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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Sep. 30, 2017	Nov. 03, 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	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		38,649,237
Document Type	S-4
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 19,600	$ 17,700	$ 45,900	$ 49,700	$ 44,700
Other accounts receivable, net of allowance	100	600		700
Short-term investments	14,500	20,900		19,300
Prepaid expenses and other assets	300	700		2,700
Total current assets	34,500	39,900		72,400
Non-current assets:
Property and equipment, net	200	200		300
Total assets	34,700	40,100		72,700
Current liabilities:
Accounts payable	1,300	1,400		3,900
Accrued expenses and other current liabilities	2,200	2,900		3,600
Short-term note payable	200	200		400
Liability related to sale of future royalties, current portion	1,500	1,400		1,300
Total current liabilities	5,200	5,900		9,200
Long-term note payable, net of current portion	100	100		300
Liability related to sale of future royalties, net of current portion	15,400	15,300		16,800
Other long-term liabilities, net of current portion	100	100		200
Total liabilities	20,800	21,400		26,500
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.10 par value; 5,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.10 par value; 200,000,000 shares authorized; 38,649,237 shares and 38,640,487 shares issued and outstanding at June 30, 2017 and June 30, 2016, respectively	3,900	3,900		3,900
Additional paid-in capital	160,100	159,600		157,600
Accumulated other comprehensive income	19,000	19,000		19,000
Accumulated deficit	(169,100)	(163,800)		(134,300)
Total stockholders’ equity	13,900	18,700		46,200	$ 69,500
Total liabilities and stockholders’ equity	$ 34,700	$ 40,100		$ 72,700

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	200,000,000	200,000,000	200,000,000
Common stock, shares issued (in shares)	38,649,237	38,649,237	38,640,487
Common stock, shares outstanding (in shares)	38,649,237	38,649,237	38,640,487

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

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Jun. 30, 2015	38,609,086
Balances at Jun. 30, 2015	$ 3,900	$ 155,600	$ (108,900)	$ 18,900	$ 69,500
Change in fair value of investments				100	100
Net loss			(25,400)		(25,400)
Total Comprehensive loss					(25,300)
Restricted stock units issued, net (in shares)	31,401
Restricted stock units issued, net					0
Share-based compensation		2,000			$ 2,000
Balances (in shares) at Jun. 30, 2016	38,640,487				38,640,487
Balances at Jun. 30, 2016	$ 3,900	157,600	(134,300)	19,000	$ 46,200
Change in fair value of investments
Net loss			(29,400)		(29,400)
Total Comprehensive loss					(29,400)
Share-based compensation		2,000	(100)		$ 1,900
Balances (in shares) at Jun. 30, 2017	38,649,237				38,649,237
Balances at Jun. 30, 2017	$ 3,900	159,600	(163,800)	19,000	$ 18,700
Common stock issued (in shares)	8,750
Common stock issued					0
Net loss			(5,300)		(5,300)
Share-based compensation		500			$ 500
Balances (in shares) at Sep. 30, 2017	38,649,237				38,649,237
Balances at Sep. 30, 2017	$ 3,900	$ 160,100	$ (169,100)	$ 19,000	$ 13,900

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

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Current assets:
Cash and cash equivalents	$ 19,600	$ 17,700	$ 45,900	$ 49,700	$ 44,700
Short-term investments	14,500	20,900		19,300
Other accounts receivable, net of allowance	100	600		700
Prepaid expenses and other assets	300	700		2,700
Total current assets	34,500	39,900		72,400
Non-current assets:
Property and equipment, net	200	200		300
Total assets	34,700	40,100		72,700
Current liabilities:
Accounts payable	1,300	1,400		3,900
Accrued expenses and other current liabilities	2,200	2,900		3,600
Short-term note payable	200	200		400
Liability related to sale of future royalties, current portion	1,500	1,400		1,300
Total current liabilities	5,200	5,900		9,200
Non-current liabilities:
Long-term note payable, net of current portion	100	100		300
Liability related to sale of future royalties, net of current portion	15,400	15,300		16,800
Other long-term liabilities, net of current portion	100	100		200
Total liabilities	20,800	21,400		26,500
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.10 par value; 5,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.10 par value; 200,000,000 shares authorized; 38,649,237 shares and 38,640,487 shares issued and outstanding at June 30, 2017 and June 30, 2016, respectively	3,900	3,900		3,900
Additional paid-in capital	160,100	159,600		157,600
Accumulated other comprehensive income	19,000	19,000		19,000
Accumulated deficit	(169,100)	(163,800)		(134,300)
Total stockholders’ equity	13,900	18,700		46,200	$ 69,500
Total liabilities and stockholders’ equity	$ 34,700	$ 40,100		$ 72,700

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	200,000,000	200,000,000	200,000,000
Common stock, shares issued (in shares)	38,649,237	38,649,237	38,640,487
Common stock, shares outstanding (in shares)	38,649,237	38,649,237	38,640,487

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Royalty revenue		$ 100
Non-cash royalty revenue related to the sale of future royalties	100
Total revenue	100	100
Operating expense:
Research and development	2,800	7,600
General and administrative	2,300	2,200
Foreign exchange (gain) loss, net		(100)
Total operating expense	5,100	9,700
Loss from operations	(5,000)	(9,600)
Other (expense) income:
Non-cash interest expense on liability related to sale of future royalties	(400)	(400)
Interest income	100
Total other (expense) income	(300)	(400)
Loss before tax	(5,300)	(10,000)
Income tax expense
Net loss	$ (5,300)	$ (10,000)
Basic and diluted net loss per share (in dollars per share)	$ (0.14)	$ (0.26)
Basic and diluted weighted-average shares outstanding (in shares)	38,649,237	38,640,487

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Jun. 30, 2015	38,609,086
Balances at Jun. 30, 2015	$ 3,900	$ 155,600	$ (108,900)	$ 18,900	$ 69,500
Net loss			(25,400)		(25,400)
Share-based compensation		2,000			$ 2,000
Balances (in shares) at Jun. 30, 2016	38,640,487				38,640,487
Balances at Jun. 30, 2016	$ 3,900	157,600	(134,300)	19,000	$ 46,200
Net loss			(29,400)		(29,400)
Share-based compensation		2,000	(100)		$ 1,900
Balances (in shares) at Jun. 30, 2017	38,649,237				38,649,237
Balances at Jun. 30, 2017	$ 3,900	159,600	(163,800)	19,000	$ 18,700
Net loss			(5,300)		(5,300)
Share-based compensation		500			$ 500
Balances (in shares) at Sep. 30, 2017	38,649,237				38,649,237
Balances at Sep. 30, 2017	$ 3,900	$ 160,100	$ (169,100)	$ 19,000	$ 13,900

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (5,300)	$ (10,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	500	400
Non-cash interest expense related to sale of future royalties	400	400
Non-cash royalty revenue related to sale of future royalties	(100)
Change in operating assets and liabilities:
Accounts receivable	500
Prepaid expenses and other assets	400	(1,200)
Accounts payable and accrued expenses and other liabilities	(900)	(300)
Net cash used in operating activities	(4,500)	(10,700)
Cash flows from investing activities:
Purchases of short-term investments	(7,000)
Maturity of short-term investments	13,400	6,900
Net cash provided by investing activities	6,400	6,900
Net (decrease) increase in cash and cash equivalents	1,900	(3,800)
Cash and cash equivalents at beginning of period	17,700	49,700
Cash and cash equivalents at end of period	$ 19,600	$ 45,900

