View Filing Data

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2013	Jan. 31, 2014	Jun. 30, 2013
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Entity Registrant Name	BIOCRYST PHARMACEUTICALS INC
Entity Central Index Key	0000882796
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		59,384,525
Entity Public Float			$ 83,060,095

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 21,164	$ 20,891
Restricted cash	151	308
Investments	16,891	14,708
Receivables	2,115	4,562
Prepaid expenses and other current assets	1,725	1,097
Deferred collaboration expense	75	412
Total current assets	42,121	41,978
Investments	2,582	1,151
Furniture and equipment, net	306	583
Deferred collaboration expense	237	5,033
Other assets	3,620	8,694
Total assets	48,866	57,439
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	4,174	3,974
Accrued expenses	5,742	9,860
Interest payable	3,867	1,998
Deferred collaboration revenue	1,473	1,392
Total current liabilities	15,256	17,224
Deferred collaboration revenue	4,736	5,920
Foreign currency derivative		4,749
Non-recourse notes payable	30,000	30,000
Stockholders' equity:
Preferred stock, $0.001 par value; shares authorized - 5,000; no shares outstanding
Common stock, $0.01 par value; shares authorized - 95,000; shares issued and outstanding - 59,092 in 2013 and 50,893 in 2012	591	509
Additional paid-in capital	420,988	391,611
Accumulated other comprehensive income	4	27
Accumulated deficit	(422,709)	(392,601)
Total stockholders' (deficit) equity	(1,126)	(454)
Total liabilities and stockholders' equity	$ 48,866	$ 57,439

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	95,000	95,000
Common stock, shares issued	59,092	50,893
Common stock, shares outstanding	59,092	50,893

Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues
Royalty revenue	$ 2,562	$ 3,317
Collaborative and other research and development	14,769	22,976	19,643
Total revenues	17,331	26,293	19,643
Expenses
Research and development	42,730	51,464	57,249
General and administrative	5,220	6,826	11,981
Royalty	98	132
Restructuring		1,759
Total operating expenses	48,048	60,181	69,230
Loss from operations	(30,717)	(33,888)	(49,587)
Interest and other income	93	222	413
Interest expense	(4,778)	(4,666)	(3,774)
Gain (loss) on foreign currency derivative	5,294	(749)	(4,000)
Net loss	$ (30,108)	$ (39,081)	$ (56,948)
Basic and diluted net loss per common share	$ (0.55)	$ (0.79)	$ (1.26)
Weighted average shares outstanding	55,216	49,474	45,144
Unrealized loss on available for sale investments	$ (23)	$ (13)	$ (65)
Comprehensive loss	$ (30,131)	$ (39,094)	$ (57,013)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities:
Net loss	$ (30,108)	$ (39,081)	$ (56,948)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, amortization, and impairment	304	628	886
Gain on disposal of furniture and equipment	(47)
Stock-based compensation expense	4,368	4,167	4,772
Amortization of debt issuance costs	439	439	356
Change in fair value of foreign currency derivative	(5,294)	749	4,000
Changes in operating assets and liabilities:
Receivables from collaborations	2,447	1,269	24,396
Inventory		263	635
Prepaid expenses and other assets	(620)	(623)	626
Deferred collaboration expense	5,133	2,301	1,309
Accounts payable and accrued expenses	(2,049)	2,068	(10,731)
Deferred collaboration revenue	(1,103)	(9,577)	(1,552)
Net cash used in operating activities:	(26,530)	(37,397)	(32,251)
Investing activities:
Acquisition of furniture and equipment	(30)	(113)	(55)
Proceeds from sale furniture and equipment	50
Change in restricted cash	157	317
Purchases of investments	(23,974)	(16,153)	(45,500)
Sales and maturities of investments	20,330	40,833	56,873
Net cash (used in) provided by investing activities:	(3,467)	24,884	11,318
Financing activities:
Sale of common stock, net	23,633	17,805	1,027
Exercise of stock options	1,333	534	278
Employee stock purchase plan sales	124	321	300
Purchases of treasury stock			(61)
Issuance of non-recourse notes payable, net			25,691
Receipt (payment) of foreign currency derivative collateral	5,180	(1,700)	(3,480)
Net cash provided by financing activities:	30,270	16,960	23,755
Increase in cash and cash equivalents	273	4,447	2,822
Cash and cash equivalents at beginning of year	20,891	16,444	13,622
Cash and cash equivalents at end of year	$ 21,164	$ 20,891	$ 16,444

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2010	$ 65,503	$ 450	$ 361,520	$ 105	$ (296,572)
Net loss	(56,948)				(56,948)
Other comprehensive loss	(65)			(65)
Exercise of stock options, 184, 348, 563 shares, net for the year 2011, 2012 and 2013 respectively	278	2	276
Employee stock purchase plan sales, 94, 110, 89 shares for the year 2011, 2012 and 2013 respectively	300	1	299
Issuance of common stock, 437, 4774, 7547 shares, net for the year 2011, 2012 and 2013 respectively	1,027	4	1,023
Purchases of treasury stock, 12 shares	(61)		(61)
Stock-based compensation expense	4,772		4,772
Ending Balance at Dec. 31, 2011	14,806	457	367,829	40	(353,520)
Net loss	(39,081)				(39,081)
Other comprehensive loss	(13)			(13)
Exercise of stock options, 184, 348, 563 shares, net for the year 2011, 2012 and 2013 respectively	539	3	536
Employee stock purchase plan sales, 94, 110, 89 shares for the year 2011, 2012 and 2013 respectively	321	1	320
Issuance of common stock, 437, 4774, 7547 shares, net for the year 2011, 2012 and 2013 respectively	18,807	48	18,759
Stock-based compensation expense	4,167		4,167
Ending Balance at Dec. 31, 2012	(454)	509	391,611	27	(392,601)
Net loss	(30,108)				(30,108)
Other comprehensive loss	(23)			(23)
Exercise of stock options, 184, 348, 563 shares, net for the year 2011, 2012 and 2013 respectively	1,333	6	1,327
Employee stock purchase plan sales, 94, 110, 89 shares for the year 2011, 2012 and 2013 respectively	124	1	123
Issuance of common stock, 437, 4774, 7547 shares, net for the year 2011, 2012 and 2013 respectively	23,634	75	23,559
Stock-based compensation expense	4,368		4,368
Ending Balance at Dec. 31, 2013	$ (1,126)	$ 591	$ 420,988	$ 4	$ (422,709)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Exercise of stock options	563	348	184
Employee stock purchase plan sales, shares	89	110	94
Sale of common stock, shares	7,547	4,774	437
Purchases of treasury stock, shares			12
Common Stock [Member]
Exercise of stock options	563	348	184
Employee stock purchase plan sales, shares	89	110	94
Sale of common stock, shares	7,547	4,774	437
Additional Paid-In Capital [Member]
Exercise of stock options	563	348	184
Employee stock purchase plan sales, shares	89	110	94
Sale of common stock, shares	7,547	4,774	437
Purchases of treasury stock, shares			12

Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies

Note 1 — Significant Accounting Policies

The Company

BioCryst Pharmaceuticals, Inc. (the “Company”) is a biotechnology company that designs, optimizes and develops novel drugs that block key enzymes involved in the pathogenesis of diseases. The Company focuses on rare and infectious diseases in which unmet medical needs exist and that are aligned with its capabilities and expertise. The Company was incorporated in Delaware in 1986 and its headquarters is located in Durham, North Carolina. The Company integrates the disciplines of biology, crystallography, medicinal chemistry and computer modeling to discover and develop small molecule pharmaceuticals through the process known as structure-guided drug design. BioCryst has incurred losses and negative cash flows from operations since inception.

In the fourth quarter of 2012, the Company implemented a restructuring plan to significantly reduce its cost structure. Based on its current operating plans, the Company expects it has sufficient liquidity, with its existing cash and investments of $40,788, to continue its planned operations into the first quarter of 2015. The Company’s liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events in the future. In order to continue its operations substantially beyond the first quarter of 2015 it will need to: (1) successfully secure or increase U.S. Government funding of its programs; (2) out-license rights to certain of its product candidates, pursuant to which the Company would receive cash milestones; (3) raise additional capital through equity or debt financings or from other sources; (4) obtain product candidate regulatory approvals, which would generate revenue and cash flow; (5) reduce spending on one or more research and development programs; and/or (6) restructure operations. The Company will continue to incur operating losses and negative cash flows until revenues reach a level sufficient to support ongoing operations.

Basis of Presentation

Beginning in March 2011, the consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, JPR Royalty Sub LLC (“Royalty Sub”). Royalty Sub was formed in connection with a $30,000 financing transaction the Company completed on March 9, 2011. See Note 3, Royalty Monetization, for a further description of this transaction. All intercompany transactions and balances have been eliminated.

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Such consolidated financial statements reflect all adjustments that are, in management’s opinion, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows. There were no adjustments other than normal recurring adjustments.

Cash and Cash Equivalents

The Company generally considers cash equivalents to be all cash held in commercial checking accounts, money market accounts or investments in debt instruments with maturities of three months or less at the time of purchase. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these items.

Restricted Cash

Restricted cash as of December 31, 2013 includes $150 ($300 as of December 31, 2012) that the Company is required to maintain in an interest bearing money market account to serve as collateral for a corporate credit card program. The remaining $1 and $8 in restricted cash for December 31, 2013 and December 31, 2012 respectively relate to royalty receipts paid by Shionogi & Co. Ltd. (“Shionogi”) designated for interest on the PhaRMA Notes (see Note 3).

Investments

The Company invests in high credit quality investments in accordance with its investment policy, which is designed to minimize the possibility of loss. The objective of the Company’s investment policy is to ensure the safety and preservation of invested funds, as well as maintaining liquidity sufficient to meet cash flow requirements. The Company places its excess cash with high credit quality financial institutions, commercial companies, and government agencies in order to limit the amount of its credit exposure. In accordance with its policy, the Company is able to invest in marketable debt securities that may consist of U.S. Government and government agency securities, money market and mutual fund investments, municipal and corporate notes and bonds, commercial paper and asset or mortgage-backed securities, among others. The Company’s investment policy requires it to purchase high-quality marketable securities with a maximum individual maturity of three years and requires an average portfolio maturity of no more than 18 months. Some of the securities the Company invests in may have market risk. This means that a change in prevailing interest rates may cause the principal amount of the investment to fluctuate. To minimize this risk, the Company schedules its investments with maturities that coincide with expected cash flow needs, thus avoiding the need to redeem an investment prior to its maturity date. Accordingly, the Company does not believe it has a material exposure to interest rate risk arising from its investments. Generally, the Company’s investments are not collateralized. The Company has not realized any significant losses from its investments.

The Company classifies all of its investments as available-for-sale. Unrealized gains and losses on investments are recognized in comprehensive loss, unless an unrealized loss is considered to be other than temporary, in which case the unrealized loss is charged to operations. The Company periodically reviews its investments for other than temporary declines in fair value below cost basis and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company believes the individual unrealized losses represent temporary declines primarily resulting from interest rate changes. Realized gains and losses are reflected in interest and other income in the Consolidated Statements of Comprehensive Loss and are determined using the specific identification method with transactions recorded on a settlement date basis. Investments with original maturities at date of purchase beyond three months and which mature at or less than 12 months from the balance sheet date are classified as current. Investments with a maturity beyond 12 months from the balance sheet date are classified as long-term. At December 31, 2013, the Company believes that the costs of its investments are recoverable in all material respects.

The following tables summarize the fair value of the Company’s investments by type. The estimated fair value of the Company’s fixed income investments are classified as Level 2 in the fair value hierarchy as defined in U.S. GAAP with the exception of U.S. Treasury securities, which are classified as Level 1. These valuations are based on observable direct and indirect inputs, primarily quoted prices of similar, but not identical, instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. These fair values are obtained from independent pricing services which utilize Level 2 inputs.


