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Nature of Operations [Text Block]

(1)	Company Overview

Biota Pharmaceuticals, Inc., together with its wholly owned subsidiaries (“Biota”, or the “Company”)

is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that affect a significant number of patients globally. The Company is focused on the discovery and development of direct-acting antivirals to treat infections that affect a significant number of patients globally. The Company has four product candidates in clinical development that address viral infections that have limited therapeutic options. vapendavir, an oral treatment for human rhinovirus (“HRV”) infections in moderate-to-severe asthmatics, currently being evaluated in an ongoing Phase 2b SPIRITUS trial; BTA074, a Phase 2 topical antiviral treatment for genital warts caused by human papillomavirus (“HPV”) types 6 & 11; BTA585, an oral fusion (“F”) protein inhibitor in Phase 1 development for the treatment of RSV-A and RSV-B infections; and laninamivir octanoate (“LANI”), a one-time, inhaled treatment in Phase 2 development for influenza A and B infections. The Company also has a preclinical RSV non-fusion inhibitor program that the Company believes complements its F-protein inhibitor BTA585. The Company has been incorporated in the state of Delaware since 1969 and its corporate headquarters are located in Alpharetta, Georgia.

Although several of the Company’s influenza product candidates have been successfully developed and commercialized to-date by other larger pharmaceutical companies under collaboration, license or commercialization agreements with the Company, it has not independently developed or received regulatory approval for any product candidate, and the Company does not currently have any sales, marketing or commercial capabilities. Therefore, it is possible that the Company may not successfully derive any significant product revenues from any product candidates that it is developing now, or may develop in the future. The Company expects to incur losses for the foreseeable future as it intends to support the clinical and preclinical development of its product candidates.

The Company plans to continue to finance its operations with (i) existing cash, cash equivalents and investments, (ii) proceeds from existing or potential future royalty-bearing licenses or collaborative research and development arrangements, (iii) future equity and/or asset or debt financings, or (iv) other financing arrangements. The Company’s ability to continue to support its operations is dependent, in the near-term, upon managing its cash resources, continuing to receive royalty revenue under existing licenses, entering into future collaboration, license or commercialization agreements, the successful development of its product candidates, executing future financings and ultimately, upon the approval of its products for sale and achieving positive cash flows from operations on a consistent basis. There can be no assurance that additional capital or funds will be available on terms acceptable to the Company, if at all, that the Company will be able to enter into collaboration, license or commercialization agreements in the future, or that the Company will ever generate significant product revenue and become operationally profitable on a consistent basis.

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2015

Basis of Presentation and Significant Accounting Policies [Text Block]

(2)	Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements of Biota Pharmaceuticals, 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 preparation 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 and obligations, tangible and intangible 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.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

Cash Equivalents and Investments

Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 or fewer days when purchased. Investments with original maturities between 90 and 365 days when purchased are considered to be short-term investments. Investments with original maturities over 365 days when purchased are considered to be long-term investments. The Company has classified its entire investment portfolio as available-for-sale. These securities are recorded as cash equivalents, short-term or long-term investments. Short-term and long-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, 2015 consisted primarily of U.S. treasury securities, U.S. government agency securities, corporate notes and certificates of deposit.

Concentration of Credit Risk and Other Risks and Uncertainties

Cash, cash equivalents and short- and long-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. An allowance for doubtful accounts is estimated based on probable credit losses in the existing accounts receivable and returns allowed under the Company’s contract based on a combination of default history, aging analysis and any specific, known troubled accounts. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those that are past due. The current year expense to adjust receivables for returns and doubtful accounts, 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 and intangible 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 to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Maintenance and repairs are charged to operations as incurred.

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, 2015 and 2014 are considered operating leases. The costs of operating leases are charged to the consolidated statement of operations on a straight-line basis over the lease term.

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.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

Impairment of Assets

The Company reviews its tangible and intangible assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the carrying amount of the asset. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value.

Foreign Currency

Functional and reporting currency

Items included in the Company’s consolidated financial statements are measured using the currency of the primary economic environment in which the entity operates, referred to as the functional currency. The Company operates in several jurisdictions with functional currencies including the Euro, the Australian dollar, British Pound, and the U.S. dollar. The consolidated financial statements are presented in U.S. dollars. Effective April 1, 2015, the Company changed its subsidiaries functional currency to the U.S. dollar based on

significant changes in economic facts and circumstances indicated clearly that the functional currency had changed.

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.

The results and financial position of any operations that have a functional currency different from the U.S. dollar are translated into U.S. dollar amounts. Assets and liabilities are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at average rates for the period. All resulting exchange differences are recognized as accumulated other comprehensive income, a separate component of stockholders’ equity. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recorded in stockholders’ equity as part of accumulated other comprehensive income, net of related taxes.

Patent Expense

Legal fees incurred for patent application costs for product candidates have been charged to expense and reported in research and development 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.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

Income Taxes

The Company applies ASC 740 –

Income Taxes,

which established financial accounting and reporting requirements for the effects of income taxes that result from the Company’s activities during the current and preceding years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating losses and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates expected to apply to taxable income in the jurisdictions and years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Where the Company determines that it is more likely than not that some portion or all of the deferred tax assets will not be realized in the future, 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 to be realized.

Revenue Recognition

Revenue consists primarily of royalty payments, license fees, milestone payments and payments for services performed pursuant to contracts. Revenue from royalties is recognized when the net sales of the underlying product by the relevant third party, including actual or estimated returns within the royalty period based on agreement, are determinable. The Company receives estimates of the amount of royalty revenue from its licensees on a quarterly basis. Revenue from services performed pursuant to contracts or grants is recognized when earned, typically when the underlying services or activities are rendered. The Company analyzes cost reimbursable grants and contracts to determine whether it should report such reimbursements as revenue, or as an offset to the related research and development expenses incurred. For costs incurred and revenues generated from third parties where the Company is deemed to be the principal participant, such as the previous BARDA contract, it recognizes revenue and costs using the gross basis of accounting. Revenue for collaborative research and development activities typically consists of fees for services, or payments when specific milestones are met and match underlying activities occurring during the term of the arrangement.

For milestones that are deemed substantive, the Company recognizes the contingent revenue when: (i) the milestones have been achieved; (ii) no further performance obligations with respect to the milestones exist; and (iii) collection is reasonably assured. A milestone is considered substantive if all of the following conditions are met: (i) the milestone is non-refundable; (ii) achievement of the milestone was not reasonably assured at the inception of the arrangement; (iii) substantive effort is involved to achieve the milestone; and (iv) the amount of the milestone appears reasonable in relation to the effort expended with the other milestones in the arrangement and the related risk associated with achievement of the milestone. If a milestone is deemed not to be substantive, the Company recognizes the portion of the milestone payment as revenue that correlates to activities already performed; the remaining portion of the milestone payment is deferred and recognized as revenue as the Company completes its performance obligations.

Cost of Revenue

Cost of revenue represents expenses incurred by the Company in performing services and activities pursuant to government contracts or grants for which it records related revenue and expense on the gross basis of accounting. Cost of revenue expense, which relates to the terminated BARDA contract, includes, but is not limited to, the cost of

third-party service providers incurred in connection with conducting external preclinical studies and clinical trials, monitoring, accumulating and evaluating the related preclinical and clinical data; salaries and personnel-related expenses for our internal staff allocated to the contract or grant, including benefits; and, the cost to develop, formulate and manufacture product candidates directly allocated to the specific contract.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

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 limited to, fees paid to third-party service providers in connection with conducting external preclinical studies and clinical trials, monitoring, accumulating and evaluating the related preclinical and clinical data; salaries and personnel-related expenses for our internal staff, including benefits and share-based compensation; the cost to develop, formulate and manufacture product candidates; legal fees associated with patents and intellectual property related to our product candidates; external research and chemistry, consulting fees; license expenses and sponsored research fees paid to third parties; and outsourced cost of specialized information systems to evaluate and monitor our programs, depreciation and laboratory facility costs. Research and development expenses are expensed as incurred.

In-Process Research and Development

(“IPR&D”)

Expense

IPR&D expense and other charges represent impairments and other costs associated with product candidates under development that have not received regulatory approval for marketing at the time of acquisition. IPR&D acquired through an asset acquisition is written off at the acquisition date if the assets have no alternative future use. IPR&D acquired in a business combination is capitalized as indefinite-lived intangible assets (irrespective of whether these assets have an alternative future use) until completion or abandonment of the related research and development activities. Costs associated with the development of acquired IPR&D assets are expensed as incurred.

General and Administrative Expense

General and administrative expense reflects the costs incurred to manage and support our research and development activities, operations, contracts and grants, 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, accounting, information technology, business development and human resources functions. Other significant costs include professional fees for legal, auditing, tax, and consulting services, 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.

Limited Suppliers

The Company may rely on single-source third-party suppliers and contract manufacturers to formulate or manufacture its product candidates pursuant to FDA current good manufacturing practices (“cGMP”) requirements. The failure of a single-source supplier or single-source contract manufacturer to produce and deliver specific candidates on a timely basis, or at all, could delay or interrupt the development process and affect the Company’s operating results.

