Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 03, 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 | 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 | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 19.6 | $ 17.7 |
Short-term investments | 14.5 | 20.9 |
Accounts receivable, net of allowance | 0.1 | 0.6 |
Prepaid and other current assets | 0.3 | 0.7 |
Total current assets | 34.5 | 39.9 |
Non-current assets: | ||
Property and equipment, net | 0.2 | 0.2 |
Total assets | 34.7 | 40.1 |
Current liabilities: | ||
Accounts payable | 1.3 | 1.4 |
Accrued expenses | 2.2 | 2.9 |
Short-term note payable | 0.2 | 0.2 |
Liability related to sale of future royalties, current portion | 1.5 | 1.4 |
Total current liabilities | 5.2 | 5.9 |
Non-current liabilities: | ||
Long-term note payable, net of current portion | 0.1 | 0.1 |
Liability related to sale of future royalties, net of current portion | 15.4 | 15.3 |
Other long-term liabilities, net of current portion | 0.1 | 0.1 |
Total liabilities | 20.8 | 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 September 30, 2017 and June 30, 2017 | 3.9 | 3.9 |
Additional paid-in capital | 160.1 | 159.6 |
Accumulated other comprehensive income | 19 | 19 |
Accumulated deficit | (169.1) | (163.8) |
Total stockholders’ equity | 13.9 | 18.7 |
Total liabilities and stockholders’ equity | $ 34.7 | $ 40.1 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 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 Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue: | ||
Royalty revenue | $ 0.1 | |
Non-cash royalty revenue related to the sale of future royalties | 0.1 | |
Total revenue | 0.1 | 0.1 |
Operating expense: | ||
Research and development | 2.8 | 7.6 |
General and administrative | 2.3 | 2.2 |
Foreign exchange (gain) loss, net | (0.1) | |
Total operating expense | 5.1 | 9.7 |
Loss from operations | (5) | (9.6) |
Other (expense) income: | ||
Non-cash interest expense on liability related to sale of future royalties | (0.4) | (0.4) |
Interest income | 0.1 | |
Total other (expense) income | (0.3) | (0.4) |
Loss before tax | (5.3) | (10) |
Income tax expense | ||
Net loss | $ (5.3) | $ (10) |
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 Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Sep. 30, 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 | $ 18.7 |
Net loss | (5.3) | (5.3) | |||
Share-based compensation | 0.5 | $ 0.5 | |||
Balances (in shares) at Sep. 30, 2017 | 38,649,237 | 38,649,237 | |||
Balances at Sep. 30, 2017 | $ 3.9 | $ 160.1 | $ (169.1) | $ 19 | $ 13.9 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (5.3) | $ (10) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 0.5 | 0.4 |
Non-cash interest expense related to sale of future royalties | 0.4 | 0.4 |
Non-cash royalty revenue related to sale of future royalties | (0.1) | |
Change in operating assets and liabilities: | ||
Accounts receivables | 0.5 | |
Prepaid expenses and other current assets | 0.4 | (1.2) |
Accounts payable and accrued expenses | (0.9) | (0.3) |
Net cash used in operating activities | (4.5) | (10.7) |
Cash flows from investing activities: | ||
Purchases of short and long-term investments | (7) | |
Maturity of short-term investments | 13.4 | 6.9 |
Net cash provided by investing activities | 6.4 | 6.9 |
Increase (decrease) in cash and cash equivalents | 1.9 | (3.8) |
Cash and cash equivalents at beginning of period | 17.7 | 49.7 |
Cash and cash equivalents at end of period | $ 19.6 | $ 45.9 |
Note 1 - Company Overview
Note 1 - Company Overview | 3 Months Ended |
Sep. 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 2 BTA074 (teslexivir), an antiviral treatment for condyloma caused by human papillomavirus types 6 11; BTA585 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 not may not may On October 30, 2017, October 27, 2017, ’s Strategic Review process which was initiated in April. The exchange ratio in the merger agreement was determined by Vaxart assigning $60,000,000 $90,000,000 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 60% 40% first 2018, 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. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | ( 2 Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 01 X. no ’s Annual Report on Form 10 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 September 30, 2017 not may June 30, 2018. June 30, 2017 10 The Company ’s significant accounting policies have not June 30, 2017. Recently Issued Accounting Standards In May 2014, December 15, 2017. July 1, 2018. may In January 2016, December 15, 2017. July 1, 2018. In February 2016, twelve December 15, 2018, July 1, 2019. In August 2016, July 1, 2018. not |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 3 Fair Value Measurements A fair value hierarchy has been established that requires the Company to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy describes three may Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 not Level 3 Unobservable inputs that are supported by little or no The following table sets forth the financial assets and liabilities that were measured at fair value on a recurring basis at September 30, 2017 June 30, 2017, The Company ’s short-term investments have been classified as Level 2, third no 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 The following table shows the unrealized gains and losses and fair values for those investments as of September 30, 2017 June 30, 2017 (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 June 30, 2017, September 30, 2017, one 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, . The fair value of the Company’s short-term note payable, which is measured using Level 2 September 30 , 2017 and June 30, 2017. |
Note 4 - Accrued and Other Curr
Note 4 - Accrued and Other Current Liabilities | 3 Months Ended |
Sep. 30, 2017 | |
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): 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 |
Note 5 - Liabilities Related to
Note 5 - Liabilities Related to Sale of Future Royalties | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | ( 5 Liabilities Related to Sale of Future Royalties In April 2016, ® $20 no not The following table shows the activity within the liability account during the three 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 |