	December 31, 2013
					Gross		Gross
	Amortized		Accrued		Unrealized		Unrealized		Estimated
	Cost		Interest		Gains		Losses		Fair Value
Obligations of U.S. Government and its agencies	$	4,899	$	1	$	1	$	—	$	4,901
Corporate debt securities		8,528		47		2		1		8,576
Commercial paper		5,994		—		2		—		5,996

Total investments	$	19,421	$	48	$	5	$	1	$	19,473


	December 31, 2012
					Gross		Gross
	Amortized		Accrued		Unrealized		Unrealized		Estimated
	Cost		Interest		Gains		Losses		Fair Value
U.S. Treasury securities	$	999	$	2	$	2	$	—	$	1,003
Obligations of U.S. Government and its agencies		3,505		6		2		—		3,513
Corporate debt securities		4,035		22		6		—		4,063
Commercial paper		1,695		—		1		—		1,696
Municipal obligations		5,541		27		16		—		5,584

Total investments	$	15,775	$	57	$	27	$	—	$	15,859

The following table summarizes the scheduled maturity for the Company’s investments at December 31, 2013 and 2012.


	2013		2012
Maturing in one year or less	$	16,891	$	14,708
Maturing after one year through two years		2,582		1,151
Maturing after two years		—		—

Total investments	$	19,473	$	15,859

Receivables

Receivables are recorded for amounts due to the Company related to reimbursable research and development costs from the U.S. Department of Health and Human Services or royalty receivables from Shionogi & Co. Ltd. These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At December 31, 2013 and 2012 the Company had the following receivables.


	December 31, 2013
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	90	$	1,573	$	1,663
Shionogi & Co. Ltd.		452		—		452

Total receivables	$	542	$	1,573	$	2,115


	December 31, 2012
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	150	$	3,888	$	4,038
Shionogi & Co. Ltd.		524		—		524

Total receivables	$	674	$	3,888	$	4,562

Monthly invoices are submitted to the U.S. Department of Health and Human Services related to reimbursable research and development costs. The Company is also entitled to monthly reimbursement of indirect costs based on rates stipulated in the underlying contract. The Company’s calculations of its indirect cost rates are subject to audit by the federal government.

Inventory

At December 31, 2013 and 2012, the Company’s inventory consisted of peramivir finished goods inventory and supplies for the manufacture of peramivir. Inventory is stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or market. The Company expenses costs related to the production of inventories as research and development expenses in the period incurred until such time it is believed that future economic benefit is expected to be recognized, which generally is reliant upon receipt of regulatory approval. Upon regulatory approval, the Company will capitalize subsequent costs related to the production of inventories.

During 2012, in connection with the termination of the peramivir Phase 3 301 clinical trial, the Company decided to fully reserve its supplies inventory for the manufacture of peramivir.

The Company’s inventory consisted of the following:


	As of December 31,
	2013			2012
Supplies	$	263		$	263
Finished goods		3,980			3,980
Reserve for finished goods and supplies		(4,243	)		(4,243	)

Net inventories	$	—		$	—

Furniture and Equipment

Furniture and equipment are recorded at cost. Depreciation is computed using the straight-line method with estimated useful lives of five and seven years. Laboratory equipment, office equipment, and software are depreciated over a life of five years. Furniture and fixtures are depreciated over a life of seven years. Leasehold improvements are amortized over their estimated useful lives or the remaining lease term, whichever is less.

In accordance with generally accepted accounting principles, the Company periodically reviews its furniture and equipment for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the assets, the assets are written down to their estimated fair values. Furniture and equipment to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

Patents and Licenses

The Company seeks patent protection on all internally developed processes and products. All patent related costs are expensed to research development expenses when incurred as recoverability of such expenditures is uncertain.

Accrued Expenses

The Company generally enters into contractual agreements with third-party vendors who provide research and development, manufacturing, and other services in the ordinary course of business. Some of these contracts are subject to milestone-based invoicing and services are completed over an extended period of time. The Company records liabilities under these contractual commitments when it determines an obligation has been incurred, regardless of the timing of the invoice. This process involves reviewing open contracts and purchase orders, communicating with applicable Company personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of actual cost. The majority of service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of accrued expenses as of each balance sheet date in its financial statements based on the facts and circumstances. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued expenses include:

•

fees paid to Clinical Research Organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials;

•

fees paid to investigative sites in connection with clinical trials;

•

fees paid to contract manufacturers in connection with the production of our raw materials, drug substance and drug products; and

•

professional fees.

The Company bases its expenses related to clinical trials on its estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and clinical research organizations that conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Accrued expenses as of December 31, 2013 and 2012 included $2,210 and $6,573, respectively, of research and development costs.

Income Taxes

The liability method is used in the Company’s accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse.

Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive (loss) income is comprised of unrealized gains and losses on investments available-for-sale and is disclosed as a separate component of stockholders’ equity.

Revenue Recognition

The Company recognizes revenues from collaborative and other research and development arrangements and product sales. Revenue is realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller’s price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured.

Collaborative and Other Research and Development Arrangements and Royalties

Revenue from license fees, royalty payments, event payments, and research and development fees are recognized as revenue when the earnings process is complete and the Company has no further continuing performance obligations or the Company has completed the performance obligations under the terms of the agreement. Fees received under licensing agreements that are related to future performance are deferred and recognized over an estimated period determined by management based on the terms of the agreement and the products licensed. In the event a license agreement contains multiple deliverables, the Company evaluates whether the deliverables are separate or combined units of accounting. Revisions to revenue or profit estimates as a result of changes in the estimated revenue period are recognized prospectively.

Under certain of our license agreements, the Company receives royalty payments based upon our licensees’ net sales of covered products. The Company recognizes royalty revenues when it can reliably estimate such amounts and collectability is reasonably assured.

Royalty revenue paid by Shionogi on their product sales is subject to returns. Prior to the third quarter of 2012, the Company did not have sufficient historical experience to reasonably estimate product returns and therefore could not reasonably record the underlying revenue. As of the end of the second quarter of 2012, the Company deferred recognition of all RAPIACTA^® royalty revenue from Shionogi sales in 2011 and the first six months of 2012. During the third quarter of 2012, and after the completion of the 2011/2012 flu season in Japan, the Company obtained sufficient historical information to reasonably estimate product returns and recognized royalty revenue of $2,848, net of an allowance for estimated returns. During the fourth quarter of 2012, the Company recognized royalty revenue of $469, for a total of $3,317 in 2012.

Reimbursements received for direct out-of-pocket expenses related to research and development costs are recorded as revenue in the Consolidated Statements of Comprehensive Loss rather than as a reduction in expenses. Event payments are recognized as revenue upon the achievement of specified events if (1) the event is substantive in nature and the achievement of the event was not reasonably assured at the inception of the agreement and (2) the fees are non-refundable and non-creditable. Any event payments received prior to satisfying these criteria are recorded as deferred revenue. Under the Company’s contracts with BARDA/HHS and NIAID/HHS, revenue is recognized as reimbursable direct and indirect costs are incurred.

Product Sales

Sales are recognized when there is persuasive evidence that an arrangement exists, title has passed, the price was fixed and determinable, and collectability is reasonably assured. Product sales are recognized net of estimated allowances, discounts, sales returns, chargebacks and rebates. Product sales recognized during 2010 were not subject to a contractual right of return.

The Company recorded the following revenues for the years ended December 31:


	2013		2012		2011
Royalty revenue	$	2,562	$	3,317	$	—
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		13,585		14,026		17,099
Shionogi (Japan)		1,184		1,184		1,181
Mundipharma (United Kingdom)		—		7,766		1,277
Grants (United States)		—		—		86

Total collaborative and other research and development revenues		14,769		22,976		19,643

Total revenues	$	17,331	$	26,293	$	19,643

Research and Development Expenses

The Company’s research and development costs are charged to expense when incurred. Research and development expenses include all direct and indirect development costs related to the development of the Company’s portfolio of product candidates. Advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized. Such amounts are recognized as expense when the related goods are delivered or the related services are performed. Research and development expenses include, among other items, personnel costs, including salaries and benefits, manufacturing costs, clinical, regulatory, and toxicology services performed by CROs, materials and supplies, and overhead allocations consisting of various administrative and facilities related costs. Most of the Company’s manufacturing and clinical and preclinical studies are performed by third-party CROs. Costs for studies performed by CROs are accrued by the Company over the service periods specified in the contracts and estimates are adjusted, if required, based upon the Company’s on-going review of the level of services actually performed.

Additionally, the Company has license agreements with third parties, such as Albert Einstein College of Medicine of Yeshiva University (“AECOM”), Industrial Research, Ltd. (“IRL”), and the University of Alabama at Birmingham (“UAB”), which require fees related to sublicense agreements or maintenance fees. The Company expenses sublicense payments as incurred unless they are related to revenues that have been deferred, in which case the expenses are deferred and recognized over the related revenue recognition period. The Company expenses maintenance payments as incurred.

Deferred collaboration expenses represent sub-license payments, paid to the Company’s academic partners upon receipt of consideration from various commercial partners, and other consideration paid to our academic partners for modification to existing license agreements. These deferred expenses would not have been incurred without receipt of such payments or modifications from the Company’s commercial partners and are being expensed in proportion to the related revenue being recognized. The Company believes that this accounting treatment appropriately matches expenses with the associated revenue.

Stock-Based Compensation

All share-based payments, including grants of stock option awards and restricted stock awards, are recognized in the Company’s Consolidated Statements of Comprehensive Loss based on their fair values. The fair value of stock option awards is estimated using the Black-Scholes option pricing model. The fair value of restricted stock awards is based on the grant date closing price of the common stock. Stock-based compensation cost is recognized as expense on a straight-line basis over the requisite service period of the award.

Interest Expense and Deferred Financing Costs

Interest expense for the years ended December 31, 2013 and 2012 was $4,778 and $4,666, respectively, and relates to the issuance of the PhaRMA Notes. Costs directly associated with the issuance of the PhaRMA Notes have been capitalized and are included in other non-current assets on the Consolidated Balance Sheets. These costs are being amortized to interest expense over the term of the PhaRMA Notes using the effective interest rate method. Amortization of deferred financing costs included in interest expense for the years ended December 31, 2013 and 2012 was $439, respectively.

Currency Hedge Agreement

In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company’s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the years ended December 31, 2013 and 2012 resulted in a gain of $5,294 and a loss of $749, respectively. Mark to market adjustments are determined by a third party pricing model which uses quoted prices in markets that are not actively traded and for which significant inputs are observable directly or indirectly, representing Level 2 in the fair value hierarchy as defined by generally accepted accounting principles. The Company is also required to post collateral in connection with the mark to market adjustments based on defined thresholds. As of December 31, 2013, no hedge collateral was posted under the agreement. As of December 31, 2012, $5,180 of hedge collateral was posted.

Restructuring Activities

During the fourth quarter of 2012, the Company announced a restructuring plan in response to setbacks in its development programs.

The following table sets forth activity in the restructuring liability for the years ended December 31, 2013, 2012 and 2011.


	Employee separation costs			Facilities related charges			Total
Balance at December 31, 2010	$	158		$	—		$	158
Accruals		(158	)		—			(158	)

Balance at December 31, 2011		—			—			—
Accruals		1,662			97			1,759
Payments		(58	)		—			(58	)

Balance at December 31, 2012		1,604			97			1,701
Accruals		—			(97	)		(97	)
Payments		(1,604	)		—			(1,604	)

Balance at December 31, 2013	$	—		$	—		$	—

Net Loss Per Share

Net loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted loss per share is equivalent to basic net loss per share for all periods presented herein because common equivalent shares from unexercised stock options, outstanding warrants, and common shares expected to be issued under the Company’s employee stock purchase plan were anti-dilutive. The calculation of diluted earnings per share for the years ended December 31, 2013, 2012, and 2011 does not include 2,109, 1,026 and 1,003 respectively, of potential common shares, as their impact would be anti-dilutive.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates.

Concentration of Market Risk

The Company’s primary source of revenue that has an underlying cash flow stream is the reimbursement of peramivir and BCX4430 development expenses, which was earned under a cost-plus-fixed-fee contract with BARDA/HHS and NIAID/HHS, respectively. The Company relies on BARDA/HHS and NIAID/HHS to reimburse predominantly all of the development costs for its peramivir and BCX4430 programs. Accordingly, reimbursement of these expenses represents a significant portion of the Company’s collaborative and other research and development revenues. The completion or termination of these programs/collaborations could negatively impact the Company’s future Consolidated Statements of Comprehensive Loss and Cash Flows. In addition, the Company also recognizes royalty revenue from the net sales of RAPIACTA; however, the underlying cash flow from these royalty payments goes directly to pay the interest, and then the principal, on the Company’s non-recourse notes payable. Payment of the interest and the ultimate repayment of principal of these notes will be entirely funded by future royalty payments derived from net sales of RAPIACTA. The Company’s drug development activities are performed by a limited group of third party vendors. If any of these vendors were unable to perform their services, this could significantly impact the Company’s ability to complete its drug development activities.