Note 1 - Company Overview	3 Months Ended	12 Months Ended
Note 1 - Company Overview	Sep. 30, 2017	Jun. 30, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	1 ) Company Overview Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has three Phase 2 clinical stage compounds: BTA074 (teslexivir), an antiviral treatment for condyloma caused by human papillomavirus types 6 & 11; vapendavir, a capsid inhibitor for the prevention or treatment of rhinovirus (“RV”) upper respiratory infections; and BTA585 (enzaplatovir), a fusion protein inhibitor in development for the treatment of respiratory syncytial virus infections. The Company also has a preclinical RSV non-fusion inhibitor program. 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. On October 30, 2017, the Company announced that it had entered into a definitive Agreement and Plan of Merger and Reorganization dated October 27, 2017, among the Company, Agora Merger Sub, Inc. and Vaxart, Inc. (the “Merger Agreement”) pursuant to which Vaxart., a privately-held clinical-stage company focused on developing oral recombinant vaccines from its proprietary delivery platform, would become a wholly-owned subsidiary of the Company (the “Merger”). This transaction marks the culmination of the Company ’s Strategic Review process which was initiated in April. The Merger will result in a combined company focused on developing orally-delivered vaccines and therapeutics to address a variety of viral infections. The exchange ratio in the merger agreement was determined by Vaxart assigning $60,000,000 in value to Aviragen for its financial and clinical assets, and $90,000,000 in value for its own assets. On a pro forma basis after giving effect to the number of shares of Aviragen common stock that will be issued to Vaxart security holders in the Merger and assuming no adjustments for cash balances as provided for in the Merger Agreement, current Vaxart security holders will own approximately 60% of the combined company and current Aviragen security holders will own approximately 40% of the combined company. The transaction has been approved by the boards of directors of both companies. The Merger is expected to close in the first quarter of 2018, subject to the approval of the stockholders of each company as well as other customary conditions. Upon closing of the Merger, the name of the combined company will become Vaxart, Inc. and shares of the combined company are expected to continue trading on the NASDAQ Capital Market under the proposed ticker symbol VXRT. Wouter Latour, M.D., will serve as Chief Executive Officer of the combined company. Prior to the completion of the proposed merger, t he Company plans to continue to finance its operations with existing cash, cash equivalents and investments.	( 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 Phase 2 clinical stage compounds: BTA074, an antiviral treatment for condyloma caused by human papillomavirus types 6 & 11; vapendavir, a capsid inhibitor for the prevention or treatment of rhinovirus ( “ RV”) upper respiratory infections; and BTA585 (enzaplatovir), a fusion protein inhibitor in development for the treatment of respiratory syncytial virus infections. The Company also has a preclinical RSV non-fusion inhibitor program. 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. In April 2017, the Company engaged Stifel, Nicolaus and Company, Incorporated (“Stifel”) as its advisor to assist with the exploration of strategic alternatives (the “Strategic Review”). Stifel is providing a range of advisory services aimed to enhance stockholder value. The alternatives to be considered may include, but are not limited to, the potential for a business combinati on or strategic merger, in-licensing clinical stage programs, an acquisition or other strategic transactions. The Company has and expects to continue to devote substantial time and resources to exploring strategic alternatives; however, there can be no ass urance that such activities will result in any agreements or transactions that will enhance stockholder value. In addition, potential strategic transactions that require stockholder approval may not be approved by the Company’s stockholders. Further, any strategic transaction that is completed ultimately may not deliver the anticipated benefits or enhance stockholder value. 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

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

(

)

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form

-Q and Rule

of Regulation S-

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

material change in the information disclosed in the notes to the condensed consolidated financial statements included in the Company

’s Annual Report on Form

-K that was filed with the SEC on

September 1, 2017.

The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation.

Operating results for the

three

months ended

September 30, 2017

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, 2018.

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, 2017

included in the Company’s Annual Report on Form

-K.

The Company

’s significant accounting policies have

not

changed since

June 30, 2017.

Recently Issued Accounting Standards

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, 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.

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.

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.

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.

(

) Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial sta

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

June 30.

Use of Estimates

The preparat

ion of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include accruals, liabilities and obligations, tangible assets and deferred income taxes. Actual results could differ from those estimates.

Fair Value of Financial Instruments

Financial instruments include cash and cash equivalents, investments, accounts receivable, accounts payable

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

Cash Equivalents and Investments

Cash equivalents consist of short-term, highly liquid investments with original maturities of

or fewer days when purchased. Investments with original maturities between

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 ar

e recorded as cash equivalents or short-term investments. Short-term investments are carried at the fair value based upon observable inputs based on quoted market prices. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Amortization and accretion are included in interest income, net, and any realized gains and losses are also included in interest income, net. All unrealized gains and losses are reported in other comprehensive loss. The cost basis of all securities sold is based on the specific identification method. Available-for-sale securities as of

June 30, 2017

consisted primarily of corporate notes and certificates of deposit.

Concentration of Credit Risk and Other Risks and Uncertainties

Cash, cash equivalents and short

-term investments consist of financial instruments that potentially subject the Company to concentrations of credit risk to the extent recorded on the balance sheets. The Company believes that it has established guidelines for investment of its excess cash that maintain principal and liquidity through its policies on concentration, diversification, investment maturity, and investment grade.

Receivables

Accounts receivable are recorded at the invoiced amount. An allowance for returns is estimated based on historical information patterns and

sales and return information provided by the partner. The current year expense to adjust revenue for returns, if any, is recorded in the consolidated statements of operations.

Property and Equipment

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

life of machinery, equipment, software and fixtures is

three

five

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, 2017

and

2016

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.

The consolidated financial statements are presented in U.S. dollars and the functional currency of all of its subsidiaries is the U.S. dollar. The Company operates in several jurisdictions with local currencies including the Euro, the Australian dollar and the British Pound

. However

, the primary economic environment in which the entity operates is the U.S. dollar.

Transactions and balances.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the related transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statements of operations.

Patent Expense

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

general and administrative expense.

Share-Based Compensation Expense

Share-based compensation expense relates to stock options, restricted stock units or other equity-based grants. The fair market value of stock options is determined at the grant date using the Black-Scholes option pricing model based on the date the grant

is issued. The fair market value of restricted stock units or other equity-based grants are also determined at the grant date, based on the closing price of the Company’s common stock on that date. The value of the awards that are ultimately expected to vest is recognized 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 fut

ure, the deferred tax assets are reduced by a valuation allowance. The valuation allowance is sufficient to reduce the deferred tax assets to the amount that the Company determines is more likely than

not

to be realized.

Revenue Recognition

Revenue cons

ists primarily of royalty payments. Revenue from royalties is recognized when the net sales of the underlying product by the relevant

third

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.

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

April 2016,

the Company sold certain royalty rights related to the approve

d 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

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

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; 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 facility costs. Research and development expenses 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,

legal fees associated with patents and intellectual property related to our product candidates,

insurance premiums, other expenses incurred as a result of being a company that is publicly traded, and depreciation and facility expenses.

Total

Comprehensive Income

Comprehensive income is defined as the total change in stockholders

’ equity during the period other than from transactions with stockholders, and for the Company, includes net income, unrealized gains and loss from available for sale securities and cumulative translation foreign currency adjustments.

Recently Adopted Accounting Standards

March 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)

2016

- Improvements to Employee Share-Based Payment Accounting. This ASU simplifies several aspects of the accounting for employee share-based payments, including the accounting for employer tax withholding on share-based compensation, forfeitures and the financial statement presentation of excess tax benefits and deficiencies. The ASU also clarifies the statement of cash flows presentation for certain components of share-based awards.

The Company has elected to early adopt ASU

2016

for the

fiscal year ended

June 30, 2017

using a modified retrospective approach, effective as if adopted the

first

day of the fiscal year,

July 1, 2016.

As a result of the adoption, the Company made an accounting policy election to account for forfeitures as they occur. The impact of the change in accounting policy has been recorded as a

$0.1

million cumulative effect adjustment as an increase to the Company’s retained earnings and a decrease to additional paid-in capital as of

January 1, 2017

to reflect actual forfeitures versus the previously-estimated forfeiture rate.

The amendments within the ASU related to the recognition of excess tax benefits and deficiencies and tax withholding requirements were adopted prospectively, with

impact to prior periods.

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. The Company adopted the standard for the fiscal year ended

June 30, 2017,

with

material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards

May 2014,

December 15, 2017.

Accordingly, the Company will adopt this guidance on

July 1, 2018.

Companies

may

January 2016,

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.

February 2016,

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,

July 1, 2019.

The Company is currently evaluating the impact that this guidance will have on the consolidated financial statements.

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.

Note 3 - Short-term Financial Instruments

12 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

(

)

Short-Term Financial Instruments

Financial Assets (in millions)

	As of June 30,
	2017		2016

Financial assets:
Cash and cash equivalents	$	17.7	$	49.7
Short-term investments	20.9		19.3
Accounts receivable, net of allowance		0.6		0.7
Total current financial assets		39.2		69.7

Financial liabilities:
Accounts payable and current accrued liabilities		4.3		7.5
Short-term note payable		0.2		0.4
Total current financial liabilities		4.5		7.9

Net financial assets	$	34.7	$	61.8

The carrying value of the cash and cash equivalents, accounts receivable, short-term note payable and accounts payable approximates fair value because of their short-term nature. The Company regularly reviews all financial assets for impairment. There wer

impairments recognized in

2017

and

2016.

Note 4 - Fair Value Measurements

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(

)

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

September 30, 2017

and

June 30, 2017,

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

’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

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
September 30 , 2017	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	17.0	$	6.3	$	10.7	$	—
Short-term investments available-for-sale		14.5		—		14.5		—
Total	$	31.5	$	6.3	$	25.2	$	—

(in millions) June 30, 2017	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

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

September 30, 2017

and

June 30, 2017

aggregated by major security type:

(in millions)			Unrealized		Unrealized
September 30 , 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	6.3	$	-	$	-	$	6.3
Corporate notes		9.7		-		-		9.7
Commercial paper		15.5		-		-		15.5
Total	$	31.5	$	-	$	-	$	31.5

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

As of

September 30, 2017

and

June 30, 2017,

the Company had investments in an unrealized gain (loss) position below material disclosure thresholds in the table above. The Company determined that the unrealized gains and losses on these investments were temporary in nature and expected the security to mature at its stated maturity principal. All available-for-sale securities held at

September 30, 2017,

will mature in less than

one

year.

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

September 30

2017

and

June 30, 2017,

respectively

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

inputs, approximates book value, at

September 30

2017

and

June 30, 2017.

