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Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Dec. 31, 2016	Feb. 06, 2017
Document Information [Line Items]
Entity Registrant Name	Aviragen Therapeutics, Inc.
Entity Central Index Key	0000072444
Trading Symbol	avir
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		38,649,237
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 38.1	$ 49.7
Short-term investments	11.1	19.3
Accounts receivable, net of allowance	4.2	0.7
Prepaid and other current assets	2.8	2.7
Total current assets	56.2	72.4
Non-current assets:
Property and equipment, net	0.3	0.3
Total assets	56.5	72.7
Current liabilities:
Accounts payable	3.4	3.9
Accrued expenses	5.6	3.6
Short-term note payable	0.3	0.4
Liability related to sale of future royalties, current portion	1.2	1.3
Total current liabilities	10.5	9.2
Non-current liabilities:
Long-term note payable, net of current portion	0.2	0.3
Liability related to sale of future royalties, net of current portion	17.6	16.8
Other long-term liabilities, net of current portion	0.2	0.2
Total liabilities	28.5	26.5
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.10 par value: 5,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.10 par value: 200,000,000 shares authorized; 38,640,487 shares issued and outstanding at December 31, 2016 and June 30, 2016	3.9	3.9
Additional paid-in capital	158.5	157.6
Accumulated other comprehensive income	19.0	19.0
Accumulated deficit	(153.4)	(134.3)
Total stockholders’ equity	28.0	46.2
Total liabilities and stockholders’ equity	$ 56.5	$ 72.7

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2016	Jun. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	38,640,487	38,640,487
Common stock, shares outstanding (in shares)	38,640,487	38,640,487

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Royalty revenue	$ 1.5	$ 1.7	$ 1.6	$ 3.4
Non-cash royalty revenue related to the sale of future royalties	2.3		2.3
Total revenue	3.8	1.7	3.9	3.4
Operating expense:
Research and development	10.2	6.3	17.8	11.8
General and administrative	2.1	2.1	4.3	4.4
Foreign exchange (gain) loss, net	0.1	(0.2)		0.5
Total operating expense	12.4	8.2	22.1	16.7
Loss from operations	(8.6)	(6.5)	(18.2)	(13.3)
Other (expense) income:
Non-cash interest expense on liability related to sale of future royalties	(0.5)		(0.9)
Interest income	0.1		0.1	0.1
Total other (expense) income	(0.4)		(0.8)	0.1
Loss before tax	(9.0)	(6.5)	(19.0)	(13.2)
Income tax expense	0.1		0.1
Net loss	$ (9.1)	$ (6.5)	$ (19.1)	$ (13.2)
Basic and diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Basic and diluted weighted-average shares outstanding (in shares)	38,640,487	38,636,946	38,640,487	38,630,587

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Dec. 31, 2016 - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Jun. 30, 2016	38,640,487				38,640,487
Balances at Jun. 30, 2016	$ 3.9	$ 157.6	$ (134.3)	$ 19.0	$ 46.2
Net loss			(19.1)		(19.1)
Share-based compensation		0.9			$ 0.9
Balances (in shares) at Dec. 31, 2016	38,640,487				38,640,487
Balances at Dec. 31, 2016	$ 3.9	$ 158.5	$ (153.4)	$ 19.0	$ 28.0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (19.1)	$ (13.2)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	0.9	1.2
Non-cash interest expense related to sale of future royalties	0.9
Non-cash royalty revenue related to sale of future royalties	(2.3)
Change in operating assets and liabilities:
Accounts receivables	(1.4)	7.5
Prepaid expenses and other current assets	(0.1)	(0.9)
Accounts payable and accrued expenses	1.4	(2.8)
Net cash used in operating activities	(19.7)	(8.2)
Cash flows from investing activities:
Purchases of short and long-term investments	(8.4)	(6.4)
Maturity of short-term investments	16.6	9.0
Net cash provided by investing activities	8.2	2.6
Cash flows from financing activities:
Payment on note payable	(0.1)	(0.1)
Net cash used in financing activities	(0.1)	(0.1)
Decrease in cash and cash equivalents	(11.6)	(5.7)
Cash and cash equivalents at beginning of period	49.7	44.7
Cash and cash equivalents at end of period	$ 38.1	$ 39.0