Credit Risk

Cash equivalents and investments are financial instruments which potentially subject the Company to concentration of risk to the extent recorded on the Consolidated Balance Sheets. The Company deposits excess cash with major financial institutions in the United States. Balances may exceed the amount of insurance provided on such deposits. The Company believes it has established guidelines for investment of its excess cash relative to diversification and maturities that maintain safety and liquidity. To minimize the exposure due to adverse shifts in interest rates, the Company maintains a portfolio of investments with an average maturity of approximately 24 months or less. This majority of the Company’s receivables are due from the U.S. Government, for which there is no assumed credit risk.

Furniture and Equipment

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Furniture and Equipment

Note 2 — Furniture and Equipment

Furniture and equipment consisted of the following at December 31:


	2013			2012
Furniture and fixtures	$	600		$	596
Office equipment		1,266			1,486
Software		1,448			1,421
Laboratory equipment		5,721			6,050
Leased equipment		63			63
Leasehold improvements		5,316			5,316

		14,414			14,932
Less accumulated depreciation and amortization		(14,108	)		(14,349	)

Furniture and equipment, net	$	306		$	583

Depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011 was $304, $628 and $886, respectively.

Royalty Monetization

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Royalty Monetization

Note 3— Royalty Monetization

Overview

On March 9, 2011, the Company completed a $30,000 financing transaction to monetize certain future royalty and milestone payments under the Shionogi Agreement, pursuant to which Shionogi licensed from the Company the rights to market RAPIACTA in Japan and, if approved for commercial sale, Taiwan. The Company received net proceeds of $22,691 from the transaction after transaction costs of $4,309 and the establishment of a $3,000 interest reserve account by Royalty Sub, available to help cover interest shortfalls in the future. All of the interest reserve account has been fully utilized through payment of the September 2012 interest payment. As of December 31, 2013, approximately $2,356 of interest due at September 1, 2013 was in arrears.

As part of the transaction, the Company entered into a purchase and sale agreement dated as of March 9, 2011 with Royalty Sub, whereby the Company transferred to Royalty Sub, among other things, (i) its rights to receive certain royalty and milestone payments from Shionogi arising under the Shionogi Agreement, and (ii) the right to receive payments under a Japanese yen/US dollar foreign currency hedge arrangement (as further described below, the “Currency Hedge Agreement”) put into place by the Company in connection with the transaction. Royalty payments will be paid by Shionogi in Japanese yen and milestone payments will paid in U.S. dollars. The Company’s collaboration with Shionogi was not impacted as a result of this transaction.

Non-Recourse Notes Payable

On March 9, 2011, Royalty Sub completed a private placement to institutional investors of $30,000 in aggregate principal amount of its PhaRMA Senior Secured 14.0% Notes due 2020 (the “PhaRMA Notes”). The PhaRMA Notes were issued by Royalty Sub under an Indenture, dated as of March 9, 2011 (the “Indenture”), by and between Royalty Sub and U.S. Bank National Association, as Trustee. Principal and interest on the PhaRMA Notes issued are payable from, and are secured by, the rights to royalty and milestone payments under the Shionogi Agreement transferred by the Company to Royalty Sub and payments, if any, made to Royalty Sub under the Currency Hedge Agreement. The PhaRMA Notes bear interest at 14% per annum, payable annually in arrears on September 1st of each year (the “Payment Date”). The Company remains entitled to receive any royalties and milestone payments related to sales of peramivir by Shionogi following repayment of the PhaRMA Notes.

Royalty Sub’s obligations to pay principal and interest on the PhaRMA Notes are obligations solely of Royalty Sub and are without recourse to any other person, including the Company, except to the extent of the Company’s pledge of its equity interests in Royalty Sub in support of the PhaRMA Notes. The Company may, but is not obligated to, make capital contributions to a capital account that may be used to redeem, or on up to one occasion pay any interest shortfall on, the PhaRMA Notes.

In September 2013, Royalty Sub paid $1,844 of interest on the PhaRMA Notes from royalty payments received from RAPIACTA ^® sales from the preceding four calendar quarters. This payment resulted in an obligation shortfall of approximately $2,356 associated with accrued interest due September 3, 2013. As stipulated under the PhaRMA Notes Indenture, if the amount available for payment on any Payment Date is insufficient to pay all of the interest due on a Payment Date, the shortfall in interest will accrue interest at the interest rate applicable to the PhaRMA Notes compounded annually. Accordingly, commencing in September 2013, the Company began accruing interest at 14% per annum on the interest shortfall of $2,356. Under the terms of the Indenture, Royalty Sub’s inability to pay the full amount of interest payable in September 2013 did not constitute an event of default under the PhaRMA Notes unless the shortfall, plus interest thereon, is not satisfied on the next succeeding Payment Date for the PhaRMA Notes, which is September 1, 2014.

The Indenture does not contain any financial covenants. The Indenture includes customary representations and warranties of Royalty Sub, affirmative and negative covenants of Royalty Sub, Events of Default and related remedies, and provisions regarding the duties of the Trustee, indemnification of the Trustee, and other matters typical for indentures used in structured financings of this type.

As of December 31, 2013, the aggregate fair value of the PhaRMA Notes approximates its carrying value of $30,000. The estimated fair value of the PhaRMA Notes is classified as Level 2 in the fair value hierarchy as defined in U.S. GAAP.

Beginning on March 9, 2012, the PhaRMA Notes became redeemable by Royalty Sub. Accordingly, the PhaRMA Notes will be redeemable at the option of Royalty Sub at any time at a redemption price equal to the percentage of the outstanding principal balance of the PhaRMA Notes being redeemed specified below for the period in which the redemption occurs, plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed.


Payment Dates (Between Indicated Dates)	Redemption Percentage
From and including March 9, 2013 to and including March 8, 2014		103.5	%
From and including March 9, 2014 and thereafter		100.0	%

Foreign Currency Hedge

In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. Under the Currency Hedge Agreement, the Company has the right to purchase dollars and sell yen at a rate of 100 yen per dollar for which the Company may be required to pay a premium in each year from 2014 through 2020, provided the Currency Hedge Agreement remains in effect. A payment of $1,950 will be required if, on May 18 of the relevant year, the U.S. dollar is worth 100 yen or less as determined in accordance with the Currency Hedge Agreement.

The Currency Hedge Agreement does not qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company’s Consolidated Statement of Comprehensive Loss. Cumulative mark to market adjustments in 2013 and 2012 resulted in a gain of $5,294 and a loss of $749, respectively. The Company is also required to post collateral in connection with the mark to market adjustments based on defined thresholds. As of December 31, 2013 and 2012, $0 and $5,180 respectively, were posted under the Currency Hedge Agreement. The Company will not be required at any time to post collateral exceeding the maximum premium payments remaining payable under the Currency Hedge Agreement. Subject to certain obligations the Company has in connection with the PhaRMA Notes, the Company has the right to terminate the Currency Hedge Agreement with respect to the 2016 through 2020 period by giving notice to the counterparty prior to May 18, 2014 and payment of a $1,950 termination fee. If the Company terminates the hedge agreement with respect to currency hedges for 2016 through 2020, the maximum obligation under the currency hedge is $5,850, including the $1,950 termination fee. If the Company lets the termination right lapse, the maximum amount of hedge collateral the Company would be required to post is $13,650.

Lease Obligations and Other Contingencies

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Lease Obligations and Other Contingencies

Note 4 — Lease Obligations and Other Contingencies

The Company has the following minimum payments under operating lease obligations that existed at December 31, 2013:


2014	$	1,048
2015		367

Total minimum payments	$	1,415

The obligations in the preceding table are primarily related to the Company’s leases for buildings in Birmingham, Alabama and Durham, North Carolina. The lease for the building in Alabama expires June 30, 2015 and has an option to renew an additional five years at the current market rate on the date of termination. The lease for the building in Durham, North Carolina expires December 31, 2014. Rent expense for operating leases was $526, $629, and $714 in 2013, 2012, and 2011, respectively.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stockholders' Equity	Note 5 — Stockholders’ Equity In June 2011, the Company entered into an At Market Issuance Sales Agreement (the “ATM Agreement”) with McNicoll, Lewis & Vlak (“MLV”) pursuant to which the Company may issue and sell $70,000 in shares of its common stock at current market prices under a Form S-3 registration statement with MLV acting as the sales agent. Subject to the terms and conditions of the ATM Agreement, MLV will use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon the Company’s instruction, including any price, time or size limits or other customary parameters or conditions the Company may impose. The Company will pay MLV an aggregate commission rate of 2% of the gross proceeds of the sales price per share of any common stock sold under the ATM Agreement depending on the number of shares sold. On June 28, 2011, the Company filed a Registration Statement on Form S-3, which became effective on July 13, 2011, for the issuance and sale of up to $70,000 of equity or other securities. During 2012, the Company sold an aggregate of 4,516 shares of common stock at an average per share price of $4.08 pursuant to the ATM Agreement for net proceeds of $17,805. During 2013, the Company sold an aggregate of 2,883 shares of common stock at an average per share price of $1.85 pursuant to the Agreement for net proceeds of $5,218. In August 2013, the Company completed a public offering of 4,600 shares of its common stock at a price of $4.40 per share, which included the underwriters’ over-allotment allocation of an additional 600 shares. Net proceeds were approximately $18,500 after deducting underwriting discounts and offering expenses. On March 15, 2012, the Company issued 193 shares of restricted common stock in lieu of a cash payment to employees as payment for their annual incentive award earned in 2011. The number of shares issued was based on the total value of the annual incentive earned in 2011 of $1,542, less $535 in withholding taxes paid in cash on the employees’ behalf, divided by the closing common stock price on March 15, 2012 of $5.23 per share.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 6 — Stock-Based Compensation

Stock Incentive Plan

As of December 31, 2013, the Company had two stock-based employee compensation plans, the Stock Incentive Plan (“Incentive Plan”) and the Employee Stock Purchase Plan (“ESPP”), both which were amended and restated in March 2012 and approved by the Company’s stockholders in May 2012. During 2007, the Company made an inducement grant outside of the Incentive Plan and ESPP to recruit a new employee to a key position within the Company. Stock-based compensation expense of $4,368 ($4,253 of expense related to the Incentive Plan, $115 of expense related to the ESPP) was recognized during 2013, while $4,167 ($4,010 of expense related to the Incentive Plan, $157 of expense related to the ESPP) was recognized during 2012, and $4,772 ($4,589 of expense related to the Incentive Plan, $146 of expense related to the ESPP and $37 of expense related to the inducement grant) was recognized during 2011.

The Company grants stock option awards and restricted stock awards to its employees, directors, and consultants under the Incentive Plan. Under the Incentive Plan, stock option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Prior to March 1, 2011, stock option awards granted to employees generally vest 25% after one year and monthly thereafter on a pro rata basis over the next three years until fully vested after four years. Commencing March 1, 2011, stock option awards granted to employees generally vest 25% each year until fully vested after four years. In January 2013, the Company made retention grants of stock option awards and restricted stock. These awards vest 50% each year until fully vested after two years. In August 2013, the Company issued 1,032 performance-based stock options. These awards vest upon successful completion of specific development milestones. As of December 31, 2013 and based on the information available at that time, it is not considered probable that any of the specific development milestones will be met and, accordingly, no compensation expense has been recognized for options under this performance based grant award. Stock option awards granted to non-employee directors of the Company generally vest monthly over one year. All stock option awards have contractual terms of 5 to 10 years. The vesting exercise provisions of all awards granted under the Incentive Plan are subject to acceleration in the event of certain stockholder-approved transactions, or upon the occurrence of a change in control as defined in the Incentive Plan.

