Vaxart (VXRT) 10-Q 6 Feb 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2017	Feb. 05, 2018
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	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 29.4	$ 17.7
Short-term investments		20.9
Accounts receivable, net of allowance	2.5	0.6
Prepaid and other current assets	0.5	0.7
Total current assets	32.4	39.9
Non-current assets:
Property and equipment, net	0.2	0.2
Total assets	32.6	40.1
Current liabilities:
Accounts payable	1.7	1.4
Accrued expenses	2.5	2.9
Short-term note payable	0.3	0.2
Liability related to sale of future royalties, current portion	1.2	1.4
Total current liabilities	5.7	5.9
Non-current liabilities:
Long-term note payable, net of current portion		0.1
Liability related to sale of future royalties, net of current portion	16	15.3
Other long-term liabilities, net of current portion	0.1	0.1
Total liabilities	21.8	21.4
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 issued and outstanding at December 31, 2017 and June 30, 2017	3.9	3.9
Additional paid-in capital	160.4	159.6
Accumulated other comprehensive income	19	19
Accumulated deficit	(172.5)	(163.8)
Total stockholders’ equity	10.8	18.7
Total liabilities and stockholders’ equity	$ 32.6	$ 40.1

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2017	Jun. 30, 2017
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	38,649,237
Common stock, shares outstanding (in shares)	38,649,237	38,649,237

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenue:
Royalty revenue		$ 1.5		$ 1.6
Non-cash royalty revenue related to the sale of future royalties	2.7	2.3	2.8	2.3
Total revenue	2.7	3.8	2.8	3.9
Operating expense:
Research and development	2.5	10.2	5.3	17.8
General and administrative	3.1	2.1	5.4	4.3
Foreign exchange (gain) loss, net		0.1
Total operating expense	5.6	12.4	10.7	22.1
Loss from operations	(2.9)	(8.6)	(7.9)	(18.2)
Other (expense) income:
Non-cash interest expense on liability related to sale of future royalties	(0.4)	(0.5)	(0.8)	(0.9)
Interest income		0.1	0.1	0.1
Total other (expense) income	(0.4)	(0.4)	(0.7)	(0.8)
Loss before tax	(3.3)	(9)	(8.6)	(19)
Income tax expense	0.1	0.1	0.1	0.1
Net loss	$ (3.4)	$ (9.1)	$ (8.7)	$ (19.1)
Basic and diluted net loss per share (in dollars per share)	$ (0.09)	$ (0.24)	$ (0.23)	$ (0.49)
Basic and diluted weighted-average shares outstanding (in shares)	38,649,237	38,640,487	38,649,237	38,640,487

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Dec. 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, 2017	38,649,237				38,649,237
Balances at Jun. 30, 2017	$ 3.9	$ 159.6	$ (163.8)	$ 19	$ 18.7
Net loss			(8.7)		(8.7)
Share-based compensation		0.8			$ 0.8
Balances (in shares) at Dec. 31, 2017	38,649,237				38,649,237
Balances at Dec. 31, 2017	$ 3.9	$ 160.4	$ (172.5)	$ 19	$ 10.8

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (8.7)	$ (19.1)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	0.8	0.9
Non-cash interest expense related to sale of future royalties	0.8	0.9
Non-cash royalty revenue related to sale of future royalties, net of withholding tax	(2.7)	(2.3)
Change in operating assets and liabilities:
Accounts receivables	0.3	(1.4)
Prepaid expenses and other current assets	0.2	(0.1)
Accounts payable and accrued expenses	0.1	1.4
Net cash used in operating activities	(9.2)	(19.7)
Cash flows from investing activities:
Purchases of short and long-term investments	(7)	(8.4)
Maturity of short-term investments	27.9	16.6
Net cash provided by investing activities	20.9	8.2
Cash flows from financing activities:
Payment on note payable		(0.1)
Net used in financing activities		(0.1)
Increase (decrease) in cash and cash equivalents	11.7	(11.6)
Cash and cash equivalents at beginning of period	17.7	49.7
Cash and cash equivalents at end of period	$ 29.4	$ 38.1

