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Nature of Operations [Text Block]

(1)	Company Overview

Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has three product candidates in active clinical development: vapendavir, an oral treatment for human rhinovirus (“HRV”) upper respiratory infections in moderate-to-severe asthmatics currently being evaluated in the Phase 2b SPIRITUS trial; BTA585, an oral fusion protein inhibitor that has received Fast Track designation by the U.S. Food and Drug Administration (“FDA”), in Phase 2 development for the treatment and prevention of respiratory syncytial virus (“RSV”) infections; and BTA074, a topical antiviral treatment in Phase 2 development for condyloma caused by human papillomavirus types 6 and 11. The Company is incorporated in the state of Delaware 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, 2016

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 Aviragen Therapeutics, Inc. and its wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on June 30.

Use of Estimates

The 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, liabilities and obligations, tangible assets and deferred income taxes. Actual results could differ from those estimates.

Fair Value of Financial Instruments

Financial instruments include cash and cash equivalents, investments, accounts receivable, accounts payable, note payable and accrued liabilities. The carrying amounts of those financial instruments are considered to be representative of their respective fair values because of the short-term nature of those investments.

Cash Equivalents and Investments

Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 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, 2016 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. The current year expense to adjust revenue for returns, if any, is recorded in the consolidated statements of operations.

Property and Equipment

Fixed assets are recorded at acquisition cost, net of accumulated depreciation and impairment. Depreciation on tangible property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful life of machinery

, equipment, software and fixtures is three 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, 2016 and 2015 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.

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 local 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 that 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.

For periods prior to the change in functional currency of all subsidiaries to the U.S. dollar on April 1, 2015, the results and financial position of any operations that had a functional currency different from the U.S. dollar were translated into U.S. dollar amounts. Assets and liabilities were translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items were translated at average rates for the period. All resulting exchange differences were 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 were 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 general and administrative expense.

Share-Based Compensation Expense

Share-based compensation expense relates to stock options, restricted stock units or other equity-based grants. The fair market value of stock options is determined at the grant date using the Black-Scholes option pricing model based on the date the grant is issued. The fair market value of restricted stock units or other equity-based grants are also determined at the grant date, based on the closing price of the Company’s common stock on that date. The value of the awards that are ultimately expected to vest is recognized, net of forfeitures, as an expense on a straight-line basis over the employee's requisite service period. The Company uses the

lattice model with a Monte Carlo simulation to value the grants of market stock units (“MSUs”). This valuation methodology utilizes several key assumptions, including the average closing stock price on the grant date, expected volatility of the Company’s stock price, risk-free rates of return and expected dividend yield.

Income Taxes

The Company applies ASC 740 –

Income Taxes,

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 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 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.

Non-Cash Interest Expense on Liability Related to Sale of Future Royalties

In April 2016, the Company sold certain royalty rights related to the approved product Inavir®, sold by Daiichi Sankyo in the Japanese market, for $20 million to HealthCare Royalty Partners III, L.P. (“HCRP”). Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the arrangement, this transaction was accounted for as a liability that will be amortized using the interest method over the life of the arrangement. The Company has no obligation to pay any amounts to HCRP other than to pass through to HCRP its share of royalties as they are received from Daiichi Sankyo. In order to record the amortization of the liability, the Company is required to estimate the total amount of future royalty payments to be received under the License Agreement and the payments that will be passed through to HCRP over the life of the agreement. The sum of the pass through amounts less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The Company will periodically assess the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, it will adjust the amortization of the liability and interest rate

Cost of Revenue

Cost of revenue represents expenses incurred by the Company in performing services and activities pursuant to government contracts for which it records related revenue and expense on the gross basis of accounting. Cost of revenue, 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, including benefits; and, the cost to develop, formulate and manufacture product candidates directly allocated to the specific contract.

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 status as a publicly-traded company. General and administrative expense consists primarily of salaries and personnel-related expenses, including share-based compensation for personnel in executive, finance, information technology, business development and human resources functions. Other significant costs include professional fees for legal, auditing, tax, and consulting services, 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 November 2015, the Financial Accounting Standards Board (“FASB”) issued guidance on the balance sheet classification of deferred taxes which eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet and now requires entities to classify all deferred tax assets and liabilities as noncurrent. This guidance is effective for the Company’s fiscal year ended September 2018. Early adoption is permitted. The Company prospectively adopted the guidance immediately which resulted in the offset of $0.5 million of deferred tax assets and liabilities from the condensed consolidated balance sheet at December 31, 2015. The Company did not make any changes to prior periods.

In August 2014, the FASB issued authoritative accounting guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. This guidance is effective for annual reporting beginning after December 15, 2016, including interim periods within the year of adoption, with early application permitted. Accordingly, the standard is effective for the Company on July 1, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued authoritative accounting guidance related to revenue from contracts with customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this guidance on July 1, 2017. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is evaluating which transition approach to use and its impact, if any, on its consolidated financial statements.