Related activity under the Incentive Plan is as follows:


	Awards Available			Options Outstanding			Weighted Average Exercise Price
Balance at December 31, 2010		1,858			6,802		$	6.66
Plan amendment		1,600			—			—
Restricted stock awards granted		(211	)		—			—
Restricted stock awards cancelled		8			—			—
Stock option awards granted		(1,830	)		1,830			3.97
Stock option awards exercised		—			(190	)		1.57
Stock option awards cancelled		584			(584	)		5.99

Balance at December 31, 2011		2,009			7,858			6.21
Plan amendment		1,700			—			—
Restricted stock awards granted		(415	)		—			—
Restricted stock awards cancelled		86			—			—
Stock option awards granted		(1,617	)		1,617			4.65
Stock option awards exercised		—			(350	)		1.58
Stock option awards cancelled		1,052			(1,052	)		6.26

Balance at December 31, 2012		2,815			8,073			6.09
Restricted stock awards granted		(310	)		—			—
Restricted stock awards cancelled		53			—			—
Stock option awards granted		(3,277	)		3,277			3.05
Stock option awards exercised		—			(563	)		2.37
Stock option awards cancelled		1,801			(1,801	)		7.22

Balance at December 31, 2013		1,082			8,986		$	4.99

For stock option awards granted under the Incentive Plan during 2013, 2012 and 2011, the fair value was estimated on the date of grant using a Black-Scholes option pricing model and the assumptions noted in the table below. The weighted average grant date fair value of these awards granted during 2013, 2012 and 2011 was $1.28, $3.24, and $2.64, respectively. The fair value of the stock option awards is amortized to expense over the vesting periods using a straight-line expense attribution method. The following explanations describe the assumptions used by the Company to value the stock option awards granted during 2013, 2012, and 2011. The expected life is based on the average of the assumption that all outstanding stock option awards will be exercised at full vesting and the assumption that all outstanding stock option awards will be exercised at the midpoint of the current date (if already vested) or at full vesting (if not yet vested) and the full contractual term. For 2011, the expected volatility represents an average of the implied volatility on the Company’s publicly traded options, the volatility over the most recent period corresponding with the expected life, and the Company’s long-term reversion volatility. For 2012 and 2013, the expected volatility represents the volatility over the most recent period corresponding with the expected life. The Company has assumed no expected dividend yield, as dividends have never been paid to stock or option holders and will not be for the foreseeable future. The weighted average risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected term.

Weighted Average Assumptions for Stock Option Awards Granted under the Incentive Plan


	2013			2012			2011
Expected Life		4.7			5.4			5.5
Expected Volatility		84	%		87	%		80	%
Expected Dividend Yield		0.0	%		0.0	%		0.0	%
Risk-Free Interest Rate		0.7	%		0.9	%		2.2	%

The total intrinsic value of stock option awards exercised under the Incentive Plan was $738 during 2013, $877 during 2012, $374 and during 2011. The intrinsic value represents the total proceeds (fair market value at the date of exercise, less the exercise price, times the number of stock option awards exercised) received by all individuals who exercised stock option awards during the period.

The following table summarizes, at December 31, 2013, by price range: (1) for stock option awards outstanding under the Incentive Plan, the number of stock option awards outstanding, their weighted average remaining life and their weighted average exercise price; and (2) for stock option awards exercisable under the Plan, the number of stock option awards exercisable and their weighted average exercise price:


	Outstanding						Exercisable
			Weighted		Weighted				Weighted
			Average		Average				Average
			Remaining		Exercise				Exercise
Range	Number		Life		Price		Number		Price
$0 to 3		2,526		8.1	$	1.50		806	$	1.61
3 to 6		3,784		7.6		4.54		1,534		3.95
6 to 9		1,761		4.9		7.33		1,522		7.42
9 to 12		555		3.0		11.62		555		11.62
12 to 15		356		2.4		12.53		356		12.53
15 to 18		4		2.0		15.45		4		15.45

$0 to 18		8,986		6.7	$	4.99		4,777	$	6.20

The weighted average remaining contractual life of stock option awards exercisable under the Incentive Plan at December 31, 2013 was 4.9 years.

The aggregate intrinsic value of stock option awards outstanding and exercisable under the Incentive Plan at December 31, 2013 was $11,189. The aggregate intrinsic value represents the value (the period’s closing market price, less the exercise price, times the number of in-the-money stock option awards) that would have been received by all stock option award holders under the Incentive Plan had they exercised their stock option awards at the end of the year.

The total fair value of the stock option awards vested under the Incentive Plan was $3,483 during 2013, $3,373 during 2012, and $4,775 during 2011.

As of December 31, 2013, the number of stock option awards vested and expected to vest under the Incentive Plan is 8,146. The weighted average exercise price of these stock option awards is $5.11 and their weighted average remaining contractual life is 6.6 years.

The following table summarizes the changes in the number and weighted-average grant-date fair value of non-vested stock option awards during 2013:


	Non-Vested Stock Option Awards			Weighted Average Grant-Date Fair Value
Balance December 31, 2012		2,435		$	3.18
Stock option awards granted		3,277			0.80
Stock option awards vested		(1,215	)		2.87
Stock option awards forfeited		(288	)		2.00

Balance December 31, 2013		4,209		$	1.50

As of December 31, 2013, there was approximately $4,749 of total unrecognized compensation cost related to non-vested employee stock option awards and restricted stock awards granted by the Company. That cost is expected to be recognized as follows: $2,609 in 2014, $1,446 in 2015, $580 in 2016, and $114 in 2017.

Employee Stock Purchase Plan

The Company has reserved a total of 975 shares of common stock to be purchased under the ESPP, of which 88 shares remain available for purchase at December 31, 2013. Eligible employees may authorize up to 15% of their salary to purchase common stock at the lower of 85% of the beginning or 85% of the ending price during six-month purchase intervals. No more than 3 shares may be purchased by any one employee at the six-month purchase dates and no employee may purchase stock having a fair market value at the commencement date of $25 or more in any one calendar year.

There were 89, 110 and 94 shares of common stock purchased under the ESPP in 2013, 2012, and 2011, respectively, at a weighted average price per share of $1.39, $2.93, and $3.21, respectively. Expense of $115, $157, and $146, related to the ESPP was recognized during 2013, 2012, and 2011, respectively. Compensation expense for shares purchased under the ESPP related to the purchase discount and the “look-back” option were determined using a Black-Scholes option pricing model. The weighted average grant date fair values of shares granted under the ESPP during 2013, 2012, and 2011, were $1.27, $1.48, and $1.33, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 — Income Taxes

The Company has incurred net losses since inception and, consequently, has not recorded any U.S. federal and state income tax expense or benefit. The differences between the Company’s effective tax rate and the statutory tax rate in 2013, 2012, and 2011 are as follows:


	2013			2012			2011
Income tax benefit at federal statutory rate (35%)	$	(10,538	)	$	(13,678	)	$	(19,932	)
State and local income taxes net of federal tax benefit		(839	)		(1,470	)		(2,503	)
Permanent items		738			754			890
Rate change		1,892			1,147			(2,500	)
Expiration of attribute carryforwards		242			5,135			2,884
Research and development tax credits		(1,206	)		829			(2,108	)
Other		1,144			281			731
Change in valuation allowance		8,567			7,002			22,538

Income tax expense	$	—		$	—		$	—

The Company recognizes the impact of a tax position in its financial statements if it is more likely than not that the position will be sustained on audit based on the technical merits of the position. The Company has concluded that it has an uncertain tax position pertaining to its research and development credit carryforwards. The Company has established these credits based on information and calculations it believes are appropriate and the best estimate of the underlying credit. Any changes to the Company’s unrecognized tax benefits are offset by an adjustment to the valuation allowance and there would be no impact on the Company’s financial statements. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2013		2012
Balance at January 1	$	—	$	—
Additions to current year tax positions		43		—
Additions to tax positions of prior years		241		—
Reductions for tax provisions of prior years		—		—

Balance at December 31	$	284	$	—

Additionally, utilization of the Company’s net operating loss carryforwards could be subject to a substantial annual limitation due to ownership change limitations as described in Section 382 of the Internal Revenue Code and similar state provisions. The Company has performed an analysis as of December 31, 2013, and has determined that it has incurred changes in control as defined under Section 382. These ownership changes may limit the amount of net operating losses that can be utilized annually to offset future taxable income and tax.

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	2013			2012
Deferred tax assets:
Net federal and state operating losses	$	119,940		$	108,498
Research and development credits		37,348			36,142
Fixed assets		1,119			1,185
Reserve for inventories		1,612			1,654
Deferred revenue		2,151			2,645
Stock-based compensation		5,282			6,475
Foreign currency derivative		(207	)		1,851
Other		311			539

Total deferred tax assets		167,556			158,989
Valuation allowance		(167,556	)		(158,989	)

Total deferred tax liabilities		—			—

Net deferred tax assets	$	—		$	—

The majority of the Company’s deferred tax assets relate to net operating loss and research and development carryforwards that can only be realized if the Company is profitable in future periods. It is uncertain whether the Company will realize any tax benefit related to these carryforwards. Accordingly, the Company has provided a full valuation allowance against the net deferred tax assets due to uncertainties as to their ultimate realization. The valuation allowance will remain at the full amount of the deferred tax assets until it is more likely than not that the related tax benefits will be realized. The Company’s valuation allowance increased by $8,567 in 2013, $7,002 in 2012, and $22,538 in 2011.

As of December 31, 2013, the Company had federal operating loss carryforwards of $310,259, state operating loss carryforwards of $332,818, and research and development credit carryforwards of $37,348, which will expire at various dates from 2014 through 2033.

The Company’s federal and state operating loss carryforwards include $4,474 of excess tax benefits related to a deduction from the exercise of stock options. The tax benefit of these deductions has not been recognized in deferred tax assets. If utilized, the benefits from these deductions will be recorded as adjustments to additional paid-in capital.

Tax years 2010-2012 remain open to examination by the major taxing jurisdictions to which the Company is subject. Additionally, years prior to 2010 are also open to examination to the extent of loss and credit carryforwards from those years. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of its income tax provision. However, there were no provisions or accruals for interest and penalties in 2013, 2012, and 2011.

The American Taxpayer Relief Act of 2012 (the “Act”) was signed into law on January 2, 2013. The Act retroactively restored several expired business tax provisions, including the research and development credit. Because a change in tax law is accounted for in the period of enactment, the retroactive effect of the Act on the Company’s research and development business credit carryforward has been recorded in 2013 for 2012 activities. The deferred tax asset related to general business credits has also been adjusted in 2013 due to this retroactive treatment.

Employee 401(k) Plan	12 Months Ended
Employee 401(k) Plan	Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract]
Employee 401(k) Plan	Note 8 — Employee 401(k) Plan In January 1991, the Company adopted an employee retirement plan (“401(k) Plan”) under Section 401(k) of the Internal Revenue Code covering all employees. Employee contributions may be made to the 401(k) Plan up to limits established by the Internal Revenue Service. Company matching contributions may be made at the discretion of the Board of Directors. The Company made matching contributions of $313, $418, and $391, in 2013, 2012, and 2011, respectively.

