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

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 29.4	$ 17.7
Short-term investments		20.9
Accounts receivable, net of allowance	2.5	0.6
Prepaid and other current assets	0.5	0.7
Total current assets	32.4	39.9
Non-current assets:
Property and equipment, net	0.2	0.2
Total assets	32.6	40.1
Current liabilities:
Accounts payable	1.7	1.4
Accrued expenses	2.5	2.9
Short-term note payable	0.3	0.2
Liability related to sale of future royalties, current portion	1.2	1.4
Total current liabilities	5.7	5.9
Non-current liabilities:
Long-term note payable, net of current portion		0.1
Liability related to sale of future royalties, net of current portion	16.0	15.3
Other long-term liabilities, net of current portion	0.1	0.1
Total liabilities	21.8	21.4
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.10 par value: 5,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.10 par value: 200,000,000 shares authorized; 38,649,237 shares issued and outstanding at December 31, 2017 and June 30, 2017	3.9	3.9
Additional paid-in capital	160.4	159.6
Accumulated other comprehensive income	19.0	19.0
Accumulated deficit	(172.5)	(163.8)
Total stockholders’ equity	10.8	18.7
Total liabilities and stockholders’ equity	$ 32.6	$ 40.1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2017	Jun. 30, 2017
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	38,649,237	38,649,237
Common stock, shares outstanding (in shares)	38,649,237	38,649,237

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Revenue:
Royalty revenue		$ 1.5		$ 1.6
Non-cash royalty revenue related to the sale of future royalties	2.7	2.3	2.8	2.3
Total revenue	2.7	3.8	2.8	3.9
Operating expense:
Research and development	2.5	10.2	5.3	17.8
General and administrative	3.1	2.1	5.4	4.3
Foreign exchange (gain) loss, net		0.1
Total operating expense	5.6	12.4	10.7	22.1
Loss from operations	(2.9)	(8.6)	(7.9)	(18.2)
Other (expense) income:
Non-cash interest expense on liability related to sale of future royalties	(0.4)	(0.5)	(0.8)	(0.9)
Interest income		0.1	0.1	0.1
Total other (expense) income	(0.4)	(0.4)	(0.7)	(0.8)
Loss before tax	(3.3)	(9.0)	(8.6)	(19.0)
Income tax expense	0.1	0.1	0.1	0.1
Net loss	$ (3.4)	$ (9.1)	$ (8.7)	$ (19.1)
Basic and diluted net loss per share (in dollars per share)	$ (0.09)	$ (0.24)	$ (0.23)	$ (0.49)
Basic and diluted weighted-average shares outstanding (in shares)	38,649,237	38,640,487	38,649,237	38,640,487

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Dec. 31, 2017 - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Jun. 30, 2017	38,649,237				38,649,237
Balances at Jun. 30, 2017	$ 3.9	$ 159.6	$ (163.8)	$ 19.0	$ 18.7
Net loss			(8.7)		(8.7)
Share-based compensation		0.8			$ 0.8
Balances (in shares) at Dec. 31, 2017	38,649,237				38,649,237
Balances at Dec. 31, 2017	$ 3.9	$ 160.4	$ (172.5)	$ 19.0	$ 10.8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (8.7)	$ (19.1)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	0.8	0.9
Non-cash interest expense related to sale of future royalties	0.8	0.9
Non-cash royalty revenue related to sale of future royalties, net of withholding tax	(2.7)	(2.3)
Change in operating assets and liabilities:
Accounts receivables	0.3	(1.4)
Prepaid expenses and other current assets	0.2	(0.1)
Accounts payable and accrued expenses	0.1	1.4
Net cash used in operating activities	(9.2)	(19.7)
Cash flows from investing activities:
Purchases of short and long-term investments	(7.0)	(8.4)
Maturity of short-term investments	27.9	16.6
Net cash provided by investing activities	20.9	8.2
Cash flows from financing activities:
Payment on note payable		(0.1)
Net used in financing activities		(0.1)
Increase (decrease) in cash and cash equivalents	11.7	(11.6)
Cash and cash equivalents at beginning of period	17.7	49.7
Cash and cash equivalents at end of period	$ 29.4	$ 38.1