(

)

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 inp

uts 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 pric es 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 recu

rring basis at

June 30, 2017

and

June 30, 2016,

respectively, 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 ut

ilizes a

third

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 7	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 2016	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale	19.3			10.0		9.3		—
Total	$	20.8	$	11.5	$	9.3	$	—

The Company has had

realized gains or losses from the sale of investments for the fiscal year ended

June 30, 2017.

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

June 30, 2017

and

June 30, 2016

agg

regated by major security type:

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

(in millions)			Unrealized		Unrealized
June 30, 2016	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	1.5	$	—	$	—	$	1.5
Debt securities of U.S. government agencies		2.0		—		—		2.0
U.S. Treasury securities		7.0		—		—		7.0
Corporate notes		2.9		0.1		—		3.0
Certificates of deposit		7.3		—		—		7.3
Total	$	20.7	$	0.1	$	—	$	20.8

As of

June 30, 2017

and

June 30, 2016,

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 temp

orary in nature and expects the security to mature at its stated maturity principal. All available-for-sale securities held at

June

30,

2017

will mature in less than

one

year.

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

June

30,

2017

and

June

30,

2016

. The fair value of our short-term note payable, which is measured using Level

inputs, approximates book value, at

June

30,

2017

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 5 - Property and Equipment

3 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

(

)

Property and Equipment

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

	As of June 30,
	2017			2016

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

Depreciation and amortization expense was

$0.1

million for both of the fiscal years ended

June

30,

2017

and

2016.

Note 6 - Accrued and Other Current Liabilities

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes to Financial Statements

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

(

)

Accrued and Other Current Liabilities

Accrued expenses consist of the following (in millions):

	September 30 , 2017		June 30, 201 7

Professional fees	$	0.4	$	0.4
Salary and benefits		0.4		0.4
Research and development expenses		1.3		1.8
Other accrued expenses		0.1		0.3
Total accrued expenses and other liabilities	$	2.2	$	2.9

(

)

Accrued and Other Current Liabilities

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

	As of June 30,
	2017		2016

Professional fees	$	0.4	$	0.1
Salary and related costs		0.4		0.6
Research and development services		1.8		2.2
Other accrued expenses		0.3		0.7
Total accrued expenses and other liabilities	$	2.9	$	3.6

Note 7 - Liabilities Related to Sale of Future Royalties

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

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

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 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

three

months ended

September 30, 2017:

	in millions
Total Liability related to sale of future royalties, June 30, 2017	$	16.7
Non-cash royalty revenue paid to HCRP		(0.2	)
Non-cash interest expense recognized		0.4
Total Liability related to sale of future royalties, September 30, 2017	$	16.9

(

)

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 in the Japanese market, for

$20

million to 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

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,

201

	in millions
Total Liability related to sale of future royalties, June 30, 2016	$	18.1
Non-cash royalty revenue paid to HCRP		(3.2	)
Non-cash interest expense recognized		1.8
Total Liability related to sale of future royalties, June 30, 201 7	$	16.7

Note 8 - Commitments and Contingent Liabilities

12 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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,

2017

are (in millions):

201 8	$	0.3
201 9		0.3
20 20		0.3
Thereafter		0.2

Total minimum lease payments	$	1.1

Rent expense

was

$0.3

million and $

0.2

million for the fiscal years ended

June

30,

2017

and

2016,

respectively.

Note 9 - Income Taxes

12 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

Income Taxes

For financial reporting purposes,

loss before taxes includes the following components (in millions)

	Fiscal Years Ended June 30,
	2017			2016
United States	$	(5.1	)	$	(4.9	)
Foreign		(24.0	)		(20.5	)

Total	$	(29.1	)	$	(25.4	)

The expense for income taxes is comprised of:

	Fiscal Years Ended June 30,
	2017		2016
Current:
Federal	$	-	$	-
State		-		-
Foreign		0.3		-
Total tax expense	$	0.3	$	-

A reconciliation of income tax expense at the statutory federal income

tax rate and income taxes as reflected in the financial statements is as follows:

	Fiscal Years Ended June 30,
	201 7			201 6

Income tax (benefit) expense at federal statutory rate	$	(10.2	)	$	(8.9	)
State and local income taxes, net of federal benefit		(0.2	)		(0.2	)
Foreign tax rate differential		1.4			1.0
Change in valuation allowance		8.4			9.4
ISO expense		0.3			0.3
Japanese withholding tax		0.3			-
Foreign tax credit		-			(0.2	)
Adjustment to deferred income tax assets		0.3			(0.9	)
Other		-			(0.5	)
Income tax expense	$	0.3		$	-

The following table includes deferred tax assets and

liabilities as of

June 30, 2017

and

2016:

	As of June 30,
	201 7			201 6
Deferred tax assets:
Foreign net operating loss carryforwards	$	27.9		$	20.2
US federal and state loss carryforwards		7.1			6.1
Research credits		2.4			2.2
Amortization		-			0.6
Accrued compensated-related costs		2.0			1.6
Sale of future royalty rights		5.0			5.4
Other		-			0.1
Subtotal		44.4			36.2
Less valuation allowance		(44.4	)		(36.2	)
Total net deferred taxes	$	-		$	-

Significant components of deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. As of

June 30

2017

and

2016

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

$44.4

million and

$36.2

million of valuation allowance as of

June 30, 2017

and

2016,

respectively.

As of

June 30,

201

and

2016,

the Company has

$18.4

million and

$15.7

million, respectively of gross U.S. federal net operating loss carryforwards that expire at various dates through

2035.

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, 2017

and

2016,

the Company also has accumulated tax losses of

$44.3

million and

$32.1

million, respectively for Australia,

$25.4

million and

$22.8

million, respectively for the United Kingdom and

$29.2

million and

$18.8

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,

201

and

2016,

the Company’s foreign subsidiaries have

positive accumulated earnings. As such,

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

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

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

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.

However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from

2012

and earlier tax years, these attributes can still be audited when utilized on returns filed in the future. 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,

201

Note 10 - Share-based Compensation

12 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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

(

) Share-Based Compensation

For the

fiscal years ended

June 30, 2017

and

2016,

the Company recorded share-based compensation expense related to grants from equity incentive plans of

$1.9

million and

$2.0

million, respectively.

income tax benefit was recognized in the statements of operations and

share-based compensation expense was capitalized as part of any assets for the fiscal years ended

June 30, 2017

and

2016.

November 2016,

the Company’s stockholders approved the

2016

Equity Incentive Plan (

“2016

Equity Plan”), which replaced and superseded our amended

2007

Omnibus Equity and Incentive Plan (“Prior Plan”). 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.

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 7			201 6
R isk-free interest rate		1.23	%		1.40	%
Dividend yield		—			—
Expected volatility		.67			.75
Expected life of options (years)		3.6			4.8
F air value of options granted	$	0.47		$	1.26

The risk-free rate interest rate is based on the expected life of the option and the corresponding U.S

. Treasury bond, which in most cases is the U.S.

five

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. 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, 2017

and

2016:

	Number of		Weighted Average Exercise Price		Weighted-Average Remaining Contractual		Aggregate Intrinsic Value
	Stock Options		Per Option		Term		($0000)

Balance at June 30, 201 5		3,364,117	$	5.58		7.9	$	—
Granted		1,636,667		2.17
Exercised		—		—
Forfeited or expired		(249,361)		12.77

Balance at June 30, 201 6		4,751,423		4.07		6.6	$	—
Granted		3,582,000		0.90
Exercised		—		—
Forfeited		(489,543)		2.33
E xpired		(277,238)		11.64
Balance at June 30, 2017		7,566,642	$	2.40		7.7	$	—

The total intrinsic value of stock options exercised during the

fiscal years ended

June 30, 2017

and

2016

was zero, and

cash proceeds were received by the Company. Further,

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, 2017:

			June 30, 201 7
			Outstanding						Exercisable
Exercise Prices			Number of Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
					(In Years)
$0.49	—	$1.21		2,272,000		9.76	$	0.65		-	$	-
$1.30	—	$1.95		1,607,467		9.01		1.38		243,217		1.51
$2.02	—	$6.11		3,558,940		5.90		3.02		2,470,156		3.27
$6.65	—	$34.86		128,235		2.32		29.14		128,235		29.14
				7,566,642		7.66	$	2.40		2,841,608	$	4.28

Restricted Stock Awards.

A summary of the Company’s outstanding restricted stock activity for the fiscal years ended

June 30, 2017

and

2016

is as follows:

				Weighted-Average
				Grant Date
	Shares			Fair Value
Outstanding at June 30, 2015		8,750		$	3.93
Granted		—			—
Forfeited		—			—
Outstanding at June 30, 201 6		8,750			3.93
Granted		—			—
Released		(8,750	)		3.93
Forfeited		—			—
Outstanding at June 30, 201 7		—		$	—

Restricted

Stock Units

and Market Stock Units (MSUs).