Recent Accounting Standards

In August 2014, the Financial Accounting Standard Board issued Accounting Standards Update No. 2014-15,

Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

Note 3 - Stock Purchase Agreement

12 Months Ended

Jun. 30, 2015

Business Combination Disclosure [Text Block]

(3)	Stock Purchase Agreement

On June 3, 2015, the Company completed the acquisition of Anaconda Pharma pursuant to a stock purchase agreement, dated February 25, 2015, the (“agreement”). Under the terms of the agreement, at closing all of Anaconda Pharma's outstanding shares were acquired for 3.5 million shares of the Company’s common stock and $8.0 million in cash, subject to certain closing and post-closing adjustments. The transaction also includes additional contingent financial consideration of up to $30.0 million, which is based on the successful achievement of certain future clinical and regulatory milestones, plus a royalty. If and when these contingent considerations are probable the effect of a change in estimate will be accounted in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate in accordance with U.S. GAAP.

The fair value of the issuance of 3.5 million of Biota’s common stock in the acquisition of Anaconda Pharma's was $7.5 million or $2.14 per share, based on the volume weighted average price on June 3, 2015. The estimated purchase price paid at closing was calculated as follows:

(in millions)
Fair value of Biota common stock issued	$	7.5
Estimated transaction and exit costs		1.0
Cash consideration issued		8.0
Total purchase price	$	16.5

The Company had also incurred $1.0 million of transaction costs directly related to the Anaconda Pharma acquisition, which includes expenditures for advisory, legal, fairness opinion, accounting and other similar services.

The total estimated purchase price was allocated to the tangible and intangible assets acquired and liabilities assumed in connection with the transaction, based on their estimated fair values. The purchase price allocation is preliminary and additional adjustments may occur. Anaconda Pharma was a development stage enterprise, therefore the acquisition was not considered to be a business combination as it did not meet the definition of a business The Company determined that the acquired assets can only be used for a specific and intended purpose and have no alternative future use after taking into consideration further research and development, regulatory and marketing approval efforts required in order to reach technological feasibility. Accordingly, the acquisition was accounted for as a purchase of in-process research and development (“IPR&D”) assets with no alternative future use and the entire amount was charged to IPR&D expense as of the acquisition date. Further, the contingent financial consideration will be recognized if and when the contingency is resolved and becomes payable.

The preliminary allocation of the total purchase price, as shown above, to the acquired tangible and intangible assets and assumed liabilities of Anaconda Pharma based on their fair values as of the acquisition date are as follows:

(in millions)
Cash and cash equivalents	$	0.3
Prepaid expenses and other current assets		0.2
Notes payable		(1.0	)
Accounts payable		(0.4	)
Accrued expenses		(0.2	)
Sub-total net fair value of acquired assets and liabilities		(1.1	)
In-process research and development		17.6
Total purchase price	$	16.5

The IPR&D project is BTA074, a patented, direct-acting antiviral in development for the treatment of genital warts, as well as the orphan disease recurrent respiratory papillomatosis, both of which are caused by HPV types 6 and 11. The accounting fair value of BTA074 IPR&D was $17.6 million.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

Further, the Company assumed an interest-free loan of $1.0 million with a French local development authority for previous research and development activities related to BTA074. As of June 30, 2015, $1 million was outstanding under this note payable.

Future minimum payments due under notes payable as of June 30, 2015 are as follows:

Year e nding June 3 0 ,
2016	$	0.2
2017		0.4
2018		0.4
2019		-
2020		-
Total future payments	$	1.0

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Note 4 - Short-Term Financial Instruments

12 Months Ended

Jun. 30, 2015

Financial Instruments Disclosure [Text Block]

(

)

Short-Term

Financial Instruments

Financial Assets (in millions)

	As of June 30,
	201 5		201 4

Financial assets:
Cash and cash equivalents	$	44.7	$	81.7
Accounts receivable, net of allowance		12.6		18.7
Short-term investments		12.9		-
Total current financial assets		70.2		100.4

Financial liabilities:
Accounts payable and current accrued liabilities		8.3		26.0
Short-term note payable		0.2		-
Total current financial liabilities		8.5		26.0

Net financial assets	$	61.7	$	74.4

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 were no impairments recognized in 2015 and 2014

Note 5 - Fair Value Measurements

12 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Text Block]

(5)	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 levels of inputs that may be used to measure fair value:

	Level 1	Quoted prices in active markets for identical assets or liabilities.
	Level 2	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table sets forth the financial assets and liabilities that were measured at fair value on a recurring basis at June 30, 2015, by level within the fair value hierarchy. The assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

The Company’s long-term investments have been classified as Level 2, which have been initially valued at the transaction price and subsequently revalued, at the end of each reporting period, utilizing a third party pricing service. The pricing service utilizes industry standard valuation models and observable market inputs to determine value that include surveying the bond dealer community, obtaining benchmark quotes, incorporating relevant trade data, and updating spreads daily. There have been no transfers of assets or liabilities between the fair value measurement classifications.

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 2015	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	6.3	$	6.3	$	—	$	—
Short-term investments available-for-sale		12.9		12.9		—		—
Long-term investments available-for-sale		7.9		—		7.9		—
Total	$	27.1	$	19.2	$	7.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
			Identical Assets		Observable Inputs		Unobservable
June 30, 2014	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	36.9	$	36.9	$	—	$	—
Long-term investments available-for-sale		10.0		—		10.0		—
Total	$	46.9	$	36.9	$	10.0	$	—

Cash equivalents consist primarily of money market funds. Long-term investments consist of U.S. agency securities and U.S. Treasury securities, classified as available-for-sale and have maturities greater than 365 days from the date of acquisition.

The Company has had no realized gains or losses from the sale of investments for the twelve months ended June 30, 2015. The following table shows the unrealized gains and losses and fair values for those investments as of June 30, 2015 and June 30, 2014 aggregated by major security type:

(in millions)			Unrealized		Unrealized
June 30, 201 5	At Cost		Gains		(Losses)			At Fair Value

Money market funds	$	6.3	$	—	$	—		$	6.3
Debt securities of U.S. government agencies		6.5		—		—			6.5
U.S. Treasury securities		9.6		—		(0.1	)		9.5
Corporate notes		2.9		—		—			2.9
Certificates of deposit		1.9		—		—			1.9
Total	$	27.2	$	—	$	(0.1	)	$	27.1

			Unrealized		Unrealized
June 30, 201 4	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	36.9	$	—	$	—	$	36.9
Debt securities of U.S. government agencies		4.9		—		—		4.9
U.S. Treasury securities		5.1		—		—		5.1

Total	$	46.9		—		—		46.9

As of June 30, 2014, the Company had investments in an unrealized loss position below material disclosure thresholds in the table above. The Company has determined that the unrealized losses on these investments are temporary in nature and expects the security to mature at its stated maturity principal. All available-for-sale securities held at June 30, 2015 will mature in over a two year period.

The fair value of cash, accounts receivable, accounts payable and accrued liabilities approximate their carrying value because of the short-term nature of these financial instruments respectively, respectively, at June 30, 2015

and June 30, 2014

. The fair value of our short and long term note payable, which is measured using Level 2 inputs, approximates book value, at June 30, 2015

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Note 6 - Property and Equipment

12 Months Ended

Jun. 30, 2015

Property, Plant and Equipment Disclosure [Text Block]

(

)

Property and Equipment

Property and equipment consist of the following (in millions):

	As of June 30,
	201 5			201 4

Property and equipment	$	0.2		$	20.8
Leasehold improvements		0.2			6.9

Total Property and equipment		0.4			27.7
Accumulated depreciation		(0.2	)		(25.7	)

Property and equipment, net	$	0.2		$	2.0

Depreciation and amortization expense was $1.1 million, $2.4 million and $3.

0 million for the fiscal years ended June 30, 2015, 2014 and 2013, respectively.

Note 7 - Accrued and Other Current Liabilities

12 Months Ended

Jun. 30, 2015

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

(

)

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in millions):

	As of June 30,
	201 5		201 4

Professional fees	$	0.8	$	1.0
Salary and related costs		1.6		0.4
Research and development services		1.7		0.8
Other accrued expenses		1.2		1.2
Total accrued expenses and other liabilities	$	5.3	$	3.4

Note 8 - Stockholders' Equity

12 Months Ended

Jun. 30, 2015

Public Offering Disclosure [Text Block]

(

)

Stockholders’ Equity

In January 2014, the Company closed a public offering in which it sold approximately 6.7 million shares of its common stock at a purchase price of $4.30 per share. The net proceeds to the Company from the sale of these shares after underwriting discounts, commissions and other offering expenses were approximately $26.8 million.

Note 9 - Commitments and Contingent Liabilities

12 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Text Block]

(

)

Commitments and Contingent Liabilities

Operating Leases

The Company has one operating lease. The lease at 2500 Northwinds Parkway is for the Company’s corporate headquarters in Alpharetta, Georgia. The lease commenced in April, 2013 and expires in September, 2018. The lease includes an escalating base rent schedule as well as a seven month rent holiday and

a tenant incentive towards leasehold improvements of approximately $0.1 million which are being recognized as a reduction in rent expense on a straight line basis over the term of the lease.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

Future minimum lease payments, in millions, under non-cancellable operating leases (with initial or remaining lease terms in excess of one year) as of June 30, 2015 are:

(in millions)
2016	$	0.1
2017		0.2
2018		0.2
Thereafter		0.0

Total minimum lease payments	$	0.5

Rent expense was $0.7 million, $0.7 million and $1.1 million for the fiscal years ended June 30, 2015, 2014 and 2013, respectively.