Note 1 - Company Overview	6 Months Ended
Note 1 - Company Overview	Dec. 31, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	1) Company Overview Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has four Phase 2 clinical programs: vapendavir, an oral treatment for rhinovirus (RV) upper respiratory infections in moderate-to-severe asthmatics; vapendavir, for the treatment of RV infections in hematopoietic stem cell transplant patients; BTA585, an oral fusion protein inhibitor in development for the treatment of respiratory syncytial virus ("RSV") infections; and BTA074, a topical antiviral treatment for condyloma caused by human papillomavirus types 6 & 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 - Basis of Presentation	6 Months Ended
Note 2 - Basis of Presentation	Dec. 31, 2016
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	(2) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 -Q and Rule 10 - 01 of Regulation S-X. All material adjustments considered necessary for a fair presentation have been included. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (“SEC”). Except as disclosed herein, there has been no material change in the information disclosed in the notes to the condensed consolidated financial statements included in the Company’s Annual Report on Form 10 -K that was filed with the SEC on September 13, 2016. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Operating results for the three and six months ended December 31, 2016 are not necessarily indicative of those in future quarters or the annual results that may be expected for the Company’s fiscal year ending June 30, 2017. For a more complete discussion of the Company’s significant accounting policies and other information, this report should be read in conjunction with the consolidated financial statements for the fiscal year ended June 30, 2016 included in the Company’s Annual Report on Form 10 -K. The Company ’s significant accounting policies have not changed since June 30, 2016. Recent Accounting Standards In May 2014, the Financial Accounting Standards Board ("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 b eginning after December 15, 2017. Accordingly, the Company will adopt this guidance on July 1, 2018. 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 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 ending after December 15, 2016, and for annual periods and interim periods thereafter, with early application permitted. Accordingly, the standard is effective for the Company on June 30, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s 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. This guidance simplifies the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company's payments for tax withholdings should be classified. 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. The Company is currently evaluating the impact that the guidance will have on the consolidated financial statements. In August 2016, the FASB issued new guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for the Company beginning July 1, 2018. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements. In January 2017, the FASB amended and clarified guidance related to b usiness combinations and the definition of a business. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Accordingly, the amendments are effective for the Company beginning July 1, 2018. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements.

Note 3 - Fair Value Measurements

6 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(3)

Fair Value Measurements

A fair value hierarchy has been established

that requires the Company to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy describes

three

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

December

31,

2016

and

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.

he Company’s short-term investments have been classified as Level

which have been initially valued at the transaction price and subsequently revalued, at the end of each reporting period, utilizing a

third

party pricing service. The pricing service utilizes industry standard valuation models and observable market inputs to determine value that include surveying the bond dealer community, obtaining benchmark quotes, incorporating relevant trade data, and updating spreads daily. There have been no transfers of assets or liabilities between the fair value measurement classifications.

			Quoted Prices in		Significant
			Active Markets		Other		Significant
(in millions)			for Identical Assets		Observable Inputs		Unobservable Inputs
December 31 , 201 6	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	10.7	$	7.7	$	3.0	$	—
Short-term investments available-for-sale		11.1		—		11.1		—
Total	$	21.8	$	7.7	$	14.1	$	—

			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
(in millions)			Assets		Inputs		Inputs
June 30, 201 6	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale	19.3			10.0		9.3		—
Total	$	20.8	$	11.5	$	9.3	$	—

Cash equivalents consist primarily of money market funds. Short-term investments consist of certificates of deposit, corporate securities, U.S. Treasury securities and U.S. agency securities, classified as available-for-sale and have maturities less than

365

days from the date of acquisition.

The following table shows the unrealized gains and losses and fair values for those investments as of

December

31,

2016

and

June

30,

2016

aggregated by major security type:

(in millions)			Unrealized		Unrealized
December 31 , 201 6	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	7.7	$	-	$	-		7.7
Corporate notes		9.4		-		-		9.4
Commercial paper		3.0		-		-		3.0
Certificates of deposit		1.7		-		-		1.7
Total	$	21.8	$	-	$	-		21.8

(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

As of

December

31,

2016,

the Company had no investments in an unrealized gain (loss) position.

