Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 06, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Aviragen Therapeutics, Inc. | |
Entity Central Index Key | 72,444 | |
Trading Symbol | avir | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 38,649,237 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Dec. 31, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 38.1 | $ 49.7 |
Short-term investments | 11.1 | 19.3 |
Accounts receivable, net of allowance | 4.2 | 0.7 |
Prepaid and other current assets | 2.8 | 2.7 |
Total current assets | 56.2 | 72.4 |
Non-current assets: | ||
Property and equipment, net | 0.3 | 0.3 |
Total assets | 56.5 | 72.7 |
Current liabilities: | ||
Accounts payable | 3.4 | 3.9 |
Accrued expenses | 5.6 | 3.6 |
Short-term note payable | 0.3 | 0.4 |
Liability related to sale of future royalties, current portion | 1.2 | 1.3 |
Total current liabilities | 10.5 | 9.2 |
Non-current liabilities: | ||
Long-term note payable, net of current portion | 0.2 | 0.3 |
Liability related to sale of future royalties, net of current portion | 17.6 | 16.8 |
Other long-term liabilities, net of current portion | 0.2 | 0.2 |
Total liabilities | 28.5 | 26.5 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.10 par value: 5,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, $0.10 par value: 200,000,000 shares authorized; 38,640,487 shares issued and outstanding at December 31, 2016 and June 30, 2016 | 3.9 | 3.9 |
Additional paid-in capital | 158.5 | 157.6 |
Accumulated other comprehensive income | 19 | 19 |
Accumulated deficit | (153.4) | (134.3) |
Total stockholders’ equity | 28 | 46.2 |
Total liabilities and stockholders’ equity | $ 56.5 | $ 72.7 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 38,640,487 | 38,640,487 |
Common stock, shares outstanding (in shares) | 38,640,487 | 38,640,487 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | ||||
Royalty revenue | $ 1.5 | $ 1.7 | $ 1.6 | $ 3.4 |
Non-cash royalty revenue related to the sale of future royalties | 2.3 | 2.3 | ||
Total revenue | 3.8 | 1.7 | 3.9 | 3.4 |
Operating expense: | ||||
Research and development | 10.2 | 6.3 | 17.8 | 11.8 |
General and administrative | 2.1 | 2.1 | 4.3 | 4.4 |
Foreign exchange (gain) loss, net | 0.1 | (0.2) | 0.5 | |
Total operating expense | 12.4 | 8.2 | 22.1 | 16.7 |
Loss from operations | (8.6) | (6.5) | (18.2) | (13.3) |
Other (expense) income: | ||||
Non-cash interest expense on liability related to sale of future royalties | (0.5) | (0.9) | ||
Interest income | 0.1 | 0.1 | 0.1 | |
Total other (expense) income | (0.4) | (0.8) | 0.1 | |
Loss before tax | (9) | (6.5) | (19) | (13.2) |
Income tax expense | 0.1 | 0.1 | ||
Net loss | $ (9.1) | $ (6.5) | $ (19.1) | $ (13.2) |
Basic and diluted net loss per share (in dollars per share) | $ (0.24) | $ (0.17) | $ (0.49) | $ (0.34) |
Basic and diluted weighted-average shares outstanding (in shares) | 38,640,487 | 38,636,946 | 38,640,487 | 38,630,587 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Dec. 31, 2016 - USD ($) $ in Millions | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Jun. 30, 2016 | 38,640,487 | 38,640,487 | |||
Balances at Jun. 30, 2016 | $ 3.9 | $ 157.6 | $ (134.3) | $ 19 | $ 46.2 |
Net loss | (19.1) | (19.1) | |||
Share-based compensation | 0.9 | $ 0.9 | |||
Balances (in shares) at Dec. 31, 2016 | 38,640,487 | 38,640,487 | |||
Balances at Dec. 31, 2016 | $ 3.9 | $ 158.5 | $ (153.4) | $ 19 | $ 28 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (19.1) | $ (13.2) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 0.9 | 1.2 |
Non-cash interest expense related to sale of future royalties | 0.9 | |
Non-cash royalty revenue related to sale of future royalties | (2.3) | |
Change in operating assets and liabilities: | ||
Accounts receivables | (1.4) | 7.5 |
Prepaid expenses and other current assets | (0.1) | (0.9) |
Accounts payable and accrued expenses | 1.4 | (2.8) |
Net cash used in operating activities | (19.7) | (8.2) |
Cash flows from investing activities: | ||
Purchases of short and long-term investments | (8.4) | (6.4) |
Maturity of short-term investments | 16.6 | 9 |
Net cash provided by investing activities | 8.2 | 2.6 |
Cash flows from financing activities: | ||
Payment on note payable | (0.1) | (0.1) |
Net cash used in financing activities | (0.1) | (0.1) |
Decrease in cash and cash equivalents | (11.6) | (5.7) |
Cash and cash equivalents at beginning of period | 49.7 | 44.7 |
Cash and cash equivalents at end of period | $ 38.1 | $ 39 |
Note 1 - Company Overview