Note 10 - Income Taxes

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Text Block]

(10)	Income Taxes

For financial reporting purposes, income before taxes includes the following components (in millions)

	Years Ended June 30,
	2015			2014			2013

United States	$	(26.7	)	$	(8.3	)	$	6.5
Foreign		7.5			(3.0	)		(15.3	)

Total	$	(19.2	)	$	(11.3	)	$	(8.8	)

The expense (benefit) for income taxes is comprised of:

	Years Ended June 30,
	2015			2014			2013
Current:
Federal	$	-		$	-		$	-
State		-			-			-
Foreign		(0.1	)		(0.3	)		0.1
		(0.1	)		(0.3	)		0.1
Deferred:
Federal		-			-			-
State		-			-			-
Foreign		-			-			-
		-			-			-
Total tax (benefit) expense	$	(0.1	)	$	(0.3	)	$	0.1

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

The reconciliation between the company's effective tax rate and the statutory rate is as follows:

	Years Ended June 30,
	2015			2014			2013
Income tax (benefit) expense at federal statutory rate	$	(6.7	)	$	(4.0	)	$	(3.3	)
State and local income taxes, net of federal benefit		(1.0	)		(0.3	)		0.3
Foreign tax rate differential		(0.4	)		0.4			1.3
In-process research and development		6.9			-			-
Change in valuation allowance		0.8			4.1			4.2
Merger related items		0.4			0.1			(3.0	)
Research and development expenses		-			(0.1	)		1.1
Research and development tax credits		(0.1	)		(0.3	)		(1.1	)
Foreign Tax Credit		(0.2	)		-			-
Employee stock options		-			-			0.5
Other		0.2			(0.2	)		0.1
Income tax (benefit) expense	$	(0.1	)	$	(0.3	)	$	0.1

The following table includes deferred tax assets and liabilities as of June 30, 2015 and 2014:

	As of June 30,
	2015			2014

Deferred tax assets:
Foreign net operating loss carryforwards	$	19.8		$	18.2
US federal and state loss carryforwards		5.4			2.8
Amortization		0.6			0.8
Depreciation		-			0.6
Accrued compensated-related costs		1.4			0.8
Other		0.4			4.3
Subtotal		27.6			27.5
Less valuation allowance		(27.1	)		(26.4	)
Total net deferred tax asset		0.5			1.1

Unearned Income		(0.5	)		(1.1	)

Net deferred tax assets	$	-		$	-

Current net deferred tax liability		(0.5	)		(0.9	)
Noncurrent net deferred tax asset		0.5			0.9
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, 2015 a full valuation allowance has been established, as the Company has determined that the realization of its deferred tax assets is not more likely than not. The Company recorded $27.1 million and $26.4 million of valuation allowance as of June 30, 2015 and 2014, respectively.

As of June 30, 2015, the Company has $13.8 million of gross U.S. federal net operating loss carryforwards that expire at various dates through 2034. Under IRC section 382, certain significant changes in ownership may restrict the future utilization of its U.S. tax loss carryforwards. As of June 30, 2015, the Company also has accumulated tax losses of $34.7 million for Australia, $25

million for the United Kingdom and $13.2 million for France available for carry forward against future earnings, which under relevant tax laws do not expire but may not be available under certain circumstances.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

As of June 30, 2015, the Company’s foreign subsidiaries have no positive accumulated earnings. As such, no federal or state income taxes have been provided on the losses of its foreign subsidiaries under ASC 740. If in the future there are positive earnings generated from the Company’s foreign subsidiaries, the Company will evaluate whether to record any applicable federal and state income taxes on such earnings.

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 for which we file income tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no tax audits that have commenced with respect to income tax returns in any jurisdiction.

Under the tax statute of limitations applicable to the Internal Revenue Code, we are no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for years before 2012. Under the statute of limitations applicable to most state income tax laws, the Company is no longer subject to state income tax examinations by tax authorities for years before 2011 in states in which we have filed income tax returns. Certain states may take the position that the Company is subject to income tax in such states even though the Company has not filed income tax returns in such states and, depending on the varying state income tax statutes and administrative practices, the statute of limitations in such states may extend to years before 2009. The Company began foreign operations in 1985. The Company is subject to foreign tax examinations by tax authorities for all years of operations.

The Company does not have any unrecognized tax benefits as of June 30, 2015.

Note 11 - Share-based Compensation

12 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

)

Share-Based Compensation

For the twelve months ended June 30, 2015, 2014 and 2013, the Company recorded share-based compensation expense related to grants from equity incentive plans of $2.1 million, $1.7 million and $2.6 million, respectively. No income tax benefit was recognized in the statements of operations and no share-based compensation expense was capitalized as part of any assets for the twelve months ended June 30, 2015 and 2014.

Stock Options

The fair value of each stock option award was estimated at its respective date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	For the Twelve Month Period Ended June 30,
	201 5			201 4			201 3
Risk-free interest rate		1.70	%		1.50	%		1.50	%
Dividend yield		—			—			—
Expected volatility		.82			.79			.79
Expected life of options (years)		5.9			5.9			6.0
Fair value of options granted	$	1.65		$	2.47		$	2.39

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

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 year Treasury bond. The expected term of stock options granted is derived from actual and expected option behavior and represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise patterns and future employee terminations to determine expected life and forfeitures. Expected volatility is based on the historical volatility of the Company’s publicly traded common stock. The following table summarizes the stock option activity for the year end:

				Weighted Average		Weighted-Average		Aggregate Intrinsic
	Number of			Exercise Price		Remaining Contractual		Value
	Stock Options			Per Option		Term		($0000)
Balance at June 30, 2014		2,463,369		$	9.09
Granted		1,432,000			2.42
Exercised		—			—
Forfeited or expired		(531,252	)		13.37
Balance at June 30, 2015		3,364,117		$	5.58		7.9	$	-

The total intrinsic value of stock options exercised during the twelve month period ended June 30, 2015 was zero, and no cash proceeds were received by the Company. Further, no actual tax benefits were realized, as the Company currently records a full valuation allowance for all tax benefits due to uncertainties with respect to its ability to generate sufficient taxable income in the future.

The following tables summarize information relating to outstanding and exercisable stock options as of June 30, 2015:

			June 30, 2015
			Outstanding						Exercisable
					Weighted Average
			Number of		Remaining		Weighted Average		Number of		Weighted Average
Exercise Prices			Shares		Contractual Life		Exercise Price		Shares		Exercise Price
					(In Years)
$2.07	—	$2.40		272,000		8.62	$	2.29		5,000	$	2.20
$2.45	—	$2.45		1,035,000		9.25		2.45		—		—
$2.47	—	$4.05		605,000		8.58		3.18		248,750		3.47
$4.07	—	$75.81		1,452,117		6.55		9.42		975,338		11.91
				3,364,117		7.91	$	5.58		1,229,088	$	10.16

Restricted Stock Awards.

A summary of the Company’s outstanding restricted stock activity for the twelve months ended June 30, 2015 is as follows:

			Weighted-Average
			Grant Date
	Shares		Fair Value
Outstanding at June 30, 2014		8,750	$	3.93
Granted		—		—
Forfeited		—		—
Outstanding at June 30, 2015		8,750	$	3.93

Restricted Stock Units and Market Stock Units (MSUs).

A summary of the Company’s outstanding restricted stock and market stock unit (MSU) activity for the twelve months ended June 30, 2015 is as follows:

	Shares			Weighted Average Grant Date Fair Value
Outstanding at June 30, 2014		189,427		$	3.94
Awarded		47,500			2.41
Released		(80,144	)		3.94
Forfeited		(60,202	)		3.87
Unvested at June 30, 2015		96,581		$	3.23

In December 2013, the Company awarded 108,133 MSUs to employees that can vest on January 1, 2017. The vesting of these awards is subject to the respective employee’s continued employment through this settlement period. The number of MSUs granted represents the target number of units that are eligible to be earned based on the attainment of certain market-based criteria involving the Company’s stock price. The number of MSUs actually earned is calculated upon the vesting of the award. Participants may ultimately earn between 0% and 250% of the target number of units granted based on actual stock performance. Accordingly, additional MSUs may be issued or currently outstanding MSUs may be cancelled upon final determination of the number of awards earned. Compensation expense, including the effect of forfeitures, is recognized over the applicable service period.

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

The Company values grants of MSUs using a lattice model with a Monte Carlo simulation. This valuation methodology utilizes several key assumptions, including the 20-day 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. The assumptions used in the Company’s valuation of the MSU’s are summarized as follows:

	For the Twelve Month Period Ended June 3 0 ,
	201 5		2014		201 3
Expected dividend yield		—		0.00%		—
Expected stock price volatility		—		0.86%		—
Risk-free interest rate		—		0.64%		—
20-day trading average stock price on grant date		—		$3.98		—
Weighted-average per share grant date fair value		—		$7.69		—

As of June 30, 2015 there was $3.2 million of unrecognized share-based compensation expense related to all unvested share-based awards, not discounted for future forfeitures. This balance is expected to be recognized over a weighted-average period of two years.