As of

June

30,

2016,

the Company had investments in an unrealized gain position. The Company has determined that the unrealized gains 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

December

31,

2016,

will mature within 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

December

31,

2016

and

June

30,

2016.

The fair value of the Company’s short-term note payable, which is measured using Level

inputs, approximates book value, at

December

31,

2016

and

June

30,

2016.

- Definition

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.

+ References + Details

Note 4 - Accrued and Other Current Liabilities

6 Months Ended

Dec. 31, 2016

Notes to Financial Statements

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

(4)

Accrued

and Other Current Liabilities

Accrued

expenses consist of the following (in millions):

	December 31 , 201 6		June 30, 201 6

Professional fees	$	0.5	$	0.1
Salary and benefits		0.5		0.6
Research and development expenses		4.6		2.2
Other accrued expenses		-		0.7
Total accrued expenses and other liabilities	$	5.6	$	3.6

Note 5 - Liabilities Related to Sale of Future Royalties

6 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Deferred Revenue Disclosure [Text Block]

(

Liabilities Related to Sale of Future Royalties

April

2016,

the Company sold certain royalty rights related to the approved product Inavir

, sold by Daiichi Sankyo Company, Limited (“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. As of

December

31,

2016

and

June

30,

2016,

the amount receivable from Daiichi Sankyo related to the HCRP transaction was

$2.2

million and

$0.2

million, respectively, which has been included in “Accounts Receivable” in the accompanying condensed consolidated balance sheets.

In order to record the amortization of the liability, the Company is requir

ed to estimate the total amount of future royalty payments to be received under the License Agreement with Daiichi Sankyo and the payments that will be passed through to HCRP over the life of the agreement. The sum of the pass through amounts less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The Company will periodically assess the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, the Company will adjust the amortization of the liability and interest rate. As a result of this accounting, even though the Company does not retain HCRP’s share of the royalties, it will continue to record non-cash revenue related to those royalties until the amount of the associated liability and related interest is fully amortized

The following table shows the activity within the liability account during the

six

months ended

December

31,

2016:

	in millions
Total Liability related to sale of future royalties, June 30, 201 6	$	18.1
Non-cash royalty revenue paid to HCRP		(0.2	)
Non-cash interest expense recognized		0.9
Total Liability related to sale of future royalties, December 31, 2016	$	18.8

- Definition

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.

+ References + Details

Note 6 - Net Loss Per Share

6 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

) Net Loss per share

Basic and diluted

net loss per share has been computed based on net loss and the weighted-average number of common shares outstanding during the applicable period. For diluted net loss per share, common stock equivalents (shares of common stock issuable upon the exercise of stock options and unvested restricted stock units) are excluded from the calculation as their inclusion would be anti-dilutive. The Company has excluded all anti-dilutive share-based awards to purchase common stock in periods indicating a loss, as their effect is anti-dilutive.

The following table

s set forth the computation of historical basic and diluted net loss per share.

	Three Months Ended December 31 ,
	201 6			201 5

Net loss (in millions)	$	(9.1	)	$	(6.5	)
Weighted-average shares outstanding		38,640,487			38,636,946
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,640,487			38,636,946
Basic net loss per share	$	(0.24	)	$	(0.17	)
Diluted net loss per share	$	(0.24	)	$	(0.17	)
Number of anti-dilutive share-based awards excluded from computation		5,645,543			4,631,556

	Six Months Ended December 31 ,
	201 6			201 5

Net loss (in millions)	$	(19.1	)	$	(13.2	)
Weighted-average shares outstanding		38,640,487			38,630,587
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,640,487			38,630,587
Basic net income (loss) per share	$	(0.49	)	$	(0.34	)
Diluted net loss per share	$	(0.49	)	$	(0.34	)
Number of anti-dilutive share-based awards excluded from computation		5,645,543			4,619,210

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements

6 Months Ended

Dec. 31, 2016

Notes to Financial Statements

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

GlaxoSmithKline (“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 has been entitled to receive royalty payments of

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 is scheduled to expire in

July

2019

in Japan.