A summary of the Company’s outstanding restricted stock and market stock unit (MSU) activity for the fiscal years ended

June 30, 2017

and

2016

is as follows:

	Shares			Weighted Average Grant Date Fair Value
Outstanding at June 30, 201 5		96,581		$	3.23
Awarded		2,500			2.49
Released		(45,716	)		2.44
Forfeited		(6,334	)		2.41
Unvested at June 30, 2016		47,031			7.69
Awarded		—			—
Released		—			—
Forfeited		(47,031	)		7.69
Outstanding at June 30, 2017		—		$	—

December 2013,

the Company awarded

108,133

MSUs to employees that

could have vested on

January 1, 2017.

The vesting of these awards was subject to the respective employee’s continued employment through this settlement period. The number of MSUs granted represented 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 stock price criteria was

not

met and the MSUs were forfeited at

January 1, 2017.

Compensation expense, including the effect of forfeitures, was recognized over the applicable service period.

As of

June 30,

2017

and

2016

there was

$2.0

and

$2.6

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

1.4

years.

Note 11 - Retirement Benefits

12 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

(

)

Retirement Benefits

The Company

contributed $

0.2

million for both of the fiscal years ended

June

30,

2017

and

2016,

toward standard defined contribution plans for employees. Contributions by the Company during fiscal year ending

June 30, 2017

and

2016

can be up to

four

percent of an employee’s salary.

Note 12 - Net Loss Per Share

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

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

	Three Months Ended September 30 ,
	2017			2016

Net loss (in millions)	$	(5.3	)	$	(10.0	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.14	)	$	(0.26	)
Diluted net loss per share	$	(0.14	)	$	(0.26	)
Number of anti-dilutive share-based awards excluded from computation		7,452,999			5,806,900

(

)

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 7			201 6

Net loss (in millions)	$	(29.4	)	$	(25.4	)
Weighted average shares outstanding		38,644,395			38,635,452
Shares used to compute diluted earnings per share		38,644,395			38,635,452
Basic loss per share	$	(0.76	)	$	(0.66	)
Diluted loss per share	$	(0.76	)	$	(0.66	)
Number of antidilutive stock options excluded from computation		7,566,642			4,751,423

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

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 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. 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. Until that patent expires, the Company will receive a

royalty on GSK’s annual net sales of Relenza

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. 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. The patent relating to hydrates and the crystalline form of LANI used in Inavir

expires in

2021

(

not

including extensions) in the U.S. and EU and in

2024

in Japan. In

February 2015,

a patent containing claims relevant to the manufacture of Inavir

was issued in Japan and expires in

December 2029.

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

Company certain royalty rights (“Royalty Rights”) related to Inavir

in the Japanese market.

The following tables summarize the key components of the Company

’s revenues (in millions):

	Three Months Ended September 30 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	0.1
Non-cash royalty revenue related to the sale of future royalties		0.1		-
Total revenue	$	0.1	$	0.1

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.

(

) 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. 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

October 18, 2016,

the United States Court of Appeals for the Federal Circuit affirmed the rejection of all pending claims of U.S. Patent Application

No.

08/737,141.

Accordingly,

future United States royalties will be owed by GSK.

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.

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

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.

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 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

July 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.

The following tables summarize the key components of the Company

’s revenues (in millions):

	Fiscal Years Ended June 30,
	2017		2016
Royalty revenue – Relenza ®	$	2.5	$	4.8
– Inavir ®		3.2		4.3
Non-cash royalty revenue related to sale of royalties		3.2		0.2
Total revenue	$	8.9	$	9.3

Note 1 - Company Overview	3 Months Ended	12 Months Ended
Note 1 - Company Overview	Sep. 30, 2017	Jun. 30, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	1 ) Company Overview Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has three Phase 2 clinical stage compounds: BTA074 (teslexivir), an antiviral treatment for condyloma caused by human papillomavirus types 6 & 11; vapendavir, a capsid inhibitor for the prevention or treatment of rhinovirus (“RV”) upper respiratory infections; and BTA585 (enzaplatovir), a fusion protein inhibitor in development for the treatment of respiratory syncytial virus infections. The Company also has a preclinical RSV non-fusion inhibitor program. 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. On October 30, 2017, the Company announced that it had entered into a definitive Agreement and Plan of Merger and Reorganization dated October 27, 2017, among the Company, Agora Merger Sub, Inc. and Vaxart, Inc. (the “Merger Agreement”) pursuant to which Vaxart., a privately-held clinical-stage company focused on developing oral recombinant vaccines from its proprietary delivery platform, would become a wholly-owned subsidiary of the Company (the “Merger”). This transaction marks the culmination of the Company ’s Strategic Review process which was initiated in April. The Merger will result in a combined company focused on developing orally-delivered vaccines and therapeutics to address a variety of viral infections. The exchange ratio in the merger agreement was determined by Vaxart assigning $60,000,000 in value to Aviragen for its financial and clinical assets, and $90,000,000 in value for its own assets. On a pro forma basis after giving effect to the number of shares of Aviragen common stock that will be issued to Vaxart security holders in the Merger and assuming no adjustments for cash balances as provided for in the Merger Agreement, current Vaxart security holders will own approximately 60% of the combined company and current Aviragen security holders will own approximately 40% of the combined company. The transaction has been approved by the boards of directors of both companies. The Merger is expected to close in the first quarter of 2018, subject to the approval of the stockholders of each company as well as other customary conditions. Upon closing of the Merger, the name of the combined company will become Vaxart, Inc. and shares of the combined company are expected to continue trading on the NASDAQ Capital Market under the proposed ticker symbol VXRT. Wouter Latour, M.D., will serve as Chief Executive Officer of the combined company. Prior to the completion of the proposed merger, t he Company plans to continue to finance its operations with existing cash, cash equivalents and investments.	( 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 Phase 2 clinical stage compounds: BTA074, an antiviral treatment for condyloma caused by human papillomavirus types 6 & 11; vapendavir, a capsid inhibitor for the prevention or treatment of rhinovirus ( “ RV”) upper respiratory infections; and BTA585 (enzaplatovir), a fusion protein inhibitor in development for the treatment of respiratory syncytial virus infections. The Company also has a preclinical RSV non-fusion inhibitor program. 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. In April 2017, the Company engaged Stifel, Nicolaus and Company, Incorporated (“Stifel”) as its advisor to assist with the exploration of strategic alternatives (the “Strategic Review”). Stifel is providing a range of advisory services aimed to enhance stockholder value. The alternatives to be considered may include, but are not limited to, the potential for a business combinati on or strategic merger, in-licensing clinical stage programs, an acquisition or other strategic transactions. The Company has and expects to continue to devote substantial time and resources to exploring strategic alternatives; however, there can be no ass urance that such activities will result in any agreements or transactions that will enhance stockholder value. In addition, potential strategic transactions that require stockholder approval may not be approved by the Company’s stockholders. Further, any strategic transaction that is completed ultimately may not deliver the anticipated benefits or enhance stockholder value. 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

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

(

)

Basis of Presentation

-Q and Rule

of Regulation S-

material change in the information disclosed in the notes to the condensed consolidated financial statements included in the Company

’s Annual Report on Form

-K that was filed with the SEC on

September 1, 2017.

Operating results for the

three

months ended

September 30, 2017

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, 2018.

June 30, 2017

included in the Company’s Annual Report on Form

-K.

The Company

’s significant accounting policies have

not

changed since

June 30, 2017.

Recently Issued Accounting Standards

May 2014,

December 15, 2017.

Accordingly, the Company will adopt this guidance on

July 1, 2018.

Companies

may

January 2016,

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.

February 2016,

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,

July 1, 2019.

The Company is currently evaluating the impact that this guidance will have on the consolidated financial statements.

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.

(

) Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial sta

June 30.

Use of Estimates

The preparat

Fair Value of Financial Instruments

Financial instruments include cash and cash equivalents, investments, accounts receivable, accounts payable

Cash Equivalents and Investments

Cash equivalents consist of short-term, highly liquid investments with original maturities of

or fewer days when purchased. Investments with original maturities between

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 ar

June 30, 2017

consisted primarily of corporate notes and certificates of deposit.

Concentration of Credit Risk and Other Risks and Uncertainties

Cash, cash equivalents and short

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

life of machinery, equipment, software and fixtures is

three

five

Leased Assets

The Company accounts for its leases at their inception as either an operating or capital lease, depending on certain defined criteria. All of the Company

’s leases in effect at

June 30, 2017

and

2016

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.

Foreign Currency

Functional and reporting currency.

. However

, the primary economic environment in which the entity operates is the U.S. dollar.

Transactions and balances.

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

Income Taxes

The Company applies ASC

740

–

Income Taxes,

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 fut

not

to be realized.

Revenue Recognition

Revenue cons

ists primarily of royalty payments. Revenue from royalties is recognized when the net sales of the underlying product by the relevant

third

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

April 2016,

the Company sold certain royalty rights related to the approve

d product Inavir®, sold by Daiichi Sankyo in the Japanese market, for

$20

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

parties; and outsourced cost of specialized information systems to evaluate and monitor our programs, depreciation and facility costs. Research and development expenses are expensed as incurred.