Note 12 - Retirement Benefits

12 Months Ended

Jun. 30, 2015

Pension and Other Postretirement Benefits Disclosure [Text Block]

)

Retirement Benefits

The Company contributed $0.4 million, $0.8 million and $1.1 million for the fiscal years ended June 30, 2015, 2014 and 2013, respectively, toward standard defined contribution plans for employees. Contributions by the Company for non-U.S. employees can be up to nine percent of an employee’s salary during fiscal year ending June 30, 2015 and up to four per cent of an employee’s salary for U.S. employees.

Note 13 - Net Loss per Share

12 Months Ended

Jun. 30, 2015

Earnings Per Share [Text Block]

)

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.

	Year Ended June 30,
	2015			201 4			201 3

Net loss (in millions)	$	(19.1	)	$	(11.0	)	$	(8.9	)
Weighted average shares outstanding		35,367,117			31,347,888			28,217,515
Shares used to compute diluted earnings per share		35,367,117			31,347,888			28,217,515
Basic loss per share	$	(0.54	)	$	(0.35	)	$	(0.32	)
Diluted loss per share	$	(0.54	)	$	(0.35	)	$	(0.32	)
Number of antidilutive stock options excluded from computation		3,604,737			2,725,441			1,828,668

Note 14 - Licenses, Royalty Collaborative and Contractual Arrangements

12 Months Ended

Jun. 30, 2015

Collaborative Arrangement Disclosure [Text Block]

)

Licenses,

Royalty Collaborative and Contractual Arrangements

Royalty agreements

The Company entered into a royalty-bearing research and license agreement with GSK in 1990 for the development and commercialization of zanamivir, a neuraminidase inhibitor (“NI”) marketed by GSK as Relenza

to treat influenza. Under the terms of the agreement, the Company licensed zanamivir to GSK on an exclusive, worldwide basis and is entitled to receive royalty payments of 7% of GSK's annual net sales of Relenza

in the U.S., Europe, Japan and certain other countries as well as 10% of GSK's annual net sales of Relenza

in Australia, New Zealand, South Africa and Indonesia. Most of the Company’s Relenza

patents have expired and the only substantial remaining intellectual property related to the Relenza

patent portfolio, which is solely owned by the Company and exclusively licensed to GSK, is scheduled to expire in July 2019 in Japan. On May 12, 2015, the Company filed a request for rehearing with the U.S. Patent and Trademark Office, Patent Trial and Appeal Board (“PTAB”) in relation to the pending patent application No. 08/737,141 related to Relenza intellectual property in the U.S. On June 23, 2015 the PTAB denied the Company’s request for a rehearing. The Company reported on September 11, 2015, that it filed an appeal in relation to the pending patent application No. 08/737,141 related to Relenza

to the United States Court of Appeals for the Federal Circuit. While the Company cannot determine the duration or the outcome of this appeal process, or how long this patent application will remain pending, if the patent claims are ultimately issued, the Company would be eligible to receive royalties from net sales of Relenza

in the U.S. for an additional 17 years from the date of allowance. If the patents claims are ultimately not issued, the Company will not receive any further royalties on U.S. sales.

The Company also generates royalty revenue from the sale of Inavir

in Japan, pursuant to a collaboration and license agreement that the Company entered into with Daiichi Sankyo in 2009. In September 2010, laninamivir octanoate was approved for sale by the Japanese Ministry of Health and Welfare for the treatment of influenza in adults and children, which Daiichi Sankyo markets as Inavir

. Under the agreement, the Company currently receives a 4% royalty on net sales of Inavir

in Japan and is eligible to earn sales milestone payments. Under the collaboration and license agreement, the Company and Daiichi Sankyo have cross-licensed the world-wide rights to develop and commercialize the related intellectual property, and have agreed to share equally in any royalties, license fees, or milestone or other payments received from any third party licenses outside of Japan. Patents on the composition of matter for laninamivir octanoate in Japan generally expire in 2024.

Collaborative and contract arrangements

In March 2011, the Company’s wholly owned subsidiary, Biota Scientific Management Pty Ltd., was awarded a contract by BARDA for the late-stage development of LANI on a cost-plus-fixed-fee basis, the total of which was not to exceed $231.2 million. BARDA is part of the U.S. Office of the Assistant Secretary for Preparedness and Response ("ASPR") within the U.S. Department of Health and Human Services ("HHS"). The BARDA contract was designed to fund and provide the Company with all technical and clinical data and U.S. based manufacturing to support the filing of a U.S. new drug application (“NDA”) with the FDA for LANI. The performance period of the BARDA contract commenced on March 31, 2011, and was intended to continue for five years. On May 7, 2014 HHS/ASPR/BARDA notified the Company of its decision to terminate the contract for the development of LANI for the convenience of the U.S. Government. The Company completed and finalized all activities related to the settlement and close out this contract in June 2015. The Company was considered an active participant in the BARDA contract, with exposure to significant risks and rewards of commercialization relating to the development of LANI. Therefore, revenues from and costs associated with the contract are recorded and recognized on a gross basis in the consolidated statement of operations.

The following tables summarize the key components of the Company’s revenues (in millions):

	Years Ended June 30,
	2015		2014		2013
Royalty revenue – Relenza ®	$	11.4	$	10.6	$	2.6
– Inavir ®		4.8		4.5		4.2
Commercial milestone – Inavir ®		-		-		2.8
Revenue from services		8.4		53.6		24.0
Total revenue	$	24.6	$	68.7	$	33.6

Note 15 - Restructuring Charges

12 Months Ended

Jun. 30, 2015

Restructuring and Related Activities Disclosure [Text Block]

)

Restructuring Charges

The Company recognizes restructuring charges when a plan that materially changes the scope of its business or the manner in which that business is conducted is adopted and communicated to the impacted parties, and the expenses have been incurred or are reasonably estimable.

Fiscal 2014 Restructuring Activity

In the fourth quarter of fiscal 2014, the Company announced a restructuring as result of the termination for convenience of the BARDA contract. These restructuring activities were completed in fiscal 2015. The Company recorded $2.1 million in restructuring charges during fiscal 2014, which comprised of severance and other employee related benefits of which $0.9 million was recorded in cost of revenue, $1.0 million in research and development and $0.2 million in general and administrative. The remaining severance and other employment costs of approximately $2.0 million were paid in fiscal 2015.

Following is a reconciliation of the beginning and ending balances of the restructuring liability:

	Balance at							Balance at
	June 30,							June 30,
Fiscal 2014 Restructuring Plans:	2014		Provision		Payments			2015
Severance and employment costs		2.0		—		(2.0	)	$	—
Total restructuring costs	$	2.0	$	—	$	(2.0	)	$	—

Note 16 - Research and Development Credit

12 Months Ended

Jun. 30, 2015

Research, Development, and Computer Software Disclosure [Text Block]

)

Research and Development Credit

In fiscal 2013, an application for a claim of $4.4 million was made by the Company’s subsidiary, Biota Holdings Limited, under the Australian Government’s Research and Development tax incentive when Biota Holdings Limited submitted its tax return for its fiscal year ended June 30, 2012. This amount was recorded as a contingent asset as of June 30, 2012. On November 7, 2012, Biota Holdings Limited received cash for this claim. Although the credit is administered by the Australian government, it is not linked to the level of taxable income and is effectively a government grant. As such, the Company obtained an immediate benefit and therefore, the entire amount has been recognized within non-operating income in the consolidated statement of operations for the year ending June 30, 2013. For fiscal 2014 and 2015, the Company did not receive a research and development credit as its revenue has exceeded the qualifying revenue threshold.

The entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.

Note 17 - Quarterly Financial Information (Unaudited)

12 Months Ended

Jun. 30, 2015

Quarterly Financial Information [Text Block]

)

Quarterly Financial Information (Unaudited)

The table below sets forth summary unaudited consolidated quarterly financial information for the years ended June 30, 2015 and 2014 (in millions):

	Quarter Ended
	6/30/201 5			3/31/201 5		12/31/201 4		9/30/201 4
Revenues	$	4.1		$	5.9	$	13.9	$	0.7
Operating expenses		24.1			4.8		7.5		7.7
Net (loss) income		(19.9	)		1.2		6.5		(6.9	)
Net (loss) income per share (1):
Basic	$	(.55	)	$	0.02	$	0.19	$	(0.20	)
Diluted	$	(.55	)	$	0.02	$	0.19	$	(0.20	)

Biota Pharmaceuticals

Inc

Notes to Consolidated Financial Statements

	Quarter Ended
	6/30/201 4			3/31/201 4		12/31/201 3			9/30/201 3
Revenues	$	8.5		$	29.5	$	18.5		$	12.2
Operating expenses	19.0				26.3		18.6			16.3
Net (loss) income		(10.2	)		3.2		(0.1	)		(3.9	)
Net (loss) per share (1):
Basic	$	(0.29	)	$	0.09	$	0.00		$	(0.15	)
Diluted	$	(0.29	)	$	0.09	$	0.00		$	(0.15	)

(1)