Note 1 - Company Overview

Note 1 - Company Overview	6 Months Ended
	Dec. 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 BTA074 (teslexivir), an antiviral treatment for condyloma caused by human papillomavirus types 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 On October 30, 2017, October 27, 2017, ’s Strategic Review process which was initiated in April. The exchange ratio in the merger agreement was determined by Vaxart assigning $60,000,000 $90,000,000 On a pro forma basis after giving effect to the number of shares of Aviragen common stock that will be issued to Vaxart security holders in the Merger and assuming no 60% 40% February 2018, Upon closing of the Merger, the name of the combined company will become Vaxart, Inc. and shares of the combined company are expected to continue trading on the NASDAQ Capital Market under the proposed ticker symbol VXRT. Wouter Latour, M.D., Chief Executive Officer of Vaxart, will serve as Chief Executive Officer of the combined company. Prior to the completion of the proposed merger, t he Company plans to continue to finance its operations with existing cash, cash equivalents and investments.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	( 2 Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 01 X. no ’s Annual Report on Form 10 September 1, 2017. 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 and six December 31, 2017 not may June 30, 2018. June 30, 2017 10 The Company ’s significant accounting policies have not June 30, 2017. 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 - Fair Value Measurement

Note 3 - Fair Value Measurements	6 Months Ended
	Dec. 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 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 recurring basis at December 31, 2017 June 30, 2017, The Company ’s short-term investments have been classified as Level 2, third no Quoted Prices in Significant Active Markets Other Significant (in millions) for Identical Assets Observable Inputs Unobservable Inputs December 31 , 2017 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 18.7 $ 7.0 $ 11.7 $ — Short-term investments available-for-sale — — — — Total $ 18.7 $ 7.0 $ 11.7 $ — (in millions) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2017 Total (Level 1) (Level 2) (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 $ — Cash equivalents consist primarily of money market funds , corporate notes and commercial paper with original maturities of 90 U.S. agency securities, classified as available-for-sale and have maturities less than 365 The following table shows the unrealized gains and losses and fair values for those investments as of December 31, 2017 June 30, 2017 (in millions) Unrealized Unrealized December 31 , 2017 At Cost Gains (Losses) At Fair Value Money market funds $ 7.0 $ - $ - $ 7.0 Corporate notes 6.5 - - 6.5 Commercial paper 5.2 - - 5.2 Total $ 18.7 $ - $ - $ 18.7 (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 As of December 31, 2017 June 30, 2017, December 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 at December 31 , 2017 and June 30, 2017, . The fair value of the Company’s short-term note payable, which is measured using Level 2 December 31 , 2017 and June 30, 2017.

Note 4 - Accrued and Other Curr

Note 4 - Accrued and Other Current Liabilities	6 Months Ended
	Dec. 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): December 31 , 2017 June 30, 201 7 Professional fees $ 0.7 $ 0.4 Salary and benefits 1.3 0.4 Research and development expenses 0.5 1.8 Other accrued expenses - 0.3 Total accrued expenses and other liabilities $ 2.5 $ 2.9

Note 5 - Liabilities Related to

Note 5 - Liabilities Related to Sale of Future Royalties	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	( 5 Liabilities Related to Sale of Future Royalties In April 2016, ® $20 no not The following table shows the activity within the liability account during the three December 31, 2017: in millions Total Liability related to sale of future royalties, June 30, 2017 $ 16.7 Non-cash royalty revenue paid to HCRP (0.3 ) Non-cash interest expense recognized 0.8 Total Liability related to sale of future royalties, December 31, 2017 $ 17.2

Note 6 - Net Loss Per Share

Note 6 - Net Loss Per Share	6 Months Ended
	Dec. 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 December 31 , 2017 2016 Net loss (in millions) $ (3.4 ) $ (9.1 ) Weighted-average shares outstanding 38,649,237 38,640,487 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,649,237 38,640,487 Basic net loss per share $ (0.09 ) $ (0.24 ) Diluted net loss per share $ (0.09 ) $ (0.24 ) Number of anti-dilutive share-based awards excluded from computation 6,898,629 5,645,543 Six Months Ended December 31 , 2017 2016 Net loss (in millions) $ (8.7 ) $ (19.1 ) Weighted-average shares outstanding 38,649,237 38,640,487 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,649,237 38,640,487 Basic net loss per share $ (0.23 ) $ (0.49 ) Diluted net loss per share $ (0.23 ) $ (0.49 ) Number of anti-dilutive share-based awards excluded from computation 6,898,629 5,645,543