General and Administrative Expense

legal fees associated with patents and intellectual property related to our product candidates,

insurance premiums, other expenses incurred as a result of being a company that is publicly traded, and depreciation and facility expenses.

Total

Comprehensive Income

Comprehensive income is defined as the total change in stockholders

Recently Adopted Accounting Standards

March 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)

2016

The Company has elected to early adopt ASU

2016

for the

fiscal year ended

June 30, 2017

using a modified retrospective approach, effective as if adopted the

first

day of the fiscal year,

July 1, 2016.

As a result of the adoption, the Company made an accounting policy election to account for forfeitures as they occur. The impact of the change in accounting policy has been recorded as a

$0.1

million cumulative effect adjustment as an increase to the Company’s retained earnings and a decrease to additional paid-in capital as of

January 1, 2017

to reflect actual forfeitures versus the previously-estimated forfeiture rate.

The amendments within the ASU related to the recognition of excess tax benefits and deficiencies and tax withholding requirements were adopted prospectively, with

impact to prior periods.

August 2014,

the FASB issued authoritative accounting guidance related to management

December 15, 2016,

and for annual periods and interim periods thereafter, with early application permitted. The Company adopted the standard for the fiscal year ended

June 30, 2017,

with

material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards

May 2014,

December 15, 2017.

Accordingly, the Company will adopt this guidance on

July 1, 2018.

Companies

may

January 2016,

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.

February 2016,

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,

July 1, 2019.

The Company is currently evaluating the impact that this guidance will have on the consolidated financial statements.

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.

Note 3 - Fair Value Measurements

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes to Financial Statements

Fair Value Disclosures [Text Block]

(

)

Fair Value Measurements

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

September 30, 2017

and

June 30, 2017,

The 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

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
September 30 , 2017	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	17.0	$	6.3	$	10.7	$	—
Short-term investments available-for-sale		14.5		—		14.5		—
Total	$	31.5	$	6.3	$	25.2	$	—

(in millions) June 30, 2017	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

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

September 30, 2017

and

June 30, 2017

aggregated by major security type:

(in millions)			Unrealized		Unrealized
September 30 , 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	6.3	$	-	$	-	$	6.3
Corporate notes		9.7		-		-		9.7
Commercial paper		15.5		-		-		15.5
Total	$	31.5	$	-	$	-	$	31.5

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

As of

September 30, 2017

and

June 30, 2017,

September 30, 2017,

will mature in less than

one

year.

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

September 30

2017

and

June 30, 2017,

respectively

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

inputs, approximates book value, at

September 30

2017

and

June 30, 2017.

(

)

Fair Value Measurements

three

levels of inp

uts 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 pric es 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 recu

rring basis at

June 30, 2017

and

June 30, 2016,

The Company ut

ilizes a

third

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 7	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 2016	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale	19.3			10.0		9.3		—
Total	$	20.8	$	11.5	$	9.3	$	—

The Company has had

realized gains or losses from the sale of investments for the fiscal year ended

June 30, 2017.

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

June 30, 2017

and

June 30, 2016

agg

regated by major security type:

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

(in millions)			Unrealized		Unrealized
June 30, 2016	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	1.5	$	—	$	—	$	1.5
Debt securities of U.S. government agencies		2.0		—		—		2.0
U.S. Treasury securities		7.0		—		—		7.0
Corporate notes		2.9		0.1		—		3.0
Certificates of deposit		7.3		—		—		7.3
Total	$	20.7	$	0.1	$	—	$	20.8

As of

June 30, 2017

and

June 30, 2016,

orary in nature and expects the security to mature at its stated maturity principal. All available-for-sale securities held at

June

30,

2017

will mature in less than

one

year.

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

June

30,

2017

and

June

30,

2016

. The fair value of our short-term note payable, which is measured using Level

inputs, approximates book value, at

June

30,

2017

and

June

30,

2016.

- Definition

+ References + Details

Note 4 - Accrued and Other Current Liabilities

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes to Financial Statements

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

(

)

Accrued and Other Current Liabilities

Accrued expenses consist of the following (in millions):

	September 30 , 2017		June 30, 201 7

Professional fees	$	0.4	$	0.4
Salary and benefits		0.4		0.4
Research and development expenses		1.3		1.8
Other accrued expenses		0.1		0.3
Total accrued expenses and other liabilities	$	2.2	$	2.9

(

)

Accrued and Other Current Liabilities

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

	As of June 30,
	2017		2016

Professional fees	$	0.4	$	0.1
Salary and related costs		0.4		0.6
Research and development services		1.8		2.2
Other accrued expenses		0.3		0.7
Total accrued expenses and other liabilities	$	2.9	$	3.6

Note 5 - Liabilities Related to Sale of Future Royalties

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

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

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 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

three

months ended

September 30, 2017:

	in millions
Total Liability related to sale of future royalties, June 30, 2017	$	16.7
Non-cash royalty revenue paid to HCRP		(0.2	)
Non-cash interest expense recognized		0.4
Total Liability related to sale of future royalties, September 30, 2017	$	16.9

(

)

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 in the Japanese market, for

$20

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,

201

	in millions
Total Liability related to sale of future royalties, June 30, 2016	$	18.1
Non-cash royalty revenue paid to HCRP		(3.2	)
Non-cash interest expense recognized		1.8
Total Liability related to sale of future royalties, June 30, 201 7	$	16.7

Note 6 - Net Loss Per Share

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes to Financial Statements

Earnings Per Share [Text Block]

(

)

Net Loss per share

The following tables set forth the computation of historical basic and diluted net loss per share.

	Three Months Ended September 30 ,
	2017			2016

Net loss (in millions)	$	(5.3	)	$	(10.0	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.14	)	$	(0.26	)
Diluted net loss per share	$	(0.14	)	$	(0.26	)
Number of anti-dilutive share-based awards excluded from computation		7,452,999			5,806,900

(

)

Net Loss per Share

The following table sets forth the computation of historical basic and diluted net loss per share

	Fiscal Year Ended June 30,
	201 7			201 6

Net loss (in millions)	$	(29.4	)	$	(25.4	)
Weighted average shares outstanding		38,644,395			38,635,452
Shares used to compute diluted earnings per share		38,644,395			38,635,452
Basic loss per share	$	(0.76	)	$	(0.66	)
Diluted loss per share	$	(0.76	)	$	(0.66	)
Number of antidilutive stock options excluded from computation		7,566,642			4,751,423

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

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 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. 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. Until that patent expires, the Company will receive a

royalty on GSK’s annual net sales of Relenza

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. 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

third

party licenses outside of Japan. The patent relating to hydrates and the crystalline form of LANI used in Inavir

expires in

2021

(

not

including extensions) in the U.S. and EU and in

2024

in Japan. In

February 2015,

a patent containing claims relevant to the manufacture of Inavir

was issued in Japan and expires in

December 2029.

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

Company certain royalty rights (“Royalty Rights”) related to Inavir

in the Japanese market.

The following tables summarize the key components of the Company

’s revenues (in millions):

	Three Months Ended September 30 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	0.1
Non-cash royalty revenue related to the sale of future royalties		0.1		-
Total revenue	$	0.1	$	0.1

Collaborative and contract arrangements

July 2016,

$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.

(

) 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

July 2019

in Japan. On

October 18, 2016,

the United States Court of Appeals for the Federal Circuit affirmed the rejection of all pending claims of U.S. Patent Application

No.

08/737,141.

Accordingly,

future United States royalties will be owed by GSK.

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.

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

royalty on net sales of Inavir

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

Collaborative and contract arrangements

July 2016,

$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.

The following tables summarize the key components of the Company

’s revenues (in millions):

	Fiscal Years Ended June 30,
	2017		2016
Royalty revenue – Relenza ®	$	2.5	$	4.8
– Inavir ®		3.2		4.3
Non-cash royalty revenue related to sale of royalties		3.2		0.2
Total revenue	$	8.9	$	9.3

Note 8 - Subsequent Events

3 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

(

)

Subsequent Events

October 30, 2017,

the Company announced that it had entered into

the Merger Agreement pursuant to which Vaxart., a privately-held clinical-stage company focused on developing oral recombinant vaccines from its proprietary delivery platform, would become a wholly-owned subsidiary of the Company. This transaction marks the culmination of the Company’s Strategic Review process which was initiated in

April.