The Company also generates royalty revenue from the sale of Inavir

(laninamivir octanoate or LANI) in Japan, pursuant to a collaboration and license agreement and a related commercialization agreement (collectively, the “Inavir License Agreement”) with Daiichi Sankyo. In

September

2010,

Inavir

was approved for sale by the Japanese Ministry of Health and Welfare for the treatment of influenza in adults and children. Under the Inavir License Agreement, the Company currently receives a

royalty on net sales of Inavir

in Japan and is eligible to earn sales milestone payments. Under the Inavir 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.

April

2016,

the Company entered into a Royalty Interest Acquisition Agreement (“Agreement”) with 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 Inavir License Agreement.

The following tables summarize the key components of the Company

’s revenues (in millions):

	Three Months Ended December 31 ,
	2016		2015
	(in millions)
Royalty revenue - Relenza ®	$	1.5	$	1.0
- Inavir ®		-		0.7
Non-cash royalty revenue related to the sale of future royalties		2.3		-
Total revenue	$	3.8	$	1.7

	Six Months Ended December 31 ,
	2016		2015
	(in millions)
Royalty revenue - Relenza ®	$	1.6	$	2.7
- Inavir ®		-		0.7
Non-cash royalty revenue related to the sale of future royalties		2.3		-
Total revenue	$	3.9	$	3.4

Collaborative and contract arrangements

July

2016,

the Company entered into an exclusive, worldwide license for 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 connection with the Company

’s

BTA585

clinical trial, a Clinical Research Organization (“CRO”), engaged by the Company to provide certain services for this trial, notified the Company of its intent to explore additional compensation due to a previous delay in the trial. In

December

2016,

the Company and the CRO agreed to a settlement and the Company’s insurance carrier agreed to reimburse the Company for the amount of the settlement, less its deductible.

Note 8 - Share-based Compensation	6 Months Ended
Note 8 - Share-based Compensation	Dec. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 8 ) Share-based Compensation On November 10, 2016, our stockholders approved the 2016 Equity Incentive Plan (“ 2016 Equity Plan”), under which a total of 4,794,137 shares may be available for issuance. The 2016 Equity Plan replaced and superseded our amended 2007 Omnibus Equity and Incentive Plan (“Prior Plan”). In addition, under the 2016 Equity Plan all outstanding awards under the Prior Plan will become available for issuance under the 2016 Equity Plan if such awards are forfeited or otherwise terminate. For the three month period ended December 31, 2016 and 2015, the Company recorded share-based compensation expense related to grants from equity incentive plans of $0.5 million and $0.6 million, respectively. For the six month period ended December 31, 2016 and 2015, the Company recorded share-based compensation expense related to grants from equity incentive plans of $0.9 million and $1.2 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 three month and six month periods ended December 31, 2016 and 2015.

- Definition

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.

+ References + Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 -Q and Rule 10 - 01 of Regulation S-X. All material adjustments considered necessary for a fair presentation have been included. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (“SEC”). Except as disclosed herein, there has been no material change in the information disclosed in the notes to the condensed consolidated financial statements included in the Company’s Annual Report on Form 10 -K that was filed with the SEC on September 13, 2016. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Operating results for the three and six months ended December 31, 2016 are not necessarily indicative of those in future quarters or the annual results that may be expected for the Company’s fiscal year ending June 30, 2017. For a more complete discussion of the Company’s significant accounting policies and other information, this report should be read in conjunction with the consolidated financial statements for the fiscal year ended June 30, 2016 included in the Company’s Annual Report on Form 10 -K. The Company ’s significant accounting policies have not changed since June 30, 2016.
Basis of Accounting, Policy [Policy Text Block]	Recent Accounting Standards In May 2014, the Financial Accounting Standards Board ("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 b eginning after December 15, 2017. Accordingly, the Company will adopt this guidance on July 1, 2018. 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 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 ending after December 15, 2016, and for annual periods and interim periods thereafter, with early application permitted. Accordingly, the standard is effective for the Company on June 30, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s 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. This guidance simplifies the accounting for the taxes related to stock based compensation, including adjustments to how excess tax benefits and a company's payments for tax withholdings should be classified. 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. The Company is currently evaluating the impact that the guidance will have on the consolidated financial statements. In August 2016, the FASB issued new guidance on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard is effective for the Company beginning July 1, 2018. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements. In January 2017, the FASB amended and clarified guidance related to b usiness combinations and the definition of a business. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Accordingly, the amendments are effective for the Company beginning July 1, 2018. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements.

