollars per share)	$ 6.11
Outstanding Number of Stock Options (in shares) | shares	3,558,940
Outstanding Weighted Average Remaining Contractual Life (Year)	5 years 328 days
Range Four [Member]
Weighted Average Exercise Price (in dollars per share)	$ 29.14
Exercisable Number of Stock Options (in shares) | shares	128,235
Exercisable Weighted Average Exercise Price (in dollars per share)	$ 29.14
Exercise Prices Range, Lower (in dollars per share)	6.65
Exercise Prices Range, Upper (in dollars per share)	$ 34.86
Outstanding Number of Stock Options (in shares) | shares	128,235
Outstanding Weighted Average Remaining Contractual Life (Year)	2 years 116 days

Note 10 - Share-based Compens53

Note 10 - Share-based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Outstanding (in shares)	8,750	8,750
Outstanding (in dollars per share)	$ 3.93	$ 3.93
Unvested (in dollars per share)		$ 3.93
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period
Awarded (in dollars per share)
Released (in shares)	(8,750)
Released (in dollars per share)	$ 3.93
Outstanding (in shares)		8,750

Note 10 - Share-based Compens54

Note 10 - Share-based Compensation - Summary of MSU Activity (Details) - Restricted Stock and Market Stock Units [Member] - $ / shares	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Outstanding (in shares)	47,031	96,581
Outstanding (in dollars per share)	$ 7.69	$ 3.23
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		2,500
Awarded (in dollars per share)		$ 2.49
Released (in shares)		(45,716)
Released (in dollars per share)		$ 2.44
Unvested (in dollars per share)		$ 7.69
Forfeited (in shares)	(47,031)	(6,334)
Forfeited (in dollars per share)	$ 7.69	$ 2.41
Unvested (in shares)		47,031

Note 11 - Retirement Benefits (

Note 11 - Retirement Benefits (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%	4.00%
Defined Contribution Plan, Cost	$ 0.2	$ 0.2

Note 12 - Net Loss Per Share -

Note 12 - Net Loss Per Share - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net loss	$ (29,400)	$ (25,400)
Weighted average shares outstanding (in shares)	38,644,395	38,635,452
Shares used to compute diluted earnings per share (in shares)	38,644,395	38,635,452
Basic loss per share (in dollars per share)	$ (0.76)	$ (0.66)
Diluted loss per share (in dollars per share)	$ (0.76)	$ (0.66)
Number of antidilutive stock options excluded from computation (in shares)	7,566,642	4,751,423

Note 13 - Licenses, Royalty, 57

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 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
Collaborative Agreement, Number of Years of Sponsored Research Agreement		2 years
Japan [Member] | Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%

Note 13 - Licenses, Royalty, 58

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Royalty revenue	$ 5.7	$ 9.1
Non-cash royalty revenue related to sale of royalties	3.2	0.2
Total revenue	8.9	9.3
Relenza [Member]
Royalty revenue	2.5	4.8
Inavir [Member]
Royalty revenue	$ 3.2	$ 4.3