Note 1 - Company Overview

6 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Nature of Operations [Text Block]

1 )	Company Overview

Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has

three

Phase

clinical stage compounds:

BTA074

(teslexivir), an antiviral treatment for condyloma caused by human papillomavirus types

11;

vapendavir, a capsid inhibitor for the prevention or treatment of rhinovirus upper respiratory infections; and

BTA585

(enzaplatovir), a fusion protein inhibitor in development for the treatment of respiratory syncytial virus (RSV) 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.

October 30, 2017,

the Company announced that it had entered into a definitive Agreement and Plan of Merger and Reorganization dated as of

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 clinical-stage pharmaceutical company focused on developing Vaxart’s oral recombinant vaccines and Aviragen’s direct-acting antivirals to treat infections that have limited therapeutic options.

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

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

February 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., Chief Executive Officer of Vaxart, will serve as Chief Executive Officer of the combined company.

Prior to the completion of the proposed merger, t

he Company plans to continue to finance its operations with existing cash, cash equivalents and investments.

Note 2 - Basis of Presentation

6 Months Ended

Dec. 31, 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

and

six

months ended

December 31, 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.

Note 3 - Fair Value Measurements

6 Months Ended

Dec. 31, 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

Quoted prices in active markets for identical assets or liabilities.

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

The following table sets forth the financial assets and liabilities that were measured at fair value on a recurring basis at

December 31, 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
December 31 , 2017	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	18.7	$	7.0	$	11.7	$	—
Short-term investments available-for-sale		—		—		—		—
Total	$	18.7	$	7.0	$	11.7	$	—

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

Cash equivalents consist primarily of money market funds

, corporate notes and commercial paper with original maturities of

or fewer days when purchased. Short-term investments consist of certificates of deposit, corporate securities, U.S. Treasury securities and

U.S. agency securities, classified as available-for-sale and have maturities less than

365

days from the date of acquisition.

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

December 31, 2017

and

June 30, 2017

aggregated by major security type:

(in millions)			Unrealized		Unrealized
December 31 , 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	7.0	$	-	$	-	$	7.0
Corporate notes		6.5		-		-		6.5
Commercial paper		5.2		-		-		5.2
Total	$	18.7	$	-	$	-	$	18.7

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

As of

December 31, 2017

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

December 31, 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

December 31

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

December 31

2017

and

June 30, 2017.

- Definition

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

+ References + Details

Note 4 - Accrued and Other Current Liabilities

6 Months Ended

Dec. 31, 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):

	December 31 , 2017		June 30, 201 7

Professional fees	$	0.7	$	0.4
Salary and benefits		1.3		0.4
Research and development expenses		0.5		1.8
Other accrued expenses		-		0.3
Total accrued expenses and other liabilities	$	2.5	$	2.9

Note 5 - Liabilities Related to Sale of Future Royalties

6 Months Ended

Dec. 31, 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

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 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

December 31, 2017:

	in millions
Total Liability related to sale of future royalties, June 30, 2017	$	16.7
Non-cash royalty revenue paid to HCRP		(0.3	)
Non-cash interest expense recognized		0.8
Total Liability related to sale of future royalties, December 31, 2017	$	17.2

Note 6 - Net Loss Per Share

6 Months Ended

Dec. 31, 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 December 31 ,
	2017			2016

Net loss (in millions)	$	(3.4	)	$	(9.1	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.09	)	$	(0.24	)
Diluted net loss per share	$	(0.09	)	$	(0.24	)
Number of anti-dilutive share-based awards excluded from computation		6,898,629			5,645,543

	Six Months Ended December 31 ,
	2017			2016

Net loss (in millions)	$	(8.7	)	$	(19.1	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.23	)	$	(0.49	)
Diluted net loss per share	$	(0.23	)	$	(0.49	)
Number of anti-dilutive share-based awards excluded from computation		6,898,629			5,645,543

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements

6 Months Ended

Dec. 31, 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 December 31 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	1.5
Non-cash royalty revenue related to the sale of future royalties		2.7		2.3
Total revenue	$	2.7	$	3.8

	Six Months Ended December 31 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	1.6
Non-cash royalty revenue related to the sale of future royalties		2.8		2.3
Total revenue	$	2.8	$	3.9

Collaborative and contract arrangements

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.