Due to the use of the weighted average shares outstanding for each quarter for computing earnings per share, the sum of the quarterly per share amounts may not equal the per share amount for the year.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Biota Pharmaceuticals, 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 preparation 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 and obligations, tangible and intangible 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 or fewer days when purchased. Investments with original maturities between 90 and 365 days when purchased are considered to be short-term investments. Investments with original maturities over 365 days when purchased are considered to be long-term investments. The Company has classified its entire investment portfolio as available-for-sale. These securities are recorded as cash equivalents, short-term or long-term investments. Short-term and long-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, 2015 consisted primarily of U.S. treasury securities, U.S. government agency securities, corporate notes and certificates of deposit.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk and Other Risks and Uncertainties Cash, cash equivalents and short- and long-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. An allowance for doubtful accounts is estimated based on probable credit losses in the existing accounts receivable and returns allowed under the Company’s contract based on a combination of default history, aging analysis and any specific, known troubled accounts. The allowance is determined based on a review of individual accounts for collectability, generally focusing on those that are past due. The current year expense to adjust receivables for returns and doubtful accounts, 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 and intangible 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 to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the remaining lease term or estimated useful life of the asset. Maintenance and repairs are charged to operations as incurred.
Lease, Policy [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, 2015 and 2014 are considered operating leases. The costs of operating leases are charged to the consolidated statement of operations on a straight-line basis over the lease term. 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.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Assets The Company reviews its tangible and intangible assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than the carrying amount of the asset. If the evaluation indicates that the carrying value of an asset is not recoverable from its undiscounted cash flows, an impairment loss is measured by comparing the carrying value of the asset to its fair value.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Functional and reporting currency . Items included in the Company’s consolidated financial statements are measured using the currency of the primary economic environment in which the entity operates, referred to as the functional currency. The Company operates in several jurisdictions with functional currencies including the Euro, the Australian dollar, British Pound, and the U.S. dollar. The consolidated financial statements are presented in U.S. dollars. Effective April 1, 2015, the Company changed its subsidiaries functional currency to the U.S. dollar based on significant changes in economic facts and circumstances indicated clearly that the functional currency had changed. 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. The results and financial position of any operations that have a functional currency different from the U.S. dollar are translated into U.S. dollar amounts. Assets and liabilities are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at average rates for the period. All resulting exchange differences are recognized as accumulated other comprehensive income, a separate component of stockholders’ equity. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recorded in stockholders’ equity as part of accumulated other comprehensive income, net of related taxes.
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 research and development 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, which established financial accounting and reporting requirements for the effects of income taxes that result from the Company’s activities during the current and preceding years. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating losses and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted statutory tax rates expected to apply to taxable income in the jurisdictions and years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Where the Company determines that it is more likely than not that some portion or all of the deferred tax assets will not be realized in the future, 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 to be realized.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenue consists primarily of royalty payments, license fees, milestone payments and payments for services performed pursuant to contracts. Revenue from royalties is recognized when the net sales of the underlying product by the relevant third party, including actual or estimated returns within the royalty period based on agreement, are determinable. The Company receives estimates of the amount of royalty revenue from its licensees on a quarterly basis. Revenue from services performed pursuant to contracts or grants is recognized when earned, typically when the underlying services or activities are rendered. The Company analyzes cost reimbursable grants and contracts to determine whether it should report such reimbursements as revenue, or as an offset to the related research and development expenses incurred. For costs incurred and revenues generated from third parties where the Company is deemed to be the principal participant, such as the previous BARDA contract, it recognizes revenue and costs using the gross basis of accounting. Revenue for collaborative research and development activities typically consists of fees for services, or payments when specific milestones are met and match underlying activities occurring during the term of the arrangement. For milestones that are deemed substantive, the Company recognizes the contingent revenue when: (i) the milestones have been achieved; (ii) no further performance obligations with respect to the milestones exist; and (iii) collection is reasonably assured. A milestone is considered substantive if all of the following conditions are met: (i) the milestone is non-refundable; (ii) achievement of the milestone was not reasonably assured at the inception of the arrangement; (iii) substantive effort is involved to achieve the milestone; and (iv) the amount of the milestone appears reasonable in relation to the effort expended with the other milestones in the arrangement and the related risk associated with achievement of the milestone. If a milestone is deemed not to be substantive, the Company recognizes the portion of the milestone payment as revenue that correlates to activities already performed; the remaining portion of the milestone payment is deferred and recognized as revenue as the Company completes its performance obligations.
Cost of Sales, Policy [Policy Text Block]	Cost of Revenue Cost of revenue represents expenses incurred by the Company in performing services and activities pursuant to government contracts or grants for which it records related revenue and expense on the gross basis of accounting. Cost of revenue expense, which relates to the terminated BARDA contract, includes, but is not limited to, the cost of third-party service providers incurred in connection with conducting external preclinical studies and clinical trials, monitoring, accumulating and evaluating the related preclinical and clinical data; salaries and personnel-related expenses for our internal staff allocated to the contract or grant, including benefits; and, the cost to develop, formulate and manufacture product candidates directly allocated to the specific contract.
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 limited to, fees paid to third-party service providers in connection with conducting external preclinical studies and clinical trials, monitoring, accumulating and evaluating the related preclinical and clinical data; salaries and personnel-related expenses for our internal staff, including benefits and share-based compensation; the cost to develop, formulate and manufacture product candidates; legal fees associated with patents and intellectual property related to our product candidates; external research and chemistry, consulting fees; license expenses and sponsored research fees paid to third parties; and outsourced cost of specialized information systems to evaluate and monitor our programs, depreciation and laboratory facility costs. Research and development expenses are expensed as incurred.
In Process Research and Development, Policy [Policy Text Block]	In-Process Research and Development (“IPR&D”) Expense IPR&D expense and other charges represent impairments and other costs associated with product candidates under development that have not received regulatory approval for marketing at the time of acquisition. IPR&D acquired through an asset acquisition is written off at the acquisition date if the assets have no alternative future use. IPR&D acquired in a business combination is capitalized as indefinite-lived intangible assets (irrespective of whether these assets have an alternative future use) until completion or abandonment of the related research and development activities. Costs associated with the development of acquired IPR&D assets are expensed as incurred.
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 grants, 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, accounting, information technology, business development and human resources functions. Other significant costs include professional fees for legal, auditing, tax, and consulting services, 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.
Limited Suppliers, Policy [Policy Text Block]	Limited Suppliers The Company may rely on single-source third-party suppliers and contract manufacturers to formulate or manufacture its product candidates pursuant to FDA current good manufacturing practices (“cGMP”) requirements. The failure of a single-source supplier or single-source contract manufacturer to produce and deliver specific candidates on a timely basis, or at all, could delay or interrupt the development process and affect the Company’s operating results.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Standards In August 2014, the Financial Accounting Standard Board issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.

Note 3 - Stock Purchase Agreement (Tables) - Anaconda Pharma [Member]

12 Months Ended

Jun. 30, 2015

Schedule of Business Acquisitions, Estimated Purchase Price [Table Text Block

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px;; width: 700px;" border="0" cellpadding="0" cellspacing="0"> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 85%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(in millions)</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Fair value of Biota common stock issued</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">7.5</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Estimated transaction and exit costs</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">1.0</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cash consideration issued</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #cceeff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff">8.0</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #cceeff" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: #ffffff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff"> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Total purchase price</div></div></td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">$</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff">16.5</td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 3px; MARGIN-LEFT: 0pt; BACKGROUND-COLOR: #ffffff" nowrap="nowrap"> </td> </tr> </table></div>

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(in millions)
Cash and cash equivalents	$	0.3
Prepaid expenses and other current assets		0.2
Notes payable		(1.0	)
Accounts payable		(0.4	)
Accrued expenses		(0.2	)
Sub-total net fair value of acquired assets and liabilities		(1.1	)
In-process research and development		17.6
Total purchase price	$	16.5

Schedule of Maturities of Long-term Debt [Table Text Block]

Year e nding June 3 0 ,
2016	$	0.2
2017		0.4
2018		0.4
2019		-
2020		-
Total future payments	$	1.0

Note 4 - Short-Term Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2015

Fair Value, by Balance Sheet Grouping [Table Text Block]

	As of June 30,
	201 5		201 4

Financial assets:
Cash and cash equivalents	$	44.7	$	81.7
Accounts receivable, net of allowance		12.6		18.7
Short-term investments		12.9		-
Total current financial assets		70.2		100.4

Financial liabilities:
Accounts payable and current accrued liabilities		8.3		26.0
Short-term note payable		0.2		-
Total current financial liabilities		8.5		26.0

Net financial assets	$	61.7	$	74.4

Note 5 - Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2015

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, 2015	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	6.3	$	6.3	$	—	$	—
Short-term investments available-for-sale		12.9		12.9		—		—
Long-term investments available-for-sale		7.9		—		7.9		—
Total	$	27.1	$	19.2	$	7.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
			Identical Assets		Observable Inputs		Unobservable
June 30, 2014	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	36.9	$	36.9	$	—	$	—
Long-term investments available-for-sale		10.0		—		10.0		—
Total	$	46.9	$	36.9	$	10.0	$	—

Unrealized Gain (Loss) on Investments [Table Text Block]

(in millions)			Unrealized		Unrealized
June 30, 201 5	At Cost		Gains		(Losses)			At Fair Value

Money market funds	$	6.3	$	—	$	—		$	6.3
Debt securities of U.S. government agencies		6.5		—		—			6.5
U.S. Treasury securities		9.6		—		(0.1	)		9.5
Corporate notes		2.9		—		—			2.9
Certificates of deposit		1.9		—		—			1.9
Total	$	27.2	$	—	$	(0.1	)	$	27.1