The Merger will result in a combined company focused on developing orally-delivered vaccines and therapeutics to address a variety of viral infections.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial sta tements of Aviragen Therapeutics, Inc. and its wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on June 30.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparat ion of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include accruals, liabilities and obligations, tangible assets and deferred income taxes. Actual results could differ from those estimates.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, investments, accounts receivable, accounts payable , note payable and accrued liabilities. The carrying amounts of those financial instruments are considered to be representative of their respective fair values because of the short-term nature of those investments.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents and Investments Cash equivalents consist of short-term, highly liquid investments with original maturities of 90 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 ar e recorded as cash equivalents or short-term investments. Short-term investments are carried at the fair value based upon observable inputs based on quoted market prices. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Amortization and accretion are included in interest income, net, and any realized gains and losses are also included in interest income, net. All unrealized gains and losses are reported in other comprehensive loss. The cost basis of all securities sold is based on the specific identification method. Available-for-sale securities as of June 30, 2017 consisted primarily of 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 -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.
Lessee, Leases [Policy Text Block]	Leased Assets The Company accounts for its leases at their inception as either an operating or capital lease, depending on certain defined criteria. All of the Company ’s leases in effect at June 30, 2017 and 2016 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. The consolidated financial statements are presented in U.S. dollars and the functional currency of all of its subsidiaries is the U.S. dollar. The Company operates in several jurisdictions with local currencies including the Euro, the Australian dollar and the British Pound . However , the primary economic environment in which the entity operates is the U.S. dollar. Transactions and balances. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the related transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, as well as from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognized in the consolidated statements of operations.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]	Patent Expense Legal fees incurred for patent application costs for product candidates have been charged to expense and reported in general and administrative expense.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Share-Based Compensation Expense Share-based compensation expense relates to stock options, restricted stock units or other equity-based grants. The fair market value of stock options is determined at the grant date using the Black-Scholes option pricing model based on the date the grant is issued. The fair market value of restricted stock units or other equity-based grants are also determined at the grant date, based on the closing price of the Company’s common stock on that date. The value of the awards that are ultimately expected to vest is recognized 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 fut ure, the deferred tax assets are reduced by a valuation allowance. The valuation allowance is sufficient to reduce the deferred tax assets to the amount that the Company determines is more likely than not to be realized.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Revenue cons ists primarily of royalty payments. Revenue from royalties is recognized when the net sales of the underlying product by the relevant third 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 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 approve d 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 .
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; 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 facility costs. Research and development expenses 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, legal fees associated with patents and intellectual property related to our product candidates, insurance premiums, other expenses incurred as a result of being a company that is publicly traded, and depreciation and facility expenses.
Comprehensive Income, Policy [Policy Text Block]	Total Comprehensive Income Comprehensive income is defined as the total change in stockholders ’ equity during the period other than from transactions with stockholders, and for the Company, includes net income, unrealized gains and loss from available for sale securities and cumulative translation foreign currency adjustments.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016 - 09 - Improvements to Employee Share-Based Payment Accounting. This ASU simplifies several aspects of the accounting for employee share-based payments, including the accounting for employer tax withholding on share-based compensation, forfeitures and the financial statement presentation of excess tax benefits and deficiencies. The ASU also clarifies the statement of cash flows presentation for certain components of share-based awards. The Company has elected to early adopt ASU 2016 - 09 for the fiscal year ended June 30, 2017 using a modified retrospective approach, effective as if adopted the first day of the fiscal year, July 1, 2016. As a result of the adoption, the Company made an accounting policy election to account for forfeitures as they occur. The impact of the change in accounting policy has been recorded as a $0.1 million cumulative effect adjustment as an increase to the Company’s retained earnings and a decrease to additional paid-in capital as of January 1, 2017 to reflect actual forfeitures versus the previously-estimated forfeiture rate. The amendments within the ASU related to the recognition of excess tax benefits and deficiencies and tax withholding requirements were adopted prospectively, with no impact 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 ending after December 15, 2016, and for annual periods and interim periods thereafter, with early application permitted. The Company adopted the standard for the fiscal year ended June 30, 2017, with no material impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards 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, 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 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 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.

Note 3 - Short-term Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2017

Notes Tables

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

	As of June 30,
	2017		2016

Financial assets:
Cash and cash equivalents	$	17.7	$	49.7
Short-term investments	20.9		19.3
Accounts receivable, net of allowance		0.6		0.7
Total current financial assets		39.2		69.7

Financial liabilities:
Accounts payable and current accrued liabilities		4.3		7.5
Short-term note payable		0.2		0.4
Total current financial liabilities		4.5		7.9

Net financial assets	$	34.7	$	61.8

Note 4 - Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

			Quoted Prices in		Significant
			Active Markets		Other		Significant
(in millions)			for Identical Assets		Observable Inputs		Unobservable Inputs
September 30 , 2017	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	17.0	$	6.3	$	10.7	$	—
Short-term investments available-for-sale		14.5		—		14.5		—
Total	$	31.5	$	6.3	$	25.2	$	—

(in millions) June 30, 2017	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 201 7	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 2016	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale	19.3			10.0		9.3		—
Total	$	20.8	$	11.5	$	9.3	$	—

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

(in millions)			Unrealized		Unrealized
September 30 , 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	6.3	$	-	$	-	$	6.3
Corporate notes		9.7		-		-		9.7
Commercial paper		15.5		-		-		15.5
Total	$	31.5	$	-	$	-	$	31.5

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

(in millions)			Unrealized		Unrealized
June 30, 2016	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	1.5	$	—	$	—	$	1.5
Debt securities of U.S. government agencies		2.0		—		—		2.0
U.S. Treasury securities		7.0		—		—		7.0
Corporate notes		2.9		0.1		—		3.0
Certificates of deposit		7.3		—		—		7.3
Total	$	20.7	$	0.1	$	—	$	20.8

Note 5 - Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2017

Notes Tables

Property, Plant and Equipment [Table Text Block]

	As of June 30,
	2017			2016

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

Note 6 - Accrued and Other Current Liabilities (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 30 , 2017		June 30, 201 7

Professional fees	$	0.4	$	0.4
Salary and benefits		0.4		0.4
Research and development expenses		1.3		1.8
Other accrued expenses		0.1		0.3
Total accrued expenses and other liabilities	$	2.2	$	2.9

	As of June 30,
	2017		2016

Professional fees	$	0.4	$	0.1
Salary and related costs		0.4		0.6
Research and development services		1.8		2.2
Other accrued expenses		0.3		0.7
Total accrued expenses and other liabilities	$	2.9	$	3.6

Note 7 - Liabilities Related to Sale of Future Royalties (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

	in millions
Total Liability related to sale of future royalties, June 30, 2017	$	16.7
Non-cash royalty revenue paid to HCRP		(0.2	)
Non-cash interest expense recognized		0.4
Total Liability related to sale of future royalties, September 30, 2017	$	16.9

	in millions
Total Liability related to sale of future royalties, June 30, 2016	$	18.1
Non-cash royalty revenue paid to HCRP		(3.2	)
Non-cash interest expense recognized		1.8
Total Liability related to sale of future royalties, June 30, 201 7	$	16.7

Note 8 - Commitments and Contingent Liabilities (Tables)

12 Months Ended

Jun. 30, 2017

Notes Tables

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

201 8	$	0.3
201 9		0.3
20 20		0.3
Thereafter		0.2

Total minimum lease payments	$	1.1

Note 9 - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Notes Tables

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

	Fiscal Years Ended June 30,
	2017			2016
United States	$	(5.1	)	$	(4.9	)
Foreign		(24.0	)		(20.5	)

Total	$	(29.1	)	$	(25.4	)

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

	Fiscal Years Ended June 30,
	2017		2016
Current:
Federal	$	-	$	-
State		-		-
Foreign		0.3		-
Total tax expense	$	0.3	$	-

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

	Fiscal Years Ended June 30,
	201 7			201 6

Income tax (benefit) expense at federal statutory rate	$	(10.2	)	$	(8.9	)
State and local income taxes, net of federal benefit		(0.2	)		(0.2	)
Foreign tax rate differential		1.4			1.0
Change in valuation allowance		8.4			9.4
ISO expense		0.3			0.3
Japanese withholding tax		0.3			-
Foreign tax credit		-			(0.2	)
Adjustment to deferred income tax assets		0.3			(0.9	)
Other		-			(0.5	)
Income tax expense	$	0.3		$	-

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

	As of June 30,
	201 7			201 6
Deferred tax assets:
Foreign net operating loss carryforwards	$	27.9		$	20.2
US federal and state loss carryforwards		7.1			6.1
Research credits		2.4			2.2
Amortization		-			0.6
Accrued compensated-related costs		2.0			1.6
Sale of future royalty rights		5.0			5.4
Other		-			0.1
Subtotal		44.4			36.2
Less valuation allowance		(44.4	)		(36.2	)
Total net deferred taxes	$	-		$	-

Note 10 - Share-based Compensation (Tables)

12 Months Ended

Jun. 30, 2017

Notes Tables

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

	Fiscal Years Ended June 30,
	201 7			201 6
R isk-free interest rate		1.23	%		1.40	%
Dividend yield		—			—
Expected volatility		.67			.75
Expected life of options (years)		3.6			4.8
F air value of options granted	$	0.47		$	1.26

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

	Number of		Weighted Average Exercise Price		Weighted-Average Remaining Contractual		Aggregate Intrinsic Value
	Stock Options		Per Option		Term		($0000)

Balance at June 30, 201 5		3,364,117	$	5.58		7.9	$	—
Granted		1,636,667		2.17
Exercised		—		—
Forfeited or expired		(249,361)		12.77