Note 1 - Company Overview | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1) Company Overview Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (“Aviragen”, or the “Company”) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has four 2 BTA585, BTA074, 6 11. 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 may 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
Note 2 - Basis of Presentation | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | (2) The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 01 condensed consolidated financial statements included in the Company’s Annual Report on Form 10 September 13, 2016. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Operating results for the three six December 31, 2016 may June 30, 2017. June 30, 2016 10 The Company ’s significant accounting policies have not changed since June 30, 2016. Recent Accounting Standards In May 2014, eginning after December 15, 2017. July 1, 2018. may In August 2014, ’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, June 30, 2017. In January 2016, December 15, 2017. July 1, 2018. In February 2016, twelve December 15, 2018, July 1, 2019. In March 2016, be classified. The guidance is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, In August 2016, 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. In January 2017, usiness combinations and the definition of a business. The guidance is effective for annual periods beginning after December 15, 2017, July 1, 2018. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (3) 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 may Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table sets forth the financial assets and liabilities that were measured at fair value on a recurring basis at December 31, 2016 June 30, 2016, T he Company’s short-term investments have been classified as Level 2, third Quoted Prices in Significant Active Markets Other Significant (in millions) for Identical Assets Observable Inputs Unobservable Inputs December 31 , 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 10.7 $ 7.7 $ 3.0 $ — Short-term investments available-for-sale 11.1 — 11.1 — Total $ 21.8 $ 7.7 $ 14.1 $ — Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (in millions) Assets Inputs Inputs June 30, 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 1.5 $ 1.5 $ — $ — Short-term investments available-for-sale 19.3 10.0 9.3 — Total $ 20.8 $ 11.5 $ 9.3 $ — Cash equivalents consist primarily of money market funds. Short-term investments consist of certificates of deposit, corporate securities, U.S. Treasury securities and U.S. agency securities, classified as available-for-sale and have maturities less than 365 The following table shows the unrealized gains and losses and fair values for those investments as of December 31, 2016 June 30, 2016 (in millions) Unrealized Unrealized December 31 , 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 7.7 $ - $ - 7.7 Corporate notes 9.4 - - 9.4 Commercial paper 3.0 - - 3.0 Certificates of deposit 1.7 - - 1.7 Total $ 21.8 $ - $ - 21.8 (in millions) Unrealized Unrealized June 30, 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 1.5 $ — $ — $ 1.5 Debt securities of U.S. government agencies 2.0 — — 2.0 U.S. Treasury securities 7.0 — — 7.0 Corporate notes 2.9 0.1 — 3.0 Certificates of deposit 7.3 — — 7.3 Total $ 20.7 $ 0.1 $ — $ 20.8 As of December 31, 2016, As of June 30, 2016, December 31, 2016, one December 31, 2016 June 30, 2016. 2 December 31, 2016 June 30, 2016. |
Note 4 - Accrued and Other Curr
Note 4 - Accrued and Other Current Liabilities | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | (4) Accrued and Other Current Liabilities Accrued expenses consist of the following (in millions): December 31 , 201 6 June 30, 201 6 Professional fees $ 0.5 $ 0.1 Salary and benefits 0.5 0.6 Research and development expenses 4.6 2.2 Other accrued expenses - 0.7 Total accrued expenses and other liabilities $ 5.6 $ 3.6 |
Note 5 - Liabilities Related to