			Unrealized		Unrealized
June 30, 201 4	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	36.9	$	—	$	—	$	36.9
Debt securities of U.S. government agencies		4.9		—		—		4.9
U.S. Treasury securities		5.1		—		—		5.1

Total	$	46.9		—		—		46.9

Note 6 - Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Table Text Block]

	As of June 30,
	201 5			201 4

Property and equipment	$	0.2		$	20.8
Leasehold improvements		0.2			6.9

Total Property and equipment		0.4			27.7
Accumulated depreciation		(0.2	)		(25.7	)

Property and equipment, net	$	0.2		$	2.0

Note 7 - Accrued and Other Current Liabilities (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Accrued Liabilities [Table Text Block]

	As of June 30,
	201 5		201 4

Professional fees	$	0.8	$	1.0
Salary and related costs		1.6		0.4
Research and development services		1.7		0.8
Other accrued expenses		1.2		1.2
Total accrued expenses and other liabilities	$	5.3	$	3.4

Note 9 - Commitments and Contingent Liabilities (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

(in millions)
2016	$	0.1
2017		0.2
2018		0.2
Thereafter		0.0

Total minimum lease payments	$	0.5

Note 10 - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Years Ended June 30,
	2015			2014			2013

United States	$	(26.7	)	$	(8.3	)	$	6.5
Foreign		7.5			(3.0	)		(15.3	)

Total	$	(19.2	)	$	(11.3	)	$	(8.8	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years Ended June 30,
	2015			2014			2013
Current:
Federal	$	-		$	-		$	-
State		-			-			-
Foreign		(0.1	)		(0.3	)		0.1
		(0.1	)		(0.3	)		0.1
Deferred:
Federal		-			-			-
State		-			-			-
Foreign		-			-			-
		-			-			-
Total tax (benefit) expense	$	(0.1	)	$	(0.3	)	$	0.1

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended June 30,
	2015			2014			2013
Income tax (benefit) expense at federal statutory rate	$	(6.7	)	$	(4.0	)	$	(3.3	)
State and local income taxes, net of federal benefit		(1.0	)		(0.3	)		0.3
Foreign tax rate differential		(0.4	)		0.4			1.3
In-process research and development		6.9			-			-
Change in valuation allowance		0.8			4.1			4.2
Merger related items		0.4			0.1			(3.0	)
Research and development expenses		-			(0.1	)		1.1
Research and development tax credits		(0.1	)		(0.3	)		(1.1	)
Foreign Tax Credit		(0.2	)		-			-
Employee stock options		-			-			0.5
Other		0.2			(0.2	)		0.1
Income tax (benefit) expense	$	(0.1	)	$	(0.3	)	$	0.1

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	As of June 30,
	2015			2014

Deferred tax assets:
Foreign net operating loss carryforwards	$	19.8		$	18.2
US federal and state loss carryforwards		5.4			2.8
Amortization		0.6			0.8
Depreciation		-			0.6
Accrued compensated-related costs		1.4			0.8
Other		0.4			4.3
Subtotal		27.6			27.5
Less valuation allowance		(27.1	)		(26.4	)
Total net deferred tax asset		0.5			1.1

Unearned Income		(0.5	)		(1.1	)

Net deferred tax assets	$	-		$	-

Current net deferred tax liability		(0.5	)		(0.9	)
Noncurrent net deferred tax asset		0.5			0.9
Net deferred taxes	$	-		$	-

Note 11 - Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2015

MSU [Member]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	For the Twelve Month Period Ended June 3 0 ,
	201 5		2014		201 3
Expected dividend yield		—		0.00%		—
Expected stock price volatility		—		0.86%		—
Risk-free interest rate		—		0.64%		—
20-day trading average stock price on grant date		—		$3.98		—
Weighted-average per share grant date fair value		—		$7.69		—

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	For the Twelve Month Period Ended June 30,
	201 5			201 4			201 3
Risk-free interest rate		1.70	%		1.50	%		1.50	%
Dividend yield		—			—			—
Expected volatility		.82			.79			.79
Expected life of options (years)		5.9			5.9			6.0
Fair value of options granted	$	1.65		$	2.47		$	2.39

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

				Weighted Average		Weighted-Average		Aggregate Intrinsic
	Number of			Exercise Price		Remaining Contractual		Value
	Stock Options			Per Option		Term		($0000)
Balance at June 30, 2014		2,463,369		$	9.09
Granted		1,432,000			2.42
Exercised		—			—
Forfeited or expired		(531,252	)		13.37
Balance at June 30, 2015		3,364,117		$	5.58		7.9	$	-

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

			June 30, 2015
			Outstanding						Exercisable
					Weighted Average
			Number of		Remaining		Weighted Average		Number of		Weighted Average
Exercise Prices			Shares		Contractual Life		Exercise Price		Shares		Exercise Price
					(In Years)
$2.07	—	$2.40		272,000		8.62	$	2.29		5,000	$	2.20
$2.45	—	$2.45		1,035,000		9.25		2.45		—		—
$2.47	—	$4.05		605,000		8.58		3.18		248,750		3.47
$4.07	—	$75.81		1,452,117		6.55		9.42		975,338		11.91
				3,364,117		7.91	$	5.58		1,229,088	$	10.16

Nonvested Restricted Stock Shares Activity [Table Text Block]

			Weighted-Average
			Grant Date
	Shares		Fair Value
Outstanding at June 30, 2014		8,750	$	3.93
Granted		—		—
Forfeited		—		—
Outstanding at June 30, 2015		8,750	$	3.93

Schedule of Nonvested Performance-based Units Activity [Table Text Block]

	Shares			Weighted Average Grant Date Fair Value
Outstanding at June 30, 2014		189,427		$	3.94
Awarded		47,500			2.41
Released		(80,144	)		3.94
Forfeited		(60,202	)		3.87
Unvested at June 30, 2015		96,581		$	3.23

Note 13 - Net Loss per Share (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Year Ended June 30,
	2015			201 4			201 3

Net loss (in millions)	$	(19.1	)	$	(11.0	)	$	(8.9	)
Weighted average shares outstanding		35,367,117			31,347,888			28,217,515
Shares used to compute diluted earnings per share		35,367,117			31,347,888			28,217,515
Basic loss per share	$	(0.54	)	$	(0.35	)	$	(0.32	)
Diluted loss per share	$	(0.54	)	$	(0.35	)	$	(0.32	)
Number of antidilutive stock options excluded from computation		3,604,737			2,725,441			1,828,668

Note 14 - Licenses, Royalty Collaborative and Contractual Arrangements (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Years Ended June 30,
	2015		2014		2013
Royalty revenue – Relenza ®	$	11.4	$	10.6	$	2.6
– Inavir ®		4.8		4.5		4.2
Commercial milestone – Inavir ®		-		-		2.8
Revenue from services		8.4		53.6		24.0
Total revenue	$	24.6	$	68.7	$	33.6

Note 15 - Restructuring Charges (Tables)

12 Months Ended

Jun. 30, 2015

Restructuring and Related Costs [Table Text Block]

	Balance at							Balance at
	June 30,							June 30,
Fiscal 2014 Restructuring Plans:	2014		Provision		Payments			2015
Severance and employment costs		2.0		—		(2.0	)	$	—
Total restructuring costs	$	2.0	$	—	$	(2.0	)	$	—

Note 17 - Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Quarterly Financial Information [Table Text Block]

	Quarter Ended
	6/30/201 5			3/31/201 5		12/31/201 4		9/30/201 4
Revenues	$	4.1		$	5.9	$	13.9	$	0.7
Operating expenses		24.1			4.8		7.5		7.7
Net (loss) income		(19.9	)		1.2		6.5		(6.9	)
Net (loss) income per share (1):
Basic	$	(.55	)	$	0.02	$	0.19	$	(0.20	)
Diluted	$	(.55	)	$	0.02	$	0.19	$	(0.20	)

	Quarter Ended
	6/30/201 4			3/31/201 4		12/31/201 3			9/30/201 3
Revenues	$	8.5		$	29.5	$	18.5		$	12.2
Operating expenses	19.0				26.3		18.6			16.3
Net (loss) income		(10.2	)		3.2		(0.1	)		(3.9	)
Net (loss) per share (1):
Basic	$	(0.29	)	$	0.09	$	0.00		$	(0.15	)
Diluted	$	(0.29	)	$	0.09	$	0.00		$	(0.15	)

Note 2 - Summary of Significant Accounting Policies (Details Textual) - Machinery, Equipment, Software, and Fixtures [Member]	12 Months Ended
	Jun. 30, 2015
Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years

Note 3 - Stock Purchase Agreement (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Jun. 03, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Anaconda Pharma [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	3.5
Payments to Acquire Businesses, Gross	$ 8.0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	30.0
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 7.5
Business Acquisition, Share Price	$ 2.14
Business Combination, Acquisition Related Costs	$ 1.0
Research and Development in Process	17.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities	$ 1.0
Notes Payable		$ 1.0
Research and Development in Process		$ 17.6