Balance at June 30, 201 6		4,751,423		4.07		6.6	$	—
Granted		3,582,000		0.90
Exercised		—		—
Forfeited		(489,543)		2.33
E xpired		(277,238)		11.64
Balance at June 30, 2017		7,566,642	$	2.40		7.7	$	—

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

			June 30, 201 7
			Outstanding						Exercisable
Exercise Prices			Number of Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
					(In Years)
$0.49	—	$1.21		2,272,000		9.76	$	0.65		-	$	-
$1.30	—	$1.95		1,607,467		9.01		1.38		243,217		1.51
$2.02	—	$6.11		3,558,940		5.90		3.02		2,470,156		3.27
$6.65	—	$34.86		128,235		2.32		29.14		128,235		29.14
				7,566,642		7.66	$	2.40		2,841,608	$	4.28

Nonvested Restricted Stock Shares Activity [Table Text Block]

				Weighted-Average
				Grant Date
	Shares			Fair Value
Outstanding at June 30, 2015		8,750		$	3.93
Granted		—			—
Forfeited		—			—
Outstanding at June 30, 201 6		8,750			3.93
Granted		—			—
Released		(8,750	)		3.93
Forfeited		—			—
Outstanding at June 30, 201 7		—		$	—

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

	Shares			Weighted Average Grant Date Fair Value
Outstanding at June 30, 201 5		96,581		$	3.23
Awarded		2,500			2.49
Released		(45,716	)		2.44
Forfeited		(6,334	)		2.41
Unvested at June 30, 2016		47,031			7.69
Awarded		—			—
Released		—			—
Forfeited		(47,031	)		7.69
Outstanding at June 30, 2017		—		$	—

Note 12 - Net Loss Per Share (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

	Three Months Ended September 30 ,
	2017			2016

Net loss (in millions)	$	(5.3	)	$	(10.0	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.14	)	$	(0.26	)
Diluted net loss per share	$	(0.14	)	$	(0.26	)
Number of anti-dilutive share-based awards excluded from computation		7,452,999			5,806,900

	Fiscal Year Ended June 30,
	201 7			201 6

Net loss (in millions)	$	(29.4	)	$	(25.4	)
Weighted average shares outstanding		38,644,395			38,635,452
Shares used to compute diluted earnings per share		38,644,395			38,635,452
Basic loss per share	$	(0.76	)	$	(0.66	)
Diluted loss per share	$	(0.76	)	$	(0.66	)
Number of antidilutive stock options excluded from computation		7,566,642			4,751,423

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

	Three Months Ended September 30 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	0.1
Non-cash royalty revenue related to the sale of future royalties		0.1		-
Total revenue	$	0.1	$	0.1

	Fiscal Years Ended June 30,
	2017		2016
Royalty revenue – Relenza ®	$	2.5	$	4.8
– Inavir ®		3.2		4.3
Non-cash royalty revenue related to sale of royalties		3.2		0.2
Total revenue	$	8.9	$	9.3

Note 3 - Fair Value Measurements (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

			Quoted Prices in		Significant
			Active Markets		Other		Significant
(in millions)			for Identical Assets		Observable Inputs		Unobservable Inputs
September 30 , 2017	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	17.0	$	6.3	$	10.7	$	—
Short-term investments available-for-sale		14.5		—		14.5		—
Total	$	31.5	$	6.3	$	25.2	$	—

(in millions) June 30, 2017	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 201 7	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	10.9	$	5.9	$	5.0	$	—
Short-term investments available-for-sale	20.9			—		20.9		—
Total	$	31.8	$	5.9	$	25.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
(in millions)			Identical Assets		Observable Inputs		Unobservable
June 30, 2016	Total		(Level 1)		(Level 2)		Inputs (Level 3)
Cash equivalents	$	1.5	$	1.5	$	—	$	—
Short-term investments available-for-sale	19.3			10.0		9.3		—
Total	$	20.8	$	11.5	$	9.3	$	—

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

(in millions)			Unrealized		Unrealized
September 30 , 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	6.3	$	-	$	-	$	6.3
Corporate notes		9.7		-		-		9.7
Commercial paper		15.5		-		-		15.5
Total	$	31.5	$	-	$	-	$	31.5

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

(in millions)			Unrealized		Unrealized
June 30, 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	5.9	$	—	$	—	$	5.9
Commercial paper		8.5		—		—		8.5
Corporate notes		17.4		—		—		17.4
Total	$	31.8	$	—	$	—	$	31.8

(in millions)			Unrealized		Unrealized
June 30, 2016	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	1.5	$	—	$	—	$	1.5
Debt securities of U.S. government agencies		2.0		—		—		2.0
U.S. Treasury securities		7.0		—		—		7.0
Corporate notes		2.9		0.1		—		3.0
Certificates of deposit		7.3		—		—		7.3
Total	$	20.7	$	0.1	$	—	$	20.8

Note 4 - Accrued and Other Current Liabilities (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 30 , 2017		June 30, 201 7

Professional fees	$	0.4	$	0.4
Salary and benefits		0.4		0.4
Research and development expenses		1.3		1.8
Other accrued expenses		0.1		0.3
Total accrued expenses and other liabilities	$	2.2	$	2.9

	As of June 30,
	2017		2016

Professional fees	$	0.4	$	0.1
Salary and related costs		0.4		0.6
Research and development services		1.8		2.2
Other accrued expenses		0.3		0.7
Total accrued expenses and other liabilities	$	2.9	$	3.6

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

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

	in millions
Total Liability related to sale of future royalties, June 30, 2017	$	16.7
Non-cash royalty revenue paid to HCRP		(0.2	)
Non-cash interest expense recognized		0.4
Total Liability related to sale of future royalties, September 30, 2017	$	16.9

	in millions
Total Liability related to sale of future royalties, June 30, 2016	$	18.1
Non-cash royalty revenue paid to HCRP		(3.2	)
Non-cash interest expense recognized		1.8
Total Liability related to sale of future royalties, June 30, 201 7	$	16.7

Note 6 - Net Loss Per Share (Tables)

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

	Three Months Ended September 30 ,
	2017			2016

Net loss (in millions)	$	(5.3	)	$	(10.0	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.14	)	$	(0.26	)
Diluted net loss per share	$	(0.14	)	$	(0.26	)
Number of anti-dilutive share-based awards excluded from computation		7,452,999			5,806,900

	Fiscal Year Ended June 30,
	201 7			201 6

Net loss (in millions)	$	(29.4	)	$	(25.4	)
Weighted average shares outstanding		38,644,395			38,635,452
Shares used to compute diluted earnings per share		38,644,395			38,635,452
Basic loss per share	$	(0.76	)	$	(0.66	)
Diluted loss per share	$	(0.76	)	$	(0.66	)
Number of antidilutive stock options excluded from computation		7,566,642			4,751,423

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

3 Months Ended

12 Months Ended

Sep. 30, 2017

Jun. 30, 2017

Notes Tables

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

	Three Months Ended September 30 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	0.1
Non-cash royalty revenue related to the sale of future royalties		0.1		-
Total revenue	$	0.1	$	0.1

	Fiscal Years Ended June 30,
	2017		2016
Royalty revenue – Relenza ®	$	2.5	$	4.8
– Inavir ®		3.2		4.3
Non-cash royalty revenue related to sale of royalties		3.2		0.2
Total revenue	$	8.9	$	9.3

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 2017
Retained Earnings [Member] \| Accounting Standards Update 2016-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption		$ 0.1
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20.0
Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life		5 years

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

Note 3 - Short-term Financial Instruments - Financial Assets (Details) - USD ($) $ in Millions	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Financial assets:
Cash and cash equivalents	$ 19.6	$ 17.7	$ 45.9	$ 49.7	$ 44.7
Short-term investments	14.5	20.9		19.3
Accounts receivable, net of allowance	0.1	0.6		0.7
Total current financial assets		39.2		69.7
Financial liabilities:
Accounts payable and current accrued liabilities		4.3		7.5
Short-term note payable	$ 0.2	0.2		0.4
Total current financial liabilities		4.5		7.9
Net financial assets		$ 34.7		$ 61.8

Note 4 - Fair Value Measurements (Details Textual)	3 Months Ended	12 Months Ended
Note 4 - Fair Value Measurements (Details Textual)	Sep. 30, 2017	Jun. 30, 2017
Available-for-Sale Securities, Maturity Period	1 year	1 year

Note 4 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Available for Sale Securities - Current	$ 31.5	$ 31.8	$ 20.8
Total	31.5	31.8	20.8
Fair Value, Inputs, Level 1 [Member]
Total	6.3	5.9	11.5
Fair Value, Inputs, Level 2 [Member]
Total	25.2	25.9	9.3
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	17.0	10.9	1.5
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	6.3	5.9	1.5
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	10.7	5.0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current
Short-term Investments [Member]
Available for Sale Securities - Current	14.5	20.9	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	14.5	20.9	9.3
Short-term Investments [Member] \| Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current