In January 2016, the FASB issued guidance related to financial instruments - overall recognition and measurement of financial assets and financial liabilities. The guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The update to the standard is effective for public companies for interim and annual periods beginning after December 15, 2017. Accordingly, the standard is effective for the Company on July 1, 2018. The Company is currently evaluating the impact that the standard will have on the consolidated financial statements.

In February 2016, the FASB issued new guidance on leases. This guidance replaces the prior lease accounting guidance in its entirety. The underlying principle of the new standard is the recognition of lease assets and lease liabilities by lessees for substantially all leases, with an exception for leases with terms of less than twelve months. The standard also requires additional quantitative and qualitative disclosures. The guidance is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The standard requires a modified retrospective approach, which includes several optional practical expedients. Accordingly, the standard is effective for the Company on July 1, 2019. The Company is currently evaluating the impact that this guidance will have on the consolidated financial statements.

In March 2016, the FASB issued guidance on stock compensation: improvements to employee share-based payment accounting as part of the FASB simplification initiative. The new standard provides for changes to accounting for stock compensation including 1) excess tax benefits and tax deficiencies related to share based payment awards will be recognized as income tax expense in the reporting period in which they occur; 2) excess tax benefits will be classified as an operating activity in the statement of cash flow; 3) the option to elect to estimate forfeitures or account for them when they occur; and 4) increase tax withholding requirements threshold to qualify for equity classification. The guidance is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. Accordingly, the standard is effective for the Company on July 1, 2017. The Company is currently evaluating the impact that the guidance will have on the consolidated financial statements.

Note 3 - Stock Purchase Agreement

12 Months Ended

Jun. 30, 2016

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 Aviragen’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 purchase price paid at closing was calculated as follows:

(in millions)
Fair value of Aviragen 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 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.

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. 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 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 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

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, 2016 and June 30, 2015, $0.7 million and $1.0 million was outstanding under this note payable, respectively.

Future minimum payments due under notes payable as of June 30, 2016 are as follows:

(in millions)
2017	$	0.4
2018		0.2
2019		0.1
2020		-
2021		-
Total future payments	$	0.7

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, 2016

Financial Instruments Disclosure [Text Block]

(4)	Short-Term Financial Instruments

Financial Assets (in millions)

	As of June 30,
	201 6		201 5

Financial assets:
Cash and cash equivalents	$	49.7	$	44.7
Short-term investments		19.3		12.9
Accounts receivable, net of allowance		0.7		12.6
Total current financial assets		69.7		70.2

Financial liabilities:
Accounts payable and current accrued liabilities		7.5		8.3
Short-term note payable		0.4		0.2
Total current financial liabilities		7.9		8.5

Net financial assets	$	61.8	$	61.7

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 2016 and 2015.

Note 5 - Fair Value Measurements

12 Months Ended

Jun. 30, 2016

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, 2016, 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.

The Company utilizes 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, 201 6	Total		(Level 1)		(Level 2)		Inputs (Level 3)

Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale		19.3		10.0		9.3		—
Long-term investments available-for-sale		—		—		—		—
Total	$	20.8	$	11.5	$	9.3	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
			Identical Assets		Observable Inputs		Unobservable
June 30, 201 5	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	$	—

The Company has had no realized gains or losses from the sale of investments for the fiscal year ended June 30, 2016. The following table shows the unrealized gains and losses and fair values for those investments as of June 30, 2016 and June 30, 2015 aggregated by major security type:

(in millions)			Unrealized		Unrealized
June 30, 201 6	At Cost		Gains		(Losses)		At Fair Value

Money market funds	$	1.5	$	—	$	—	$	1.5
Debt securities of U.S. government agencies		2.0		—		—		2.0
U.S. Treasury securities		7.0		—		—		7.0
Corporate notes		2.9		0.1		—		3.0
Certificates of deposit		7.3		—		—		7.3
Total	$	20.7	$	0.1	$	—	$	20.8

			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

As of June 30, 2016 and June 30, 2015, the Company had investments in an unrealized gain/(loss) position below material disclosure thresholds in the table above. The Company has determined that the unrealized gains and 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, 2016 will mature over a one 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, at June 30, 2016

and June 30, 2015

. The fair value of our short and long term note payable, which is measured using Level 2 inputs, approximates book value, at June 30, 2016

and 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, 2016

Property, Plant and Equipment Disclosure [Text Block]

(

)

Property and Equipment

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

	As of June 30,
	201 6			201 5

Property and equipment	$	0.3		$	0.2
Leasehold improvements		0.3			0.2
Total Property and equipment		0.6			0.4
Accumulated depreciation		(0.3	)		(0.2	)
Property and equipment, net	$	0.3		$	0.2

Depreciation and amortization expense was $ 0.1 million, $1.1 million, and $2.4 million for the fiscal years ended June 30, 2016, 2015 and 2014, respectively.