Note 3 - Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2016

Notes Tables

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

			Quoted Prices in		Significant
			Active Markets		Other		Significant
(in millions)			for Identical Assets		Observable Inputs		Unobservable Inputs
December 31 , 201 6	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	10.7	$	7.7	$	3.0	$	—
Short-term investments available-for-sale		11.1		—		11.1		—
Total	$	21.8	$	7.7	$	14.1	$	—

			Quoted Prices in		Significant
			Active Markets		Other		Significant
			for Identical		Observable		Unobservable
(in millions)			Assets		Inputs		Inputs
June 30, 201 6	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale	19.3			10.0		9.3		—
Total	$	20.8	$	11.5	$	9.3	$	—

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

(in millions)			Unrealized		Unrealized
December 31 , 201 6	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	7.7	$	-	$	-		7.7
Corporate notes		9.4		-		-		9.4
Commercial paper		3.0		-		-		3.0
Certificates of deposit		1.7		-		-		1.7
Total	$	21.8	$	-	$	-		21.8

(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

Note 4 - Accrued and Other Current Liabilities (Tables)

6 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31 , 201 6		June 30, 201 6

Professional fees	$	0.5	$	0.1
Salary and benefits		0.5		0.6
Research and development expenses		4.6		2.2
Other accrued expenses		-		0.7
Total accrued expenses and other liabilities	$	5.6	$	3.6

Note 5 - Liabilities Related to Sale of Future Royalties (Tables)

6 Months Ended

Dec. 31, 2016

Notes Tables

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

	in millions
Total Liability related to sale of future royalties, June 30, 201 6	$	18.1
Non-cash royalty revenue paid to HCRP		(0.2	)
Non-cash interest expense recognized		0.9
Total Liability related to sale of future royalties, December 31, 2016	$	18.8

Note 6 - Net Loss Per Share (Tables)

6 Months Ended

Dec. 31, 2016

Notes Tables

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

	Three Months Ended December 31 ,
	201 6			201 5

Net loss (in millions)	$	(9.1	)	$	(6.5	)
Weighted-average shares outstanding		38,640,487			38,636,946
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,640,487			38,636,946
Basic net loss per share	$	(0.24	)	$	(0.17	)
Diluted net loss per share	$	(0.24	)	$	(0.17	)
Number of anti-dilutive share-based awards excluded from computation		5,645,543			4,631,556

	Six Months Ended December 31 ,
	201 6			201 5

Net loss (in millions)	$	(19.1	)	$	(13.2	)
Weighted-average shares outstanding		38,640,487			38,630,587
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,640,487			38,630,587
Basic net income (loss) per share	$	(0.49	)	$	(0.34	)
Diluted net loss per share	$	(0.49	)	$	(0.34	)
Number of anti-dilutive share-based awards excluded from computation		5,645,543			4,619,210

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Tables)

6 Months Ended

Dec. 31, 2016

Notes Tables

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

	Three Months Ended December 31 ,
	2016		2015
	(in millions)
Royalty revenue - Relenza ®	$	1.5	$	1.0
- Inavir ®		-		0.7
Non-cash royalty revenue related to the sale of future royalties		2.3		-
Total revenue	$	3.8	$	1.7

	Six Months Ended December 31 ,
	2016		2015
	(in millions)
Royalty revenue - Relenza ®	$	1.6	$	2.7
- Inavir ®		-		0.7
Non-cash royalty revenue related to the sale of future royalties		2.3		-
Total revenue	$	3.9	$	3.4

Note 3 - Fair Value Measurements (Details Textual)	6 Months Ended
Note 3 - Fair Value Measurements (Details Textual)	Dec. 31, 2016
Available-for-Sale Securities, Maturity Period	1 year