Collaborative and Other Research and Development Contracts	12 Months Ended
	Dec. 31, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaborative and Other Research and Development Contracts	Note 9 — Collaborative and Other Research and Development Contracts U.S. Department of Health and Human Services (“BARDA/HHS”). In January 2007, the U.S. Department of Health and Human Services (“BARDA/HHS”) awarded the Company a $102,661, four-year contract for the advanced development of peramivir for the treatment of influenza. During 2009, peramivir clinical development shifted to focus on intravenous delivery and the treatment of hospitalized patients. To support this focus, a September 2009 contract modification was awarded to extend the intravenous (“i.v.”) peramivir program by 12 months and to increase funding by $77,191. On February 24, 2011, the Company announced that BARDA/HHS had awarded it a $55,000 contract modification, intended to fund completion of the Phase 3 development of i.v. peramivir for the treatment of patients hospitalized with influenza. This contract modification brings the total award from BARDA/HHS to $234,852 and provides funding to support the filing of a NDA to seek regulatory approval for i.v. peramivir in the U.S. In December 2013, BioCryst submitted a NDA filing for i.v. peramivir to the FDA seeking an indication as the first i.v. neuraminidase inhibitor approved in the U.S. for the treatment of acute uncomplicated influenza in adults. National Institute of Allergy and Infectious Diseases (“NIAID/HHS”). In September 2013, NIAID/HHS contracted with the Company for the development of BCX4430 as a treatment for Marburg virus disease. NIAID/HHS, part of the National Institutes of Health, made an initial award of $5.0 million to the Company. The total funding under this contract could be up to $22.0 million, if all contract options are exercised by NIAID/HHS, over a five year period. The goals of this contract are to file IND applications for intravenous i.v. and i.m. BCX4430 for the treatment of Marburg virus disease, and to conduct an initial Phase 1 human clinical trial. The aggregate $22.0 million contract and option funding supports the appropriate IND-enabling program and the initial clinical trial. As of December 31, 2013, a total of $7.5 million has been awarded under exercised options within the contract. BCX4430 is the lead compound in the Company’s BSAV research program. The contracts with BARDA/HHS and NIAID/HHS are cost-plus-fixed-fee contracts. That is, the Company is entitled to receive reimbursement for all costs incurred in accordance with the contracts provisions that are related to the development of peramivir and BCX4430 plus a fixed fee, or profit. BARDA/HHS and NIAID/HHS will make periodic assessments of progress and the continuation of the contract is based on the Company’s performance, the timeliness and quality of deliverables, and other factors. The government has rights under certain contract clauses to terminate these contracts. These contracts are terminable by the government at any time for breach or without cause. Shionogi & Co., Ltd. (“Shionogi”). In March 2007, the Company entered into an exclusive license agreement with Shionogi to develop and commercialize peramivir in Japan for the treatment of seasonal and potentially life-threatening human influenza. Under the terms of the agreement, Shionogi obtained rights to injectable formulations of peramivir in Japan. The Company developed peramivir under a license from UAB and will owe sublicense payments to them on any future milestone payments and/or royalties received by the Company from Shionogi. In October 2008, the Company and Shionogi amended the license agreement to expand the territory covered by the agreement to include Taiwan and to provide rights for Shionogi to perform a Phase 3 clinical trial in Hong Kong. Shionogi has commercially launched peramivir under the commercial name RAPIACTA in Japan. Green Cross Corporation (“Green Cross”). In June 2006, the Company entered into an agreement with Green Cross to develop and commercialize peramivir in Korea. Under the terms of the agreement, Green Cross will be responsible for all development, regulatory, and commercialization costs in Korea. The Company received a one-time license fee of $250. The license also provides that the Company will share in profits resulting from the sale of peramivir in Korea, including the sale of peramivir to the Korean government for stockpiling purposes. Furthermore, Green Cross will pay the Company a premium over its cost to supply peramivir for development and any future marketing of peramivir products in Korea. Mundipharma International Holdings Limited (“Mundipharma”). In February 2006, the Company entered into an exclusive, royalty bearing right and license agreement with Mundipharma for the development and commercialization of forodesine, a Purine Nucleoside Phosphorylase (“PNP”) inhibitor, for use in oncology (the “Original Agreement”). Under the terms of the Original Agreement, Mundipharma obtained rights to forodesine in markets across Europe, Asia, and Australasia in exchange for a $10,000 up-front payment. The Company deferred revenue recognition of the $10,000 up-front payment that was received from Mundipharma in February 2006 because the Company was involved in the continued development of forodesine. Amortization of this revenue commenced in February 2006 and was initially scheduled to end in October 2017, which is the date of expiration for the last-to-expire patent covered by the agreement. The Company also deferred revenue recognition of a $5,000 payment received from Mundipharma in connection with the initiation of a clinical trial in 2007. Amortization of this deferred revenue commenced in 2007 and was initially scheduled to end in October 2017. Under its agreement with AECOM/IRL, the Company paid sublicense payments related to these upfront cash payments received from Mundipharma. Expense recognition of these sublicense payments was deferred and recognized under the same term as the related deferred revenue. On November 11, 2011, the Company entered into the Amended and Restated License and Development Agreement (the “Amended and Restated Agreement”) with Mundipharma, amending and restating the Original Agreement. Under the terms of the Amended and Restated Agreement, Mundipharma obtained worldwide rights to forodesine. Commencing on November 11, 2011, Mundipharma controls the development and commercialization of forodesine and assumes all future development and commercialization costs. The Amended and Restated Agreement provides for the possibility of future event payments totaling $15,000 for achieving specified regulatory events for certain indications and tiered royalties ranging from mid to high single-digit percentages of net product sales in each country where forodesine is sold by Mundipharma. These royalties are subject to downward adjustments based on the then-existing patent coverage and/or the availability of generic compounds in each country. The Amended and Restated Agreement is a multiple element arrangement for accounting purposes, in which the Company is required to deliver to Mundipharma both the worldwide rights to forodesine in the field of oncology and the transfer of product data and know-how to permit Mundipharma to develop and commercialize forodesine (the “Knowledge Transfer”). The Company accounted for these elements as a combined unit of accounting as they do not have stand-alone value to Mundipharma. The worldwide license rights were granted to Mundipharma on November 11, 2011 and the Knowledge Transfer was completed during the first quarter of 2012. Completion of the Knowledge Transfer concludes the Company’s obligations under the Amended and Restated Agreement and resulted in the recognition of the unamortized deferred revenue and expense of $7,766 and $1,864, respectively, in the Consolidated Statements of Comprehensive Loss for the year ended December 31, 2012. Albert Einstein College of Medicine of Yeshiva University and Industrial Research, Ltd. (“AECOM” and “IRL” respectively). In June 2000, the Company licensed a series of potent inhibitors of PNP from AECOM and IRL, (collectively, the “Licensors”). The lead product candidates from this collaboration are forodesine and ulodesine. The Company has obtained worldwide exclusive rights to develop and ultimately distribute these, or any other, product candidates that might arise from research on these inhibitors. The Company has the option to expand the Agreement to include other inventions in the field made by the investigators or employees of the Licensors. The Company agreed to use commercially reasonable efforts to develop these drugs. In addition, the Company has agreed to pay certain milestone payments for each licensed product (which range in the aggregate from $1,400 to almost $4,000 per indication) for future development of these inhibitors, single digit royalties on net sales of any resulting product made by the Company, and to share approximately one quarter of future payments received from other third-party partners, if any. In addition, the Company has agreed to pay annual license fees, which can range from $150 to $500, that are creditable against actual royalties and other payments due to the Licensors. This agreement may be terminated by the Company at any time by giving 60 days advance notice or in the event of material uncured breach by the Licensors. In May 2010, the Company amended the licensee agreement through which the Company obtained worldwide exclusive rights to develop and ultimately distribute any product candidates that might arise from research on a series of PNP inhibitors, including forodesine and ulodesine. Under the terms of the amendment, the Licensors agreed to accept a reduction of one-half in the percentage of future payments received from third-party sub licensees of the licensed PNP inhibitors that must be paid to the Licensors. This reduction does not apply to (i) any milestone payments the Company may receive in the future under its license agreement dated February 1, 2006 with Mundipharma and (ii) royalties received from its sub licensees in connection with the sale of licensed products, for which the original payment rate will remain in effect. The rate of royalty payments to the Licensors based on net sales of any resulting product made by the Company remains unchanged. In consideration for these modifications in 2010, the Company issued to the Licensors shares of its common stock with an aggregate value of $5,911 and paid the Licensors $90 in cash. Additionally, at the Company’s sole option and subject to certain agreed upon conditions, any future non-royalty payments due to be paid by it to the Licensors under the license agreement may be made either in cash, in shares of its common stock, or in a combination of cash and shares. On November 17, 2011, the Company further amended its agreements with the Licensors whereby the Licensors agreed to accept a reduction of one-half in the percentage of Net Proceeds (as defined) received by the Company under its Amended and Restated Agreement with Mundipharma that will be paid to AECOM/IRL. On June 19, 2012, the Company further amended its agreements with AECOM/IRL whereby the parties clarified the definition of the field with respect to PNP inhibition and AECOM/IRL agreed to exclusive worldwide license of BCX4430 to BioCryst for any antiviral use. At its sole option and subject to certain agreed upon conditions, any future non-royalty payments due to be paid by the Company to AECOM/IRL under the license agreement may be made either in cash, in shares of the Company’s common stock, or in a combination of cash and shares. The University of Alabama at Birmingham (“UAB”). The Company currently has agreements with UAB for influenza neuraminidase and complement inhibitors. Under the terms of these agreements, UAB performed specific research for the Company in return for research payments and license fees. UAB has granted the Company certain rights to any discoveries in these areas resulting from research developed by UAB or jointly developed with the Company. The Company has agreed to pay single digit royalties on sales of any resulting product and to share in future payments received from other third-party partners. The Company has completed the research under the UAB agreements. These two agreements have initial 25-year terms, are automatically renewable for five-year terms throughout the life of the last patent and are terminable by the Company upon three months notice and by UAB under certain circumstances. Upon termination both parties shall cease using the other parties’ proprietary and confidential information and materials, the parties shall jointly own joint inventions and UAB shall resume full ownership of all UAB licensed products. There is currently no activity between the Company and UAB on these agreements, but when the Company licenses this technology, such as in the case of the Shionogi and Green Cross agreements, or commercializes products related to these programs, the Company will owe sublicense fees or royalties on amounts it receives.

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Note 10 — Quarterly Financial Information (Unaudited)


	First			Second			Third			Fourth
2013 Quarters
Revenues	$	3,554		$	821		$	2,389		$	10,567
Net Loss		(4,506	)		(12,172	)		(8,001	)		(5,429	)
Basic and diluted net loss per share		(0.09	)		(0.23	)		(0.14	)		(0.09	)
2012 Quarters
Revenues	$	12,221		$	4,210		$	5,761		$	4,101
Net Loss		(6,052	)		(12,276	)		(9,700	)		(11,053	)
Basic and diluted net loss per share		(0.13	)		(0.25	)		(0.19	)		(0.22	)

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2013
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 11 — Recent Accounting Pronouncements On February 5, 2013, the Financial Accounting Standards Board issued an amendment to ASU 2013-02, “Comprehensive Income (Topic 220)” (“ASU 2013-02”) to the disclosure requirements for reporting reclassifications out of accumulated other comprehensive income. ASU 2013-02 was effective for the first interim or annual period beginning after December 15, 2012. The amendment requires companies to present information about reclassification adjustments from accumulated other comprehensive income to the income statement, including the income statement line items affected by the reclassification. The information must be presented in the financial statements in a single note or on the face of the financial statements. The new accounting guidance also requires the disclosure to be cross referenced to other financial statement disclosures for reclassification items that are not reclassified to net income in their entirety in the same reporting period. The Company adopted ASU 2013-02 in the first quarter of 2013. The adoption did not have a material impact on the Company’s consolidated financial position, results of operations, or cash flows.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

The Company

The Company

Comprehensive Income

Recent Accounting Pronouncements

On February 5, 2013, the Financial Accounting Standards Board issued an amendment to ASU 2013-02, “Comprehensive Income (Topic 220)” (“ASU 2013-02”) to the disclosure requirements for reporting reclassifications out of accumulated other comprehensive income. ASU 2013-02 was effective for the first interim or annual period beginning after December 15, 2012. The amendment requires companies to present information about reclassification adjustments from accumulated other comprehensive income to the income statement, including the income statement line items affected by the reclassification. The information must be presented in the financial statements in a single note or on the face of the financial statements. The new accounting guidance also requires the disclosure to be cross referenced to other financial statement disclosures for reclassification items that are not reclassified to net income in their entirety in the same reporting period. The Company adopted ASU 2013-02 in the first quarter of 2013. The adoption did not have a material impact on the Company’s consolidated financial position, results of operations, or cash flows.

Basis of Presentation

Basis of Presentation

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Investments

Investments


	December 31, 2013
					Gross		Gross
	Amortized		Accrued		Unrealized		Unrealized		Estimated
	Cost		Interest		Gains		Losses		Fair Value
Obligations of U.S. Government and its agencies	$	4,899	$	1	$	1	$	—	$	4,901
Corporate debt securities		8,528		47		2		1		8,576
Commercial paper		5,994		—		2		—		5,996

Total investments	$	19,421	$	48	$	5	$	1	$	19,473


	December 31, 2012
					Gross		Gross
	Amortized		Accrued		Unrealized		Unrealized		Estimated
	Cost		Interest		Gains		Losses		Fair Value
U.S. Treasury securities	$	999	$	2	$	2	$	—	$	1,003
Obligations of U.S. Government and its agencies		3,505		6		2		—		3,513
Corporate debt securities		4,035		22		6		—		4,063
Commercial paper		1,695		—		1		—		1,696
Municipal obligations		5,541		27		16		—		5,584

Total investments	$	15,775	$	57	$	27	$	—	$	15,859

The following table summarizes the scheduled maturity for the Company’s investments at December 31, 2013 and 2012.