Note 6 - Net Loss Per Share
Note 6 - Net Loss Per Share | 3 Months Ended |
Sep. 30, 2017 | |
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 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 |
Note 7 - Licenses, Royalty Coll
Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements | 3 Months Ended |
Sep. 30, 2017 | |
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 ® ® ® July 2019 7% ® The Company also generates royalty revenue from the sale of Inavir ® ® ® 4% ® ® third ® 2021 not 2024 February 2015, ® December 2029. In April 2016, $20 Company certain royalty rights (“Royalty Rights”) related to Inavir ® 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 In July 2016, $10,000 two |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 8 Subsequent Events On October 30, 2017, 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 exchange ratio in the merger agreement was determined by Vaxart assigning $60,000,000 $90,000,000 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 60% 40% first 2018, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy 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 10 10 01 X. no ’s Annual Report on Form 10 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 September 30, 2017 not may June 30, 2018. June 30, 2017 10 The Company ’s significant accounting policies have not June 30, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In May 2014, December 15, 2017. July 1, 2018. may In January 2016, December 15, 2017. July 1, 2018. In February 2016, twelve December 15, 2018, July 1, 2019. In August 2016, July 1, 2018. not |
Note 3 - Fair Value Measureme16
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 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 $ — |
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 |
Note 4 - Accrued and Other Cu17
Note 4 - Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Sep. 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 |
Note 5 - Liabilities Related 18
Note 5 - Liabilities Related to Sale of Future Royalties (Tables) | 3 Months Ended |
Sep. 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 |
Note 6 - Net Loss Per Share (Ta
Note 6 - Net Loss Per Share (Tables) | 3 Months Ended |
Sep. 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 |
Note 7 - Licenses, Royalty Co20
Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements (Tables) | 3 Months Ended |
Sep. 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 |
Note 1 - Company Overview (Deta
Note 1 - Company Overview (Details Textual) - Scenario, Forecast [Member] - Merger [Member] | Mar. 31, 2018USD ($) |
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 Measureme22
Note 3 - Fair Value Measurements (Details Textual) | 3 Months Ended |
Sep. 30, 2017 | |
Available-for-Sale Securities, Maturity Period | 1 year |
Note 3 - Fair Value Measureme23
Note 3 - Fair Value Measurements - Summary of Investments (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 |
Available for Sale Securities - Current | $ 31.5 | $ 31.8 |
Total | 31.5 | 31.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Total | 6.3 | 5.9 |
Fair Value, Inputs, Level 2 [Member] | ||
Total | 25.2 | 25.9 |
Fair Value, Inputs, Level 3 [Member] | ||
Total | ||
Cash Equivalents [Member] | ||
Available for Sale Securities - Current | 17 | 10.9 |
Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available for Sale Securities - Current | 6.3 | 5.9 |
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available for Sale Securities - Current | 10.7 | 5 |
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 |
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 | 14.5 | 20.9 |
Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available for Sale Securities - Current |
Note 3 - Fair Value Measureme24
Note 3 - Fair Value Measurements - Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 |
At Cost | $ 31.5 | $ 31.8 |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | 31.5 | 31.8 |
Money Market Funds [Member] | ||
At Cost | 6.3 | 5.9 |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | 6.3 | 5.9 |
Corporate Note Securities [Member] | ||
At Cost | 9.7 | 17.4 |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | 9.7 | 17.4 |
Commercial Paper [Member] | ||
At Cost | 15.5 | 8.5 |
Unrealized Gains | ||
Unrealized (Losses) | ||
Fair Value | $ 15.5 | $ 8.5 |
Note 4 - Accrued and Other Cu25
Note 4 - Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 |
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 |
Note 5 - Liabilities Related 26
Note 5 - Liabilities Related to Sale of Future Royalties (Details Textual) $ in Millions | 1 Months Ended |
Apr. 30, 2016USD ($) | |
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member] | |
Deferred Revenue, Additions | $ 20 |
Note 5 - Liabilities Related 27
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 | 3 Months Ended |
Sep. 30, 2017USD ($) | |
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 |
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 | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net loss | $ (5.3) | $ (10) |
Weighted-average shares outstanding (in shares) | 38,649,237 | 38,640,487 |
Shares used to compute diluted earnings per share (in shares) | 38,649,237 | 38,640,487 |
Basic net loss per share (in dollars per share) | $ (0.14) | $ (0.26) |
Diluted net loss per share (in dollars per share) | $ (0.14) | $ (0.26) |
Number of anti-dilutive share-based awards excluded from computation (in shares) | 7,452,999 | 5,806,900 |
Note 7 - Licenses, Royalty Co29
Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended |
Apr. 30, 2016 | Sep. 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 | |
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 Co30
Note 7 - Licenses, Royalty Collaborative and Contractual Arrangements - Components of Revenues From Royalties, Collaborative and Contractual Agreements (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Royalty revenue | $ 0.1 | |
Non-cash royalty revenue related to the sale of future royalties | 0.1 | |
Total revenue | 0.1 | 0.1 |
Relenza [Member] | ||
Royalty revenue | $ 0.1 |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - Scenario, Forecast [Member] - Merger [Member] | Mar. 31, 2018USD ($) |
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% |