Note 5 - Liabilities Related to Sale of Future Royalties | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | ( 5) In April 2016, ® $20 December 31, 2016 June 30, 2016, $2.2 $0.2 In order to record the amortization of the liability, the Company is requir ed to estimate the total amount of future royalty payments to be received under the License Agreement with Daiichi Sankyo and the payments that will be passed through to HCRP over the life of the agreement. The sum of the pass through amounts less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The Company will periodically assess the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, the Company will adjust the amortization of the liability and interest rate. As a result of this accounting, even though the Company does not retain HCRP’s share of the royalties, it will continue to record non-cash revenue related to those royalties until the amount of the associated liability and related interest is fully amortized . The following table shows the activity within the liability account during the six December 31, 2016: in millions Total Liability related to sale of future royalties, June 30, 201 6 $ 18.1 Non-cash royalty revenue paid to HCRP (0.2 ) Non-cash interest expense recognized 0.9 Total Liability related to sale of future royalties, December 31, 2016 $ 18.8 |
Note 6 - Net Loss Per Share
Note 6 - Net Loss Per Share | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (6 ) Net Loss per share Basic and diluted net loss per share has been computed based on net loss and the weighted-average number of common shares outstanding during the applicable period. For diluted net loss per share, common stock equivalents (shares of common stock issuable upon the exercise of stock options and unvested restricted stock units) are excluded from the calculation as their inclusion would be anti-dilutive. The Company has excluded all anti-dilutive share-based awards to purchase common stock in periods indicating a loss, as their effect is anti-dilutive. The following table s set forth the computation of historical basic and diluted net loss per share. Three Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (9.1 ) $ (6.5 ) Weighted-average shares outstanding 38,640,487 38,636,946 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,636,946 Basic net loss per share $ (0.24 ) $ (0.17 ) Diluted net loss per share $ (0.24 ) $ (0.17 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,631,556 Six Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (19.1 ) $ (13.2 ) Weighted-average shares outstanding 38,640,487 38,630,587 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,630,587 Basic net income (loss) per share $ (0.49 ) $ (0.34 ) Diluted net loss per share $ (0.49 ) $ (0.34 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,619,210 |
Note 7 - Licenses, Royalty, Col
Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Collaborative Arrangement Disclosure [Text Block] | (7 ) Licenses, Royalty Collaborative and Contractual Arrangements Royalty agreements The Company entered into a royalty-bearing research and license agreement with GlaxoSmithKline (“GSK”) in 1990 7% ® 10% ® ® ® July 2019 The Company also generates royalty revenue from the sale of Inavir ® September 2010, ® 4% ® third 2024. In April 2016, $20 ® The following tables summarize the key components of the Company ’s revenues (in millions): Three Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.5 $ 1.0 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.8 $ 1.7 Six Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.6 $ 2.7 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.9 $ 3.4 Collaborative and contract arrangements In July 2016, $10,000 two In connection with the Company ’s BTA585 December 2016, |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation | 6 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 8 ) Share-based Compensation On November 10, 2016, 2016 2016 4,794,137 may 2016 2007 2016 2016 For the three December 31, 2016 2015, $0.5 $0.6 six December 31, 2016 2015, $0.9 $1.2 No no three six December 31, 2016 2015. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 01 condensed consolidated financial statements included in the Company’s Annual Report on Form 10 September 13, 2016. The unaudited interim condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All inter-company transactions and balances are eliminated in consolidation. Operating results for the three six December 31, 2016 may June 30, 2017. June 30, 2016 10 The Company ’s significant accounting policies have not changed since June 30, 2016. |
Basis of Accounting, Policy [Policy Text Block] | Recent Accounting Standards In May 2014, eginning after December 15, 2017. July 1, 2018. may In August 2014, ’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, June 30, 2017. In January 2016, December 15, 2017. July 1, 2018. In February 2016, twelve December 15, 2018, July 1, 2019. In March 2016, be classified. The guidance is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, In August 2016, 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. In January 2017, usiness combinations and the definition of a business. The guidance is effective for annual periods beginning after December 15, 2017, July 1, 2018. We do not expect the adoption of this guidance to have a material impact on the consolidated financial statements. |