Note 7 - Accrued and Other Current Liabilities

12 Months Ended

Jun. 30, 2016

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 6		201 5

Professional fees	$	0.1	$	0.8
Salary and related costs		0.6		1.6
Research and development services		2.2		1.7
Other accrued expenses		0.7		1.3
Total accrued expenses and other liabilities	$	3.6	$	5.4

Note 8 - Liabilities Related to Sale of Future Royalties

12 Months Ended

Jun. 30, 2016

Deferred Revenue Disclosure [Text Block]

(

)

Liabilities Related to Sale of Future Royalties

In April 2016, the Company sold certain royalty rights related to the approved product Inavir®, sold by Daiichi Sankyo in the Japanese market, for $20 million to HealthCare Royalty Partners III, L.P. (“HCRP”). Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the arrangement, this transaction was accounted for as a liability that will be amortized using the interest method over the life of the arrangement. The Company has no obligation to pay any amounts to HCRP other than to pass through to HCRP its share of royalties as they are received from Daiichi Sankyo. In order to record the amortization of the liability, the Company is required to estimate the total amount of future royalty payments to be received under the License Agreement and the payments that will be passed through to HCRP over the life of the agreement. The sum of the pass through amounts less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The Company will periodically assess the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, the Company will adjust the amortization of the liability and interest rate. As a result of this accounting, even though the Company does not retain HCRP’s share of the royalties , it will continue to record non-cash revenue related to those royalties until the amount of the associated liability and related interest is fully amortized.

The following table shows the activity within the liability account during the year ended June 30, 2016:

	in millions
Total Liability related to sale of future royalties, June 30, 2015	$	—
Proceeds from sale of future royalties, net *		17.8
Non-cash royalty revenue paid to HCRP		—
Non-cash interest expense recognized		0.3
Total Liability related to sale of future royalties, June 30 2016	$	18.1

*Represents gross proceeds of $20.0 million less a royalty payment of $1.3 million paid to HCRP and $0.9 million in deferred financing costs.

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

Note 9 - Stockholders' Equity

12 Months Ended

Jun. 30, 2016

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 10 - Commitments and Contingent Liabilities

12 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Text Block]

(

)

Commitments and Contingent Liabilities

Operating Leases

The Company has a non-cancellable operating lease for its corporate headquarters in Alpharetta, Georgia that expires in February 2021. The lease includes an escalating base rent schedule 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. 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, 2016 are (in millions):

2017	$	0.3
2018		0.3
2019		0.3
Thereafter		0.5

Total minimum lease payments	$	1.4

Rent expense was $0.2 million, $0.7 million and $0.7 million for the fiscal years ended June 30, 2016, 2015 and 2014, respectively, which in the earlier years included rent for facilities that have since been closed.

Note 11 - Income Taxes

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Text Block]

(11)	Income Taxes

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

	Fiscal Years Ended June 30,
	2016			2015			2014
United States	$	(4.9	)	$	(26.7	)	$	(8.3	)
Foreign		(20.5	)		7.5			(3.0	)

Total	$	(25.4	)	$	(19.2	)	$	(11.3	)

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

	Fiscal Years Ended June 30,
	2016		2015			2014
Current:
Federal	$	-	$	-		$	-
State		-		-			-
Foreign		-		(0.1	)		(0.3	)
		-		(0.1	)		(0.3	)
Deferred:
Federal		-		-			-
State		-		-			-
Foreign		-		-			-
		-		-			-
Total tax (benefit) expense	$	-	$	(0.1	)	$	(0.3	)

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

	Fiscal Years Ended June 30,
	2016			2015			2014

Income tax (benefit) expense at federal statutory rate	$	(8.9	)	$	(6.7	)	$	(4.0	)
State and local income taxes, net of federal benefit		(0.2	)		(1.0	)		(0.3	)
Foreign tax rate differential		1.0			(0.4	)		0.4
In-process research and development		-			6.9			-
Change in valuation allowance		9.4			0.8			4.1
Gain on merger		-			0.4			0.1
ISO expense		0.3			-			-
Research and development expenses		-			-			(0.1	)
Research and development tax credits		-			(0.1	)		(0.3	)
Foreign tax credit		(0.2	)		(0.2	)		-
Deferred true-up		(0.9	)		-			-
Other		(0.5	)		0.2			(0.2	)
Income tax (benefit) expense	$	-		$	(0.1	)	$	(0.3	)

The following table includes deferred tax assets and liabilities as of June 30, 2016 and 2015:

	As of June 30,
	2016			2015

Deferred tax assets:
Foreign net operating loss carryforwards	$	20.2		$	19.8
US federal and state loss carryforwards		6.1			5.4
Research credits		2.2			-
Amortization		0.6			0.6
Depreciation		-			-
Accrued compensated-related costs		1.6			1.4
Sale of future royalty rights		5.4			-
Other		0.1			0.4
Subtotal		36.2			27.6
Less valuation allowance		(36.2	)		(27.1	)
Total net deferred tax asset		-			0.5

Unearned Income		-			(0.5	)

Net deferred tax assets		-			-

Current net deferred tax liability		-			(0.5	)
Noncurrent net deferred tax asset		-			0.5
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, 2016 and 2015 a full valuation allowance had been established, as the Company has determined that the realization of its deferred tax assets is not more likely than not. The Company recorded $36.2 million and $27.1 million of valuation allowance as of June 30, 2016 and 2015, respectively.