Note 4 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
At Cost	$ 31.5	$ 31.8	$ 20.7
Unrealized Gains			0.1
Unrealized (Losses)
Fair Value	31.5	31.8	20.8
Money Market Funds [Member]
At Cost	6.3	5.9	1.5
Unrealized Gains
Unrealized (Losses)
Fair Value	6.3	5.9	1.5
Commercial Paper [Member]
At Cost	15.5	8.5
Unrealized Gains
Unrealized (Losses)
Fair Value	15.5	8.5
US Government Agencies Debt Securities [Member]
At Cost			2.0
Unrealized Gains
Unrealized (Losses)
Fair Value			2.0
Corporate Note Securities [Member]
At Cost	9.7	17.4	2.9
Unrealized Gains			0.1
Unrealized (Losses)
Fair Value	$ 9.7	$ 17.4	3.0
US Treasury Securities [Member]
At Cost			7.0
Unrealized Gains
Unrealized (Losses)
Fair Value			7.0
Certificates of Deposit [Member]
At Cost			7.3
Unrealized Gains
Unrealized (Losses)
Fair Value			$ 7.3

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

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

Note 6 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Professional fees	$ 0.4	$ 0.4	$ 0.1
Salary and benefits	0.4	0.4	0.6
Research and development expenses	1.3	1.8	2.2
Other accrued expenses	0.1	0.3	0.7
Total accrued expenses and other liabilities	$ 2.2	$ 2.9	$ 3.6

Note 7 - Liabilities Related to Sale of Future Royalties (Details Textual) $ in Millions	1 Months Ended
	Apr. 30, 2016 USD ($)
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Deferred Revenue, Additions	$ 20.0

Note 7 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - Royalty Arrangement [Member] - HealthCare Royalty Partners III, L.P. [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Total Liability related to sale of future royalties, June 30, 2016	$ 16.7	$ 18.1
Non-cash royalty revenue paid to HCRP	(0.2)	(3.2)
Non-cash interest expense recognized	0.4	1.8
Total Liability related to sale of future royalties, June 30, 2017	$ 16.9	$ 16.7

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

Note 8 - Commitments and Contingent Liabilities - Future Minimum Lease Payments (Details) $ in Millions	Jun. 30, 2017 USD ($)
2018	$ 0.3
2019	0.3
2020	0.3
Thereafter	0.2
Total minimum lease payments	$ 1.1

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

Note 9 - Income Taxes - Summary of Income Before Taxes, Domestic and Foreign (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
United States			$ (5.1)	$ (4.9)
Foreign			(24.0)	(20.5)
Loss before tax	$ (5.3)	$ (10.0)	$ (29.1)	$ (25.4)

Note 9 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Current:
Federal
State
Foreign			0.3
Total tax expense			$ 0.3

Note 9 - Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income tax (benefit) expense at federal statutory rate			$ (10.2)	$ (8.9)
State and local income taxes, net of federal benefit			(0.2)	(0.2)
Foreign tax rate differential			1.4	1.0
Change in valuation allowance			8.4	9.4
ISO expense			0.3	0.3
Japanese withholding tax			0.3
Foreign tax credit				(0.2)
Adjustment to deferred income tax assets			0.3	(0.9)
Other				(0.5)
Total tax expense			$ 0.3

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

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

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

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

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

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

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

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

Note 12 - Net Loss Per Share - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net loss	$ (5,300)	$ (10,000)	$ (29,400)	$ (25,400)
Weighted average shares outstanding (in shares)	38,649,237	38,640,487	38,644,395	38,635,452
Shares used to compute diluted earnings per share (in shares)	38,649,237	38,640,487	38,644,395	38,635,452
Basic loss per share (in dollars per share)	$ (0.14)	$ (0.26)	$ (0.76)	$ (0.66)
Diluted loss per share (in dollars per share)	$ (0.14)	$ (0.26)	$ (0.76)	$ (0.66)
Number of antidilutive stock options excluded from computation (in shares)	7,452,999	5,806,900	7,566,642	4,751,423

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2016	Sep. 30, 2017	Jun. 30, 2017
HealthCare Royalty Partners III, L.P. [Member]
Proceeds From Sale of Royalty Rights, Gross	$ 20,000,000
Georgia State University Research Foundation (GSURF) [Member]
Collaborative Arrangement, Annual Minimum Payment		$ 10,000	$ 10,000
Collaborative Agreement, Number of Years of Sponsored Research Agreement		2 years	2 years
Japan [Member] \| Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%	4.00%

Note 13 - Licenses, Royalty, Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Royalty revenue		$ 0.1	$ 5.7	$ 9.1
Non-cash royalty revenue related to the sale of future royalties	0.1		3.2	0.2
Total revenue	0.1	0.1	8.9	9.3
Relenza [Member]
Royalty revenue		$ 0.1	2.5	4.8
Inavir [Member]
Royalty revenue			$ 3.2	$ 4.3

Note 1 - Company Overview (Details Textual) - Scenario, Forecast [Member] - Merger [Member]	Mar. 31, 2018 USD ($)
Business Acquisition Value Assigned to Acquirer Assets	$ 60,000,000
Business Acquisition Value Assigned to Acquiree Assets	$ 90,000,000
Business Acquisition Percentage of Combined Company Owned by Acquiree Shareholders	60.00%
Business Acquisition Percentage of Combined Company Owned by Acquirer Shareholders	40.00%

Note 3 - Fair Value Measurements (Details Textual)	3 Months Ended	12 Months Ended
Note 3 - Fair Value Measurements (Details Textual)	Sep. 30, 2017	Jun. 30, 2017
Available-for-Sale Securities, Maturity Period	1 year	1 year

Note 3 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Available for Sale Securities - Current	$ 31.5	$ 31.8	$ 20.8
Total	31.5	31.8	20.8
Fair Value, Inputs, Level 1 [Member]
Total	6.3	5.9	11.5
Fair Value, Inputs, Level 2 [Member]
Total	25.2	25.9	9.3
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	17.0	10.9	1.5
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	6.3	5.9	1.5
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	10.7	5.0
Cash Equivalents [Member] \| Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current
Short-term Investments [Member]
Available for Sale Securities - Current	14.5	20.9	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	14.5	20.9	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	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
At Cost	$ 31.5	$ 31.8	$ 20.7
Unrealized Gains			0.1
Unrealized (Losses)
Fair Value	31.5	31.8	20.8
Money Market Funds [Member]
At Cost	6.3	5.9	1.5
Unrealized Gains
Unrealized (Losses)
Fair Value	6.3	5.9	1.5
Corporate Note Securities [Member]
At Cost	9.7	17.4	2.9
Unrealized Gains			0.1
Unrealized (Losses)
Fair Value	9.7	17.4	$ 3.0
Commercial Paper [Member]
At Cost	15.5	8.5
Unrealized Gains
Unrealized (Losses)
Fair Value	$ 15.5	$ 8.5

Note 4 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Professional fees	$ 0.4	$ 0.4	$ 0.1
Salary and benefits	0.4	0.4	0.6
Research and development expenses	1.3	1.8	2.2
Other accrued expenses	0.1	0.3	0.7
Total accrued expenses and other liabilities	$ 2.2	$ 2.9	$ 3.6

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

Note 5 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - Royalty Arrangement [Member] - HealthCare Royalty Partners III, L.P. [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Total Liability related to sale of future royalties, June 30, 2016	$ 16.7	$ 18.1
Non-cash royalty revenue paid to HCRP	(0.2)	(3.2)
Non-cash interest expense recognized	0.4	1.8
Total Liability related to sale of future royalties, June 30, 2017	$ 16.9	$ 16.7

Note 6 - Net Loss Per Share - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net loss	$ (5,300)	$ (10,000)	$ (29,400)	$ (25,400)
Weighted average shares outstanding (in shares)	38,649,237	38,640,487	38,644,395	38,635,452
Shares used to compute diluted earnings per share (in shares)	38,649,237	38,640,487	38,644,395	38,635,452
Basic loss per share (in dollars per share)	$ (0.14)	$ (0.26)	$ (0.76)	$ (0.66)
Diluted loss per share (in dollars per share)	$ (0.14)	$ (0.26)	$ (0.76)	$ (0.66)
Number of antidilutive stock options excluded from computation (in shares)	7,452,999	5,806,900	7,566,642	4,751,423

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2016	Sep. 30, 2017	Jun. 30, 2017
HealthCare Royalty Partners III, L.P. [Member]
Proceeds From Sale of Royalty Rights, Gross	$ 20,000,000
Georgia State University Research Foundation (GSURF) [Member]
Collaborative Arrangement, Annual Minimum Payment		$ 10,000	$ 10,000
Collaborative Agreement, Number of Years of Sponsored Research Agreement		2 years	2 years
United States, Europe, Japan, And Other Countries [Member] \| GSK [Member]
Royalty Payment Percentage		7.00%
Japan [Member] \| Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%	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		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Royalty revenue		$ 0.1	$ 5.7	$ 9.1
Non-cash royalty revenue related to the sale of future royalties	0.1		3.2	0.2
Total revenue	0.1	0.1	8.9	9.3
Relenza [Member]
Royalty revenue		$ 0.1	$ 2.5	$ 4.8