	2013		2012
Maturing in one year or less	$	16,891	$	14,708
Maturing after one year through two years		2,582		1,151
Maturing after two years		—		—

Total investments	$	19,473	$	15,859

Receivables

Receivables


	December 31, 2013
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	90	$	1,573	$	1,663
Shionogi & Co. Ltd.		452		—		452

Total receivables	$	542	$	1,573	$	2,115


	December 31, 2012
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	150	$	3,888	$	4,038
Shionogi & Co. Ltd.		524		—		524

Total receivables	$	674	$	3,888	$	4,562

Inventory

Inventory

During 2012, in connection with the termination of the peramivir Phase 3 301 clinical trial, the Company decided to fully reserve its supplies inventory for the manufacture of peramivir.

The Company’s inventory consisted of the following:


	As of December 31,
	2013			2012
Supplies	$	263		$	263
Finished goods		3,980			3,980
Reserve for finished goods and supplies		(4,243	)		(4,243	)

Net inventories	$	—		$	—

Furniture and Equipment

Furniture and Equipment

Patents and Licenses

Patents and Licenses

Accrued Expenses

Accrued Expenses

•

fees paid to Clinical Research Organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials;

•

fees paid to investigative sites in connection with clinical trials;

•

fees paid to contract manufacturers in connection with the production of our raw materials, drug substance and drug products; and

•

professional fees.

Income Taxes

Income Taxes

Accumulated Other Comprehensive (Loss) Income

Accumulated Other Comprehensive (Loss) Income

Accumulated other comprehensive (loss) income is comprised of unrealized gains and losses on investments available-for-sale and is disclosed as a separate component of stockholders’ equity.

Revenue Recognition

Revenue Recognition

Collaborative and Other Research and Development Arrangements and Royalties

Product Sales

The Company recorded the following revenues for the years ended December 31:


	2013		2012		2011
Royalty revenue	$	2,562	$	3,317	$	—
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		13,585		14,026		17,099
Shionogi (Japan)		1,184		1,184		1,181
Mundipharma (United Kingdom)		—		7,766		1,277
Grants (United States)		—		—		86

Total collaborative and other research and development revenues		14,769		22,976		19,643

Total revenues	$	17,331	$	26,293	$	19,643

Collaborative and Other Research and Development Arrangements and Royalties

Collaborative and Other Research and Development Arrangements and Royalties

Product Sales

Product Sales

The Company recorded the following revenues for the years ended December 31:


	2013		2012		2011
Royalty revenue	$	2,562	$	3,317	$	—
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		13,585		14,026		17,099
Shionogi (Japan)		1,184		1,184		1,181
Mundipharma (United Kingdom)		—		7,766		1,277
Grants (United States)		—		—		86

Total collaborative and other research and development revenues		14,769		22,976		19,643

Total revenues	$	17,331	$	26,293	$	19,643

Research and Development Expenses

Research and Development Expenses

Stock-Based Compensation

Stock-Based Compensation

Interest Expense and Deferred Financing Costs

Interest Expense and Deferred Financing Costs

Currency Hedge Agreement

Currency Hedge Agreement

In connection with the issuance by Royalty Sub of the PhaRMA Notes, the Company entered into a Currency Hedge Agreement to hedge certain risks associated with changes in the value of the Japanese yen relative to the U.S. dollar. The Currency Hedge Agreement does not qualify for hedge accounting treatment; therefore mark to market adjustments are recognized in the Company’s Consolidated Statements of Comprehensive Loss. Cumulative mark to market adjustments for the years ended December 31, 2013 and 2012 resulted in a gain of $5,294 and a loss of $749, respectively. Mark to market adjustments are determined by a third party pricing model which uses quoted prices in markets that are not actively traded and for which significant inputs are observable directly or indirectly, representing Level 2 in the fair value hierarchy as defined by generally accepted accounting principles. The Company is also required to post collateral in connection with the mark to market adjustments based on defined thresholds. As of December 31, 2013 no hedge collateral was posted under the agreement. As of December 31, 2012, $5,180 of hedge collateral was posted.

Restructuring Activities

Restructuring Activities

During the fourth quarter of 2012, the Company announced a restructuring plan in response to setbacks in its development programs.

The following table sets forth activity in the restructuring liability for the years ended December 31, 2013, 2012 and 2011.


	Employee separation costs			Facilities related charges			Total
Balance at December 31, 2010	$	158		$	—		$	158
Accruals		(158	)		—			(158	)

Balance at December 31, 2011		—			—			—
Accruals		1,662			97			1,759
Payments		(58	)		—			(58	)

Balance at December 31, 2012		1,604			97			1,701
Accruals		—			(97	)		(97	)
Payments		(1,604	)		—			(1,604	)

Balance at December 31, 2013	$	—		$	—		$	—

Net Loss Per Share

Net Loss Per Share

Use of Estimates

Use of Estimates

Concentration of Market Risk

Concentration of Market Risk

Credit Risk

Credit Risk

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Fair Value of the Company's Investments by Type


	December 31, 2013
					Gross		Gross
	Amortized		Accrued		Unrealized		Unrealized		Estimated
	Cost		Interest		Gains		Losses		Fair Value
Obligations of U.S. Government and its agencies	$	4,899	$	1	$	1	$	—	$	4,901
Corporate debt securities		8,528		47		2		1		8,576
Commercial paper		5,994		—		2		—		5,996

Total investments	$	19,421	$	48	$	5	$	1	$	19,473


	December 31, 2012
					Gross		Gross
	Amortized		Accrued		Unrealized		Unrealized		Estimated
	Cost		Interest		Gains		Losses		Fair Value
U.S. Treasury securities	$	999	$	2	$	2	$	—	$	1,003
Obligations of U.S. Government and its agencies		3,505		6		2		—		3,513
Corporate debt securities		4,035		22		6		—		4,063
Commercial paper		1,695		—		1		—		1,696
Municipal obligations		5,541		27		16		—		5,584

Total investments	$	15,775	$	57	$	27	$	—	$	15,859

Scheduled Maturity for the Company's Investments

The following table summarizes the scheduled maturity for the Company’s investments at December 31, 2013 and 2012.


	2013		2012
Maturing in one year or less	$	16,891	$	14,708
Maturing after one year through two years		2,582		1,151
Maturing after two years		—		—

Total investments	$	19,473	$	15,859

Summary of Receivables

These receivables are evaluated to determine if any reserve or allowance should be established at each reporting date. At December 31, 2013 and 2012 the Company had the following receivables.


	December 31, 2013
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	90	$	1,573	$	1,663
Shionogi & Co. Ltd.		452		—		452

Total receivables	$	542	$	1,573	$	2,115


	December 31, 2012
	Billed		Unbilled		Total
U.S. Department of Health and Human Services	$	150	$	3,888	$	4,038
Shionogi & Co. Ltd.		524		—		524

Total receivables	$	674	$	3,888	$	4,562

Components of Inventories

The Company’s inventory consisted of the following:


	As of December 31,
	2013			2012
Supplies	$	263		$	263
Finished goods		3,980			3,980
Reserve for finished goods and supplies		(4,243	)		(4,243	)

Net inventories	$	—		$	—

Summary of Revenues

The Company recorded the following revenues for the years ended December 31:


	2013		2012		2011
Royalty revenue	$	2,562	$	3,317	$	—
Collaborative and other research and development revenues:
U.S. Department of Health and Human Services		13,585		14,026		17,099
Shionogi (Japan)		1,184		1,184		1,181
Mundipharma (United Kingdom)		—		7,766		1,277
Grants (United States)		—		—		86

Total collaborative and other research and development revenues		14,769		22,976		19,643

Total revenues	$	17,331	$	26,293	$	19,643

Schedule of Activity in the Restructuring Liability

The following table sets forth activity in the restructuring liability for the years ended December 31, 2013, 2012 and 2011.


	Employee separation costs			Facilities related charges			Total
Balance at December 31, 2010	$	158		$	—		$	158
Accruals		(158	)		—			(158	)

Balance at December 31, 2011		—			—			—
Accruals		1,662			97			1,759
Payments		(58	)		—			(58	)

Balance at December 31, 2012		1,604			97			1,701
Accruals		—			(97	)		(97	)
Payments		(1,604	)		—			(1,604	)

Balance at December 31, 2013	$	—		$	—		$	—

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Furniture and Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Furniture and Equipment Component

Furniture and equipment consisted of the following at December 31:


	2013			2012
Furniture and fixtures	$	600		$	596
Office equipment		1,266			1,486
Software		1,448			1,421
Laboratory equipment		5,721			6,050
Leased equipment		63			63
Leasehold improvements		5,316			5,316

		14,414			14,932
Less accumulated depreciation and amortization		(14,108	)		(14,349	)

Furniture and equipment, net	$	306		$	583

Royalty Monetization (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Schedule of Redemption Percentage of Notes

Accordingly, the PhaRMA Notes will be redeemable at the option of Royalty Sub at any time at a redemption price equal to the percentage of the outstanding principal balance of the PhaRMA Notes being redeemed specified below for the period in which the redemption occurs, plus accrued and unpaid interest through the redemption date on the PhaRMA Notes being redeemed.


Payment Dates (Between Indicated Dates)	Redemption Percentage
From and including March 9, 2013 to and including March 8, 2014		103.5	%
From and including March 9, 2014 and thereafter		100.0	%

Lease Obligations and Other Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Minimum Payments under Operating Lease Obligations

The Company has the following minimum payments under operating lease obligations that existed at December 31, 2013:


2014	$	1,048
2015		367

Total minimum payments	$	1,415

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Related activity under the Incentive Plan is as follows:


	Awards Available			Options Outstanding			Weighted Average Exercise Price
Balance at December 31, 2010		1,858			6,802		$	6.66
Plan amendment		1,600			—			—
Restricted stock awards granted		(211	)		—			—
Restricted stock awards cancelled		8			—			—
Stock option awards granted		(1,830	)		1,830			3.97
Stock option awards exercised		—			(190	)		1.57
Stock option awards cancelled		584			(584	)		5.99

Balance at December 31, 2011		2,009			7,858			6.21
Plan amendment		1,700			—			—
Restricted stock awards granted		(415	)		—			—
Restricted stock awards cancelled		86			—			—
Stock option awards granted		(1,617	)		1,617			4.65
Stock option awards exercised		—			(350	)		1.58
Stock option awards cancelled		1,052			(1,052	)		6.26

Balance at December 31, 2012		2,815			8,073			6.09
Restricted stock awards granted		(310	)		—			—
Restricted stock awards cancelled		53			—			—
Stock option awards granted		(3,277	)		3,277			3.05
Stock option awards exercised		—			(563	)		2.37
Stock option awards cancelled		1,801			(1,801	)		7.22

Balance at December 31, 2013		1,082			8,986		$	4.99

Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive Plan

Weighted Average Assumptions for Stock Option Awards Granted under the Incentive Plan


	2013			2012			2011
Expected Life		4.7			5.4			5.5
Expected Volatility		84	%		87	%		80	%
Expected Dividend Yield		0.0	%		0.0	%		0.0	%
Risk-Free Interest Rate		0.7	%		0.9	%		2.2	%

Stock-Based Compensation Price Range Information


	Outstanding						Exercisable
			Weighted		Weighted				Weighted
			Average		Average				Average
			Remaining		Exercise				Exercise
Range	Number		Life		Price		Number		Price
$0 to 3		2,526		8.1	$	1.50		806	$	1.61
3 to 6		3,784		7.6		4.54		1,534		3.95
6 to 9		1,761		4.9		7.33		1,522		7.42
9 to 12		555		3.0		11.62		555		11.62
12 to 15		356		2.4		12.53		356		12.53
15 to 18		4		2.0		15.45		4		15.45

$0 to 18		8,986		6.7	$	4.99		4,777	$	6.20

Non Vested Award [Member]

The following table summarizes the changes in the number and weighted-average grant-date fair value of non-vested stock option awards during 2013:


	Non-Vested Stock Option Awards			Weighted Average Grant-Date Fair Value
Balance December 31, 2012		2,435		$	3.18
Stock option awards granted		3,277			0.80
Stock option awards vested		(1,215	)		2.87
Stock option awards forfeited		(288	)		2.00