As of June 30, 2016 and 2015, the Company has $15.7 million and $13.8 million, respectively 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, 2016 and 2015, the Company also has accumulated tax losses of $32.1 million and $ 34.7 million, respectively for Australia, $22.8 million and $25 million, respectively for the United Kingdom and $18.8 million and $13.2 million, respectively 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.

As of June 30, 2016 and 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 in which it files income tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no 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, the Company is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for years before 2013. 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 2012 in states in which it has 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, 2016.

Note 12 - Share-based Compensation

12 Months Ended

Jun. 30, 2016

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

)

Share-Based Compensation

For the fiscal years ended June 30, 2016, 2015 and 2014, the Company recorded share-based compensation expense related to grants from equity incentive plans of $2.0 million, $2.1 million, and $1.7 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 fiscal years ended June 30, 2016 and 2015.

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:

	Fiscal Years Ended June 30,

	201 6			201 5			2014
Risk-free interest rate		1.40	%		1.70	%		1.50	%
Dividend yield		—			—			—
Expected volatility		.75			.82			.79
Expected life of options (years)		4.8			5.9			5.9
Fair value of options granted	$	1.26		$	1.65		$	2.47

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 fiscal years end June 30, 2016 and 2015:

				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	$	-
Granted		1,636,667			2.17
Exercised		—			—
Forfeited or expired		(249,361	)		12.77
Balance at June 30, 2016		4,751,423		$	4.07		6.6	$	-

The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2016 and 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, 2016:

			June 30, 201 6
			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)

$1.37	—	$2.40		1,948,647		8.03	$	2.17		465,007	$	2.38
$2.47	—	$2.85		1,257,500		5.63		2.56		201,250		2.75
$3.14	—	$4.24		1,299,090		6.04		4.07		1,196,590		4.06
$6.11	—	$39.60		246,186		3.76		26.81		216,186		29.64
				4,751,423		6.63	$	4.07		2,079,033	$	6.22

Restricted Stock Awards.

A summary of the Company’s outstanding restricted stock activity for the fiscal years ended June 30, 2016 and 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
Granted		—		—
Forfeited		—		—
Outstanding at June 30, 2016		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 fiscal years ended June 30, 2016 and 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
Awarded		2,500			2.49
Released		(43,541	)		2.44
Forfeited		(6,334	)		2.41
Outstanding at June 30, 2016		49,206		$	4.00

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.

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. There were no grants of MSUs for the fiscal years ended June 30, 2016 and June 30, 2015. The assumptions used in the Company’s valuation of the MSU’s are summarized as follows:

	For the Fiscal Year Ended June 3 0 ,
	201 4
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, 2016 and 2015 there was $2.6 million and $3.2 million, respectively, of unrecognized share-based compensation expense related to all unvested share-based awards, discounted for future forfeitures. This balance is expected to be recognized over a weighted-average period of two years.

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

Note 13 - Retirement Benefits

12 Months Ended

Jun. 30, 2016

Pension and Other Postretirement Benefits Disclosure [Text Block]

)

Retirement Benefits

The Company contributed $

0.2 million, $0.4 million, and $0.8 million for the fiscal years ended June 30, 2016, 2015 and 2014, respectively, toward standard defined contribution plans for employees. Contributions by the Company during fiscal year ending June 30, 2016 can be up to four percent of an employee’s salary. For fiscal years ending June 30, 2015 and 2014 contributions by the Company can be up to nine percent of non-US employee’s salary and up to four per cent of a US employee’s salary.

Note 14 - Net Loss Per Share

12 Months Ended

Jun. 30, 2016

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:

	Fiscal Year Ended June 30,
	201 6			201 5			201 4

Net loss (in millions)	$	(25.4	)	$	(19.1	)	$	(11.0	)
Weighted average shares outstanding		38,635,452			35,360,841			31,347,888
Shares used to compute diluted earnings per share		38,635,452			35,360,841			31,347,888
Basic loss per share	$	(0.66	)	$	(0.54	)	$	(0.35	)
Diluted loss per share	$	(0.66	)	$	(0.54	)	$	(0.35	)
Number of antidilutive stock options excluded from computation		4,751,423			3,604,737			2,275,441

Note 15 - Licenses, Royalty, Collaborative and Contractual Arrangements

12 Months Ended

Jun. 30, 2016

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

in the United States Court of Appeals for the Federal Circuit. On July 5, 2016 legal counsel for GSK presented oral arguments relating to inhalation treatment of influenza with Relenza

to the Federal Circuit Panel. While the Company cannot determine the duration or the outcome of this appeal process, or how long this patent application will remain pending, the Company believes that if this most recent appeal is unsuccessful, it is unlikely that the patent claims will ever be issued and that the Company will receive any further royalties. 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

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 LANI in Japan generally expire in 2024.