Note 3 - Purchase Price of Business Acquisition (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 03, 2015	Jun. 30, 2013
Anaconda Pharma [Member]
Fair value of Biota common stock issued	$ 7.5
Estimated transaction and exit costs	1.0
Cash consideration issued	8.0
Total purchase price	$ 16.5
Total purchase price		$ 19.2

Note 3 - Acquired Tangible and Intangible Assets and Assumed Liabilities of Anaconda Pharma (Details) $ in Millions	Jun. 03, 2015 USD ($)
Anaconda Pharma [Member]
Cash and cash equivalents	$ 0.3
Prepaid expenses and other current assets	0.2
Notes payable	(1.0)
Accounts payable	(0.4)
Accrued expenses	(0.2)
In-process research and development	17.6
Total purchase price	16.5
Sub-total net fair value of acquired assets and liabilities	$ (1.1)

Note 3 - Future Minimum Payments Due under Notes Payable Acquired in Business Combination (Details) - Anaconda Pharma [Member] $ in Millions	Jun. 30, 2015 USD ($)
2016	$ 0.2
2017	0.4
2018	0.4
2019
2020
Total future payments	$ 1.0

Note 4 - Short-Term Financial Instruments (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Impairment of Financial Assets	$ 0	$ 0

Note 4 - Financial Assets (Details) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Financial assets:
Cash and cash equivalents	$ 44.7	$ 81.7
Accounts receivable, net of allowance	12.6	18.7
Short-term investments	12.9
Total current financial assets	70.2	100.4
Financial liabilities:
Contract payable (BARDA)	8.3	26.0
Short-term note payable	0.2
Total current financial liabilities	8.5	26.0
Net financial assets	$ 61.7	$ 74.4

Note 5 - Fair Value Measurements (Details Textual)	12 Months Ended
Note 5 - Fair Value Measurements (Details Textual)	Jun. 30, 2015 USD ($)
Gain (Loss) on Sale of Investments	$ 0
Available-for-Sale Securities, Maturity Period	2 years

Note 5 - Summary of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value	$ 6.3	$ 36.9
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value
Money Market Funds [Member]
Fair Value	6.3	36.9
Short-term Investments [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value	12.9
Short-term Investments [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value
Short-term Investments [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value
Short-term Investments [Member]
Fair Value	12.9
Other Long-term Investments [Member] \| Fair Value, Inputs, Level 1 [Member]
Long-term investments available-for-sale
Other Long-term Investments [Member] \| Fair Value, Inputs, Level 2 [Member]
Long-term investments available-for-sale	7.9	10.0
Other Long-term Investments [Member] \| Fair Value, Inputs, Level 3 [Member]
Long-term investments available-for-sale
Other Long-term Investments [Member]
Long-term investments available-for-sale	7.9	10.0
Fair Value, Inputs, Level 1 [Member]
Total	19.2	36.9
Fair Value, Inputs, Level 2 [Member]
Total	7.9	10.0
Fair Value, Inputs, Level 3 [Member]
Total
Fair Value	27.1	46.9
Total	$ 27.1	$ 46.9

Investments in debt and equity securities which are categorized neither as held-to-maturity nor trading and which are intended to be sold or mature more than one year from the balance sheet date or operating cycle, if longer. Such securities are reported at fair value; unrealized gains (losses) related to Available-for-sale Securities are excluded from earnings and reported in a separate component of shareholders' equity (other comprehensive income), unless the Available-for-sale security is designated as a hedge or is determined to have had an other than temporary decline in fair value below its amortized cost basis. All or a portion of the unrealized holding gain (loss) of an Available-for-sale security that is designated as being hedged in a fair value hedge is recognized in earnings during the period of the hedge, as are other than temporary declines in fair value below the cost basis for investments in equity securities and debt securities that an entity intends to sell or it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. Other than temporary declines in fair value below the cost basis for debt securities categorized as Available-for-sale that an entity does not intend to sell and for which it is not more likely than not that the entity will be required to sell before the recovery of its amortized cost basis are bifurcated into credit losses and losses related to all other factors. Other than temporary declines in fair value below cost basis related to credit losses are recognized in earnings, and losses related to all other factors are recognized in other comprehensive income.

Note 5 - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Money Market Funds [Member]
At Cost	$ 6.3	$ 36.9
Unrealized Gains
Unrealized (Losses)
Fair Value	6.3	36.9
US Government Agencies Debt Securities [Member]
At Cost	6.5	4.9
Unrealized Gains
Unrealized (Losses)
Fair Value	6.5	4.9
US Treasury Securities [Member]
At Cost	9.6	5.1
Unrealized Gains
Unrealized (Losses)	(0.1)
Fair Value	9.5	5.1
Corporate Note Securities [Member]
At Cost	2.9
Unrealized Gains
Unrealized (Losses)
Fair Value	2.9
Certificates of Deposit [Member]
At Cost	1.9
Unrealized Gains
Unrealized (Losses)
Fair Value	1.9
At Cost	27.2	46.9
Unrealized Gains
Unrealized (Losses)	(0.1)
Fair Value	$ 27.1	$ 46.9

Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Depreciation, Depletion and Amortization	$ 1.1	$ 2.4	$ 3.0

Note 6 - Summary of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Property and equipment	$ 0.2	$ 20.8
Leasehold improvements	0.2	6.9
Total Property and equipment	0.4	27.7
Accumulated depreciation	(0.2)	(25.7)
Property and equipment, net	$ 0.2	$ 2.0

Note 7 - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Jun. 30, 2014
Professional fees	$ 0.8	$ 1.0
Salary and related costs	1.6	0.4
Research and development services	1.7	0.8
Other accrued expenses	1.2	1.2
Total accrued expenses and other liabilities	$ 5.3	$ 3.4

Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Public Offering [Member]
Stock Issued During Period, Shares, New Issues	6.7
Sale of Stock, Price Per Share	$ 4.30
Proceeds from Issuance of Common Stock	$ 26.8
Proceeds from Issuance of Common Stock			$ 26.8

Note 9 - Commitments and Contingent Liabilities (Details Textual) $ in Millions	12 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)
Lease at 2500 Northwinds Parkway, Alpharetta, Georgia [Member]
Leasehold Improvements, Gross	$ 0.1
Number of Operating Leases	1
Leasehold Improvements, Gross	$ 0.2	$ 6.9
Operating Leases, Rent Expense	$ 0.7	$ 0.7	$ 1.1

Note 9 - Future Minimum Lease Payments (Details)	Jun. 30, 2015 USD ($)
2016	$ 100,000
2017	200,000
2018	200,000
Thereafter	0
Total minimum lease payments	$ 500,000

Note 10 - Income Taxes (Details Textual) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 13,800,000
Foreign Tax Authority [Member] \| Australian Taxation Office [Member]
Operating Loss Carryforwards	34,700,000
Foreign Tax Authority [Member] \| Her Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards	25,000,000
Foreign Tax Authority [Member] \| Ministry of the Economy, Finance and Industry, France [Member]
Operating Loss Carryforwards	13,200,000
Unrecognized Tax Benefits	0
Deferred Tax Assets, Valuation Allowance	$ 27,100,000	$ 26,400,000

Note 10 - Summary of Income Before Taxes, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
United States	$ (26.7)	$ (8.3)	$ 6.5
Foreign	7.5	(3.0)	(15.3)
Total	$ (19.2)	$ (11.3)	$ (8.8)

Note 10 - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Current:
Federal
State
Foreign	(0.1)	(0.3)	0.1
	(0.1)	(0.3)	0.1
Deferred:
Federal
State
Foreign
Total tax (benefit) expense	$ (0.1)	$ (0.3)	$ 0.1

Note 10 - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income tax (benefit) expense at federal statutory rate	$ (6.7)	$ (4.0)	$ (3.3)
State and local income taxes, net of federal benefit	(1.0)	(0.3)	0.3
Foreign tax rate differential	(0.4)	0.4	1.3
In-process research and development	6.9
Change in valuation allowance	0.8	4.1	4.2
Merger related items	0.4	0.1	(3.0)
Research and development expenses		(0.1)	1.1
Research and development tax credits	(0.1)	(0.3)	(1.1)
Foreign Tax Credit	(0.2)
Employee stock options			0.5
Other	0.2	(0.2)	0.1
Total tax (benefit) expense	$ (0.1)	$ (0.3)	$ 0.1

Note 10 - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Deferred tax assets:
Foreign net operating loss carryforwards	$ 19,800,000	$ 18,200,000
US federal and state loss carryforwards	5,400,000	2,800,000
Amortization	600,000	800,000
Depreciation		600,000
Accrued compensated-related costs	1,400,000	800,000
Other	400,000	4,300,000
Subtotal	27,600,000	27,500,000
Less valuation allowance	(27,100,000)	(26,400,000)
Total net deferred tax asset	500,000	1,100,000
Unearned Income	(500,000)	(1,100,000)
Net deferred tax assets
Current net deferred tax liability	(500,000)	(900,000)
Noncurrent net deferred tax asset	$ 500,000	$ 900,000

Note 11 - Share-based Compensation (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
The 2007 Omnibus Equity and Incentive Plan [Member]
Allocated Share-based Compensation Expense		$ 2,100,000	$ 1,700,000	$ 2,600,000
MSU [Member] \| Minimum [Member]
Percentage of the Target Number of Units Granted Earned Based on Stock Performance		0.00%
MSU [Member] \| Maximum [Member]
Percentage of the Target Number of Units Granted Earned Based on Stock Performance		250.00%
MSU [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	108,133
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
Proceeds from Stock Options Exercised		0
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options		0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 3,200,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years