Balance December 31, 2013		4,209		$	1.50

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Differences Between the Company's Effective Tax Rate and the Statutory Tax Rate

The differences between the Company’s effective tax rate and the statutory tax rate in 2013, 2012, and 2011 are as follows:


	2013			2012			2011
Income tax benefit at federal statutory rate (35%)	$	(10,538	)	$	(13,678	)	$	(19,932	)
State and local income taxes net of federal tax benefit		(839	)		(1,470	)		(2,503	)
Permanent items		738			754			890
Rate change		1,892			1,147			(2,500	)
Expiration of attribute carryforwards		242			5,135			2,884
Research and development tax credits		(1,206	)		829			(2,108	)
Other		1,144			281			731
Change in valuation allowance		8,567			7,002			22,538

Income tax expense	$	—		$	—		$	—

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2013		2012
Balance at January 1	$	—	$	—
Additions to current year tax positions		43		—
Additions to tax positions of prior years		241		—
Reductions for tax provisions of prior years		—		—

Balance at December 31	$	284	$	—

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	2013			2012
Deferred tax assets:
Net federal and state operating losses	$	119,940		$	108,498
Research and development credits		37,348			36,142
Fixed assets		1,119			1,185
Reserve for inventories		1,612			1,654
Deferred revenue		2,151			2,645
Stock-based compensation		5,282			6,475
Foreign currency derivative		(207	)		1,851
Other		311			539

Total deferred tax assets		167,556			158,989
Valuation allowance		(167,556	)		(158,989	)

Total deferred tax liabilities		—			—

Net deferred tax assets	$	—		$	—

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information


	First			Second			Third			Fourth
2013 Quarters
Revenues	$	3,554		$	821		$	2,389		$	10,567
Net Loss		(4,506	)		(12,172	)		(8,001	)		(5,429	)
Basic and diluted net loss per share		(0.09	)		(0.23	)		(0.14	)		(0.09	)
2012 Quarters
Revenues	$	12,221		$	4,210		$	5,761		$	4,101
Net Loss		(6,052	)		(12,276	)		(9,700	)		(11,053	)
Basic and diluted net loss per share		(0.13	)		(0.25	)		(0.19	)		(0.22	)

Significant Accounting Policies - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Mar. 09, 2011
Significant Accounting Policies [Line Items]
Cash and Investments	$ 40,788			$ 40,788
Restricted cash	308		$ 151	308
Maturity period of longterm investments			12 months
Property plant and equipment depreciation methods description			Depreciation is computed using the straight-line method with estimated useful lives of five and seven years.
Leasehold improvement amortization description			Leasehold improvements are amortized over their estimated useful lives or the remaining lease term, whichever is less.
Accrued expenses	6,573		$ 2,210	6,573
Royalty revenue recognized			2,562	3,317
Interest expenses			4,778	4,666	3,774
Amortization of deferred financing costs			439	439	356
Cumulative mark-to-market adjustments - loss			5,294	(749)	$ (4,000)
Hedge collateral under the agreement	5,180		$ 0	$ 5,180
Antidilutive effect of shares issued under employee Stock Purchase Plan			2,109	1,026	1,003
Rapiacta [Member]
Significant Accounting Policies [Line Items]
Royalty revenue recognized	469	$ 2,848
Money Market Funds [Member]
Significant Accounting Policies [Line Items]
Restricted cash	300		$ 150	$ 300
Royalty Receivable [Member] \| Shionogi & Co. Ltd [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 8		$ 1	$ 8
JPR Royalty Sub LLC [Member]
Significant Accounting Policies [Line Items]
Proceeds from non-recourse notes						$ 30,000
Laboratory Equipment [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives			5 years
Office Equipment [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives			5 years
Furniture and Fixtures [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives			7 years
Software [Member]
Significant Accounting Policies [Line Items]
Estimated useful lives			5 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Maturity of investments			3 months
Maturity period for high-quality marketable securities			3 years
Average portfolio maturity period for high-quality marketable securities			18 months
Maturity period of investments			12 months
Estimated useful lives			7 years
Average maturity for portfolio investments			24 months
Minimum [Member]
Significant Accounting Policies [Line Items]
Maturity period of investments			3 months
Estimated useful lives			5 years

Significant Accounting Policies - Fair Value of the Company's Investments by Type (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Amortized Cost	$ 19,421	$ 15,775
Accrued Interest	48	57
Gross Unrealized Gains	5	27
Gross Unrealized Losses	1
Estimated Fair Value	19,473	15,859
Level 2 [Member] \| Obligations of U.S. Government and its Agencies [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Amortized Cost	4,899	3,505
Accrued Interest	1	6
Gross Unrealized Gains	1	2
Gross Unrealized Losses
Estimated Fair Value	4,901	3,513
Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Amortized Cost	8,528	4,035
Accrued Interest	47	22
Gross Unrealized Gains	2	6
Gross Unrealized Losses	1
Estimated Fair Value	8,576	4,063
Level 2 [Member] \| Commercial Paper [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Amortized Cost	5,994	1,695
Accrued Interest
Gross Unrealized Gains	2	1
Gross Unrealized Losses
Estimated Fair Value	$ 5,996	1,696
Level 2 [Member] \| U.S. Treasury Securities [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Amortized Cost		999
Accrued Interest		2
Gross Unrealized Gains		2
Gross Unrealized Losses
Estimated Fair Value		1,003
Level 2 [Member] \| Municipal Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Amortized Cost		5,541
Accrued Interest		27
Gross Unrealized Gains		16
Gross Unrealized Losses
Estimated Fair Value		$ 5,584

Significant Accounting Policies - Scheduled Maturity for the Company's Investments (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Maturing in one year or less	$ 16,891	$ 14,708
Maturing after one year through two years	2,582	1,151
Maturing after two years
Estimated Fair Value	$ 19,473	$ 15,859

Significant Accounting Policies - Summary of Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	$ 2,115	$ 4,562
U.S. Department of Health and Human Services [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	663	4,038
Shionogi & Co. Ltd [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	452	524
Billed [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	542	674
Billed [Member] \| U.S. Department of Health and Human Services [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	90	150
Billed [Member] \| Shionogi & Co. Ltd [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	452	524
Unbilled [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	1,573	3,888
Unbilled [Member] \| U.S. Department of Health and Human Services [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables	1,573	3,888
Unbilled [Member] \| Shionogi & Co. Ltd [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total receivables

Significant Accounting Policies - Components of inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Supplies	$ 263	$ 263
Finished goods	3,980	3,980
Reserve for finished goods and supplies	(4,243)	(4,243)
Net inventories

Significant Accounting Policies - Summary of Revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment Holdings [Line Items]
Royalty revenue	$ 2,562	$ 3,317
Collaborative and other research and development revenues:
Collaborative and other research and development	14,769	22,976	19,643
Total revenues	17,331	26,293	19,643
U.S. Department of Health and Human Services [Member]
Collaborative and other research and development revenues:
Collaborative and other research and development	13,585	14,026	17,099
Shionogi & Co. Ltd [Member]
Collaborative and other research and development revenues:
Collaborative and other research and development	1,184	1,184	1,181
Mundipharma (United Kingdom) [Member]
Collaborative and other research and development revenues:
Collaborative and other research and development		7,766	1,277
Grants (United States) [Member]
Collaborative and other research and development revenues:
Collaborative and other research and development			$ 86

Significant Accounting Policies - Schedule of Activity in the Restructuring Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 1,701		$ 158
Accruals	(97)	1,759	(158)
Payments	(1,604)	(58)
Ending Balance		1,701
Employee Separation Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	1,604		158
Accruals		1,662	(158)
Payments	(1,604)	(58)
Ending Balance		1,604
Facilities Related Charges [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	97
Accruals	(97)	97
Payments
Ending Balance		$ 97

Furniture and Equipment - Furniture and Equipment Component (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 14,414	$ 14,932
Less accumulated depreciation and amortization	(14,108)	(14,349)
Furniture and equipment, net	306	583
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	600	596
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,266	1,486
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,721	6,050
Leased Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	63	63
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,316	5,316
Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,448	$ 1,421

Furniture and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 304	$ 628	$ 886

Royalty Monetization - Additional Information (Detail) ¥ in Thousands		3 Months Ended	12 Months Ended
	Mar. 09, 2011 USD ($)	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($) JPY	Dec. 31, 2013 JPY (¥) JPY	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Debt Instrument [Line Items]
Interest Due			$ 3,867,000		$ 1,998,000
Pharma Notes Interest payment date of first payment			Sep. 01, 2011	Sep. 01, 2011
Interest shortfall		$ 2,356
Yen rate per dollar \| JPY			100	100
Currency hedge premium payable period range one			2014	2014
Currency hedge premium payable period range two			2020	2020
Payment of premium			$ 1,950,000
Minimum currency value required for payment of premium on specified date \| ¥				¥ 100
Cumulative mark-to-market adjustments - gain/loss			5,294,000		(749,000)	$ (4,000,000)
Currency Hedge Agreement			$ 0		$ 5,180,000
Currency hedge agreement termination period range one			2016	2016
Currency hedge agreement termination period range two			2020	2020
Termination fee			$ 1,950,000
Termination maximum obligation			5,850,000
Maximum amount of hedge collateral			13,650,000
PhaRMA Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 30,000,000
Percentage of interest on notes secured	14.00%
Royalty payments received		1,844
Aggregate fair value of PhaRMA Notes			$ 30,000,000
JPR Royalty Sub LLC [Member]
Debt Instrument [Line Items]
Proceeds from non-recourse notes	$ 30,000,000
Net proceeds from transaction	22,691,000
Transaction costs	4,309,000
Establishment costs	$ 3,000,000
Interest Due		$ 2,356,000

Royalty Monetization - Schedule of Redemption Percentage of Notes (Detail)	12 Months Ended
	Dec. 31, 2013
Royalty Monetization [Abstract]
From and including March 9, 2013 to and including March 8, 2014	103.50%
From and including March 9, 2014 and thereafter	100.00%

Lease Obligations and Other Contingencies - Minimum Payments under Operating Lease Obligations (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2014	$ 1,048
2015	367
Total minimum payments	$ 1,415

Lease Obligations and Other Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Lease Obligations And Other Contingencies [Line Items]
Rent expense for operating lease	$ 526	$ 629	$ 714
Building at Alabama [Member]
Lease Obligations And Other Contingencies [Line Items]
Lease Extension Period	5 years
Expiry date of building lease in Alabama	Jun. 30, 2015
Building at North Carolina [Member]
Lease Obligations And Other Contingencies [Line Items]
Expiry date of building lease in Alabama	Dec. 31, 2014

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Mar. 15, 2012	Aug. 31, 2013	Jun. 30, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jul. 13, 2011
Stockholder Equity [Line Items]
Issue of common stock			$ 70,000	$ 591	$ 509
Commission rate			2.00%
Common stock were issued and sales at market price							$ 70,000
Average price per share				$ 1.85	$ 4.08
Net proceeds under the agreement				$ 5,218	$ 17,805
Selling of company aggregate shares of common stock				59,092	50,893
Public offering of common stock		4,600		7,547	4,774	437
Public offering of common stock, per share price		$ 4.40
Underwriters' over-allotment allocation on public offering		600
Expected net proceeds from common stock		$ 18,500
Incentive earned	$ 1,542
Taxes paid	$ 535
Common stock price	$ 5.23
ATM Agreement [Member]
Stockholder Equity [Line Items]
Selling of company aggregate shares of common stock				2,883	4,516
Restricted Common Stock [Member]
Stockholder Equity [Line Items]
Restricted common stock in shares	193