On April 22, 2016, the Company entered into a Royalty Interest Acquisition Agreement (“Agreement”) with HealthCare Royalty Partners III, L.P. (“HCRP”). Under the Agreement, HCRP made a $20 million cash payment to the Company in consideration for acquiring from the Sellers certain royalty rights (“Royalty Rights”) related to the approved product Inavir® in the Japanese market. The Royalty Rights were obtained pursuant to the collaboration and license agreements (the “License Agreement”) and a commercialization agreement that the Company entered into with Daiichi Sankyo Company, Limited.

Collaborative and contract arrangements

On July 5, 2016, the Company announced that it had entered into an exclusive, worldwide license for respiratory syncytial virus (RSV) replication inhibitors intellectual property with Georgia State University Research Foundation (“GSURF”) in exchange for an upfront fee, future milestone payments and royalties on future net sales of any products that utilize the underlying RSV intellectual property. The Company has an obligation to make a minimum payment of $10,000 to GSURF annually until the license agreement expires or is terminated. The Company also entered into a two year sponsored research agreement with GSURF for annual sponsored research payments.

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. 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. 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):

	Fiscal Years Ended June 30,
	201 6		201 5		201 4
Royalty revenue – Relenza ®	$	4.8	$	11.4	$	10.6
– Inavir ®		4.3		4.8		4.5
Non-cash royalty revenue related to sale of royalties		0.2		-		-
Revenue from services		-		8.4		53.6
Total revenue	$	9.3	$	24.6	$	68.7

Note 16 - Restructuring Charges

12 Months Ended

Jun. 30, 2016

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.

Note 17 - Quarterly Financial Information (Unaudited)

12 Months Ended

Jun. 30, 2016

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, 2016 and 2015 (in millions):

	Quarter Ended
	6/30/201 6			3/31/201 6			12/31/201 5			9/30/201 5
Revenues	$	0.6		$	5.3		$	1.7		$	1.7
Operating expenses		7.4			10.5			8.2			8.4
Net (loss) income		(7.1	)		(5.2	)		(6.5	)		(6.6	)
Net (loss) income per share (1):
Basic	$	(0.18	)	$	(0.14	)	$	(0.17	)	$	(0.17	)
Diluted	$	(0.18	)	$	(0.14	)	$	(0.17	)	$	(0.17	)

	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		(19.9	)		1.2		6.5		(6.9	)
Net loss per share (1):
Basic	$	(0.55	)	$	0.02	$	0.19	$	(0.20	)
Diluted	$	(0.55	)	$	0.02	$	0.19	$	(0.20	)

)

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, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Aviragen Therapeutics, Inc. and its wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on June 30.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The 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, liabilities and obligations, tangible assets and deferred income taxes. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, investments, accounts receivable, accounts payable, note payable and accrued liabilities. The carrying amounts of those financial instruments are considered to be representative of their respective fair values because of the short-term nature of those investments.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents and Investments Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 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, 2016 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. The current year expense to adjust revenue for returns, if any, is recorded in the consolidated statements of operations.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Fixed assets are recorded at acquisition cost, net of accumulated depreciation and impairment. Depreciation on tangible property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful life of machinery , equipment, software and fixtures is three 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, 2016 and 2015 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.
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 local 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 that 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. For periods prior to the change in functional currency of all subsidiaries to the U.S. dollar on April 1, 2015, the results and financial position of any operations that had a functional currency different from the U.S. dollar were translated into U.S. dollar amounts. Assets and liabilities were translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items were translated at average rates for the period. All resulting exchange differences were 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 were 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 general and administrative expense.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Share-Based Compensation Expense Share-based compensation expense relates to stock options, restricted stock units or other equity-based grants. The fair market value of stock options is determined at the grant date using the Black-Scholes option pricing model based on the date the grant is issued. The fair market value of restricted stock units or other equity-based grants are also determined at the grant date, based on the closing price of the Company’s common stock on that date. The value of the awards that are ultimately expected to vest is recognized, net of forfeitures, as an expense on a straight-line basis over the employee's requisite service period. The Company uses the lattice model with a Monte Carlo simulation to value the grants of market stock units (“MSUs”). This valuation methodology utilizes several key assumptions, including the average closing stock price on the grant date, expected volatility of the Company’s stock price, risk-free rates of return and expected dividend yield.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company applies ASC 740 – Income Taxes, 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 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 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 Recognition, Deferred Revenue [Policy Text Block]	Non-Cash Interest Expense on Liability Related to Sale of Future Royalties In April 2016, the Company sold certain royalty rights related to the approved product Inavir®, sold by Daiichi Sankyo in the Japanese market, for $20 million to HealthCare Royalty Partners III, L.P. (“HCRP”). Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the arrangement, this transaction was accounted for as a liability that will be amortized using the interest method over the life of the arrangement. The Company has no obligation to pay any amounts to HCRP other than to pass through to HCRP its share of royalties as they are received from Daiichi Sankyo. In order to record the amortization of the liability, the Company is required to estimate the total amount of future royalty payments to be received under the License Agreement and the payments that will be passed through to HCRP over the life of the agreement. The sum of the pass through amounts less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The Company will periodically assess the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, it will adjust the amortization of the liability and interest rate .
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 for which it records related revenue and expense on the gross basis of accounting. Cost of revenue, 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, 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 status as a publicly-traded company. General and administrative expense consists primarily of salaries and personnel-related expenses, including share-based compensation for personnel in executive, finance, information technology, business development and human resources functions. Other significant costs include professional fees for legal, auditing, tax, and consulting services, 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 November 2015, the Financial Accounting Standards Board (“FASB”) issued guidance on the balance sheet classification of deferred taxes which eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet and now requires entities to classify all deferred tax assets and liabilities as noncurrent. This guidance is effective for the Company’s fiscal year ended September 2018. Early adoption is permitted. The Company prospectively adopted the guidance immediately which resulted in the offset of $0.5 million of deferred tax assets and liabilities from the condensed consolidated balance sheet at December 31, 2015. The Company did not make any changes to prior periods. In August 2014, the FASB issued authoritative accounting guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. This guidance is effective for annual reporting beginning after December 15, 2016, including interim periods within the year of adoption, with early application permitted. Accordingly, the standard is effective for the Company on July 1, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued authoritative accounting guidance related to revenue from contracts with customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this guidance on July 1, 2017. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is evaluating which transition approach to use and its impact, if any, on its consolidated financial statements. In January 2016, the FASB issued guidance related to financial instruments - overall recognition and measurement of financial assets and financial liabilities. The guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. The update to the standard is effective for public companies for interim and annual periods beginning after December 15, 2017. Accordingly, the standard is effective for the Company on July 1, 2018. The Company is currently evaluating the impact that the standard will have on the consolidated financial statements. In February 2016, the FASB issued new guidance on leases. This guidance replaces the prior lease accounting guidance in its entirety. The underlying principle of the new standard is the recognition of lease assets and lease liabilities by lessees for substantially all leases, with an exception for leases with terms of less than twelve months. The standard also requires additional quantitative and qualitative disclosures. The guidance is effective for interim and annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The standard requires a modified retrospective approach, which includes several optional practical expedients. Accordingly, the standard is effective for the Company on July 1, 2019. The Company is currently evaluating the impact that this guidance will have on the consolidated financial statements. In March 2016, the FASB issued guidance on stock compensation: improvements to employee share-based payment accounting as part of the FASB simplification initiative. The new standard provides for changes to accounting for stock compensation including 1) excess tax benefits and tax deficiencies related to share based payment awards will be recognized as income tax expense in the reporting period in which they occur; 2) excess tax benefits will be classified as an operating activity in the statement of cash flow; 3) the option to elect to estimate forfeitures or account for them when they occur; and 4) increase tax withholding requirements threshold to qualify for equity classification. The guidance is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. Accordingly, the standard is effective for the Company on July 1, 2017. The Company is currently evaluating the impact that the guidance will have on the consolidated financial statements.