Note 11 - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
Note 11 - Fair Value Assumptions (Details) - $ / shares	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Risk-free interest rate	1.70%	1.50%	1.50%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility	0.82%	0.79%	0.79%
Expected life of options (years)	5 years 328 days	5 years 328 days	6 years
Fair value of options granted (in dollars per share)	$ 1.65	$ 2.47	$ 2.39

Note 11 - Stock Option Activity (Details)	12 Months Ended
Note 11 - Stock Option Activity (Details)	Jun. 30, 2015 $ / shares shares
Balance (in shares) \| shares	2,463,369
Balance (in dollars per share) \| $ / shares	$ 9.09
Granted (in shares) \| shares	1,432,000
Granted (in dollars per share) \| $ / shares	$ 2.42
New shares issued on exercise of options (in shares) \| shares
Exercised (in dollars per share) \| $ / shares
Forfeited or expired (in shares) \| shares	(531,252)
Forfeited or expired (in dollars per share) \| $ / shares	$ 13.37
Balance (in shares) \| shares	3,364,117
Balance (in dollars per share) \| $ / shares	$ 5.58
Balance	7 years 328 days

Note 11 - Exercise Price Range Relating to Oustanding and Exercisable Options (Details)	12 Months Ended
	Jun. 30, 2015 $ / shares shares
Range One [Member]
Exercise Price Range, Lower Limit (in dollars per share)	$ 2.07
Exercise Price Range, Upper Limit (in dollars per share)	$ 2.40
Outstanding, Number of Shares (in shares) \| shares	272,000
Outstanding, Weighted Average Remaining Contractual Life	8 years 226 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 2.29
Exercisable, Number of Shares (in shares) \| shares	5,000
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 2.20
Range Two [Member]
Exercise Price Range, Lower Limit (in dollars per share)	2.45
Exercise Price Range, Upper Limit (in dollars per share)	$ 2.45
Outstanding, Number of Shares (in shares) \| shares	1,035,000
Outstanding, Weighted Average Remaining Contractual Life	9 years 91 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 2.45
Exercisable, Number of Shares (in shares) \| shares
Exercisable, Weighted Average Exercise Price (in dollars per share)
Range Three [Member]
Exercise Price Range, Lower Limit (in dollars per share)	2.47
Exercise Price Range, Upper Limit (in dollars per share)	$ 4.05
Outstanding, Number of Shares (in shares) \| shares	605,000
Outstanding, Weighted Average Remaining Contractual Life	8 years 211 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 3.18
Exercisable, Number of Shares (in shares) \| shares	248,750
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 3.47
Range 4 [Member]
Exercise Price Range, Lower Limit (in dollars per share)	4.07
Exercise Price Range, Upper Limit (in dollars per share)	$ 75.81
Outstanding, Number of Shares (in shares) \| shares	1,452,117
Outstanding, Weighted Average Remaining Contractual Life	6 years 200 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.42
Exercisable, Number of Shares (in shares) \| shares	975,338
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 11.91
Exercise Price Range, Lower Limit (in dollars per share)
Exercise Price Range, Upper Limit (in dollars per share)
Outstanding, Number of Shares (in shares) \| shares	3,364,117
Outstanding, Weighted Average Remaining Contractual Life	7 years 332 days
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 5.58
Exercisable, Number of Shares (in shares) \| shares	1,229,088
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 10.16

Note 11 - Summary of Restricted Stock Awards (Details) - Restricted Stock [Member]	12 Months Ended
	Jun. 30, 2015 $ / shares shares
Outstanding (in shares) \| shares	8,750
Outstanding at June 30, 2014 (in dollars per share) \| $ / shares	$ 3.93
Awarded (in shares) \| shares
Granted (in dollars per share) \| $ / shares
Outstanding (in shares) \| shares	8,750
Unvested at June 30, 2015 (in dollars per share) \| $ / shares	$ 3.93

Note 11 - Summary of MSU Activity (Details) - Restricted Stock and Market Stock Units [Member]	12 Months Ended
	Jun. 30, 2015 $ / shares shares
Outstanding at June 30, 2014 (in shares) \| shares	189,427
Outstanding at June 30, 2014 (in dollars per share) \| $ / shares	$ 3.94
Awarded (in shares) \| shares	47,500
Awarded (in dollars per share) \| $ / shares	$ 2.41
Released (in shares) \| shares	(80,144)
Released (in dollars per share) \| $ / shares	$ 3.94
Forfeited (in shares) \| shares	(60,202)
Forfeited (in dollars per share) \| $ / shares	$ 3.87
Unvested at June 30, 2015 (in shares) \| shares	96,581
Unvested at June 30, 2015 (in dollars per share) \| $ / shares	$ 3.23

Note 11 - MSU Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
MSU [Member]
Expected dividend yield		0.00%
Expected stock price volatility		0.86%
Risk-free interest rate		0.64%
20-day trading average stock price on grant date (in dollars per share)		$ 3.98
Awarded (in dollars per share)		$ 7.69
Expected dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	1.70%	1.50%	1.50%

Note 12 - Retirement Benefits (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Non-US Employees [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	9.00%
US Employees [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Defined Contribution Plan, Cost Recognized	$ 0.4	$ 0.8	$ 1.1

Note 13 - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Net loss	$ (19.1)	$ (11.0)	$ (8.9)
Weighted average shares outstanding (in shares)	35,367,117	31,347,888	28,217,515
Shares used to compute diluted earnings per share (in shares)	35,367,117	31,347,888	28,217,515
Basic loss per share (in dollars per share)	$ (0.54)	$ (0.35)	$ (0.32)
Diluted loss per share (in dollars per share)	$ (0.54)	$ (0.35)	$ (0.32)
Number of antidilutive stock options excluded from computation (in shares)	3,604,737	2,725,441	1,828,668

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Basic (in dollars per share)

Note 14 - Licenses, Royalty Collaborative and Contractual Arrangements (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2011	Jun. 30, 2015
GSK [Member] \| United States, Europe, Japan, And Other Countries [Member]
Royalty Payment Percentage		7.00%
GSK [Member] \| Australia, New Zealand, South Africa, and Indonesia [Member]
Royalty Payment Percentage		10.00%
GSK [Member] \| UNITED STATES \| Relenza [Member]
Royalty Payment, Number of Years Eligible to Receive Royalties from Net Sales of Product or Service		17 years
Daiichi Sankyo [Member] \| Japan [Member]
Royalty Payment Percentage		4.00%
BARDA [Member]
Maximum Revenue From Contract	$ 231.2
Contract Term	5 years

Note 14 - Components of Revenues from Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Relenza [Member]
Royalty revenue – Relenza®	$ 11.4	$ 10.6	$ 2.6
Inavir [Member]
Royalty revenue – Relenza®	4.8	4.5	4.2
Commercial milestone – Inavir®			2.8
Royalty revenue – Relenza®	16.1	15.1	9.6
Revenue from services	8.4	53.6	24.0
Total revenue	$ 24.6	$ 68.7	$ 33.6

Note 15 - Restructuring Charges (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Employee Severance [Member] \| Cost of Sales [Member]
Restructuring Charges		$ 0.9
Employee Severance [Member] \| Research and Development Expense [Member]
Restructuring Charges		1.0
Employee Severance [Member] \| Selling, General and Administrative Expenses [Member]
Restructuring Charges		0.2
Employee Severance [Member]
Restructuring Charges		$ 2.1
Payments for Restructuring	$ 2.0
Payments for Restructuring	$ 2.0

Note 15 - Reconciliation of the Beginning and Ending Balances of the Restructuring Liability (Details) $ in Millions	12 Months Ended
	Jun. 30, 2015 USD ($)
Employee Severance [Member]
Balance	$ 2.0
Payments	(2.0)
Balance
Balance	2.0
Payments	(2.0)
Balance

Note 16 - Research and Development Credit (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Research and Development Credit	$ 0	$ 0	$ 4,400,000

Note 17 - Consolidated Quarterly Financial Information (Details) - USD ($)
$ in Millions

3 Months Ended

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Total revenue

$ 4.1

$ 5.9

$ 13.9

$ 0.7

$ 8.5

$ 29.5

$ 18.5

$ 12.2

Operating expenses

24.1

4.8

7.5

7.7

19.0

26.3

18.6

16.3

Net (loss) income

$ (19.9)

$ 1.2

$ 6.5

$ (6.9)

$ (10.2)

$ 3.2

$ (0.1)

$ (3.9)

^[1]

$ (0.55)

$ 0.02

$ 0.19

$ (0.20)

$ (0.29)

$ 0.09

$ 0

$ (0.15)

Diluted (in dollars per share)

^[1]

$ (0.55)

$ 0.02

$ 0.19

$ (0.20)

$ (0.29)

$ 0.09

$ 0

$ (0.15)

Net loss

$ (19.9)

$ 1.2

$ 6.5

$ (6.9)

$ (10.2)

$ 3.2

$ (0.1)

$ (3.9)

[1]	Due to the use of the weighted average shares outstanding for each quarter for computing earnings per share, the sum of the quarterly per share amounts may not equal the per share amount for the year.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.