Note 7 - Licenses, Royalty Coll

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements	6 Months Ended
	Dec. 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 ® ® ® July 2019 7% ® The Company also generates royalty revenue from the sale of Inavir ® ® ® 4% ® ® third ® 2021 not 2024 February 2015, ® December 2029. In April 2016, $20 Company certain royalty rights (“Royalty Rights”) related to Inavir ® The following tables summarize the key components of the Company ’s revenues (in millions): Three Months Ended December 31 , 2017 2016 (in millions) Royalty revenue - Relenza ® $ - $ 1.5 Non-cash royalty revenue related to the sale of future royalties 2.7 2.3 Total revenue $ 2.7 $ 3.8 Six Months Ended December 31 , 2017 2016 (in millions) Royalty revenue - Relenza ® $ - $ 1.6 Non-cash royalty revenue related to the sale of future royalties 2.8 2.3 Total revenue $ 2.8 $ 3.9 Collaborative and contract arrangements In July 2016, $10,000 two

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 8 ) Income Taxes On December 22, 2017, January 1, 2018. Based upon the provisions of the Tax Act, the Company ’s deferred tax assets and liabilities will be remeasured to incorporate the lower corporate tax rate of 21% no There are also certain transitional impacts of the Tax Act. As part of the transition to the new territorial tax system, the Tax Act imposes a one one no December 31, 2017. The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may one

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 01 X. no ’s Annual Report on Form 10 September 1, 2017. 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 and six December 31, 2017 not may June 30, 2018. June 30, 2017 10 The Company ’s significant accounting policies have not June 30, 2017.
New Accounting Pronouncements, Policy [Policy Text Block]	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 - Fair Value Measureme16

Note 3 - Fair Value Measurements (Tables)	6 Months Ended
	Dec. 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 December 31 , 2017 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 18.7 $ 7.0 $ 11.7 $ — Short-term investments available-for-sale — — — — Total $ 18.7 $ 7.0 $ 11.7 $ — (in millions) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2017 Total (Level 1) (Level 2) (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 $ —
Unrealized Gain (Loss) on Investments [Table Text Block]	(in millions) Unrealized Unrealized December 31 , 2017 At Cost Gains (Losses) At Fair Value Money market funds $ 7.0 $ - $ - $ 7.0 Corporate notes 6.5 - - 6.5 Commercial paper 5.2 - - 5.2 Total $ 18.7 $ - $ - $ 18.7 (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

Note 4 - Accrued and Other Cu17

Note 4 - Accrued and Other Current Liabilities (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	December 31 , 2017 June 30, 201 7 Professional fees $ 0.7 $ 0.4 Salary and benefits 1.3 0.4 Research and development expenses 0.5 1.8 Other accrued expenses - 0.3 Total accrued expenses and other liabilities $ 2.5 $ 2.9

Note 5 - Liabilities Related 18

Note 5 - Liabilities Related to Sale of Future Royalties (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Deferred Revenue, by Arrangement, Disclosure [Table Text Block]	in millions Total Liability related to sale of future royalties, June 30, 2017 $ 16.7 Non-cash royalty revenue paid to HCRP (0.3 ) Non-cash interest expense recognized 0.8 Total Liability related to sale of future royalties, December 31, 2017 $ 17.2

Note 6 - Net Loss Per Share (Ta

Note 6 - Net Loss Per Share (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31 , 2017 2016 Net loss (in millions) $ (3.4 ) $ (9.1 ) Weighted-average shares outstanding 38,649,237 38,640,487 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,649,237 38,640,487 Basic net loss per share $ (0.09 ) $ (0.24 ) Diluted net loss per share $ (0.09 ) $ (0.24 ) Number of anti-dilutive share-based awards excluded from computation 6,898,629 5,645,543 Six Months Ended December 31 , 2017 2016 Net loss (in millions) $ (8.7 ) $ (19.1 ) Weighted-average shares outstanding 38,649,237 38,640,487 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,649,237 38,640,487 Basic net loss per share $ (0.23 ) $ (0.49 ) Diluted net loss per share $ (0.23 ) $ (0.49 ) Number of anti-dilutive share-based awards excluded from computation 6,898,629 5,645,543