Note 3 - Stock Purchase Agreement (Tables)

12 Months Ended

Jun. 30, 2016

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;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="MARGIN-BOTTOM: 0px; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 85%; VERTICAL-ALIGN: bottom; MARGIN-TOP: 0px"> <div style=" MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; 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; WIDTH: 1%; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 12%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 1%; VERTICAL-ALIGN: bottom"> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Fair value of Aviragen 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; WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 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; WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 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; WIDTH: 85%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff"> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 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; 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]

(in millions)
2017	$	0.4
2018		0.2
2019		0.1
2020		-
2021		-
Total future payments	$	0.7

Note 4 - Short-term Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2016

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

	As of June 30,
	201 6		201 5

Financial assets:
Cash and cash equivalents	$	49.7	$	44.7
Short-term investments		19.3		12.9
Accounts receivable, net of allowance		0.7		12.6
Total current financial assets		69.7		70.2

Financial liabilities:
Accounts payable and current accrued liabilities		7.5		8.3
Short-term note payable		0.4		0.2
Total current financial liabilities		7.9		8.5

Net financial assets	$	61.8	$	61.7

Note 5 - Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2016

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 201 6	Total		(Level 1)		(Level 2)		Inputs (Level 3)

Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale		19.3		10.0		9.3		—
Long-term investments available-for-sale		—		—		—		—
Total	$	20.8	$	11.5	$	9.3	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
			Identical Assets		Observable Inputs		Unobservable
June 30, 201 5	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	$	—

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

(in millions)			Unrealized		Unrealized
June 30, 201 6	At Cost		Gains		(Losses)		At Fair Value

Money market funds	$	1.5	$	—	$	—	$	1.5
Debt securities of U.S. government agencies		2.0		—		—		2.0
U.S. Treasury securities		7.0		—		—		7.0
Corporate notes		2.9		0.1		—		3.0
Certificates of deposit		7.3		—		—		7.3
Total	$	20.7	$	0.1	$	—	$	20.8

			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

Note 6 - Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Table Text Block]

	As of June 30,
	201 6			201 5

Property and equipment	$	0.3		$	0.2
Leasehold improvements		0.3			0.2
Total Property and equipment		0.6			0.4
Accumulated depreciation		(0.3	)		(0.2	)
Property and equipment, net	$	0.3		$	0.2

Note 7 - Accrued and Other Current Liabilities (Tables)