Note 8 - Income Taxes

6 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(

)

Income Taxes

December 22, 2017,

the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U. S. corporate income tax rates and implementing a territorial tax system. Since the Company is a calendar year tax filer, the lower corporate income tax rate will be effective beginning

January 1, 2018.

Based upon the provisions of the Tax Act, the Company

’s deferred tax assets and liabilities will be remeasured to incorporate the lower corporate tax rate of

21%

into its tax provision; however, since the Company maintains a full valuation allowance, there is

net impact to income tax expense reported the Company’s financial statements for the periods presented as the provisional valuation allowance will be adjusted accordingly. At this time, the Company is still evaluating the impact of this remeasurement.

There are also certain transitional impacts of the Tax Act. As part of the transition to the new territorial tax system, the Tax Act imposes a

one

-time repatriation tax on deemed repatriation of historical earnings and profits (“E&P”) of foreign subsidiaries. In reviewing the E&P from our foreign subsidiaries in connection with the

one

-time transition tax, the Company has estimated that

provisional amount needs to be recorded as of

December 31, 2017.

The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act

may

differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates. The Securities Exchange Commission has issued rules that would allow for a measurement period of up to

one

year after the enactment date of the Tax Act to finalize the recording of the related tax impacts.

Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy 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

and

six

months ended

December 31, 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.

New Accounting Pronouncements, Policy [Policy Text Block]

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 (Tables)

6 Months Ended

Dec. 31, 2017

Notes Tables

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

			Quoted Prices in		Significant
			Active Markets		Other		Significant
(in millions)			for Identical Assets		Observable Inputs		Unobservable Inputs
December 31 , 2017	Total		(Level 1)		(Level 2)		(Level 3)
Cash equivalents	$	18.7	$	7.0	$	11.7	$	—
Short-term investments available-for-sale		—		—		—		—
Total	$	18.7	$	7.0	$	11.7	$	—

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

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

(in millions)			Unrealized		Unrealized
December 31 , 2017	At Cost		Gains		(Losses)		At Fair Value
Money market funds	$	7.0	$	-	$	-	$	7.0
Corporate notes		6.5		-		-		6.5
Commercial paper		5.2		-		-		5.2
Total	$	18.7	$	-	$	-	$	18.7

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

Note 4 - Accrued and Other Current Liabilities (Tables)

6 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31 , 2017		June 30, 201 7

Professional fees	$	0.7	$	0.4
Salary and benefits		1.3		0.4
Research and development expenses		0.5		1.8
Other accrued expenses		-		0.3
Total accrued expenses and other liabilities	$	2.5	$	2.9

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

6 Months Ended

Dec. 31, 2017

Notes Tables

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

	in millions
Total Liability related to sale of future royalties, June 30, 2017	$	16.7
Non-cash royalty revenue paid to HCRP		(0.3	)
Non-cash interest expense recognized		0.8
Total Liability related to sale of future royalties, December 31, 2017	$	17.2

Note 6 - Net Loss Per Share (Tables)

6 Months Ended

Dec. 31, 2017

Notes Tables

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

	Three Months Ended December 31 ,
	2017			2016

Net loss (in millions)	$	(3.4	)	$	(9.1	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.09	)	$	(0.24	)
Diluted net loss per share	$	(0.09	)	$	(0.24	)
Number of anti-dilutive share-based awards excluded from computation		6,898,629			5,645,543