Note 7 - Licenses, Royalty Co20

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements (Tables)	6 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended December 31 , 2017 2016 (in millions) Royalty revenue - Relenza ® $ - $ 1.5 Non-cash royalty revenue related to the sale of future royalties 2.7 2.3 Total revenue $ 2.7 $ 3.8 Six Months Ended December 31 , 2017 2016 (in millions) Royalty revenue - Relenza ® $ - $ 1.6 Non-cash royalty revenue related to the sale of future royalties 2.8 2.3 Total revenue $ 2.8 $ 3.9

Note 1 - Company Overview (Deta

Note 1 - Company Overview (Details Textual) - Scenario, Forecast [Member] - Merger [Member]	Feb. 28, 2018USD ($)
Business Acquisition Value Assigned to Acquirer Assets	$ 60,000,000
Business Acquisition Value Assigned to Acquiree Assets	$ 90,000,000
Business Acquisition Percentage of Combined Company Owned by Acquiree Shareholders	60.00%
Business Acquisition Percentage of Combined Company Owned by Acquirer Shareholders	40.00%

Note 3 - Fair Value Measureme22

Note 3 - Fair Value Measurements (Details Textual)	6 Months Ended
	Dec. 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	Dec. 31, 2017	Jun. 30, 2017
Available for Sale Securities - Current	$ 18.7	$ 31.8
Total	18.7	31.8
Fair Value, Inputs, Level 1 [Member]
Total	7	5.9
Fair Value, Inputs, Level 2 [Member]
Total	11.7	25.9
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	18.7	10.9
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	7	5.9
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	11.7	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
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current		20.9
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	Dec. 31, 2017	Jun. 30, 2017
At Cost	$ 18.7	$ 31.8
Unrealized Gains
Unrealized (Losses)
Fair Value	18.7	31.8
Money Market Funds [Member]
At Cost	7	5.9
Unrealized Gains
Unrealized (Losses)
Fair Value	7	5.9
Corporate Note Securities [Member]
At Cost	6.5	17.4
Unrealized Gains
Unrealized (Losses)
Fair Value	6.5	17.4
Commercial Paper [Member]
At Cost	5.2	8.5
Unrealized Gains
Unrealized (Losses)
Fair Value	$ 5.2	$ 8.5

Note 4 - Accrued and Other Cu25

Note 4 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Professional fees	$ 0.7	$ 0.4
Salary and benefits	1.3	0.4
Research and development expenses	0.5	1.8
Other accrued expenses		0.3
Total accrued expenses and other liabilities	$ 2.5	$ 2.9

Note 5 - Liabilities Related 26

Note 5 - 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 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	6 Months Ended
	Dec. 31, 2017USD ($)
Total Liability related to sale of future royalties, June 30, 2017	$ 16.7
Non-cash royalty revenue paid to HCRP	(0.3)
Non-cash interest expense recognized	0.8
Total Liability related to sale of future royalties, December 31, 2017	$ 17.2

Note 6 - Net Loss Per Share - C

Note 6 - Net Loss Per Share - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Net loss	$ (3.4)	$ (9.1)	$ (8.7)	$ (19.1)
Weighted-average shares outstanding (in shares)	38,649,237	38,640,487	38,649,237	38,640,487
Shares used to compute diluted earnings per share (in shares)	38,649,237	38,640,487	38,649,237	38,640,487
Basic net loss per share (in dollars per share)	$ (0.09)	$ (0.24)	$ (0.23)	$ (0.49)
Diluted net loss per share (in dollars per share)	$ (0.09)	$ (0.24)	$ (0.23)	$ (0.49)
Number of anti-dilutive share-based awards excluded from computation (in shares)	6,898,629	5,645,543	6,898,629	5,645,543

Note 7 - Licenses, Royalty Co29

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2016	Dec. 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
Collaborative Agreement, Number of Years of Sponsored Research Agreement		2 years
United States, Europe, Japan, And Other Countries [Member] | GSK [Member]
Royalty Payment Percentage		7.00%
Japan [Member] | Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%

Note 7 - Licenses, Royalty Co30

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Royalty revenue		$ 1.5		$ 1.6
Non-cash royalty revenue related to the sale of future royalties	2.7	2.3	2.8	2.3
Total revenue	2.7	3.8	2.8	3.9
Relenza [Member]
Royalty revenue		$ 1.5		$ 1.6

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	Jan. 01, 2018
Subsequent Event [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%