12 Months Ended

Jun. 30, 2016

Schedule of Accrued Liabilities [Table Text Block]

	As of June 30,
	201 6		201 5

Professional fees	$	0.1	$	0.8
Salary and related costs		0.6		1.6
Research and development services		2.2		1.7
Other accrued expenses		0.7		1.3
Total accrued expenses and other liabilities	$	3.6	$	5.4

Note 8 - Liabilities Related to Sale of Future Royalties (Tables)

12 Months Ended

Jun. 30, 2016

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

	in millions
Total Liability related to sale of future royalties, June 30, 2015	$	—
Proceeds from sale of future royalties, net *		17.8
Non-cash royalty revenue paid to HCRP		—
Non-cash interest expense recognized		0.3
Total Liability related to sale of future royalties, June 30 2016	$	18.1

Note 10 - Commitments and Contingent Liabilities (Tables)

12 Months Ended

Jun. 30, 2016

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

2017	$	0.3
2018		0.3
2019		0.3
Thereafter		0.5

Total minimum lease payments	$	1.4

Note 11 - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

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

	Fiscal Years Ended June 30,
	2016			2015			2014
United States	$	(4.9	)	$	(26.7	)	$	(8.3	)
Foreign		(20.5	)		7.5			(3.0	)

Total	$	(25.4	)	$	(19.2	)	$	(11.3	)

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

	Fiscal Years Ended June 30,
	2016		2015			2014
Current:
Federal	$	-	$	-		$	-
State		-		-			-
Foreign		-		(0.1	)		(0.3	)
		-		(0.1	)		(0.3	)
Deferred:
Federal		-		-			-
State		-		-			-
Foreign		-		-			-
		-		-			-
Total tax (benefit) expense	$	-	$	(0.1	)	$	(0.3	)

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

	Fiscal Years Ended June 30,
	2016			2015			2014

Income tax (benefit) expense at federal statutory rate	$	(8.9	)	$	(6.7	)	$	(4.0	)
State and local income taxes, net of federal benefit		(0.2	)		(1.0	)		(0.3	)
Foreign tax rate differential		1.0			(0.4	)		0.4
In-process research and development		-			6.9			-
Change in valuation allowance		9.4			0.8			4.1
Gain on merger		-			0.4			0.1
ISO expense		0.3			-			-
Research and development expenses		-			-			(0.1	)
Research and development tax credits		-			(0.1	)		(0.3	)
Foreign tax credit		(0.2	)		(0.2	)		-
Deferred true-up		(0.9	)		-			-
Other		(0.5	)		0.2			(0.2	)
Income tax (benefit) expense	$	-		$	(0.1	)	$	(0.3	)

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

	As of June 30,
	2016			2015

Deferred tax assets:
Foreign net operating loss carryforwards	$	20.2		$	19.8
US federal and state loss carryforwards		6.1			5.4
Research credits		2.2			-
Amortization		0.6			0.6
Depreciation		-			-
Accrued compensated-related costs		1.6			1.4
Sale of future royalty rights		5.4			-
Other		0.1			0.4
Subtotal		36.2			27.6
Less valuation allowance		(36.2	)		(27.1	)
Total net deferred tax asset		-			0.5

Unearned Income		-			(0.5	)

Net deferred tax assets		-			-

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

Note 12 - Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2016

MSU [Member]

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

	For the Fiscal Year Ended June 3 0 ,
	201 4
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]

	Fiscal Years Ended June 30,

	201 6			201 5			2014
Risk-free interest rate		1.40	%		1.70	%		1.50	%
Dividend yield		—			—			—
Expected volatility		.75			.82			.79
Expected life of options (years)		4.8			5.9			5.9
Fair value of options granted	$	1.26		$	1.65		$	2.47

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	$	-
Granted		1,636,667			2.17
Exercised		—			—
Forfeited or expired		(249,361	)		12.77
Balance at June 30, 2016		4,751,423		$	4.07		6.6	$	-

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

			June 30, 201 6
			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)

$1.37	—	$2.40		1,948,647		8.03	$	2.17		465,007	$	2.38
$2.47	—	$2.85		1,257,500		5.63		2.56		201,250		2.75
$3.14	—	$4.24		1,299,090		6.04		4.07		1,196,590		4.06
$6.11	—	$39.60		246,186		3.76		26.81		216,186		29.64
				4,751,423		6.63	$	4.07		2,079,033	$	6.22

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
Granted		—		—
Forfeited		—		—
Outstanding at June 30, 2016		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
Awarded		2,500			2.49
Released		(43,541	)		2.44
Forfeited		(6,334	)		2.41
Outstanding at June 30, 2016		49,206		$	4.00

Note 14 - Net Loss Per Share (Tables)

12 Months Ended

Jun. 30, 2016

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

	Fiscal Year Ended June 30,
	201 6			201 5			201 4

Net loss (in millions)	$	(25.4	)	$	(19.1	)	$	(11.0	)
Weighted average shares outstanding		38,635,452			35,360,841			31,347,888
Shares used to compute diluted earnings per share		38,635,452			35,360,841			31,347,888
Basic loss per share	$	(0.66	)	$	(0.54	)	$	(0.35	)
Diluted loss per share	$	(0.66	)	$	(0.54	)	$	(0.35	)
Number of antidilutive stock options excluded from computation		4,751,423			3,604,737			2,275,441