	Six Months Ended December 31 ,
	2017			2016

Net loss (in millions)	$	(8.7	)	$	(19.1	)
Weighted-average shares outstanding		38,649,237			38,640,487
Dilutive effect of restricted stock and stock options		-			-
Shares used to compute diluted earnings per share		38,649,237			38,640,487
Basic net loss per share	$	(0.23	)	$	(0.49	)
Diluted net loss per share	$	(0.23	)	$	(0.49	)
Number of anti-dilutive share-based awards excluded from computation		6,898,629			5,645,543

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

6 Months Ended

Dec. 31, 2017

Notes Tables

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

	Three Months Ended December 31 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	1.5
Non-cash royalty revenue related to the sale of future royalties		2.7		2.3
Total revenue	$	2.7	$	3.8

	Six Months Ended December 31 ,
	2017		2016
	(in millions)
Royalty revenue - Relenza ®	$	-	$	1.6
Non-cash royalty revenue related to the sale of future royalties		2.8		2.3
Total revenue	$	2.8	$	3.9

Note 1 - Company Overview (Details Textual) - Scenario, Forecast [Member] - Merger [Member]	Feb. 28, 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)	6 Months Ended
Note 3 - Fair Value Measurements (Details Textual)	Dec. 31, 2017
Available-for-Sale Securities, Maturity Period	1 year

Note 3 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
Available for Sale Securities - Current	$ 18.7	$ 31.8
Total	18.7	31.8
Fair Value, Inputs, Level 1 [Member]
Total	7.0	5.9
Fair Value, Inputs, Level 2 [Member]
Total	11.7	25.9
Fair Value, Inputs, Level 3 [Member]
Total
Cash Equivalents [Member]
Available for Sale Securities - Current	18.7	10.9
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current	7.0	5.9
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current	11.7	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		20.9
Short-term Investments [Member] \| Fair Value, Inputs, Level 1 [Member]
Available for Sale Securities - Current
Short-term Investments [Member] \| Fair Value, Inputs, Level 2 [Member]
Available for Sale Securities - Current		20.9
Short-term Investments [Member] \| Fair Value, Inputs, Level 3 [Member]
Available for Sale Securities - Current

Note 3 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jun. 30, 2017
At Cost	$ 18.7	$ 31.8
Unrealized Gains
Unrealized (Losses)
Fair Value	18.7	31.8
Money Market Funds [Member]
At Cost	7.0	5.9
Unrealized Gains
Unrealized (Losses)
Fair Value	7.0	5.9
Corporate Note Securities [Member]
At Cost	6.5	17.4
Unrealized Gains
Unrealized (Losses)
Fair Value	6.5	17.4
Commercial Paper [Member]
At Cost	5.2	8.5
Unrealized Gains
Unrealized (Losses)
Fair Value	$ 5.2	$ 8.5

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

Note 5 - Liabilities Related 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

Note 5 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - Royalty Arrangement [Member] - HealthCare Royalty Partners III, L.P. [Member] $ in Millions	6 Months Ended
	Dec. 31, 2017 USD ($)
Total Liability related to sale of future royalties, June 30, 2017	$ 16.7
Non-cash royalty revenue paid to HCRP	(0.3)
Non-cash interest expense recognized	0.8
Total Liability related to sale of future royalties, December 31, 2017	$ 17.2

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

Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2016	Dec. 31, 2017
HealthCare Royalty Partners III, L.P. [Member]
Proceeds From Sale of Royalty Rights, Gross	$ 20,000,000
Georgia State University Research Foundation (GSURF) [Member]
Collaborative Arrangement, Annual Minimum Payment		$ 10,000
Collaborative Agreement, Number of Years of Sponsored Research Agreement		2 years
United States, Europe, Japan, And Other Countries [Member] \| GSK [Member]
Royalty Payment Percentage		7.00%
Japan [Member] \| Daiichi Sankyo [Member]
Royalty Payment Percentage		4.00%

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

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