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) Plan $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,368	$ 4,167	$ 4,772
Number of stock based Compensation Plan \| Plan	2
Stock option award period	3 years
Stock option vesting period	4 years
Stock option granting period after granted	1 year
Grant date fair value per share \| $ / shares	$ 1.28	$ 3.24	$ 2.64
Expected dividend Yield	$ 0
Unrecognized compensation cost	4,749
Recognized cost, 2014	2,609
Recognized cost, 2015	1,446
Recognized cost, 2016	580
Recognized cost, 2017	$ 114
Remaining common stock shares \| shares	1,082	2,815	2,009	1,858
Common stock purchased under ESPP \| shares	89	110	94
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awards granted in percentage	50.00%
Performance Based Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based stock options \| shares	1,032
Stock-based compensation expense	$ 0
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option contractual terms	10 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option contractual terms	5 years
Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,253	$ 4,010	$ 4,589
Stock option awards granted to nonemployee director vesting period description	Stock option awards granted to non-employee directors of the Company generally vest monthly over one year.
Stock option vesting period	2 years
Stock option contractual terms	4 years 10 months 24 days
Intrinsic value of stock options exercised under Incentive Plan	$ 738	877	374
Aggregate intrinsic value of stock option Exercisable under stock incentive plan	11,189
Fair value of stock option awards vested under Incentive Plan	$ 3,483	3,373	4,775
Number of stock option awards vested and expected to vest \| shares	8,146
Weighted average exercise price of stock option awards \| $ / shares	$ 5.11
Weighted average remaining contractual life	6 years 7 months 6 days
Incentive Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awards granted in percentage	25.00%
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 115	157	146
Stock-based compensation expense	$ 115	$ 157	$ 146
Common stock shares reserved \| shares	975
Remaining common stock shares \| shares	88
Percentage of salary to purchase common stock	15.00%
Percentage of common stock shares Beginning	85.00%
Percentage of common stock shares Ending	85.00%
Purchase of common stock shares \| shares	3
Maximum number of shares per employee amount \| $ / shares	$ 25
Purchase intervals	6 months
Common stock purchased under ESPP \| shares	89	110	94
Weighted average exercise price of stock issued under ESPP \| $ / shares	$ 1.39	$ 2.93	$ 3.21
Weighted average grant date fair value per share under ESPP \| $ / shares	$ 1.27	$ 1.48	$ 1.33
Inducement Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 37

Stock-Based Compensation - Summary of Related Activity under Incentive Plan (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Awards Available, Beginning balance	2,815	2,009	1,858
Plan amendment, Awards Available		1,700	1,600
Restricted stock awards granted, Awards Available	(310)	(415)	(211)
Restricted stock awards cancelled, Awards Available	53	86	8
Stock option awards granted, Awards Available	(3,277)	(1,617)	(1,830)
Stock option awards exercised, Awards Available
Stock option awards cancelled, Awards Available	1,801	1,052	584
Awards Available, Ending balance	1,082	2,815	2,009
Options Outstanding, Beginning balance	8,073	7,858	6,802
Restricted stock awards granted, Options Outstanding
Restricted stock awards cancelled, Options Outstanding
Stock option awards granted, Options Outstanding	3,277	1,617	1,830
Stock option awards exercised, Options Outstanding	(563)	(350)	(190)
Stock option awards forfeited/cancelled, Options Outstanding	(1,801)	(1,052)	(584)
Options Outstanding, Ending balance	8,986	8,073	7,858
Weighted Average Exercise Price, Beginning balance	$ 6.09	$ 6.21	$ 6.66
Restricted stock awards granted, Weighted Average Exercise Price
Restricted stock awards cancelled, Weighted Average Exercise Price
Stock option awards granted, Weighted Average Exercise Price	3.05	4.65	3.97
Stock option awards exercised, Weighted Average Exercise Price	2.37	1.58	1.57
Stock option awards cancelled, Weighted Average Exercise Price	7.22	6.26	5.99
Weighted Average Exercise Price, Ending balance	$ 4.99	$ 6.09	$ 6.21

Stock-Based Compensation - Weighted Average Assumptions for Stock Option Awards Granted to Employees and Directors under the Incentive Plan (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Life	4 years 8 months 12 days	5 years 4 months 24 days	5 years 6 months
Expected Volatility	84.00%	87.00%	80.00%
Expected Dividend Yield	0.00%	0.00%	0.00%
Risk-Free Interest Rate	0.70%	0.90%	2.20%

Stock-Based Compensation - Stock-Based Compensation Price Range Information (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2013 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options \| shares	8,986
Weighted average remaining life, Outstanding options	6 years 8 months 12 days
Weighted average exercise price, Outstanding options	$ 4.99
Number of exercisable \| shares	4,777
Weighted average exercise price, Exercisable options	$ 6.20
$0 to $18 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	0
Upper limit	$ 18
$0 to $3 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options \| shares	2,526
Weighted average remaining life, Outstanding options	8 years 1 month 6 days
Weighted average exercise price, Outstanding options	$ 1.50
Number of exercisable \| shares	806
Weighted average exercise price, Exercisable options	$ 1.61
Lower limit	0
Upper limit	$ 3
$3 to $6 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options \| shares	3,784
Weighted average remaining life, Outstanding options	7 years 7 months 6 days
Weighted average exercise price, Outstanding options	$ 4.54
Number of exercisable \| shares	1,534
Weighted average exercise price, Exercisable options	$ 3.95
Lower limit	3
Upper limit	$ 6
$6 to $9 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options \| shares	1,761
Weighted average remaining life, Outstanding options	4 years 10 months 24 days
Weighted average exercise price, Outstanding options	$ 7.33
Number of exercisable \| shares	1,522
Weighted average exercise price, Exercisable options	$ 7.42
Lower limit	6
Upper limit	$ 9
$9 to $12 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options \| shares	555
Weighted average remaining life, Outstanding options	3 years
Weighted average exercise price, Outstanding options	$ 11.62
Number of exercisable \| shares	555
Weighted average exercise price, Exercisable options	$ 11.62
Lower limit	9
Upper limit	$ 12
$12 to $15 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options \| shares	356
Weighted average remaining life, Outstanding options	2 years 4 months 24 days
Weighted average exercise price, Outstanding options	$ 12.53
Number of exercisable \| shares	356
Weighted average exercise price, Exercisable options	$ 12.53
Lower limit	12
Upper limit	$ 15
$15 to $18 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding options \| shares	4
Weighted average remaining life, Outstanding options	2 years
Weighted average exercise price, Outstanding options	$ 15.45
Number of exercisable \| shares	4
Weighted average exercise price, Exercisable options	$ 15.45
Lower limit	15
Upper limit	$ 18

Stock-Based Compensation - Changes in the Number and Weighted-Average Grant-Date Fair Value of Non-Vested Stock Option Awards (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Beginning balance	8,073	7,858	6,802
Stock option awards granted, options	3,277	1,617	1,830
Stock option awards forfeited/cancelled, Options Outstanding	(1,801)	(1,052)	(584)
Options Outstanding, Ending balance	8,986	8,073	7,858
Weighted Average Exercise Price, Beginning balance	$ 6.09	$ 6.21	$ 6.66
Stock option awards granted, Weighted Average Grant-Date Fair Value	3.05	4.65	3.97
Stock option awards forfeited, Weighted Average Grant-Date Fair Value	7.22	6.26	5.99
Weighted Average Exercise Price, Ending balance	$ 4.99	$ 6.09	$ 6.21
Non Vested Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Beginning balance	2,435
Stock option awards granted, options	3,277
Stock option awards vested, options	(1,215)
Stock option awards forfeited/cancelled, Options Outstanding	(288)
Options Outstanding, Ending balance	4,209	2,435
Weighted Average Exercise Price, Beginning balance	$ 3.18
Stock option awards granted, Weighted Average Grant-Date Fair Value	0.80
Stock option awards vested, Weighted Average Grant-Date Fair Value	2.87
Stock option awards forfeited, Weighted Average Grant-Date Fair Value	2.00
Weighted Average Exercise Price, Ending balance	$ 1.50	$ 3.18

Income Taxes - Differences Between the Company's Effective Tax Rate and the Statutory Tax Rate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate (35%)	$ (10,538)	$ (13,678)	$ (19,932)
State and local income taxes net of federal tax benefit	(839)	(1,470)	(2,503)
Permanent items	738	754	890
Rate change	1,892	1,147	(2,500)
Expiration of attribute carryforwards	242	5,135	2,884
Research and development tax credits	(1,206)	829	(2,108)
Other	1,144	281	731
Change in valuation allowance	8,567	7,002	22,538
Income tax expense

Income Taxes - Differences Between the Company's Effective Tax Rate and the Statutory Tax Rate (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate	35.00%	35.00%	35.00%

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Tax Credit Carryforward [Line Items]
Unrecognized tax benefits change period	12 months
Change in valuation allowance	$ 8,567	$ 7,002	$ 22,538
Operating loss carry forwards expiration starting year	2014
Operating loss carry forwards expiration ending year	2033
Federal and state operating loss carryforwards include excess tax benefit from the exercise of stock options	$ 4,474
Accruals for interest and penalties related to unrecognized tax benefit	0	$ 0	$ 0
Research [Member]
Tax Credit Carryforward [Line Items]
Research and Development tax credit carry forward	37,348
Domestic [Member]
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	310,259
State [Member]
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	$ 332,818
Minimum [Member]
Tax Credit Carryforward [Line Items]
Tax year open to examination	2010
Maximum [Member]
Tax Credit Carryforward [Line Items]
Tax year open to examination	2012

Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Beginning Balance
Additions to current year tax positions	43
Additions to tax positions of prior years	241
Reductions for tax provisions of prior years
Ending Balance	$ 284

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:
Net federal and state operating losses	$ 119,940	$ 108,498
Research and development credits	37,348	36,142
Fixed assets	1,119	1,185
Reserve for inventories	1,612	1,654
Deferred revenue	2,151	2,645
Stock-based compensation	5,282	6,475
Foreign currency derivative	(207)	1,851
Other	311	539
Total deferred tax assets	167,556	158,989
Valuation allowance	(167,556)	(158,989)
Total deferred tax liabilities
Net deferred tax assets

Employee 401(k) Plan - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Compensation And Retirement Disclosure [Abstract]
Matching contributions plan	$ 313	$ 418	$ 391

Collaborative and Other Research and Development Contracts - Additional Information (Detail) $ in Thousands			1 Months Ended							12 Months Ended
	Nov. 17, 2011	Feb. 24, 2011 USD ($)	Sep. 30, 2013 USD ($)	May 31, 2010 USD ($)	Sep. 30, 2009 USD ($)	Jan. 31, 2007 USD ($)	Jun. 30, 2006 USD ($)	Feb. 28, 2006 USD ($)	Jun. 30, 2000 USD ($)	Dec. 31, 2013 USD ($) Agreement	Dec. 31, 2012 USD ($)	Nov. 11, 2011 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Reduction in the percentage of future payments				0.5
Royalty reduction percentage of net proceeds	0.5
UAB [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of agreements \| Agreement										2
Period of agreement										25 years
Renewable period of agreement										5 years
U.S. Department of Health and Human Services [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative agreement contract value						$ 102,661
Collaborative agreement period of agreement						4 years
Collaborative agreement additional contract period					12 months
Collaborative agreement additional contract value		$ 55,000			$ 77,191
Collaborative agreement adjusted contract value										$ 234,852
National Institute of Allergy and Infectious Diseases [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaborative agreement period of agreement			5 years
Collaborative agreement initial payment			$ 5,000
Collaborative agreement contract value			$ 22,000
Collaborative agreement exercised options awarded										$ 7,500
Green Cross Corporation [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
License fee received							$ 250
Mundipharma International Holdings Limited [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Up-front payment receivable amount								$ 10,000
Deferred revenue up-front payment receivable								10,000
Deferred revenue initiation of clinical trial payment received								$ 5,000
Potential milestone payments receivable												$ 15,000
Unamortized deferred revenue, related to Amended and Restated Agreement											$ 7,766
Unamortized deferred expenses, related to Amended and Restated Agreement											$ 1,864
AECOM and IRL [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payment minimum									$ 1,400
Milestone payment maximum									4,000
Annual license fees minimum									150
Annual license fees maximum									$ 500
Advance notice period for termination of agreement									60 days
Stock issued during period value for modification of license agreement				$ 5,911
Payments for modification of license agreement				$ 90

Quarterly Financial Information (Unaudited) - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 10,567	$ 2,389	$ 821	$ 3,554	$ 4,101	$ 5,761	$ 4,210	$ 12,221	$ 17,331	$ 26,293	$ 19,643
Net loss	$ (5,429)	$ (8,001)	$ (12,172)	$ (4,506)	$ (11,053)	$ (9,700)	$ (12,276)	$ (6,052)	$ (30,108)	$ (39,081)	$ (56,948)
Basic and diluted net loss per share	$ (0.09)	$ (0.14)	$ (0.23)	$ (0.09)	$ (0.22)	$ (0.19)	$ (0.25)	$ (0.13)	$ (0.55)	$ (0.79)	$ (1.26)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details