Note 15 - Licenses, Royalty, Collaborative and Contractual Arrangements (Tables)

12 Months Ended

Jun. 30, 2016

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

	Fiscal Years Ended June 30,
	201 6		201 5		201 4
Royalty revenue – Relenza ®	$	4.8	$	11.4	$	10.6
– Inavir ®		4.3		4.8		4.5
Non-cash royalty revenue related to sale of royalties		0.2		-		-
Revenue from services		-		8.4		53.6
Total revenue	$	9.3	$	24.6	$	68.7

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

12 Months Ended

Jun. 30, 2016

Quarterly Financial Information [Table Text Block]

	Quarter Ended
	6/30/201 6			3/31/201 6			12/31/201 5			9/30/201 5
Revenues	$	0.6		$	5.3		$	1.7		$	1.7
Operating expenses		7.4			10.5			8.2			8.4
Net (loss) income		(7.1	)		(5.2	)		(6.5	)		(6.6	)
Net (loss) income per share (1):
Basic	$	(0.18	)	$	(0.14	)	$	(0.17	)	$	(0.17	)
Diluted	$	(0.18	)	$	(0.14	)	$	(0.17	)	$	(0.17	)

	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		(19.9	)		1.2		6.5		(6.9	)
Net loss per share (1):
Basic	$	(0.55	)	$	0.02	$	0.19	$	(0.20	)
Diluted	$	(0.55	)	$	0.02	$	0.19	$	(0.20	)

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life		5 years
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20.0
New Accounting Pronouncement, Early Adoption, Effect [Member]
Offset of Deferred Tax Assets and Liabilities			$ 0.5

Note 3 - Stock Purchase Agreement (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Jun. 03, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
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	$ 17.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities	$ 1.0	1.0
Notes Payable		0.7	$ 1.0
Research and Development in Process			$ 17.6

Note 3 - Purchase Price of Business Acquisition (Details) - Anaconda Pharma [Member] - USD ($) $ in Millions		12 Months Ended
	Jun. 03, 2015	Jun. 30, 2016
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 7.5
Business Combination, Acquisition Related Costs	1.0
Payments to Acquire Businesses, Gross	8.0
Total purchase price	$ 16.5	$ 16.5

Note 3 - Acquired Tangible and Intangible Assets and Assumed Liabilities of Anaconda Pharma (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 03, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Anaconda Pharma [Member]
Cash and cash equivalents		$ 0.3
Prepaid expenses and other current assets		0.2
Notes payable	$ (1.0)	(1.0)
Accounts payable		(0.4)
Accrued expenses		(0.2)
Sub-total net fair value of acquired assets and liabilities		(1.1)
Research and Development in Process	17.6	17.6
Total purchase price	$ 16.5	16.5
Research and Development in Process			$ 17.6

Note 3 - Future Minimum Payments Due under Notes Payable Acquired in Business Combination (Details) - Anaconda Pharma [Member] - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
2017	$ 0.4
2018	0.2
2019	0.1
2020
2021
Total future payments	$ 0.7	$ 1.0

Note 4 - Short-term Financial Instruments (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Impairment of Financial Assets	$ 0	$ 0

Note 4 - Financial Assets (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Financial assets:
Cash and cash equivalents	$ 49.7	$ 44.7	$ 81.7	$ 66.8
Short-term investments	19.3	12.9
Accounts receivable, net of allowance	0.7	12.6
Total current financial assets	69.7	70.2
Financial liabilities:
Accounts payable and current accrued liabilities	7.5	8.3
Short-term note payable	0.4	0.2
Total current financial liabilities	7.9	8.5
Net financial assets	$ 61.8	$ 61.7

Note 5 - Fair Value Measurements (Details Textual)	12 Months Ended
Note 5 - Fair Value Measurements (Details Textual)	Jun. 30, 2016 USD ($)
Gain (Loss) on Sale of Investments	$ 0
Available-for-Sale Securities, Maturity Period	1 year

Note 5 - Summary of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value	$ 1.5	$ 6.3
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	1.5	6.3
Short-term Investments [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value	10.0	12.9
Short-term Investments [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value	9.3
Short-term Investments [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value
Short-term Investments [Member]
Fair Value	19.3	12.9
Other Long-term Investments [Member] \| Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Noncurrent
Other Long-term Investments [Member] \| Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Noncurrent		7.9
Other Long-term Investments [Member] \| Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Noncurrent
Other Long-term Investments [Member]
Available for Sale Securities - Noncurrent		7.9
Fair Value, Inputs, Level 1 [Member]
Total	11.5	19.2
Fair Value, Inputs, Level 2 [Member]
Total	9.3	7.9
Fair Value, Inputs, Level 3 [Member]
Total
Fair Value	20.8	27.1
Total	$ 20.8	$ 27.1

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.