Note 3 - Fair Value Measureme16
Note 3 - Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Prices in Significant Active Markets Other Significant (in millions) for Identical Assets Observable Inputs Unobservable Inputs December 31 , 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 10.7 $ 7.7 $ 3.0 $ — Short-term investments available-for-sale 11.1 — 11.1 — Total $ 21.8 $ 7.7 $ 14.1 $ — Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (in millions) Assets Inputs Inputs June 30, 201 6 Total (Level 1) (Level 2) (Level 3) Cash equivalents $ 1.5 $ 1.5 $ — $ — Short-term investments available-for-sale 19.3 10.0 9.3 — Total $ 20.8 $ 11.5 $ 9.3 $ — |
Unrealized Gain (Loss) on Investments [Table Text Block] | (in millions) Unrealized Unrealized December 31 , 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 7.7 $ - $ - 7.7 Corporate notes 9.4 - - 9.4 Commercial paper 3.0 - - 3.0 Certificates of deposit 1.7 - - 1.7 Total $ 21.8 $ - $ - 21.8 (in millions) Unrealized Unrealized June 30, 201 6 At Cost Gains (Losses) At Fair Value Money market funds $ 1.5 $ — $ — $ 1.5 Debt securities of U.S. government agencies 2.0 — — 2.0 U.S. Treasury securities 7.0 — — 7.0 Corporate notes 2.9 0.1 — 3.0 Certificates of deposit 7.3 — — 7.3 Total $ 20.7 $ 0.1 $ — $ 20.8 |
Note 4 - Accrued and Other Cu17
Note 4 - Accrued and Other Current Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31 , 201 6 June 30, 201 6 Professional fees $ 0.5 $ 0.1 Salary and benefits 0.5 0.6 Research and development expenses 4.6 2.2 Other accrued expenses - 0.7 Total accrued expenses and other liabilities $ 5.6 $ 3.6 |
Note 5 - Liabilities Related 18
Note 5 - Liabilities Related to Sale of Future Royalties (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | in millions Total Liability related to sale of future royalties, June 30, 201 6 $ 18.1 Non-cash royalty revenue paid to HCRP (0.2 ) Non-cash interest expense recognized 0.9 Total Liability related to sale of future royalties, December 31, 2016 $ 18.8 |
Note 6 - Net Loss Per Share (Ta
Note 6 - Net Loss Per Share (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (9.1 ) $ (6.5 ) Weighted-average shares outstanding 38,640,487 38,636,946 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,636,946 Basic net loss per share $ (0.24 ) $ (0.17 ) Diluted net loss per share $ (0.24 ) $ (0.17 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,631,556 Six Months Ended December 31 , 201 6 201 5 Net loss (in millions) $ (19.1 ) $ (13.2 ) Weighted-average shares outstanding 38,640,487 38,630,587 Dilutive effect of restricted stock and stock options - - Shares used to compute diluted earnings per share 38,640,487 38,630,587 Basic net income (loss) per share $ (0.49 ) $ (0.34 ) Diluted net loss per share $ (0.49 ) $ (0.34 ) Number of anti-dilutive share-based awards excluded from computation 5,645,543 4,619,210 |
Note 7 - Licenses, Royalty, C20
Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.5 $ 1.0 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.8 $ 1.7 Six Months Ended December 31 , 2016 2015 (in millions) Royalty revenue - Relenza ® $ 1.6 $ 2.7 - Inavir ® - 0.7 Non-cash royalty revenue related to the sale of future royalties 2.3 - Total revenue $ 3.9 $ 3.4 |
Note 3 - Fair Value Measureme21
Note 3 - Fair Value Measurements (Details Textual) | 6 Months Ended |
Dec. 31, 2016 | |
Available-for-Sale Securities, Maturity Period | 1 year |
Note 3 - Fair Value Measureme22
Note 3 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Jun. 30, 2016 |
Available for Sale Securities - Current | $ 21.8 | $ 20.8 |
Total | 21.8 | 20.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Total | 7.7 | 11.5 |
Fair Value, Inputs, Level 2 [Member] | ||
Total | 14.1 | 9.3 |
Fair Value, Inputs, Level 3 [Member] | ||
Total | ||
Cash Equivalents [Member] | ||
Available for Sale Securities - Current | 10.7 | 1.5 |
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for Sale Securities - Current | 7.7 | 1.5 |
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for Sale Securities - Current | 3 | |
Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for Sale Securities - Current | ||
Short-term Investments [Member] | ||
Available for Sale Securities - Current | 11.1 | 19.3 |
Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for Sale Securities - Current | 10 | |
Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for Sale Securities - Current | 11.1 | 9.3 |