Note 3 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Available for Sale Securities - Current	$ 21.8	$ 20.8
Total	21.8	20.8
Fair Value, Inputs, Level 1 [Member]
Total	7.7	11.5
Fair Value, Inputs, Level 2 [Member]
Total	14.1	9.3
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	10.7	1.5
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	7.7	1.5
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	3.0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current
Short-term Investments [Member]
Available for Sale Securities - Current	11.1	19.3
Short-term Investments [Member] \| Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current		10.0
Short-term Investments [Member] \| Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	11.1	9.3
Short-term Investments [Member] \| Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current

Note 3 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
At Cost	$ 21.8	$ 20.7
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	21.8	20.8
Money Market Funds [Member]
At Cost	7.7	1.5
Unrealized Gains
Unrealized (Losses)
Fair Value	7.7	1.5
Corporate Note Securities [Member]
At Cost	9.4	2.9
Unrealized Gains		0.1
Unrealized (Losses)
Fair Value	9.4	3.0
US Government Agencies Debt Securities [Member]
At Cost		2.0
Unrealized Gains
Unrealized (Losses)
Fair Value		2.0
Commercial Paper [Member]
At Cost	3.0
Unrealized Gains
Unrealized (Losses)
Fair Value	3.0
US Treasury Securities [Member]
At Cost		7.0
Unrealized Gains
Unrealized (Losses)
Fair Value		7.0
Certificates of Deposit [Member]
At Cost	1.7	7.3
Unrealized Gains
Unrealized (Losses)
Fair Value	$ 1.7	$ 7.3

Note 4 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2016
Professional fees	$ 0.5	$ 0.1
Salary and benefits	0.5	0.6
Research and development expenses	4.6	2.2
Other accrued expenses		0.7
Total accrued expenses and other liabilities	$ 5.6	$ 3.6

Note 5 - Liabilities Related to Sale of Future Royalties (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20.0
Daiichi Sankyo [Member]
Accounts Receivable, Net		$ 2.2	$ 0.2

Note 5 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - Royalty Arrangement [Member] - HealthCare Royalty Partners III, L.P. [Member] $ in Millions	6 Months Ended
	Dec. 31, 2016 USD ($)
Total Liability related to sale of future royalties, June 30, 2016	$ 18.1
Non-cash royalty revenue paid to HCRP	(0.2)
Non-cash interest expense recognized	0.9
Total Liability related to sale of future royalties, December 31, 2016	$ 18.8

Note 6 - Net Loss Per Share - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Net loss	$ (9.1)	$ (6.5)	$ (19.1)	$ (13.2)
Weighted-average shares outstanding (in shares)	38,640,487	38,636,946	38,640,487	38,630,587
Shares used to compute diluted earnings per share (in shares)	38,640,487	38,636,946	38,640,487	38,630,587
Basic net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Number of anti-dilutive share-based awards excluded from computation (in shares)	5,645,543	4,631,556	5,645,543	4,619,210
Basic net income (loss) per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)
Diluted net loss per share (in dollars per share)	$ (0.24)	$ (0.17)	$ (0.49)	$ (0.34)

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Details Textual) - USD ($)		6 Months Ended
	Apr. 22, 2016	Dec. 31, 2016
HealthCare Royalty Partners III, L.P. [Member]
Proceeds From Sale of Royalty Rights, Gross	$ 20,000,000
Georgia State University Research Foundation (GSURF) [Member]
Collaborative Arrangement, Annual Minimum Payment		$ 10,000
United States, Europe, Japan, And Other Countries [Member] \| GSK [Member]
Royalty Payment Percentage		7.00%
Australia, New Zealand, South Africa, and Indonesia [Member] \| GSK [Member]
Royalty Payment Percentage		10.00%
Japan [Member] \| Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%

Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Royalty revenue	$ 1.5	$ 1.7	$ 1.6	$ 3.4
Non-cash royalty revenue related to the sale of future royalties	2.3		2.3
Total revenue	3.8	1.7	3.9	3.4
Relenza [Member]
Royalty revenue	1.5	1.0	1.6	2.7
Inavir [Member]
Royalty revenue		$ 0.7		$ 0.7

Note 8 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Nov. 10, 2016
Allocated Share-based Compensation Expense	$ 500	$ 600	$ 900	$ 1,200
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	0	0	0	0
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ 0	$ 0	$ 0	$ 0
The 2016 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					4,794,137