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for Sale Securities - Current |
Note 3 - Fair Value Measureme23
Note 3 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Jun. 30, 2016 |
At Cost | $ 21.8 | $ 20.7 |
Unrealized Gains | 0.1 | |
Unrealized (Losses) | ||
Fair Value | 21.8 | 20.8 |
Money Market Funds [Member] | ||
At Cost | 7.7 | 1.5 |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | 7.7 | 1.5 |
Corporate Note Securities [Member] | ||
At Cost | 9.4 | 2.9 |
Unrealized Gains | 0.1 | |
Unrealized (Losses) | ||
Fair Value | 9.4 | 3 |
US Government Agencies Debt Securities [Member] | ||
At Cost | 2 | |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | 2 | |
Commercial Paper [Member] | ||
At Cost | 3 | |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | 3 | |
US Treasury Securities [Member] | ||
At Cost | 7 | |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | 7 | |
Certificates of Deposit [Member] | ||
At Cost | 1.7 | 7.3 |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | $ 1.7 | $ 7.3 |
Note 4 - Accrued and Other Cu24
Note 4 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Jun. 30, 2016 |
Professional fees | $ 0.5 | $ 0.1 |
Salary and benefits | 0.5 | 0.6 |
Research and development expenses | 4.6 | 2.2 |
Other accrued expenses | 0.7 | |
Total accrued expenses and other liabilities | $ 5.6 | $ 3.6 |
Note 5 - Liabilities Related 25
Note 5 - Liabilities Related to Sale of Future Royalties (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||
Apr. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2016 | |
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member] | |||
Deferred Revenue, Additions | $ 20 | ||
Daiichi Sankyo [Member] | |||
Accounts Receivable, Net | $ 2.2 | $ 0.2 |
Note 5 - Liabilities Related 26
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, 2016USD ($) | |
Total Liability related to sale of future royalties, June 30, 2016 | $ 18.1 |
Non-cash royalty revenue paid to HCRP | (0.2) |
Non-cash interest expense recognized | 0.9 |
Total Liability related to sale of future royalties, December 31, 2016 | $ 18.8 |
Note 6 - Net Loss Per Share - C
Note 6 - Net Loss Per Share - Computation of Historical Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss | $ (9.1) | $ (6.5) | $ (19.1) | $ (13.2) |
Weighted-average shares outstanding (in shares) | 38,640,487 | 38,636,946 | 38,640,487 | 38,630,587 |
Shares used to compute diluted earnings per share (in shares) | 38,640,487 | 38,636,946 | 38,640,487 | 38,630,587 |
Basic net loss per share (in dollars per share) | $ (0.24) | $ (0.17) | $ (0.49) | $ (0.34) |
Diluted net loss per share (in dollars per share) | $ (0.24) | $ (0.17) | $ (0.49) | $ (0.34) |
Number of anti-dilutive share-based awards excluded from computation (in shares) | 5,645,543 | 4,631,556 | 5,645,543 | 4,619,210 |
Basic net income (loss) per share (in dollars per share) | $ (0.24) | $ (0.17) | $ (0.49) | $ (0.34) |
Diluted net loss per share (in dollars per share) | $ (0.24) | $ (0.17) | $ (0.49) | $ (0.34) |
Note 7 - Licenses, Royalty, C28
Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements (Details Textual) - USD ($) | Apr. 22, 2016 | Dec. 31, 2016 |
HealthCare Royalty Partners III, L.P. [Member] | ||
Proceeds From Sale of Royalty Rights, Gross | $ 20,000,000 | |
Georgia State University Research Foundation (GSURF) [Member] | ||
Collaborative Arrangement, Annual Minimum Payment | $ 10,000 | |
United States, Europe, Japan, And Other Countries [Member] | GSK [Member] | ||
Royalty Payment Percentage | 7.00% | |
Australia, New Zealand, South Africa, and Indonesia [Member] | GSK [Member] | ||
Royalty Payment Percentage | 10.00% | |
Japan [Member] | Daiichi Sankyo [Member] | ||
Royalty Payment Percentage | 4.00% |
Note 7 - Licenses, Royalty, C29
Note 7 - Licenses, Royalty, Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Royalty revenue | $ 1.5 | $ 1.7 | $ 1.6 | $ 3.4 |
Non-cash royalty revenue related to the sale of future royalties | 2.3 | 2.3 | ||
Total revenue | 3.8 | 1.7 | 3.9 | 3.4 |
Relenza [Member] | ||||
Royalty revenue | 1.5 | 1 | 1.6 | 2.7 |
Inavir [Member] | ||||
Royalty revenue | $ 0.7 | $ 0.7 |
Note 8 - Share-based Compensa30
Note 8 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 10, 2016 | |
Allocated Share-based Compensation Expense | $ 500 | $ 600 | $ 900 | $ 1,200 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 0 | 0 | 0 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ 0 | $ 0 | $ 0 | $ 0 | |
The 2016 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,794,137 |